[Federal Register Volume 88, Number 95 (Wednesday, May 17, 2023)]
[Notices]
[Pages 31554-31562]
[FR Doc No: 2023-10471]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97487; File No. SR-CBOE-2023-022]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Update
the Cboe Data Services, LLC Fee Schedule

May 11, 2023.
    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 April 28, 2023, Cboe Exchange, Inc. (``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

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

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to update the Cboe Data Services, LLC Fee Schedule. The text of the
proposed rule change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend the fees set forth in the Cboe Data
Services, LLC (``CDS'') Fee Schedule.\3\ The Exchange proposes to (i)
relocate the fees in the CDS Fees Schedule to the Exchange's Fees
Schedule (ii) harmonize various definitions to align with the
definitions used by the Exchange's affiliates, and (iii) modify its
fees relating to the distribution of the BBO data feed.\4\
---------------------------------------------------------------------------

    \3\ The Exchange initially filed the proposed fee changes on
January 3, 2023 (SR-CBOE-2023-001). On March 1, 2023, the Exchange
withdrew that filing and replaced it with SR-CBOE-2023-013, which
was filed on February 28, 2023. On April 28, 2023, the Exchange
withdrew that filing and submitted this filing.
    \4\ The BBO Data Feed is a real-time data feed that includes the
following information: (i) outstanding quotes and standing orders at
the best available price level on each side of the market; (ii)
executed trades time, size, and price; (iii) totals of customer
versus non-customer contracts at the best bid and offer (``BBO'');
(iv) all-or-none contingency orders priced better than or equal to
the BBO; (v) expected opening price and expected opening size; (vi)
end-of-day summaries by product, including open, high, low, and
closing price during the trading session; (vi) recap messages any
time there is a change in the open, high, low or last sale price of
a listed option; (vii) COB information; and (viii) product IDs and
codes for all listed options contracts. The quote and last sale data
contained in the BBO data feed is identical to the data sent to the
Options Price Reporting Authority (``OPRA'') for redistribution to
the public.
---------------------------------------------------------------------------

Relocation of CDS Fees
    The Exchange first proposes to consolidate the Cboe Data Services,
LLC (CDS) Fee Schedule and the Cboe Options Fees Schedule.
Historically, the CDS Fee Schedule set forth fees relating to real-time
Cboe Options market data products and has been maintained separately
from the Cboe Options Fees Schedule. The Exchange proposes to eliminate
the CDS Fee Schedule in its entirety and relocate the fees under the
CDS Fees Schedule to the Cboe Options Fees Schedule. The Exchange
believes this provides a more streamlined fee schedule for Cboe Options
fees and allows TPHs to more readily and easily find all fees
applicable to Cboe Options. The Exchange also proposes to refer to the
``Exchange'' in lieu of ``CDS'' in the revised Fees Schedule to align
with terminology used by its affiliated options exchanges Cboe BZX
Exchange, Inc. (``BZX Options'') and Cboe EDGX Exchange, Inc. (``EDGX
Options''). The Exchange notes that no substantive changes are being
made with the relocation of the CDS fees and elimination of references
to CDS other than those discussed further below. The Exchange lastly
notes that each of its affiliated options exchanges also reflect their
respective fees for their respective real-time exchange market data
products in the respective exchange's fees schedule (instead of being
maintained separately), including the Exchange's affiliate Cboe C2
Exchange, Inc., (``C2 Options''), which relocated its CDS fees schedule
into the C2 Options Exchange Fees Schedule in 2018.\5\ The Exchange
also believes the proposed change more accurately reflects the
Exchange's role as it relates to its market data products as CDS is
merely an affiliate that is the Cboe contracting entity for all U.S.
equities and options market data products, but the data products
themselves are made available by the Exchange.
---------------------------------------------------------------------------

    \5\ See BZX Options Exchange Fees Schedule EDGX Options Exchange
Fees Schedule and C2 Options Exchange Fees Schedule. See also
Securities Exchange Act Release No. 83409 (June 12, 20118), 83 FR
28302 (June 18, 2018) (SR-C2-2018-012).
---------------------------------------------------------------------------

Definitions
    In order to provide consistent rules and terminology amongst the
Exchange and its affiliated options exchanges, C2 Options, BZX Options
and EDGX Options (collectively, ``Affiliates'') the Exchange is
proposing to amend various definitions and product names to harmonize
with such terms used by its affiliates BZX Options and EDGX Options, as
well as definitions used in Cboe's Cboe Global Markets Global Data
Agreement and Cboe Global Markets North American Data Policies.\6\ As
such, the proposed rule change deletes a defined term, adds certain
defined terms, and makes certain non-substantive changes to existing
definitions, as further described in the table below. The proposed rule
change makes these changes throughout the market data fee language to
conform to the proposed defined terms and the Exchange uses the
proposed updated terms herein.
---------------------------------------------------------------------------

    \6\ C2 Options will be submitting a similar filing to harmonize
its definitions and products names to align with those of BZX
Options and EDGX Options as well.

----------------------------------------------------------------------------------------------------------------
           Defined term                      Provision           Current CDS location    Description of change
----------------------------------------------------------------------------------------------------------------
Customer..........................  A ``Customer'' is any       Section I............  Deletes defined term to
                                     person, company or other                           align terms with BZX
                                     entity that, pursuant to                           Options and EDGX
                                     a market data agreement                            Options. The concept of
                                     with CDS, is entitled to                           ``Customer'' is also
                                     receive data, either                               better captured through
                                     directly from CDS or                               the proposed new term
                                     through an authorized                              ``Distributor''.
                                     redistributor (i.e., a                             Eliminates language that
                                     Customer or an extranet                            specifies that a person,
                                     service provider),                                 company, entity, third-
                                     whether that data is                               party vendor or Floor
                                     distributed externally or                          Broker that does not
                                     used internally. A third-                          have a market data
                                     party vendor of an                                 agreement in place with
                                     Approved Third-Party                               CDS is not considered a
                                     Device, as defined in the                          ``Customer'' since the
                                     CDS Fee Schedule, is not                           Exchange is not
                                     a Customer unless it has                           proposing to use that
                                     a market data agreement                            term in the Fees
                                     in place with CDS. A                               Schedule with respect to
                                     Floor Broker User, as                              market data fees and
                                     defined in the CDS Fee                             does not believe it's
                                     Schedule, is not a                                 necessary to clarify
                                     Customer unless it has a                           this point in the Fees
                                     market data agreement in                           Schedule.\7\ Neither BZX
                                     place with CDS.                                    Options nor EDGX Options
                                                                                refer to market data
                                                                                agreements in their
                                                                                respective Fees
                                                                                Schedules.
Distributor.......................  A Distributor of an         N/A..................  Codifies definition of
                                     Exchange Market Data                               ``Distributor'' in
                                     product is any entity                              Footnote 49 of the Cboe
                                     that receives the                                  Options Fees Schedule.
                                     Exchange Market Data                               An Exchange Market Data
                                     product directly from the                          Product refers to any
                                     Exchange or indirectly                             Data Product set forth
                                     through another entity                             in the Market Data Fees
                                     and then distributes it                            section of the
                                     internally or externally                           Exchange's Fees
                                     to a third party.                                  Schedule. Definition is
                                                                                identical to the
                                                                                definition used by BZX
                                                                                Options and EDGX Options
                                                                                and substantially
                                                                                similar to the language
                                                                                in the first sentence of
                                                                                the definition of
                                                                                ``Customer'' in the CDS
                                                                                Fees Schedule.
Internal Distributor..............  An Internal Distributor of  N/A..................  Codifies definition of ''
                                     an Exchange Market Data                            Internal Distributor''
                                     product is a Distributor                           in Footnote 49 of the
                                     that receives the                                  Cboe Options Fees
                                     Exchange Market Data                               Schedule. Definition is
                                     product and then                                   identical to the
                                     distributes that data to                           definition used by BZX
                                     one or more Users within                           Options and EDGX
                                     the Distributor's own                              Options.
                                     entity.
External Distributor..............  An External Distributor of  N/A..................  Codifies definition of
                                     an Exchange Market Data                            ``External Distributor''
                                     product is a Distributor                           in Footnote 49 of the
                                     that receives the                                  Cboe Options Fees
                                     Exchange Market Data                               Schedule. Definition is
                                     product and then                                   identical to the
                                     distributes that data to                           definition used by BZX
                                     a third party or one or                            Options and EDGX
                                     more Users outside the                             Options.
                                     Distributor's own entity.
User..............................  A User of an Exchange       N/A..................  Codifies definition of
                                     Market Data product is a                           ``User'' in Footnote 49
                                     natural person, a                                  of the Cboe Options Fees
                                     proprietorship,                                    Schedule. Definition is
                                     corporation, partnership,                          identical to the one
                                     or entity, or device                               used by BZX Options and
                                     (computer or other                                 EDGX Options.
                                     automated service), that
                                     is entitled to receive
                                     Exchange data.
Non-Professional User.............  A ``Non-Professional        Section III..........  Relocates definition to
                                     User'' is a natural                                Footnote 49 of the Cboe
                                     person or qualifying                               Options Fees Schedule
                                     trust that uses Data only                          and updates the rule
                                     for personal purposes and                          reference to ``section
                                     not for any commercial                             201(11)'' of the
                                     purpose and, for a                                 Investment Advisors Act
                                     natural person who works                           of 1940 to ``section
                                     in the United States, is                           202(a)(11)''.
                                     not: (i) registered or
                                     qualified in any capacity
                                     with the Securities and
                                     Exchange Commission, the
                                     Commodities Futures
                                     Trading Commission, any
                                     state securities agency,
                                     any securities exchange
                                     or association, or any
                                     commodities or futures
                                     contract market or
                                     association; (ii) engaged
                                     as an ``investment
                                     adviser'' as that term is
                                     defined in section
                                     201(11) of the Investment
                                     Advisors Act of 1940
                                     (whether or not
                                     registered or qualified
                                     under that Act); or (iii)
                                     employed by a bank or
                                     other organization exempt
                                     from registration under
                                     federal or state
                                     securities laws to
                                     perform functions that
                                     would require
                                     registration or
                                     qualification if such
                                     functions were performed
                                     for an organization not
                                     so exempt; or, for a
                                     natural person who works
                                     outside of the United
                                     States, does not perform
                                     the same functions as
                                     would disqualify such
                                     person as a Non-
                                     Professional User if he
                                     or she worked in the
                                     United States.

Professional User.................  A Professional User of an   Section III..........  Relocates definition to
                                     Exchange Market Data                               Footnote 49 of the Cboe
                                     product is any User other                          Options Fees Schedule
                                     than a Non-Professional                            and eliminates reference
                                     User.                                              to ``natural person''
                                                                                recipient of ``Data'' to
                                                                                align with the
                                                                                ``Professional User''
                                                                                definition used by BZX
                                                                                Options and EDGX
                                                                                Options, as well as
                                                                                Cboe's market data
                                                                                policies and agreements.
Display Only Service..............  A ``Display Only Service''  Section I............  Relocates definition to
                                     allows a natural person                            Footnote 49 of the Cboe
                                     end-user to view and                               Options Fees Schedule.
                                     manipulate data using the                          Replaces reference to
                                     Distributor's                                      ``Customer'' with
                                     computerized service, but                          ``Distributor''.
                                     not to save, copy, export
                                     or transfer the data or
                                     any results of the
                                     manipulation to any other
                                     computer hardware,
                                     software or media, except
                                     for printing it to paper
                                     or other non-magnetic
                                     media.
Device............................  A ``Device'' means any      Section I under        Relocates definition to
                                     computer, workstation or    ``Display Only User    Footnote 49 of the Cboe
                                     other item of equipment,    Fees''.                Options Fees Schedule.
                                     fixed or portable, that
                                     receives, accesses and/or
                                     displays data in visual,
                                     audible or other form.
Approved Third-Party Device.......  An ``Approved Third-Party   Section I under        Relocates definition to
                                     Device'' means any          ``Floor Broker User    Footnote 49 of the Cboe
                                     computer, workstation or    Fees''.                Options Fees Schedule.
                                     other item of equipment,
                                     fixed or portable, that
                                     receives, accesses and/or
                                     displays data in visual,
                                     audible or other form
                                     that has been provided by
                                     a third-party and that
                                     has been approved, by
                                     Cboe Options, for use on
                                     the Cboe Options trading
                                     floor.
Floor Broker User.................  A ``Floor Broker User'' is  Section I under        Relocates definition to
                                     a person or entity          ``Floor Broker User    Footnote 49 of the Cboe
                                     registered with Cboe        Fees''.                Options Fees Schedule.
                                     Options as a floor broker
                                     pursuant to Cboe Options
                                     Rules.
----------------------------------------------------------------------------------------------------------------

    The Exchange also proposes to rename the following market data
products and use the proposed names herein, in order to align with the
naming convention used by the Exchange's affiliates, BZX Options and
EDGX Options, for similar data products.\8\
---------------------------------------------------------------------------

    \7\ All Distributors of Cboe Options proprietary market data
products are subject to Cboe Global Markets North American Data
Policies and must still sign the Cboe Global Markets Global Data
Agreement.
    \8\ See BZX Options Exchange Fees Schedule, Market Data Fees and
EDGX Options Exchange Fees Schedule, Market Data Fees.

------------------------------------------------------------------------
              Current name                        Proposed name
------------------------------------------------------------------------
BBO Data Feed..........................  Cboe Options Top.
Book Depth Data Feed...................  Cboe Options Depth.
Complex Order Book (COB) Data Feed.....  Cboe Options Complex Order Book
                                          (COB).
FLEX Options Data Feed.................  Cboe Options FLEX Options.
------------------------------------------------------------------------

    The Exchange believes the proposed changes to eliminate, modify and
adopt the terms discussed above will add transparency to the Fees
Schedule and will protect investors, as the changes provide more
clarity within the rule and more harmonized rule language across the
Fees Schedules of the Cboe affiliated options exchanges, as well as
well as definitions used in Cboe's Cboe Global Markets Global Data
Agreement and Cboe Global Markets North American Data Policies.
Further, the Exchange notes that the above-described changes relating
to definitions are non-substantive changes or provide additional detail
in the rule regarding current market participants that purchase or use
the Exchange's market data products. None of these differences impact
the manner in which any of the terms and corresponding fees apply,
including how the Exchange would have otherwise characterized a
Distributor or User (Professional or Non-Professional) as such
definitions are more consistent with the definitions already used in
the Cboe Global Markets Global Data Agreement and Cboe Global Markets
North American Data Policies, to which all firms receiving Cboe Options
market data must adhere to.
Cboe Options Top Fee Changes
    The Exchange next proposes to modify the current monthly Data Fee
for Cboe Options Top. Currently, the Exchange assesses a ``Data Fee''
of $9,000 per month for internal use and external redistribution of the
Cboe Options Top Data Feed. A Distributor receiving the Cboe Options
Top Data Feed from another entity or directly from the Exchange is
assessed the Data Fee by the Exchange and is entitled to use the Data
internally and/or distribute it externally. The Exchange now proposes
to adopt separate fees for internal and external distribution.
Specifically, the Exchange proposes to maintain the current monthly fee
of $9,000 for internal distribution but adopt a lower fee of $5,000 per
month for external distribution.\9\
---------------------------------------------------------------------------

    \9\ Under the proposal, a Distributor that wishes to distribute
Cboe Options Top internally and externally would be subject to a
combined monthly fee of $14,000 (i.e., $9,000 for internal
distribution and $5,000 for external distribution).
---------------------------------------------------------------------------

    The Exchange next proposes to modify its current User Fees. The
Exchange currently charges a ``User

Fee'' of $50 per month per Device or user ID for use of the data in the
Cboe Options Top Data Feed by ``Display Only Service'' users. The
current User fee is payable only for ``external'' Display Only Service
users who receive Cboe Options Top and are not employees or natural
person independent contractors of the Distributor, the Distributor's
affiliates or an authorized service facilitator.\10\ Internal
Distributors may currently distribute Cboe Options Top Data to an
unlimited number of internal Users and Devices within the Distributor
at no further cost (aside from the above-mentioned monthly Distribution
Fee). The Exchange proposes to eliminate the current Cboe Options Top
User fee and in its place adopt Professional and Non-Professional User
fees for Cboe Options Top that would apply to both Internal and
External Distributors for all Professional and Non-Professional Users.
The Exchange proposes to charge Cboe Options Top Distributors a monthly
fee of $15.50 per Professional User and a monthly fee of $0.30 per Non-
Professional User.\11\
---------------------------------------------------------------------------

    \10\ Pursuant to the Cboe Global Markets North American Data
Policies, Distributors must report the number of authorized external
devices that receive Cboe Options Top data during a calendar month
within 15 days after such month in the manner and format specified
by the Exchange from time to time to determine applicable fees. In
connection with a Distributor's distribution of the market data
product, Distributors are required to report all Professional and
Non-Professional Users in accordance with the following: Distributor
should count as one User each unique User that the Distributor has
entitled to have access to the market data product. However, where a
device is dedicated specifically to a single individual, the
Distributor should count only the individual and need not count the
device. Distributor should identify and report each unique User. If
a User uses the same unique method to gain access to the market data
product, the Distributor should count that as one User. However, if
a unique User uses multiple methods to gain access to the market
data product (e.g., a single User has multiple passwords and user
identifications), the Distributor should report all of those methods
as an individual User. Distributors should report each unique
individual person who receives access through multiple devices as
one User so long as each device is dedicated specifically to that
individual. If a Distributor entitles one or more individuals to use
the same device, the Distributor should include only the
individuals, and not the device, in the count.
    \11\ Distributors that receive Cboe Options Top Data will be
required to count every Professional User and Non-Professional User
to which they provide the data feed.
---------------------------------------------------------------------------

    Next, the Exchange proposes to eliminate a fee waiver for
Distributors of Cboe Options Top Data. In particular, the CDS Fee
Schedule currently provides that the monthly data fee of $9,000 per
month for the Cboe Options Depth feed \12\ and Cboe Options COB feed
\13\ are waived for Distributors of Cboe Options Top Data. The Exchange
proposes to eliminate the fee waivers for Cboe Options Depth and Cboe
Options COB for External Distributors of Cboe Options Top (i.e., the
monthly $9,000 data fee for Cboe Options Depth will only continue to be
waived for Internal Distributors of Cboe Options Top Data and the
monthly $3,000 data fee for Cboe Options COB will only continue to be
waived for Internal Distributors of Cboe Options Top and/or
Distributors (Internal or External) of Cboe Options Depth Feed). The
Exchange wishes only to eliminate the availability of the fee waiver
for External Distributors of Cboe Options Top for both Cboe Options
Depth and Cboe Options COB because such distributors will already be
receiving the benefit of the proposed reduced fee for external
distribution of Cboe Options Top as compared to Internal Distributors
of Cboe Options Top who will continue to be charged the higher fee of
$9,000.
---------------------------------------------------------------------------

    \12\ The Cboe Options Depth feed is a real-time, low latency
data feed that includes all data contained in the Cboe Options Top
feed (as described above) plus outstanding quotes and standing
orders for an additional four price levels on each side of the
market, with aggregate size (``Book Depth''). The data in the Cboe
Options Depth feed is refreshed periodically during the trading
session.
    \13\ The Cboe Options COB feed is a real-time feed that consists
of data regarding the Exchange's Complex Order Book and related
complex order information. The Cboe Options COB feed includes ``best
bid and offer'' or ``BBO'' quotes and identifying information for
all Cboe Options-traded complex order strategies, as well as all
executed Cboe Options complex order trades (and identifies whether
the trade was a customer trade or whether a complex order in the COB
is a customer order).
---------------------------------------------------------------------------

    The Exchange lastly proposes to establish a $300,000 per month
Enterprise Fee that will permit a Distributor to purchase a monthly
(and optional) Enterprise license to receive the Cboe Options Top Data
for distribution to an unlimited number of Professional and Non-
Professional Users. The Enterprise Fee is an alternative to
Professional and Non-Professional User fees and is assessed in addition
to the Distribution Fee, which the Exchange proposes to make clear in
the Fee Schedule. The Enterprise Fee may provide an opportunity to
reduce fees. For example, if a Distributor has 20,000 Professional
Users who each receive Cboe Options Top at $15.50 per month (as
proposed), then that Distributor will pay $310,000 per month in
Professional User fees. If the Distributor instead were to purchase the
proposed Enterprise license, it would alternatively pay a flat fee of
$300,000 for an unlimited number of Professional and Non-Professional
Users. A Distributor must pay a separate Enterprise Fee for each entity
that controls the display of Cboe Options Top if it wishes for such
Users to be covered by the Enterprise Fee rather than by per User
fees.\14\ A Distributor that pays the Enterprise Fee will not have to
report its number of such Users on a monthly basis. Rather, every six
months, the Distributor must provide the Exchange with a count of the
total number of Professional and Non-Professional Users of Cboe Options
Top Data.\15\ The Exchange notes that the purchase of an Enterprise
license is voluntary, and a firm may elect to instead use the per User
structure and benefit from the proposed per User Fees described above.
For example, a firm that does not have a sufficient number of Users to
benefit from purchase of the license need not do so.
---------------------------------------------------------------------------

    \14\ For example, if a Distributor (e.g., Refinitiv) that
distributes Cboe Options Top to Retail Brokerage Firm A and Retail
Brokerage Firm B (which ``entities'' redistribute BZX Options Top to
its respective Users) and wishes to have the Users under each firm
covered by an Enterprise license, the Distributor would be subject
to two Enterprise Fees.
    \15\ See Cboe Global Markets north American Data Policies.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of section 6(b) of the Act.\16\ Specifically, the
Exchange believes the proposed rule change is consistent with the
section 6(b)(5) \17\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
section 6(b)(5) requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange also believes this proposal is
consistent with section 6(b)(8) of the Act, which requires that the
rules of an exchange not impose any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.\18\
The

Exchange lastly believes the proposed rule change is consistent with
section 6(b)(4) of the Act,\19\ which requires that Exchange rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its Trading Permit Holders and other persons using
its facilities.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(5).
    \18\ 15 U.S.C. 78f(b)(8).
    \19\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange first notes that it operates in a highly competitive
environment. Indeed, there are currently 16 registered options
exchanges that trade options. Based on publicly available information,
no single options exchange has more than 18% of the market share.\20\
The Exchange believes top-of-book quotation and transaction data is
highly competitive as national securities exchanges compete vigorously
with each other to provide efficient, reliable, and low-cost data to a
wide range of investors and market participants. Indeed, there are
several competing products offered by other national securities
exchanges today, not counting products offered by the Exchange's
affiliates, and each of the Exchange's affiliated U.S. options
exchanges also offers similar top-of-book data.\21\ Each of those
exchanges offer top-of-book quotation and last sale information based
on their own quotation and trading activity that is substantially
similar to the information provided by the Exchange through the Cboe
Options Top Feed. Further, the quote and last sale data contained in
the Cboe Options Data Feed is identical to the data sent to OPRA for
redistribution to the public, including data relating to the Exchange's
proprietary and exclusively listed products.\22\ Accordingly, Exchange
top-of-book data is widely available today from a number of different
sources.
---------------------------------------------------------------------------

    \20\ See Cboe Global Markets U.S. Options Market Month-to-Date
Volume Summary (April 24, 2023), available at https://markets.cboe.com/us/options/market_statistics/.
    \21\ See e.g., NYSE Arca Options Proprietary Market Data Fees
Schedule, MIAX Options Exchange, Fee Schedule, Section 6 (Market
Data Fees), Nasdaq PHLX Options 7 Pricing Schedule, Section 10
(Proprietary Data Feed Fees) and C2 Options Exchange Fees Schedule,
Cboe Data Services, LLC Fees.
    \22\ The Exchange notes that it makes available the BBO data and
last sale data that is included in the Cboe Options Top Data Feed no
earlier than the time at which the Exchange sends that data to OPRA.
---------------------------------------------------------------------------

    Moreover, the Cboe Options Top Data Feed is distributed and
purchased on a voluntary basis, in that neither the Exchange nor market
data distributors are required by any rule or regulation to make this
data available. Accordingly, Distributors and Users can discontinue use
at any time and for any reason, including due to an assessment of the
reasonableness of fees charged. As described above, market participants
have a wide variety of alternative market data products from which to
choose, such as similar proprietary data products offered by other
exchanges and consolidated data. Further, the Exchange is not required
to make any proprietary data products available or to offer any
specific pricing alternatives to any customers. Moreover, persons
(including broker-dealers) who subscribe to any exchange proprietary
data feed must also have equivalent access to consolidated Options
Information \23\ from OPRA for the same classes or series of options
that are included in the proprietary data feed (including for
exclusively listed products), and proprietary data feeds cannot be used
to meet that particular requirement.\24\ As such, all proprietary data
feeds are purely optional and only those that deem the product to be of
sufficient overall value and usefulness would purchase it.
---------------------------------------------------------------------------

    \23\ ``Consolidated Options Information'' means consolidated
Last Sale Reports combined with either consolidated Quotation
Information or the BBO furnished by OPRA. Access to consolidated
Options Information is deemed ``equivalent'' if both kinds of
information are equally accessible on the same terminal or work
station. See Limited Liability Company Agreement of Options Price
Reporting Authority, LLC (``OPRA Plan''), Section 5.2(c)(iii). The
Exchange notes that this requirement under the OPRA Plan is also
reiterated under the Cboe Global Markets Global Data Agreement and
Cboe Global Markets North American Data Policies, which subscribers
to any exchange proprietary product must sign and are subject to,
respectively. Additionally, the Exchange's Data Order Form (used for
requesting the Exchange's market data products) requires
confirmation that the requesting market participant receives data
from OPRA.
    \24\ Id.
---------------------------------------------------------------------------

    The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. Particularly, 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.'' \25\ Making
similar data products available to market participants fosters
competition in the marketplace, and constrains the ability of exchanges
to charge supracompetitive fees. In the event that a market participant
views one exchange's data product as more or less attractive than a
competitor they can and do switch between similar products. The
proposed fees are a result of the competitive environment, as the
Exchange seeks to adopt fees to attract purchasers of Cboe Options Top
Data.
---------------------------------------------------------------------------

    \25\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
---------------------------------------------------------------------------

    The Exchange believes the proposed External Distribution fee is
reasonable as it would represent a decreased fee for any Distributor
who is only interested in distributing Cboe Options Top externally.
Providing an opportunity for lower cost access to U.S. options market
data such as Cboe Options Top benefits a wide range of investors that
participate in the national market system and makes it more broadly
available, including non-professional retail investors who, by
definition, do not receive the data for commercial purposes and
therefore would not be receiving the data via internal distribution.
The Exchange believes the proposed fees for external distribution of
Cboe Options Top will also continue to be allocated fairly and
equitably, and are not unfairly discriminatory, as the proposed fee
will apply equally to all Distributors that choose to subscribe to Cboe
Options Top and distribute that data to external Users. More
specifically, as proposed, all External Distributors of Cboe Options
Top will be subject to the same external distribution fee, regardless
of the type of business that they operate, or the use they plan to make
of the data feed. Thus, all External Distributors would have access to
Cboe Options Top for purposes of external distribution on the same
equitable and non-discriminatory terms.
    The Exchange believes that it is also fair and equitable, and not
unfairly discriminatory to charge different fees for internal and
external distribution of the Cboe Options Top. Although the proposed
distribution fee charged to External Distributors will be lower than
the existing distribution fee charged to Internal Distributors,
External Distributors are subject to User fees for both Non-
Professional Users and Professional Users, whereas Internal
Distributors will only subject to fees for Professional Users (or
alternatively the proposed Enterprise Fee). Moreover, Internal
Distributors of Cboe Options Top will still have the benefit of
receiving Cboe Options Depth and/or Cboe Options COB at no additional
cost, whereas the waiver to receive Cboe Options Depth will not be
available for External Distributors of Cboe Options Top. The Exchange
also notes that Cboe Options Depth and Cboe Options COB are more likely
to be distributed internally as such data is used by Professional
Users, including employees of Distributors, whereas Cboe Options Top is
more likely to be distributed externally as such data is expected to be

used more frequently by Non-Professional Users who, by definition, do
not receive the data for commercial purposes (e.g., retail investors).
The Exchange therefore believes that the proposed reduced fee for
External Distributors is reasonable because it may encourage more
distributors to choose to offer the Cboe Options Top Data Feed, thereby
expanding the distribution of this market data for the benefit of
investors, and particularly retail investors.
    The Exchange next notes it is not required to charge a single
distribution fee to cover more than one of its available data products,
but none-the-less has opted to not charge for separate data fees for
Cboe Options Depth and Cboe Options COB for Distributors of Cboe
Options Top, since such waiver was adopted in January 1, 2015
[sic].\26\ However, the Exchange no longer wishes to maintain the fee
waiver of Cboe Options Depth or Cboe Options COB for External
Distributors of Cboe Options Top. The Exchange believes the proposed
elimination of the waivers is reasonable, equitable and not unfairly
discriminatory because although External Distributors will not receive
the benefit of the fee waiver, they will be subject to a lower
distribution fee as compared to Internal Distributors of Cboe Options
Top who will continue to be charged the higher fee of $9,000.
Additionally, the Exchange notes that all Distributors of Cboe Options
COB are also Distributors of Cboe Options Depth, and therefore already
have (and will continue to have) their monthly distribution fee for
Cboe Options COB waived since Distributors of Cboe Options Depth
qualify for a waiver of the monthly distribution fee for Cboe Options
COB.\27\ Moreover, the Exchange does not anticipate the impact of the
proposed rule change to be significant as most market participants
(over 70%) buy either Cboe Options Top or Cboe Options Depth (and not
both) and nearly 80% of Distributors of Cboe Options Top and Cboe
Options Depth distribute such products internally. Further,
Distributors are not required to distribute, and Users are not required
to receive, any one particular data product and may choose to receive
none, one, or several of the Exchange's market data products. Only
those that deem any product or products to be of sufficient overall
value and usefulness would purchase such product(s). The Exchange is
also not required to maintain a single fee that covers multiple market
data products. In fact, other exchanges similarly have adopted separate
fees for different data products that historically had otherwise been
provided under a single fee.\28\ The Exchange believes the proposed
change is equitable and not unfairly discriminatory as it will apply
uniformly to External Distributors.
---------------------------------------------------------------------------

    \26\ See Securities Exchange Act Release No. 70683 (October 15,
2013), 78 FR 62798 (October 22, 2013) (SR-CBOE-2013-087).
    \27\ See Cboe Data Services, LLC (CDS) Fee Schedule, Section
III, Complex Order Book (``COB'') Data Feed, Data Fee.
    \28\ See Securities Exchange Act Release No. 79556 (December 14,
2016), 81 FR 92935 (December 20, 2016) (SR-NASDAQ-2016-167).
---------------------------------------------------------------------------

    The Exchange believes the proposed changes to adopt new
Professional and Non-Professional User fees are reasonable as the User
fees continue to be in line with User fees assessed by other exchanges
for similar data.\29\ Moreover, Display Only Service Users will now be
subject to lower fees as the Exchange proposes to significantly reduce
the monthly User fees from $50 per Device or User ID for Display Only
Service User to $15.50 per Professional User or $0.30 per Non-
Professional User. Although External Distributors are currently only
subject to a User fee for external Users that are Display Only Service
Users, the proposed fee for all external Users (which are likely to be
Non-Professional Users) is significantly lower (i.e., $0.30 per Non-
Professional User) than the current $50 User fee. Moreover, the
proposed fee structure of differentiated Professional and Non-
Professional fees that are paid by both Internal and External
Distributors has long been used by other exchanges, including the
Exchange, for their proprietary data products, and by the OPRA plan in
order to reduce the price of data to retail investors and make it more
broadly available.\30\ The Exchange also believes offering Cboe Options
Top Data to Non-Professional Users at a rate lower than the rate for
Professional Users results in greater equity among data recipients, as
Professional Users are categorized as such based on their employment
and participation in financial markets, and thus, are compensated to
participate in the markets. Although Non-Professional Users too can
receive significant financial benefits through their participation in
the markets, the Exchange believes it is reasonable to charge more to
those Users who are more directly engaged in the markets. The Exchange
believes that the proposed fees are equitable and not unfairly
discriminatory because they will be charged uniformly to Distributors
for their Professional and Non-professional Users.
---------------------------------------------------------------------------

    \29\ See e.g., Nasdaq PHLX Options 7 Pricing Schedule, Section
10 (Proprietary Data Feed Fees), which provides for a fee of $40 per
month to professional users and $1.00 per month to non-professional
users to cover the usage of PHLX Options (TOPO) Data, TOPO Plus
Orders, PHLX Orders and PHLX Depth Data feeds. See also NYSE
American Options Proprietary Market Data Fees schedule, which
provides for a fee of $50 per month to professional users and $1.00
per month to non-professional users of American Options Top Data,
American Options Deep and American Options Complex products. By
comparison, the total Professional User fee for Cboe Options Top and
Cboe Options COB is in line with the above Professional User fee at
$40.50 per Professional User (i.e., $15.50 per Professional Users of
Cboe Options Top, as proposed, and $25 per Professional User of Cboe
Options COB). The Exchange's combined Non-Professional User Fee at
$0.30 per Non-Professional User (i.e., $0.30 per Non-Professional
User of Cboe Options Top, as proposed, and $0 per Non-Professional
User of Cboe Options COB) is lower than PHLX's and NYSE American's
aforementioned Non-Professional User fees. Cboe Options Depth is not
included in the above comparison because there are no User fees
based on Professional or Non-Professional classification, but rather
a $50 per month, per Device or User ID fee for Display Only Service
external users only. Further there are no fees for any internal
Users.
    \30\ See, e.g., Securities Exchange Act Release No. 59544 (March
9, 2009), 74 FR 11162 (March 16, 2009) (SR-NYSE-2008-131)
(establishing the $15 Non-Professional User Fee (Per User) for NYSE
OpenBook); See, e.g., Securities Exchange Act Release No. 67589
(August 2, 2012), 77 FR 47459 (August 8, 2012) (revising OPRA's
definition of the term ``Nonprofessional''); and See Securities
Exchange Act Release No. 70683 (October 15, 2013), 78 FR 62798
(October 22, 2013) (SR-CBOE-2013-087) (establishing Professional and
Non-Professional User fees for Cboe Options COB Data Feed).
---------------------------------------------------------------------------

    Although Internal Distributors do not currently pay any User fees
for Cboe Options Top, the Exchange believes its reasonable, equitable
and not unfairly discriminatory to start assessing User fees, as
internal and external users will be treated the same. Additionally,
other exchanges also assess User fees for internal users of similar
data, including the Exchange's affiliates.\31\ Moreover, the proposed
rates Internal Distributors will be subject to for User fees are in
line with User fees assessed by other exchanges for similar data.\32\
The Exchange believes the proposed monthly User fees for which Internal
Distributors of Cboe Options Top will now be subject to are equitably
allocated because they would be charged on an equal basis for all
internal Users that receive Cboe Options Top.
---------------------------------------------------------------------------

    \31\ See BZX Options Fees Schedule, Market Data Fees and EDGX
Options Fees Schedule, Market Data Fees. See also Nasdaq PHLX
Options 7 Pricing Schedule, Section 10 (Proprietary Data Feed Fees).
    \32\ See supra note 29.
---------------------------------------------------------------------------

    The proposed Enterprise Fee for Cboe Options Top Feed is equitable
and reasonable as the proposed fee could result in a fee reduction for
Distributors with a large number of Professional and Non-Professional
Users. If a Distributor has a smaller number of Professional Users of
Cboe Options Top Data, then it

may continue using the per User structure and benefit from the proposed
per Cboe Options Top User Fee reductions. By reducing prices for
Distributors with a large number of Professional and Non-Professional
Users, the Exchange believes that more firms may choose to receive and
to distribute Cboe Options Top Data, thereby expanding the distribution
of this market data for the benefit of investors.
    The Exchange further believes that the proposed Enterprise Fee is
reasonable because it will simplify reporting for certain recipients
that have large numbers of Professional and Non-Professional Users.
Firms that pay the proposed Enterprise Fee will not have to report the
number of Users on a monthly basis as they currently do, but rather
will only have to count Professional and Non-Professional users every
six months, which is a significant reduction in administrative burden.
Finally, as described above the Enterprise Fee is entirely optional. A
firm that does not have a sufficient number of Users to benefit from
purchase of the license need not do so.
    The Exchange lastly believes the proposed changes relating to the
defined terms and terminology will provide additional specificity and
clarity, while also harmonizing the various definition with that of its
affiliates and providing more consistency with definitions used in the
Cboe Global Markets Global Data Agreement and Cboe Global Markets North
American Data Policies. Doing so would ensure consistent terms amongst
the Exchange and its affiliates, as well as the Exchange's data
agreements and policies, thereby reducing the potential for confusion
amongst market data subscribers of the Exchange's and its affiliates'
market data products. Additionally, the proposed new terms are
identical to the terms already used by the Exchange's affiliates BZX
Options and EDGX Options. Similarly, the Exchange believes the proposal
to relocate the fees in the CDS Fees Schedule to the Cboe Options Fees
Schedule will provide for a more streamlined fees schedule and allow
TPHs to more readily and easily find all fees applicable to Cboe
Option, thereby reducing potential confusion. Further, the Exchange is
the only exchange of the Cboe options exchanges that currently
maintains a separate fees schedule for its market data product fees.
Accordingly, the Exchange believes the proposed changes remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, protect investors and the
public interest.

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

    The Exchange does not believe that the proposed rule change would
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
operates in a highly competitive environment, and its ability to price
top-of-book data is constrained by competition among exchanges that
offer similar data products to their customers. For example, Top-of-
book data is broadly disseminated by competing U.S. options exchanges.
Further, the Exchange's proposal to eliminate the waiver for the Cboe
Options Depth and Cboe Options COB data fees for External Distributors
of Cboe Options Top does not modify the existing fee amounts, but
simply eliminates waivers to receive such data products free of charge
that the Exchange is not required to maintain. Other exchanges are free
to adopt a similar waiver if they choose. In this competitive
environment potential Distributors are free to choose which competing
product to purchase to satisfy their respective needs for market
information. Often, the choice comes down to price, as market data
participants look to purchase cheaper data products, and quality, as
market participants seek to purchase data that represents significant
market liquidity.
    The Exchange believes that the proposed fees do not put any market
participants at a relative disadvantage compared to other market
participants. As discussed, the proposed fees and eliminated waiver
would apply to all similarly situated Distributors of Cboe Options Top
on an equal and non-discriminatory basis. The Exchange believes the
reduced fees for External Distributors and not Internal Distributors of
Cboe Options Top is appropriate given External Distributors are subject
to both the proposed Non-Professional and Professional user fees as
compared to Internal Distributors who are only subject to Professional
user fee (since non-professional users, by definition, do not receive
the data for commercial purposes and therefore would not be receiving
the data via internal distribution) s, [sic]. Additionally, Internal
Distributors will continue to receive the benefit of a fee waiver for
Cboe Options Depth and Cboe Options COB, which are more commonly used
products for internal distribution amongst Professional Users. The
Exchange believes the differentiated fees for Professional and Non-
Professional Users of Cboe options Top is appropriate given
Professional Users are categorized as such based on their employment
and participation in financial markets, and thus, are compensated to
participate in the markets. Non-Professional Users too can receive
significant financial benefits through their participation in the
markets, however the Exchange believes it is reasonable to charge more
to those Users who are more directly engaged in the markets. The
Exchange therefore believes that the proposed fee neither favors nor
penalizes one or more categories of market participants in a manner
that would impose an undue burden on competition.
    The Exchange believes that the proposed fees do not impose a burden
on competition or on other SROs that is not necessary or appropriate in
furtherance of the purposes of the Act. In particular, market
participants are not forced to subscribe to Cboe Options Top Data, or
any of the Exchange's data feeds, as described above. As noted, the
quote and last sale data contained in the Exchange's Cboe Options Top
feed is identical to the data sent to OPRA for redistribution to the
public, including data relating to the Exchange's proprietary and
exclusively listed products. Accordingly, Exchange top-of-book data is
therefore widely available today from a number of different sources.
    Because market data customers can find suitable substitute feeds,
an exchange that overprices its market data products stands a high risk
that users may substitute another product. These competitive pressures
ensure that no one exchange's market data fees can impose an undue
burden on competition, and the Exchange's proposed fees do not do so
here.

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any written comments from members or other interested parties.

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

    The foregoing rule change has become effective pursuant to section
19(b)(3)(A) of the Act \33\ and paragraph (f) of Rule 19b-4 \34\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may

temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission will institute proceedings to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \33\ 15 U.S.C. 78s(b)(3)(A).
    \34\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-CBOE-2023-022 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CBOE-2023-022. 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. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to File Number SR-CBOE-2023-022 and should be submitted on
or before June 7, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
---------------------------------------------------------------------------

    \35\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-10471 Filed 5-16-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 189 (Wednesday, September 30, 2015)]
[Notices]
[Pages 58794-58796]
[FR Doc No: 2015-24715]

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75978; File No. SR-NYSEArca-2015-79]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Regarding the PIMCO
Intermediate Municipal Bond Active Exchange-Traded Fund

September 24, 2015.
    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 September 11, 2015, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to reflect a change to the average portfolio
duration of the PIMCO Intermediate Municipal Bond Active Exchange-
Traded Fund. The Fund is currently listed and traded on the Exchange
under NYSE Arca Equities Rule 8.600. The text of the proposed rule
change is available on the Exchange's Web site at www.nyse.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.

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

    In its filing with the Commission, the 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 Commission has approved a proposed rule change relating to
listing and trading on the Exchange of shares (``Shares'') of the PIMCO
Intermediate Municipal Bond Active Exchange-Traded Fund (``Fund'')
under NYSE Arca Equities Rule 8.600,\4\ which governs the listing and
trading of Managed Fund Shares.\5\ The Shares are offered by PIMCO ETF
Trust (the ``Trust''), a statutory trust organized under the laws of
the State of Delaware

and registered with the Commission as an open-end management investment
company.\6\ The investment manager to the Fund is Pacific Investment
Management Company LLC (``PIMCO'' or the ``Adviser''). The Fund's
Shares are currently listed and traded on the Exchange under NYSE Arca
Equities Rule 8.600.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 60619 (September 3,
2009), 74 FR 46820 (September 11, 2009) (SR-NYSEArca-2009-79)
(notice of filing of proposed rule change relating to listing and
trading of Shares of the Fund and four other funds of the PIMCO ETF
Trust on the Exchange) (``Prior Notice''); Securities Exchange Act
Release No. 60981 (November 10, 2009), 74 FR 59594 (November 11,
2009) (SR-NYSEArca-2009-79) (order approving listing and trading of
Shares of the Fund and four other funds of the PIMCO ETF Trust on
the Exchange) (``Prior Order'' and, together with the Prior Notice,
the ``Prior Release'').
    \5\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Equities Rule
5.2(j)(3), seeks to provide investment results that correspond
generally to the price and yield performance of a specific foreign
or domestic stock index, fixed income securities index or
combination thereof.
    \6\ The Trust is registered under the Investment Company Act of
1940 (``1940 Act''). On October 27, 2014, the Trust filed with the
Commission the most recent post-effective amendment to its
registration statement under the Securities Act of 1933 (15 U.S.C.
77a) (``1933 Act'') and under the 1940 Act relating to the Fund
(File Nos. 333-155395 and 811-22250) (the ``Registration
Statement''). The description of the operation of the Trust and the
Fund herein is based, in part, on the Registration Statement. A
change to the name of the Fund from PIMCO Intermediate Municipal
Bond Strategy Fund to PIMCO Intermediate Municipal Bond Exchange-
Traded Fund was reflected in an amendment to the Registration
Statement, effective October 31, 2012. A change to the name of the
Fund from PIMCO Intermediate Municipal Bond Exchange-Traded Fund to
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund was
reflected in an amendment to the Registration Statement, effective
October 31, 2014. In addition, the Commission has issued an order
granting certain exemptive relief to the Trust under the 1940 Act.
See Investment Company Act Release No. 28993 (November 10, 2009)
(File No. 812-13571) (``Exemptive Order'').
---------------------------------------------------------------------------

    According to the Registration Statement and the Prior Release, the
average portfolio duration of the Fund normally varies from three to
eight years, based on PIMCO's forecast for interest rates.\7\
---------------------------------------------------------------------------

    \7\ Duration is a measure used to determine the sensitivity of a
security's price to changes in interest rates. The longer a
security's duration, the more sensitive it will be to changes in
interest rates.
---------------------------------------------------------------------------

    Going forward, the average portfolio duration of the Fund normally
would vary within (negative) 2 years to positive 4 years of the
portfolio duration of the securities comprising the Barclays 1-15 Year
Municipal Bond Index (``Index''), as calculated by PIMCO, which as of
June 30, 2015 was 5.11 years.\8\ Thus, as of June 30, 2015, average
portfolio duration of the Fund normally would vary within approximately
3.11 years and 9.11 years.
---------------------------------------------------------------------------

    \8\ The Exchange notes that the Commission has approved the
listing and trading of other issues of Managed Fund Shares that have
applied a comparable average portfolio duration to that proposed for
the Fund. See, e.g., the Prior Release, note 4, supra.
---------------------------------------------------------------------------

    The Adviser represents that the proposed change to the average
portfolio duration of the Fund is consistent with the Fund's investment
objective, and will further assist the Adviser to achieve such
investment objective. Except for the change noted above, all other
representations made in the Prior Release remain unchanged.\9\ The Fund
will continue to comply with all initial and continued listing
requirements under NYSE Arca Equities Rule 8.600.
---------------------------------------------------------------------------

    \9\ See note 4, supra. All terms referenced but not defined
herein are defined in the Prior Release.
---------------------------------------------------------------------------

    The Adviser represents that the investment objective of the Fund is
not changing.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \10\ that an exchange have rules that
are designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest. The Exchange believes that the change to the average
portfolio duration of the Fund will not adversely impact investors or
Exchange trading. Such change would accommodate a duration that, while
generally comparable to the existing average portfolio duration
normally of three to eight years, will provide the Fund with additional
flexibility in managing the duration of the Fund's holdings using the
average portfolio duration of the Barclays 1-15 Year Municipal Bond
Index, as calculated by PIMCO, as the benchmark against which the
Fund's average portfolio duration would be measured. Further, a more
flexible duration bandwidth will allow the Fund to respond more
effectively to changing market conditions. The Index's average
duration, as calculated by PIMCO, is typically published monthly, while
the Fund's average portfolio duration is typically available daily, on
the Fund's Web site.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purpose of the Act. The Exchange believes the
proposed rule change will enhance competition among issues of exchange-
traded funds that invest in municipal securities.

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

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

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

    Because the proposed rule change does not (i) significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6) thereunder.\12\
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

    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) of the Act \13\ to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \13\ 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-NYSEArca-2015-79 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2015-79. This
file number should be included on the subject line if email is used. To
help the

Commission process and review your comments more efficiently, please
use only one method. The Commission will post all comments on the
Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Section, 100 F Street NE.,
Washington, DC 20549 on official business days between 10 a.m. and 3
p.m. Copies of the filing will also be available for inspection and
copying at the NYSE's principal office and on its Internet Web site at
www.nyse.com. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NYSEArca-2015-79 and should be submitted on or before October 21, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-24715 Filed 9-29-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 236 (Tuesday, December 8, 2020)]
[Proposed Rules]
[Pages 78974-78977]
[FR Doc No: 2020-26870]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2020-1112; Project Identifier MCAI-2020-01127-T]
RIN 2120-AA64

Airworthiness Directives; ATR--GIE Avions de Transport
R[eacute]gional Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: The FAA proposes to adopt a new airworthiness directive (AD)
for all ATR--GIE Avions de Transport R[eacute]gional Model ATR42
airplanes; and Model ATR72 airplanes. This proposed AD was prompted by
in-service data which revealed that the minimum operating airspeeds in
severe icing conditions, computed to provide adequate stall margins, do
not provide sufficient margins to stall speeds at high bank angle while
exiting severe icing conditions. This proposed AD would require
revising the existing aircraft flight manual (AFM) and applicable
corresponding operational procedures to provide emergency procedures
and limitations for operating in severe icing conditions, as specified
in a European Union Aviation Safety Agency (EASA) AD, which is proposed
for incorporation by reference. The FAA is proposing this AD to address
the unsafe condition on these products.

DATES: The FAA must receive comments on this proposed AD by January 22,
2021.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to https://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.

     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For material incorporated by reference (IBR) in this AD, contact
the EASA, Konrad-Adenauer-Ufer 3, 50668 Cologne, Germany; telephone +49
221 8999 000; email<EMAIL_ADDRESS>internet www.easa.europa.eu.
You may find this IBR material on the EASA website at https://ad.easa.europa.eu. You may view this IBR material at the FAA,
Airworthiness Products Section, Operational Safety Branch, 2200 South
216th St., Des Moines, WA. For information on the availability of this
material at the FAA, call<PHONE_NUMBER>. It is also available in the AD
docket on the internet at https://www.regulations.gov by searching for
and locating Docket No. FAA-2020-1112.

Examining the AD Docket

    You may examine the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-2020-
1112; or in person at Docket Operations between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays. The AD docket contains
this NPRM, any comments received, and other information. The street
address for Docket Operations is listed above. Comments will be
available in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Shahram Daneshmandi, Aerospace
Engineer, Large Aircraft Section, International Validation Branch, FAA,
2200 South 216th St., Des Moines, WA 98198; telephone and fax 206-231-
3220; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    The FAA invites you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under the ADDRESSES section. Include ``Docket No. FAA-2020-1112;
Project Identifier MCAI-2020-01127-T'' at the beginning of your
comments. The most helpful comments reference a specific portion of the
proposal, explain the reason for any recommended change, and include
supporting data. The FAA will consider all comments received by the
closing date and may amend the proposal because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments received, without change to
https://www.regulations.gov, including any personal information you
provide. The agency will also post a report summarizing each
substantive verbal contact received about this proposed AD.

Confidential Business Information

    CBI is commercial or financial information that is both customarily
and actually treated as private by its owner. Under the Freedom of
Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public
disclosure. If your comments responsive to this NPRM contain commercial
or financial information that is customarily treated as private, that
you actually treat as private, and that is relevant or responsive to
this NPRM, it is important that you clearly designate the submitted
comments as CBI. Please mark each page of your submission containing
CBI as ``PROPIN.'' The FAA will treat such marked submissions as
confidential under the FOIA, and they will not be placed in the public
docket of this NPRM. Submissions containing CBI should be sent to
Shahram Daneshmandi, Aerospace Engineer, Large Aircraft Section,
International Validation Branch, FAA, 2200 South 216th St., Des Moines,
WA 98198; telephone and fax<PHONE_NUMBER>; email
<EMAIL_ADDRESS>Any commentary that the FAA receives which
is not specifically designated as CBI will be placed in the public
docket for this rulemaking.

Discussion

    The EASA, which is the Technical Agent for the Member States of the
European Union, has issued EASA AD 2020-0177, dated August 11, 2020
(EASA AD 2020-0177) (also referred to as the Mandatory Continuing
Airworthiness Information, or the MCAI), to correct an unsafe condition
for all ATR--GIE Avions de Transport R[eacute]gional Model ATR42-200, -
300, -320, -400, and -500 airplanes; and Model ATR72 airplanes. Model
ATR42-400 airplanes are not certificated by the FAA and are not
included on the U.S. type certificate data sheet; this AD therefore
does not include those airplanes in the applicability.
    This proposed AD was prompted by in-service data which revealed
that the minimum operating airspeeds in severe icing conditions,
computed to provide adequate stall margins, do not provide sufficient
margins to stall speeds at high bank angle while exiting severe icing
conditions. The FAA is proposing this AD to address airplane stalling
due to inadvertent exposure to severe icing conditions, which could
result in loss of control of the airplane. See the MCAI for additional
background information.

Other Related Rulemaking

    The FAA issued AD 96-09-28, Amendment 39-9604 (61 FR 20646, May 7,
1996) (AD 96-09-28), for all ATR--GIE Avions de Transport
R[eacute]gional Model ATR42 and ATR72 series airplanes. AD 96-09-28,
among other things, prohibits operation of the airplane in certain
icing conditions unless modifications are accomplished or alternative
procedures and training are adopted and requires restrictions on the
use of autopilot in certain conditions. The FAA issued AD 96-09-28 to
address the potential hazards associated with operating the airplane in
severe icing conditions.
    The FAA issued AD 99-09-19, Amendment 39-11152 (64 FR 23766, May 4,
1999) (AD 99-09-19), for all Model ATR42 and ATR72 series airplanes. AD
99-09-19 requires revising the AFM to provide the flightcrew with
modified procedures and limitations for operating in severe icing
conditions. The FAA issued AD 99-09-19 to prevent the airplane from
stalling due to prolonged exposure to severe icing conditions, which
could result in reduced performance and controllability of the
airplane.
    This proposed AD would provide terminating action for paragraphs
(a)(1) and (2) of AD 96-09-28 and all requirements of AD 99-09-19.

Related Service Information Under 1 CFR Part 51

    EASA AD 2020-0177 describes procedures for revising the AFM to
provide emergency procedures and limitations for operating in severe
icing conditions.
    This material is reasonably available because the interested
parties have access to it through their normal course of business or by
the means identified in the ADDRESSES section.

FAA's Determination and Requirements of This Proposed AD

    This product has been approved by the aviation authority of another
country, and is approved for operation in the United States. Pursuant
to the FAA's bilateral agreement with the State of Design Authority,
the FAA has been notified of the unsafe condition

described in the MCAI referenced above. The FAA is proposing this AD
because the FAA evaluated all the relevant information and determined
the unsafe condition described previously is likely to exist or develop
in other products of the same type design.

Proposed AD Requirements

    This proposed AD would require accomplishing the actions specified
in EASA AD 2020-0177 described previously, as incorporated by
reference, except for any differences identified as exceptions in the
regulatory text of this AD.

Explanation of Required Compliance Information

    In the FAA's ongoing efforts to improve the efficiency of the AD
process, the FAA initially worked with Airbus and EASA to develop a
process to use certain EASA ADs as the primary source of information
for compliance with requirements for corresponding FAA ADs. The FAA has
since coordinated with other manufacturers and civil aviation
authorities (CAAs) to use this process. As a result, EASA AD 2020-0177
will be incorporated by reference in the FAA final rule. This proposed
AD would, therefore, require compliance with EASA AD 2020-0177 in its
entirety, through that incorporation, except for any differences
identified as exceptions in the regulatory text of this proposed AD.
Using common terms that are the same as the heading of a particular
section in the EASA AD does not mean that operators need comply only
with that section. For example, where the AD requirement refers to
``all required actions and compliance times,'' compliance with this AD
requirement is not limited to the section titled ``Required Action(s)
and Compliance Time(s)'' in the EASA AD. Service information specified
in EASA AD 2020-0177 that is required for compliance with EASA AD 2020-
0177 will be available on the internet at https://www.regulations.gov
by searching for and locating Docket No. FAA-2020-1112 after the FAA
final rule is published.

Costs of Compliance

    The FAA estimates that this proposed AD affects 59 airplanes of
U.S. registry. The FAA estimates the following costs to comply with
this proposed AD:

                                      Estimated Costs for Required Actions
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per       Cost on U.S.
                          Labor cost                              Parts cost        product         operators
----------------------------------------------------------------------------------------------------------------
1 work-hour x $85 per hour = $85.............................              $0              $85           $5,015
----------------------------------------------------------------------------------------------------------------

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. Subtitle VII: Aviation Programs,
describes in more detail the scope of the Agency's authority.
    The FAA is issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: General requirements.
Under that section, Congress charges the FAA with promoting safe flight
of civil aircraft in air commerce by prescribing regulations for
practices, methods, and procedures the Administrator finds necessary
for safety in air commerce. This regulation is within the scope of that
authority because it addresses an unsafe condition that is likely to
exist or develop on products identified in this rulemaking action.

Regulatory Findings

    The FAA determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have 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.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Will not affect intrastate aviation in Alaska, and
    (3) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13   [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

ATR--GIE Avions de Transport R[eacute]gional: Docket No. FAA-2020-
1112; Project Identifier MCAI-2020-01127-T.

(a) Comments Due Date

    The FAA must receive comments by January 22, 2021.

(b) Affected ADs

    (1) This AD affects AD 96-09-28, Amendment 39-9604 (61 FR 20646,
May 7, 1996) (AD 96-09-28).
    (2) This AD affects AD 99-09-19, Amendment 39-11152 (64 FR
23766, May 4, 1999) (AD 99-09-19).

(c) Applicability

    This AD applies to all ATR--GIE Avions de Transport
R[eacute]gional Model ATR42-200, -300, -320, and -500 airplanes; and
Model ATR72-101, -102, -201, -202, -211, -212, and -212A airplanes,
certificated in any category.

(d) Subject

    Air Transport Association (ATA) of America Code 30, Ice and Rain
Protection.

(e) Reason

    This AD was prompted by in-service data which revealed that the
minimum operating airspeeds in severe icing conditions, computed to
provide adequate stall margins, do not provide sufficient margins to
stall speeds at high bank angle while exiting severe icing
conditions. The FAA is issuing this AD to address airplane stalling
due to inadvertent exposure to severe icing conditions, which could
result in loss of control of the airplane.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Requirements

    Except as specified in paragraph (h) of this AD: Comply with all
required actions and compliance times specified in, and in
accordance with, European Union Aviation

Safety Agency (EASA) AD 2020-0177, dated August 11, 2020 (EASA AD
2020-0177).

(h) Exceptions to EASA AD 2020-0177

    (1) Where EASA AD 2020-0177 refers to its effective date, this
AD requires using the effective date of this AD.
    (2) The ``Remarks'' section of EASA AD 2020-0177 does not apply
to this AD.
    (3) Paragraph (1) of EASA AD 2020-0177 specifies amending ``the
AFM [aircraft flight manual] with the data as specified in Table
1,'' but this AD requires amending ``the existing AFM and applicable
corresponding operational procedures to incorporate the limitations
and procedures specified in Table 1 of EASA AD 2020-0177.''
    (4) The provisions specified in paragraphs (3) and (4) of EASA
AD 2020-0177 do not apply to this AD.

(i) Terminating Action for ADs 96-09-28 and 99-09-19

    (1) Accomplishing the actions required by this AD terminates the
requirements of paragraphs (a)(1) and (2) of AD 96-09-28 for that
airplane.
    (2) Accomplishing the actions required by this AD terminates all
requirements of AD 99-09-19 for that airplane.

(j) Other FAA AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
Large Aircraft Section, International Validation Branch, FAA, has
the authority to approve AMOCs for this AD, if requested using the
procedures found in 14 CFR 39.19. In accordance with 14 CFR 39.19,
send your request to your principal inspector or responsible Flight
Standards Office, as appropriate. If sending information directly to
the Large Aircraft Section, International Validation Branch, send it
to the attention of the person identified in paragraph (k)(2) of
this AD. Information may be emailed to<EMAIL_ADDRESS>
Before using any approved AMOC, notify your appropriate principal
inspector, or lacking a principal inspector, the manager of the
responsible Flight Standards Office.
    (2) Contacting the Manufacturer: For any requirement in this AD
to obtain instructions from a manufacturer, the instructions must be
accomplished using a method approved by the Manager, Large Aircraft
Section, International Validation Branch, FAA; or EASA; or ATR--GIE
Avions de Transport R[eacute]gional's EASA Design Organization
Approval (DOA). If approved by the DOA, the approval must include
the DOA-authorized signature.

(k) Related Information

    (1) For information about EASA AD 2020-0177, contact the EASA,
Konrad-Adenauer-Ufer 3, 50668 Cologne, Germany; telephone +49 221
8999 000; email<EMAIL_ADDRESS>internet www.easa.europa.eu. You
may find this EASA AD on the EASA website at https://ad.easa.europa.eu. You may view this material at the FAA,
Airworthiness Products Section, Operational Safety Branch, 2200
South 216th St., Des Moines, WA. For information on the availability
of this material at the FAA, call<PHONE_NUMBER>. This material may be
found in the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-
2020-1112.
    (2) For more information about this AD, contact Shahram
Daneshmandi, Aerospace Engineer, Large Aircraft Section,
International Validation Branch, FAA, 2200 South 216th St., Des
Moines, WA 98198; telephone and fax<PHONE_NUMBER>; email
<EMAIL_ADDRESS>
    Issued on December 2, 2020.
Lance T. Gant,
Director, Compliance & Airworthiness Division, Aircraft Certification
Service.
[FR Doc. 2020-26870 Filed 12-7-20; 8:45 am]
BILLING CODE 4910-13-P