[Federal Register Volume 84, Number 131 (Tuesday, July 9, 2019)]
[Notices]
[Pages 32789-32792]
[FR Doc No: 2019-14491]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86283; File No. SR-CboeBZX-2019-059]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Relating
To Amend the Fee Schedule Applicable to Members and Non-Members \1\ of
the Exchange Pursuant to BZX Rules 15.1(a) and (c)

July 2, 2019.
    Pursuant to Section 19(b)(1) \2\ of the Securities Exchange Act of
1934 (the

``Act'') \3\ and Rule 19b-4 thereunder,\4\ notice is hereby given that,
on June 19, 2019, Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'')
filed with the Securities and Exchange Commission (the ``Commission'')
the proposed rule change as described in Items I, II, and III below,
which Items have been prepared by the Exchange. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
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    \1\ A Member is defined as ``any registered broker or dealer
that has been admitted to membership in the Exchange.'' See Exchange
Rule 1.5(n).
    \2\ 15 U.S.C. 78s(b)(1).
    \3\ 15 U.S.C. 78a.
    \4\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') is filing
with the Securities and Exchange Commission (``Commission'') a proposed
rule change to amend the fee schedule applicable to Members and non-
Members \5\ of the Exchange pursuant to BZX Rules 15.1(a) and (c).
Changes to the fee schedule pursuant to this proposal are effective
upon filing. The text of the proposed rule change is attached as
Exhibit 5.
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    \5\ A Member is defined as ``any registered broker or dealer
that has been admitted to membership in the Exchange.'' See Exchange
Rule 1.5(n).
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    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend its fee schedule applicable to its
equities trading platform (``BZX Equities'') to adopt a new Step-Up
Tier, effective July 1, 2019.
    The Exchange first notes that it operates in a highly-competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of several equity venues to which market
participants may direct their order flow, and it represents a small
percentage of the overall market. The Exchange in particular operates a
``Maker-Taker'' model whereby it pays credits to members that provide
liquidity and assesses fees to those that remove liquidity. The
Exchange's Fees Schedule sets forth the standard rebates and rates
applied per share for orders that provide and remove liquidity,
respectively. Particularly, the Exchange provides a standard rebate of
$0.0020 per share for orders that add liquidity \6\ and assesses a fee
of $0.0025 per share for orders that remove liquidity. In response to
the competitive environment, the Exchange also offers tiered pricing
which provides Members opportunities to qualify for higher rebates or
reduced fees where certain volume criteria and thresholds are met.
Tiered pricing provides an incremental incentive for Members to strive
for higher tier levels, which provides increasingly higher benefits or
discounts for satisfying increasingly more stringent criteria.
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    \6\ Displayed Orders which add liquidity in Tape B securities
receive a standard rebate of $0.0025 per share.
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    For example, pursuant to footnote 2 of the Fees Schedule, the
Exchange offers four Step-Up Tiers that provide Members an opportunity
to qualify for an enhanced rebate on their orders that add liquidity
where they increase their relative liquidity each month over a
predetermined baseline. Under the current Step-Up Tiers, a Member
receives a rebate of $0.0030 (Tier 1), $0.0031 (Tier 2 and Tier 3), or
$0.0032 (Tier 4) per share for qualifying orders which yield fee codes
B,\7\ V,\8\ or Y \9\ if the corresponding required criteria per tier is
met.\10\ More specifically, Step-Up Tiers 1-4 require that Members
reach certain Step-Up Add TCV thresholds. As currently defined in the
BZX Equities fee schedule, Step-Up Add TCV means ADAV \11\ as a
percentage of TCV \12\ in the relevant baseline month subtracted from
current ADAV as a percentage of TCV.\13\ The Exchange notes that step-
up tiers are designed to encourage Members that provide displayed
liquidity on the Exchange to increase their order flow, which would
benefit all Members by providing greater execution opportunities on the
Exchange.
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    \7\ Fee code B is appended to displayed orders which add
liquidity to Tape B and is provided a rebate of $0.0025 per share.
    \8\ Fee code V is appended to displayed orders which add
liquidity to Tape A and is provided a rebate of $0.0020 per share.
    \9\ Fee code Y is appended to displayed orders which add
liquidity to Tape C and is provided a rebate of $0.0020 per share.
    \10\ See Cboe BZX U.S. Equities Fees Schedule, Footnote 2, Step-
Up Tiers.
    \11\ ``ADAV'' means average daily volume calculated as the
number of shares added per day. ADAV is calculated on a monthly
basis.
    \12\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
    \13\ The following demonstrates how Step-Up Add TCV is
calculated: In April [sic] 2018, Member A had an ADAV of 12,947,242
shares and average daily TCV was 9,248,029,751, resulting in an ADAV
as a percentage of TCV of 0.14%; In February 2019, Member A had an
ADAV of 46,826,572 and average daily TCV was 7,093,306,325,
resulting in an ADAV as a percentage of TCV of 0.66%. Member A's
Step-Up Add TCV from December 2018 was therefore 0.52% which makes
Member A eligible for the existing Step-Up Tier 4 rebate. (i.e.,
0.66% (Feb 2019)-0.14% (Dec 2018), which is greater than 0.50% as
required by current Tier 4).
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    The Exchange now proposes to amend footnote 2 to adopt a fifth
Step-Up Tier, which would become ``Step-Up Tier 1''. Under the proposed
Step-Up Tier 1, a Member would receive a rebate of $0.0030 per share
for their qualifying orders which yield fee codes B, V, or Y where the
Member has a Step-Up Add TCV from April 2019 greater or equal to 0.05%.
Members that achieve the proposed Step-Up Tier 1 must therefore
increase the amount of liquidity that they provide on BZX by 0.05%
relative to their ADAV as a percentage of TCV in April 2019, thereby
contributing to a deeper and more liquid market, which benefits all
market participants. The proposed tier provides Members an additional
opportunity to receive a rebate and is designed to provide Members that
provide displayed liquidity on the Exchange a further incentive to
increase that order flow, which would benefit all Members by providing
greater execution opportunities on the Exchange. The Exchange notes the
proposed tier is available to all Members.
    Lastly, in connection with the proposed change described above, the
Exchange also proposes to renumber the existing Step-Up Tiers
accordingly.
2. Statutory Basis
    The Exchange believes that the proposed rule changes are consistent
with the objectives of Section 6 of the Act,\14\ in general, and
furthers the

objectives of Section 6(b)(4),\15\ in particular, as it is designed to
provide for the equitable allocation of reasonable dues, fees and other
charges among its Members and other persons using its facilities and
does not unfairly discriminate between customers, issuers, brokers or
dealers. The Exchange operates in a highly-competitive market in which
market participants can readily direct order flow to competing venues
if they deem fee levels at a particular venue to be excessive or
incentives to be insufficient. The proposed rule change reflects a
competitive pricing structure designed to incentivize market
participants to direct their order flow to the Exchange, which the
Exchange believes would enhance market quality to the benefit of all
Members.
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    \14\ 15 U.S.C. 78f.
    \15\ 15 U.S.C. 78f(b)(4).
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    In particular, the Exchange believes the proposed tier is
reasonable because it provides an additional opportunity for Members to
receive an enhanced rebate. The Exchange notes that relative volume-
based incentives and discounts have been widely adopted by
exchanges,\16\ including the Exchange,\17\ and are reasonable,
equitable and non-discriminatory because they are open to all members
on an equal basis and provide additional benefits or discounts that are
reasonably related to (i) the value to an exchange's market quality and
(ii) associated higher levels of growth patterns. Additionally, as
noted above, the Exchange operates in a highly competitive market. The
Exchange is only one of several equity venues to which market
participants may direct their order flow, and it represents a small
percentage of the overall market. It is also only one of several maker-
taker exchanges. Competing equity exchanges offer similar tiered
pricing structures to that of the Exchange, including schedules of
rebates and fees that apply based upon members achieving certain volume
and/or growth thresholds. These competing pricing schedules, moreover,
are presently comparable to those that the Exchange provides, including
the pricing of comparable tiers.\18\
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    \16\ See e.g., NYSE Arca Equities, Fees and Charges, Step-Up
Tiers.
    \17\ See e.g., Cboe BZX U.S. Equities Exchange Fee Schedule,
Footnote 2, Step-Up Tiers 1-4.
    \18\ See e.g., NYSE Arca Equities, Fees and Charges, Step-Up
Tiers which offers rebates between $0.0022-$0.0034 per share if the
corresponding required criteria per tier is met. NYSE Arca Equities'
Step-Up Tiers similarly require Members to increase their relative
liquidity each month over a predetermined baseline.
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    Moreover, the Exchange believes the proposed Step-Up Tier 1 is a
reasonable means to encourage Members to increase their liquidity on
the Exchange based on increasing their relative volume above a
predetermined baseline. Particularly, the Exchange believes that
adopting a tier with less stringent criteria compared to existing Step-
Up Tiers 2-4 (now Step-Up Tiers 3-5), and an alternative criteria to
Step-Up Tier 1 (now Step-Up Tier 2), will encourage those Members who
could not achieve the existing tiers previously to increase their order
flow as compared to April 2019 as a means to receive the new tier's
enhanced rebate. Increased liquidity benefits all investors by
deepening the Exchange's liquidity pool, offering additional
flexibility for all investors to enjoy cost savings, supporting the
quality of price discovery, promoting market transparency and improving
investor protection. The Exchange also believes that proposed rebate is
reasonable based on the difficulty of satisfying the tier's criteria,
using April 2019 as the predetermined baseline and ensures the proposed
rebate and threshold appropriately reflects the incremental difficulty
to achieve the existing Step-Up Tiers. The proposed rebate amount also
does not represent a significant departure from the rebates currently
offered under the Exchange's existing Step-Up Tiers. Indeed, the rebate
amount is the same offered as existing Step-Up Tier 1 (now Step-Up Tier
2) (i.e., $0.0030 per share) and slightly less than the rebates offered
under Step-Up Tiers 2-4 (now Step-Up Tiers 3-5) (i.e., $0.0031-$0.0032
per share).
    The Exchange believes that the proposal represents an equitable
allocation of rebates and is not unfairly discriminatory because all
Members are eligible for the proposed tier and have a reasonable
opportunity to meet the tier's criteria, which as noted above is less
stringent than other existing step-up tiers. Without having a view of
Member's activity on other markets and off-exchange venues, the
Exchange has no way of knowing whether this proposed rule change would
result in any Members qualifying for this tier. However, the Exchange
believes the proposed tier would provide an incentive for Members to
submit additional adding liquidity to qualify for the proposed rebate.
The Exchange also notes that the proposal will not adversely impact any
Member's pricing or their ability to qualify for other rebate tiers.
Rather, should a Member not meet the proposed criteria, the Member will
merely not receive an enhanced rebate. Furthermore, the proposed rebate
would apply to all Members that meet the required criteria under
proposed Step-Up Tier 1.

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 intramarket or intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
Rather, as discussed above, the Exchange believes that the proposed
change would encourage the submission of additional liquidity to a
public exchange, thereby promoting market depth, price discovery and
transparency and enhancing order execution opportunities for all
Members. As a result, the Exchange believes that the proposed change
furthers the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.'' \19\
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    \19\ Securities Exchange Act Release No. 51808, 70 FR 37495,
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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    The Exchange believes the proposed rule change does [sic] impose
any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Particularly,
the proposed change applies to all Members equally in that all Members
are eligible for the proposed tier, have a reasonable opportunity to
meet the tier's criteria and will all receive the proposed rebate if
such criteria is met. Additionally the proposed change is designed to
attract additional order flow to the Exchange. The Exchange believes
that the proposed tier would incentivize market participants to direct
providing displayed order flow to the Exchange. Greater liquidity
benefits all market participants on the Exchange by providing more
trading opportunities and encourages Members to send orders, thereby
contributing to robust levels of liquidity, which benefits all market
participants.
    Next, the Exchange believes the proposed rule change does not
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues that they may participate on
and director their order flow, including 12 other equities exchanges
and off-exchange venues, including 32 alternative trading systems.
Additionally, the Exchange represents a small percentage of the overall
market. Based on publicly available information,

no single equities exchange has more than 18% of the market share.\20\
Therefore, no exchange possesses significant pricing power in the
execution of option [sic] order flow. Indeed, participants can readily
choose to send their orders to other exchange and off-exchange venues
if they deem fee levels at those other venues to be more favorable.
Moreover, the Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. Specifically, 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.'' \21\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. Securities and Exchange Commission, the D.C.
Circuit stated as follows: ``[n]o one disputes that competition for
order flow is `fierce.' . . . As the SEC explained, `[i]n the U.S.
national market system, buyers and sellers of securities, and the
broker-dealers that act as their order-routing agents, have a wide
range of choices of where to route orders for execution'; [and] `no
exchange can afford to take its market share percentages for granted'
because `no exchange possesses a monopoly, regulatory or otherwise, in
the execution of order flow from broker dealers'. . . .''.\22\
Accordingly, the Exchange does not believe its proposed fee change
imposes any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
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    \20\ See Cboe Global Markets U.S. Equities Market Volume Summary
(June 14, 2019), available at http://markets.cboe.com/us/equities/market_share/.
    \21\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \22\ NetCoalition v. SEC, 615 F.3d 525, 539 (DC Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

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

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \23\ and paragraph (f) of Rule 19b-4 \24\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \23\ 15 U.S.C. 78s(b)(3)(A).
    \24\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-CboeBZX-2019-059 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-CboeBZX-2019-059. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeBZX-2019-059 and should be submitted
on or before July 30, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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    \25\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-14491 Filed 7-8-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: November 19, 2008 (Volume 73, Number 224)]
[Proposed Rules]
[Page 69595-69598]
[DOCID:fr19no08-30]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

44 CFR Part 67

[Docket No. FEMA-B-1020]

Proposed Flood Elevation Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Proposed rule.

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SUMMARY: Comments are requested on the proposed Base (1 percent annual-
chance) Flood Elevations (BFEs) and proposed BFE modifications for the
communities listed in the table below. The purpose of this notice is to
seek general information and comment regarding the proposed regulatory
flood elevations for the reach described by the downstream and upstream
locations in the table below. The BFEs and modified BFEs are a part of
the floodplain management measures that the community is required
either to adopt or show evidence of having in effect in order to
qualify or remain qualified for participation in the National Flood
Insurance Program (NFIP). In addition, these elevations, once
finalized, will be used by insurance agents, and others to calculate
appropriate flood insurance premium rates for new buildings and the
contents in those buildings.

DATES: Comments are to be submitted on or before February 17, 2009.

ADDRESSES: The corresponding preliminary Flood Insurance Rate Map
(FIRM) for the proposed BFEs for each community are available for
inspection at the community's map repository. The respective addresses
are listed in the table below.
    You may submit comments, identified by Docket No. FEMA-B-1020, to
William R. Blanton, Jr., Chief, Engineering Management Branch,
Mitigation Directorate, Federal Emergency Management Agency, 500 C
Street, SW., Washington, DC 20472,<PHONE_NUMBER>, or (e-mail)
<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT: William R. Blanton, Jr., Chief,
Engineering Management Branch, Mitigation Directorate, Federal
Emergency Management Agency, 500 C Street, SW., Washington, DC 20472,
(202) 646-3151 or (e-mail<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) proposes to make determinations of BFEs and modified BFEs for
each community listed below, in accordance with section 110 of the
Flood Disaster Protection Act of 1973, 42 U.S.C. 4104, and 44 CFR
67.4(a).
    These proposed BFEs and modified BFEs, together with the floodplain
management criteria required by 44 CFR 60.3, are the minimum that are
required. They should not be construed to mean that the community must
change any existing ordinances that are more stringent in their
floodplain management requirements. The community may at any time enact
stricter requirements of its own, or pursuant to policies established
by other Federal, State, or regional entities. These proposed
elevations are used to meet the floodplain management requirements of
the NFIP and are also used to calculate the appropriate flood insurance
premium rates for new buildings built after these elevations are made
final, and for the contents in these buildings.
    Comments on any aspect of the Flood Insurance Study and FIRM, other
than the proposed BFEs, will be considered. A letter acknowledging
receipt of any comments will not be sent.
    Administrative Procedure Act Statement. This matter is not a
rulemaking governed by the Administrative Procedure Act (APA), 5 U.S.C.
553. FEMA publishes flood elevation determinations for notice and
comment; however, they are governed by the Flood Disaster Protection
Act of 1973, 42 U.S.C. 4105, and the National Flood Insurance Act of
1968, 42 U.S.C. 4001 et seq., and do not fall under the APA.
    National Environmental Policy Act. This proposed rule is
categorically excluded from the requirements of 44 CFR part 10,
Environmental Consideration. An environmental impact assessment has not
been prepared.
    Regulatory Flexibility Act. As flood elevation determinations are
not within the scope of the Regulatory Flexibility Act, 5 U.S.C. 601-
612, a regulatory flexibility analysis is not required.
    Executive Order 12866, Regulatory Planning and Review. This
proposed rule is not a significant regulatory action under the criteria
of section 3(f) of Executive Order 12866, as amended.
    Executive Order 13132, Federalism. This proposed rule involves no
policies that have federalism implications under Executive Order 13132.
    Executive Order 12988, Civil Justice Reform. This proposed rule
meets the applicable standards of Executive Order 12988.

List of Subjects in 44 CFR Part 67

    Administrative practice and procedure, Flood insurance, Reporting
and recordkeeping requirements.

    Accordingly, 44 CFR part 67 is proposed to be amended as follows:

PART 67--[AMENDED]

    1. The authority citation for part 67 continues to read as follows:

    Authority: 42 U.S.C. 4001 et seq.; Reorganization Plan No. 3 of
1978, 3 CFR, 1978 Comp., p. 329; E.O. 12127, 44 FR 19367, 3 CFR,
1979 Comp., p. 376.

Sec.  67.4  [Amended]

    2. The tables published under the authority of Sec.  67.4 are
proposed to be amended as follows:

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                                                                    * Elevation in
                                                                feet(NGVD) + Elevation
                                                                in feet(NAVD)
         Flooding source(s)            Location of referenced     Depth in feet above      Communities affected
                                            elevation**                 ground
                                                              --------------------------
                                                                Effective     Modified
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                               St. Joseph County, Indiana, and Incorporated Areas
----------------------------------------------------------------------------------------------------------------
Baugo Creek.........................  Approximately 300 feet          +718         +719  Town of Osceola,
                                       upstream of confluence                             Unincorporated Areas
                                       with St. Joseph River/                             of St. Joseph County.
                                       Baugo Bay.
                                      Approximately 100 feet          None         +726
                                       upstream of county
                                       boundary with Elkhart
                                       County.

Judy Creek..........................  Approximately 1,950             +712         +711  Town of Roseland.
                                       feet upstream of
                                       Kenilwood Road.
                                      Approximately 1,825             +713         +712
                                       feet downstream of
                                       Indiana East-West Toll
                                       Road.
Kieffer Creek.......................  Approximately 550 feet          None         +690  City of South Bend,
                                       upstream of confluence                             Unincorporated Areas
                                       with St. Joseph River.                             of St. Joseph County.
                                      Approximately 1,850             +721         +722
                                       feet upstream of
                                       Hollyhock Road.
Potato Creek........................  Approximately 280 feet          None         +709  Town of North Liberty.
                                       downstream of Cemetery
                                       Road.
                                      Approximately 980 feet          None         +712
                                       upstream of Cemetery
                                       Road.
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* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.
** BFEs to be changed include the listed downstream and upstream BFEs, and include BFEs located on the stream
 reach between the referenced locations above. Please refer to the revised Flood Insurance Rate Map located at
 the community map repository (see below) for exact locations of all BFEs to be changed.
Send comments to William R. Blanton, Jr., Chief, Engineering Management Branch, Mitigation Directorate, Federal
 Emergency Management Agency, 500 C Street, SW., Washington, DC 20472.
                                                    ADDRESSES
City of South Bend
Maps are available for inspection at 227 West Jefferson Blvd, Suite 400 S, South Bend, IN 46601.

Town of North Liberty
Maps are available for inspection at 300 South Main Street, North Liberty, IN 46554.

Town of Osceola
Maps are available for inspection at 850 Lincoln Way West, Osceola, IN 46561.

Town of Roseland
Maps are available for inspection at 200 Independence Drive, Roseland, IN 46637.

                                    Unincorporated Areas of St. Joseph County
Maps are available for inspection at 227 W. Jefferson Blvd, Room 732, South Bend, IN 46601.
----------------------------------------------------------------------------------------------------------------
                            Cameron Parish County, Louisiana, and Incorporated Areas
----------------------------------------------------------------------------------------------------------------
Calcasieu Lake......................  Base Flood Elevation           +6-13        +8-16  Unincorporated Areas of
                                       Changes ranging from 8                             Cameron Parish.
                                       to 16 feet in the form
                                       of Coastal AE/VE Zones
                                       have been made.
Grand Lake/Mermentau Lake...........  Base Flood Elevation           +6-12        +8-11  Unincorporated Areas of
                                       Changes ranging from 8                             Cameron Parish.
                                       to 11 feet in the form
                                       of Coastal AE/VE Zones
                                       have been made.
Gulf of Mexico......................  Base Flood Elevation           +4-21        +6-22  Unincorporated Areas of
                                       Changes ranging from 6                             Cameron Parish.
                                       to 22 feet in the form
                                       of Coastal AE/VE Zones
                                       have been made..
Sabine Lake.........................  Base Flood Elevation           +8-13       +10-14  Unincorporated Areas of
                                       Changes ranging from                               Cameron Parish.
                                       10 to 14 feet in the
                                       form of Coastal VE
                                       Zones have been made.
White Lake..........................  Base Flood Elevation          +10-13        +8-12  Unincorporated Areas of
                                       Changes ranging from 8                             Cameron Parish.
                                       to 12 feet in the form
                                       of Coastal VE Zones
                                       have been made for
                                       transects extended
                                       from White Lake into
                                       Cameron Parish from
                                       Vermillion Parish.
----------------------------------------------------------------------------------------------------------------
* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.
** BFEs to be changed include the listed downstream and upstream BFEs, and include BFEs located on the stream
 reach between the referenced locations above. Please refer to the revised Flood Insurance Rate Map located at
 the community map repository (see below) for exact locations of all BFEs to be changed.
Send comments to William R. Blanton, Jr., Chief, Engineering Management Branch, Mitigation Directorate, Federal
 Emergency Management Agency, 500 C Street, SW., Washington, DC 20472.
                                                    ADDRESSES
                                     Unincorporated Areas of Cameron Parish
Maps are available for inspection at 119 Smith Circle, Cameron, LA 70631.
----------------------------------------------------------------------------------------------------------------
                                 Custer County, Montana, and Incorporated Areas
----------------------------------------------------------------------------------------------------------------
Tongue River........................  Approximately 1,605            +2360        +2359  Unincorporated Areas of
                                       Feet upstream of                                   Custer County, City of
                                       confluence with                                    Miles City.
                                       Yellowstone River.
                                      Approximately 5,315             None        +2375
                                       Feet upstream of
                                       Interstate 94.

Tongue River Split 1................  Approximately 1,450             None        +2353  Unincorporated Areas of
                                       Feet upstream of                                   Custer County, City of
                                       confluence with                                    Miles City.
                                       Yellowstone River.
                                      Approximately 2,430             None        +2358
                                       Feet upstream of 4th
                                       Street.
Tongue River Split 2A...............  Approximately 2,135             None        +2348  Unincorporated Areas of
                                       Feet upstream of                                   Custer County, City of
                                       confluence with                                    Miles City.
                                       Yellowstone River.
                                      Approximately 185 Feet          None        +2358
                                       upstream of Montana
                                       Avenue.
Tongue River Split 2B...............  Just downstream of the          None        +2359  City of Miles City.
                                       intersection of Palmer
                                       Street and 9th Street.
                                      Approximately 705 Feet          None        +2360
                                       upstream of Pleasant
                                       St.
Tongue River Split 2C...............  Approximately 380 Feet          None        +2359  City of Miles City.
                                       upstream of Palmer
                                       Street.
                                      Approximately 1,145             None        +2363
                                       Feet upstream of
                                       Pacific Avenue.
Tongue River Split 3A...............  Approximately 300 Feet          None        +2346  Unincorporated Areas of
                                       upstream of confluence                             Custer County, City of
                                       with Tongue River                                  Miles City.
                                       Split 2A.
                                      Approximately 290 Feet          None        +2358
                                       upstream of Leighton
                                       Street.
Tongue River Split 3B...............  Just downstream of              None        +2360  Unincorporated Areas of
                                       Pleasant Street.                                   Custer County, City of
                                                                                Miles City.
                                      Approximately 75 Feet           None        +2365
                                       upstream of 4th Avenue.
Tongue River Split 3C...............  Approximately 130 Feet          None        +2358  Unincorporated Areas of
                                       downstream of Palmer                               Custer County, City of
                                       Street.                                            Miles City.
                                      Approximately 1,465             None        +2368
                                       Feet upstream of
                                       Balsam Drive.
Yellowstone River...................  Approximately 22,675            None        +2336  Unincorporated Areas of
                                       Feet downstream of                                 Custer County, City of
                                       State Highway 59.                                  Miles City.
                                      Approximately 11,500            None        +2363
                                       Feet upstream of State
                                       Highway 59.
----------------------------------------------------------------------------------------------------------------
* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.
** BFEs to be changed include the listed downstream and upstream BFEs, and include BFEs located on the stream
 reach between the referenced locations above. Please refer to the revised Flood Insurance Rate Map located at
 the community map repository (see below) for exact locations of all BFEs to be changed.
Send comments to William R. Blanton, Jr., Chief, Engineering Management Branch, Mitigation Directorate, Federal
 Emergency Management Agency, 500 C Street, SW., Washington, DC 20472.
                                                    ADDRESSES
City of Miles City
Maps are available for inspection at 17 South 8th Street, Miles City, MT 59301.

                                      Unincorporated Areas of Custer County
Maps are available for inspection at 1010 Main Street, Miles City, MT 59301.
----------------------------------------------------------------------------------------------------------------
                                 Coshocton County, Ohio, and Incorporated Areas
----------------------------------------------------------------------------------------------------------------
Muskingum River.....................  170 feet upstream of            None         +737  Village of Conesville.
                                       railroad crossing over
                                       Muskingum River east
                                       of Conesville.
                                      260 feet upstream of            None         +737
                                       railroad crossing over
                                       Muskingum River east
                                       of Conesville.
----------------------------------------------------------------------------------------------------------------
* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.
** BFEs to be changed include the listed downstream and upstream BFEs, and include BFEs located on the stream
 reach between the referenced locations above. Please refer to the revised Flood Insurance Rate Map located at
 the community map repository (see below) for exact locations of all BFEs to be changed.
Send comments to William R. Blanton, Jr., Chief, Engineering Management Branch, Mitigation Directorate, Federal
 Emergency Management Agency, 500 C Street, SW., Washington, DC 20472.
                                                    ADDRESSES
Village of Conesville
Maps are available for inspection at Coshocton County Engineer Office, 23194 County Road 621, Coshocton, OH
 43812.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

    Dated: November 13, 2008.
Michael K. Buckley,
Acting Assistant Administrator, Mitigation Directorate, Department of
Homeland Security, Federal Emergency Management Agency.
[FR Doc. E8-27478 Filed 11-18-08; 8:45 am]

BILLING CODE 9110-12-P