[Federal Register Volume 85, Number 87 (Tuesday, May 5, 2020)]
[Notices]
[Pages 26780-26781]
[FR Doc No: 2020-09551]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2012-0123; FMCSA-2013-0124; FMCSA-2013-0125; FMCSA-
2016-0003; FMCSA-2017-0059]

Qualification of Drivers; Exemption Applications; Hearing

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of renewal of exemptions; request for comments.

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SUMMARY: FMCSA announces its decision to renew exemptions for seven
individuals from the hearing requirement in the Federal Motor Carrier
Safety Regulations (FMCSRs) for interstate commercial motor vehicle
(CMV) drivers. The exemptions enable these hard of hearing and deaf
individuals to continue to operate CMVs in interstate commerce.

DATES: The exemptions were applicable on May 19, 2020. The exemptions
expire on May 19, 2022. Comments must be received on or before June 4,
2020.

ADDRESSES: You may submit comments identified by the Federal Docket
Management System (FDMS) Docket No. FMCSA-2012-0123, FMCSA-2013-0124,
FMCSA-2013-0125, FMCSA-2016-0003, or FMCSA-2017-0059 using any of the
following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the online instructions for submitting
comments.
     Mail: Send comments to Docket Operations; U.S. Department
of Transportation, 1200 New Jersey Avenue SE, West Building Ground
Floor, Room W12-140, Washington, DC 20590-0001.
    Hand Delivery: Bring comments to Docket Operations, West Building
Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC,
between 9 a.m. and 5 p.m., ET, Monday through Friday, except Federal
Holidays. To be sure someone is there to help you, please call (202)
366-9317 or<PHONE_NUMBER> before visiting Docket Operations.
     Fax:<PHONE_NUMBER>.
    To avoid duplication, please use only one of these four methods.
See the ``Public Participation'' portion of the SUPPLEMENTARY
INFORMATION section for instructions on submitting comments.

FOR FURTHER INFORMATION CONTACT: Ms. Christine A. Hydock, Chief,
Medical Programs Division,<PHONE_NUMBER><EMAIL_ADDRESS>FMCSA,
Department of Transportation, 1200 New Jersey Avenue SE, Room W64-224,
Washington, DC 20590-0001. Office hours are from 8:30 a.m. to 5 p.m.,
ET, Monday through Friday, except Federal holidays. If you have
questions regarding viewing or submitting material to the docket,
contact Docket Operations,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Public Participation

A. Submitting Comments

    If you submit a comment, please include the docket number for this
notice (Docket No. FMCSA-2012-0123, FMCSA-2013-0124, FMCSA-2013-0125,
FMCSA-2016-0003, or FMCSA-2017-0059), indicate the specific section of
this document to which each comment applies, and provide a reason for
each suggestion or recommendation. You may submit your comments and
material online or by fax, mail, or hand delivery, but please use only
one of these means. FMCSA recommends that you include your name and a
mailing address, an email address, or a phone number in the body of
your document so that FMCSA can contact you if there are questions
regarding your submission.
    To submit your comment online, go to http://www.regulations.gov,
put the docket number, FMCSA-2012-0123, FMCSA-2013-0124, FMCSA-2013-
0125, FMCSA-2016-0003, or FMCSA-2017-0059, in the keyword box, and
click ``Search.'' When the new screen appears, click on the ``Comment
Now!'' button and type your comment into the text box on the following
screen. Choose whether you are submitting your comment as an individual
or on behalf of a third party and then submit.
    If you submit your comments by mail or hand delivery, submit them
in an unbound format, no larger than 8\1/2\ by 11 inches, suitable for
copying and electronic filing. If you submit comments by mail and would
like to know that they reached the facility, please enclose a stamped,
self-addressed postcard or envelope.
    FMCSA will consider all comments and material received during the
comment period.

B. Viewing Documents and Comments

    To view comments, as well as any documents mentioned in this notice
as being available in the docket, go to http://www.regulations.gov.
Insert the docket number, FMCSA-2012-0123, FMCSA-2013-0124, FMCSA-2013-
0125, FMCSA-2016-0003, or FMCSA-2017-0059, in the keyword box, and
click ``Search.'' Next, click the ``Open Docket Folder'' button and
choose the document to review. If you do not have access to the
internet, you may view the docket online by visiting the Docket
Operations in Room W12-140 on the ground floor of the DOT West
Building, 1200 New Jersey Avenue SE, Washington, DC 20590, between 9
a.m. and 5 p.m., ET, Monday through Friday, except Federal holidays. To
be sure someone is there to help you, please call<PHONE_NUMBER> or
(202) 366-9826 before visiting Docket Operations.

C. Privacy Act

    In accordance with 5 U.S.C. 553(c), DOT solicits comments from the
public to better inform its rulemaking process. DOT posts these
comments, without edit, including any personal information the
commenter provides, to www.regulations.gov, as described in the system
of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.transportation.gov/privacy.

II. Background

    Under 49 U.S.C. 31136(e) and 31315(b), FMCSA may grant an exemption
from the FMCSRs for no longer than a 5-year period if it finds such
exemption would likely achieve a level of safety that is equivalent to,
or greater than, the level that would be achieved absent such
exemption. The statute also allows the Agency to renew exemptions at
the end of the 5-year period. FMCSA grants medical exemptions from the
FMCSRs for a 2-year period to align with the maximum duration of a
driver's medical certification.
    The physical qualification standard for drivers regarding hearing
found in 49 CFR 391.41(b)(11) states that a person is physically
qualified to drive a CMV if that person first perceives a forced
whispered voice in the better ear at not less than 5 feet with or
without the use of a hearing aid or, if tested by use of an audiometric
device, does not have an average hearing loss in the better ear greater
than 40 decibels at 500 Hz, 1,000 Hz, and 2,000 Hz with or without a
hearing aid when the audiometric device is calibrated to American
National Standard (formerly ASA Standard) Z24.5--1951.
    This standard was adopted in 1970 and was revised in 1971 to allow
drivers to be qualified under this standard while wearing a hearing
aid, 35 FR 6458, 6463 (April 22, 1970) and 36 FR 12857 (July 3, 1971).
    The seven individuals listed in this notice have requested renewal
of their exemptions from the hearing standard in Sec.  391.41(b)(11),
in accordance with FMCSA procedures. Accordingly,

FMCSA has evaluated these applications for renewal on their merits and
decided to extend each exemption for a renewable 2-year period.

III. Request for Comments

    Interested parties or organizations possessing information that
would otherwise show that any, or all, of these drivers are not
currently achieving the statutory level of safety should immediately
notify FMCSA. The Agency will evaluate any adverse evidence submitted
and, if safety is being compromised or if continuation of the exemption
would not be consistent with the goals and objectives of 49 U.S.C.
31136(e) and 31315(b), FMCSA will take immediate steps to revoke the
exemption of a driver.

IV. Basis for Renewing Exemptions

    In accordance with 49 U.S.C. 31136(e) and 31315(b), each of the
seven applicants has satisfied the renewal conditions for obtaining an
exemption from the hearing requirement. The seven drivers in this
notice remain in good standing with the Agency. In addition, for
Commercial Driver's License (CDL) holders, the Commercial Driver's
License Information System and the Motor Carrier Management Information
System are searched for crash and violation data. For non-CDL holders,
the Agency reviews the driving records from the State Driver's
Licensing Agency. These factors provide an adequate basis for
predicting each driver's ability to continue to safely operate a CMV in
interstate commerce. Therefore, FMCSA concludes that extending the
exemption for each of these drivers for a period of 2 years is likely
to achieve a level of safety equal to that existing without the
exemption.
    As of May 19, 2020, and in accordance with 49 U.S.C. 31136(e) and
31315(b), the following seven individuals have satisfied the renewal
conditions for obtaining an exemption from the hearing requirement in
the FMCSRs for interstate CMV drivers:

Forrest Carroll (OH)
Bryan MacFarlane (OH)
Michael Murrah (GA)
Michael Paasch (NE)
Kelly Pulvermacher (WI)
Brian Walthall (KS)
Joshua Chad Weaver (GA)

    The drivers were included in docket number FMCSA-2012-0123, FMCSA-
2013-0124, FMCSA-2013-0125, FMCSA-2016-0003, and FMCSA-2017-0059. Their
exemptions are applicable as of May 19, 2020, and will expire on May
19, 2022.

V. Conditions and Requirements

    The exemptions are extended subject to the following conditions:
(1) Each driver must report any crashes or accidents as defined in
Sec.  390.5; and (2) report all citations and convictions for
disqualifying offenses under 49 CFR 383 and 49 CFR 391 to FMCSA; and
(3) each driver prohibited from operating a motorcoach or bus with
passengers in interstate commerce. The driver must also have a copy of
the exemption when driving, for presentation to a duly authorized
Federal, State, or local enforcement official. In addition, the
exemption does not exempt the individual from meeting the applicable
CDL testing requirements. Each exemption will be valid for 2 years
unless rescinded earlier by FMCSA. The exemption will be rescinded if:
(1) The person fails to comply with the terms and conditions of the
exemption; (2) the exemption has resulted in a lower level of safety
than was maintained before it was granted; or (3) continuation of the
exemption would not be consistent with the goals and objectives of 49
U.S.C. 31136(e) and 31315(b).

VI. Preemption

    During the period the exemption is in effect, no State shall
enforce any law or regulation that conflicts with this exemption with
respect to a person operating under the exemption.

VII. Conclusion

    Based upon its evaluation of the seven exemption applications,
FMCSA renews the exemptions of the aforementioned drivers from the
hearing requirement in Sec.  391.41 (b)(11). In accordance with 49
U.S.C. 31136(e) and 31315(b), each exemption will be valid for two
years unless revoked earlier by FMCSA.

Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2020-09551 Filed 5-4-20; 8:45 am]
 BILLING CODE 4910-EX-P


[Federal Register Volume 87, Number 150 (Friday, August 5, 2022)]
[Notices]
[Page 48064]
[FR Doc No: 2022-16854]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

Notice of Final Agency Actions on Proposed Railroad Project in
California

AGENCY: Federal Railroad Administration (FRA), DOT.

ACTION: Notice.

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SUMMARY: This notice announces final environmental actions taken by the
Federal Railroad Administration (FRA) for the Coachella Valley-San
Gorgonio Pass Rail Corridor Service Project. By this notice, FRA is
advising the public of the time limit to file a claim seeking judicial
review of the action.

DATES: A claim seeking judicial review of FRA action for the Project
will be barred unless the claim is filed on or before August 5, 2024.
If Federal law later authorizes a time period of less than 2 years for
filing such claim, then that shorter time period applies.

FOR FURTHER INFORMATION CONTACT: For questions about this notice,
please contact Amanda Ciampolillo, Supervisory Environmental Protection
Specialist, Office of Railroad Policy and Development, FRA, telephone:
(617) 866-9398, email: [email protected]. For legal questions,
please contact Faris Mohammed, Attorney-Advisor, Office of the Chief
Counsel, FRA, telephone:<PHONE_NUMBER>, email: [email protected].

SUPPLEMENTARY INFORMATION: Notice is given that FRA has taken final
agency actions, subject to 49 U.S.C. 24201(a)(4) and 23 U.S.C.
139(l)(1), by issuing certain approvals for the following railroad
project: Coachella Valley-San Gorgonio Pass Rail Corridor Service
Project (Project). The Project consists of a corridor-wide planning
study of intercity passenger rail service between the cities of Los
Angeles and Coachella, CA. FRA conducted the study in coordination with
the California Department of Transportation and the Riverside County
Transportation Commission. The purpose of the Project is to evaluate
options for providing intercity passenger rail service to serve a range
of purposes for travel between the Coachella Valley and the Los Angeles
Basin, including business, social, medical, leisure, and recreational
trips.
    This notice applies to all decisions on the Project as of the
issuance date of this notice and all laws under which such actions were
taken, including but not limited to, National Environmental Policy Act
(NEPA) [42 U.S.C. 4321-4375], Section 4(f) of the Department of
Transportation Act [23 U.S.C. 138, 49 U.S.C. 303], Section 106 of the
National Historic Preservation Act [54 U.S.C. 306108], and the Clean
Air Act [42 U.S.C. 7401-7671q]. The actions on the Project, as well as
the laws under which such actions were taken, are described in the
combined Final Environmental Impact Statement/Record of Decision (FEIS/
ROD) approved on June 3, 2022. The FEIS/ROD and other documents are
available at https://railroads.dot.gov/environment/environmental-reviews/coachella-valley-san-gorgonio-pass-corridor-investment-plan.

(Authority: 49 U.S.C. 24201(a)(4) and 23 U.S.C. 139(l)(1))

    Issued in Washington, DC.
Jamie P. Rennert,
Director, Office of Infrastructure Investment.
[FR Doc. 2022-16854 Filed 8-4-22; 8:45 am]
BILLING CODE 4910-06-P


[Federal Register Volume 86, Number 99 (Tuesday, May 25, 2021)]
[Notices]
[Pages 28178-28181]
[FR Doc No: 2021-10958]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91936; No. SR-NYSEArca-2021-41]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE
Arca Options Fee Schedule

May 19, 2021.
    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 May 12, 2021, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to modify the NYSE Arca Options Fee Schedule
(``Fee Schedule'') to adopt a new incentive program for Floor Brokers.
The Exchange proposes to implement the fee change effective May 12,
2021.\4\ The proposed rule change is available on the Exchange's
website at www.nyse.com, at the principal office of the Exchange, and
at the Commission's Public Reference Room.
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    \4\ The Exchange originally filed to amend the Fee Schedule on
May 3, 2021 (SR-NYSEArca-2021-35) and withdrew such filing on May
12, 2021.
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

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

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

1. Purpose
    The purpose of this filing is to modify the Fee Schedule to
introduce the Floor Broker Professional Customer Manual Program (the
``Program''), a new incentive program intended to encourage Floor
Brokers to increase their Professional Customer billable volume on the
Exchange.\5\
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    \5\ See proposed Fee Schedule, FB PROFESSIONAL CUSTOMER MANUAL
PROGRAM.
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    Specifically, the Exchange proposes that the Program would offer
Floor Brokers a credit of $0.13 on each billable Professional Customer
contract that exceeds a baseline average daily volume (``ADV'') for the
month, as specified below.
    The Exchange proposes to implement the rule change on May 12, 2021.
The Exchange further proposes that the Program expire at the close of
business on June 30, 2021.
Proposed Rule Change
    As proposed, the Program would provide that a Floor Broker would
earn a credit of $0.13 per contract (the ``Credit'') for Professional
Customer volume in each month that the Floor Broker achieves certain
Professional Customer ADV in billable ADV. The Exchanges proposes that
the calculation of Professional Customer ADV for purposes of the
Program will include Manual executions by a Floor Broker on behalf of a
Professional Customer, but exclude any Professional Customer QCC
volume, Firm Facilitation trades, and any volume calculated to achieve
the Strategy Execution Fee Cap (regardless of whether the cap is
achieved).\6\ That is, any volume (or contract side) for which a Floor
Broker is (potentially) not billed, including because of monthly fee
caps, would not count towards qualifying for the Program because Floor
Brokers are already eligible for incentives to execute such
transactions.
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    \6\ See id.
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    To qualify for the proposed Program, a Floor Broker must execute
60% over the greater of:
    (i) 20,000 ADV in contract sides, or
    (ii) the Floor Broker's Professional Customer Manual Transaction
ADV in contract sides during the second half of 2020 (i.e., July-
December 2020).\7\
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    \7\ See id.
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    The Exchange believes that a qualifying threshold of 60% over
20,000 contract sides in Professional Customer Manual Transaction ADV
is reasonable for a Floor Broker, including one that may be new to the
Exchange, to achieve based on the volume executed by Floor Brokers in
2020. Similarly, the Exchange believes that the alternative threshold
of a 60% increase over a Floor Broker's Professional Customer Manual
Transaction ADV in contract sides during the second half of 2020 is
reasonable for those Floor Brokers that achieve more than 20,000 ADV
billable contract sides, given the increased options volume executed by
Floor Brokers in the past year.
    The Exchange believes the proposed Credit would encourage Floor
Brokers to seek out, and increase, Professional Customer order flow for
execution on the Exchange. The Exchange's fees are constrained by
intermarket competition, as OTP Holders and OTP Firms (collectively,
``OTP Holders'') may direct their order flow to any of the 16 options
exchanges, including those that may offer similar incentives. Thus, OTP
Holders have a choice of where they direct their order flow. Fees and
credits for Floor Broker activity are designed to encourage Floor
Brokers to execute a variety of transaction types on the Exchange, and
the Program is intended to augment those fees and credits by offering
an incentive to encourage the execution of Professional Customer
billable volume. The Exchange notes that all market participants stand
to benefit from any increase in billable volume by Floor Brokers, which
promotes market depth, facilitates tighter spreads, and enhances price
discovery, and may lead to a

corresponding increase in order flow from other market participants.
    The Exchange proposes that the Program expire at the close of
business on June 30, 2021 because, among other reasons, the Exchange
cannot predict with certainty whether the proposed Program will achieve
its intended goal of incentivizing Floor Brokers to increase their
Professional Customer billable volume on the Exchange. However, the
Exchange notes that all Floor Brokers have the opportunity to qualify
for the Credit available through the Program, and the Exchange believes
that the proposed alternative thresholds to qualify for the Credit are
attainable by Floor Brokers, as described above.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\8\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\9\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposed Rule Change Is Reasonable
    The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. In Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues and, also, recognized that current regulation of the
market system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \10\
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    \10\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
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    There are currently 16 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange has more than 16% of the market
share of executed volume of multiply-listed equity and ETF options
trades.\11\ Therefore, currently no exchange possesses significant
pricing power in the execution of multiply-listed equity & ETF options
order flow. More specifically, in March 2021, the Exchange had less
than 11% market share of executed volume of multiply-listed equity &
ETF options trades.\12\
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    \11\ The OCC publishes options and futures volume in a variety
of formats, including daily and monthly volume by exchange,
available here: https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics.
    \12\ Based on OCC data for monthly volume of equity-based
options and monthly volume of ETF-based options, see id., the
Exchange's market share in equity-based options decreased slightly
from 11.10% for the month of March 2020 to 10.16% for the month of
March 2021.
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    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue or reduce use of certain categories of
products, in response to fee changes. Accordingly, competitive forces
constrain options exchange transaction fees. Stated otherwise, changes
to exchange transaction fees can have a direct effect on the ability of
an exchange to compete for order flow.
    The Exchange believes that the proposed Program, which offers two
alternative methods to qualify, is reasonable because it is designed to
incent Floor Brokers to increase the amount of Professional Customer
billable order flow directed to the Exchange. The Exchange notes that
all market participants stand to benefit from any increase in billable
volume by Floor Brokers, which promotes market depth, facilitates
tighter spreads and enhances price discovery, and may lead to a
corresponding increase in order flow from other market participants.
    The Exchange's fees and credits for Floor Broker activity are
designed to encourage Floor Brokers to execute a variety of transaction
types on the Exchange, and the Program is intended to augment those
fees and credits with an incentive to encourage Floor Brokers to
execute Professional Customer billable volume. The Exchange believes it
is reasonable to only include Professional Customer transactions for
which a Floor Broker is billed in the calculation of eligible volume
for the Program because Floor Brokers are already incented to execute
transactions for which there is no charge (e.g., Firm Facilitation
trades) or those on which monthly fees are capped (e.g., the Strategy
Execution Fee Cap).
    Finally, to the extent the proposed Program attracts greater volume
and liquidity, the Exchange believes the proposed change would improve
the Exchange's overall competitiveness and strengthen its market
quality for all market participants. In the backdrop of the competitive
environment in which the Exchange operates, the proposed rule change is
a reasonable attempt by the Exchange to increase the depth of its
market and improve its market share relative to its competitors. The
proposed rule change is designed to incent OTP Holders to direct
liquidity to the Exchange, thereby promoting market depth, price
discovery and improvement and enhancing order execution opportunities
for market participants.
The Proposed Rule Change Is an Equitable Allocation of Credits and Fees
    The Exchange believes the proposed rule change is an equitable
allocation of its fees and credits. The proposal is based on the amount
and type of business transacted on the Exchange, and Floor Brokers can
opt to attempt to trade sufficient volume to qualify for the Credit or
not. All Floor Brokers have the opportunity to qualify for the same
Credit under two alternatives means offered (i.e., the greater of at
least 60% over 20,000 contract sides in Professional Customer Manual
billable ADV or a 60% increase over the Floor Broker's Professional
Customer Manual billable ADV in contract sides during the second half
of 2020).
    Moreover, the proposed Credit is designed to incent Floor Brokers
to encourage OTP Holders to aggregate their executions--particularly
Professional Customer billable volume--at the Exchange as a primary
execution venue. To the extent that the proposed change attracts more
Professional Customer billable volume to the Exchange, this increased
order flow would continue to make the Exchange a more competitive venue
for, among other things, order execution. Thus, the Exchange believes
the proposed rule change would improve market quality for all market
participants on the Exchange and, as a consequence, attract more order
flow to the Exchange thereby improving market-wide quality and price
discovery.
The Proposed Rule Change Is Not Unfairly Discriminatory
    The Exchange believes that the proposed change is not unfairly
discriminatory because the Program and Credit thereunder would be
available to all Floor Brokers on an equal and non-discriminatory
basis. The proposed Program is not unfairly discriminatory to non-Floor
Brokers because it is intended to encourage the important role
performed by Floor Brokers in facilitating the execution of orders via
open outcry and providing opportunities to obtain price improvement, a
function which the

Exchange wishes to support for the benefit of all market participants.
    The proposed Program is also based on the amount and type of
business transacted on the Exchange, and Floor Brokers are not
obligated to try to qualify for the Program. Rather, the proposed
Program is designed to encourage these participants to utilize the
Exchange as a primary trading venue (if they have not done so
previously) or increase Professional Customer Manual billable volume
sent to the Exchange. To the extent that the proposed change attracts
more order flow to the Exchange (and, specifically, to the Floor), this
increased order flow would continue to make the Exchange a more
competitive venue for order execution. Thus, the Exchange believes the
proposed rule change would improve market quality for all market
participants on the Exchange and, as a consequence, attract more order
flow to the Exchange thereby improving market-wide quality and price
discovery. The resulting increased volume and liquidity would provide
more trading opportunities and tighter spreads to all market
participants and thus would promote just and equitable principles of
trade, remove impediments to and perfect the mechanism of a free and
open market and a national market system and, in general, protect
investors and the public interest.
    Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.

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

    In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed changes would be consistent with charges for similar
business at other markets. As a result, the Exchange believes that the
proposed changes further the Commission's goal in adopting Regulation
NMS of fostering integrated competition among orders, which promotes
``more efficient pricing of individual stocks for all types of orders,
large and small.'' \13\
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    \13\ See Reg NMS Adopting Release, supra note 10, at 37499.
---------------------------------------------------------------------------

    Intramarket Competition. The proposed Credit is designed to assist
Floor Brokers in (continuing to) attract additional Professional
Customer order flow to the Exchange, and, specifically, to the Floor,
which would enhance the quality of quoting and may increase the volumes
of contracts traded on the Exchange. To the extent that the proposed
change imposes an additional competitive burden on non-Floor Brokers,
the Exchange believes that offering an incentive to Floor Brokers via
the proposed Program does not constitute an undue burden on competition
in light of Floor Brokers' role in facilitating the execution of orders
via open outcry and providing market participants with opportunities
for price improvement.
    To the extent that this function is achieved, all of the Exchange's
market participants should benefit from the improved market liquidity.
Enhanced market quality and increased transaction volume that results
from the anticipated increase in order flow directed to the Exchange
will benefit all market participants and improve competition on the
Exchange.
    Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily favor one
of the 16 competing option exchanges if they deem fee levels at a
particular venue to be excessive. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges and to attract order flow to the Exchange Based on publicly-
available information, and excluding index-based options, no single
exchange currently has more than 16% of the market share of executed
volume of multiply-listed equity and ETF options trades.\14\ Therefore,
no exchange currently possesses significant pricing power in the
execution of multiply-listed equity & ETF options order flow. More
specifically, in March 2021, the Exchange had less than 11% market
share of executed volume of multiply-listed equity & ETF options
trades.\15\
---------------------------------------------------------------------------

    \14\ See supra note 11.
    \15\ Based on OCC data for monthly volume of equity-based
options and monthly volume of ETF-based options, supra note 11, the
Exchange's market share in equity-based options decreased slightly
from 11.10% for the month of March 2020 to 10.16% for the month of
March 2021.
---------------------------------------------------------------------------

    The Exchange believes that the proposed Credit reflects this
competitive environment because it modifies the Exchange's fees in a
manner designed to incent Floor Brokers to direct trading interest to
the Exchange, to provide liquidity and to attract order flow. To the
extent that this purpose is achieved, all the Exchange's market
participants should benefit from the improved market quality and
increased opportunities for price improvement.
    The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues. In
such an environment, the Exchange must continually review, and consider
adjusting, its fees and credits to remain competitive with other
exchanges. For the reasons described above, the Exchange believes that
the proposed rule change reflects this competitive environment. The
Exchange also believes that the proposed change could promote
competition between the Exchange and other execution venues by
encouraging additional orders to be sent to the Exchange (and,
specifically, to the Floor) for execution.

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

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

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \16\ of the Act and subparagraph (f)(2) of Rule
19b-4 \17\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \18\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \18\ 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-2021-41 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-NYSEArca-2021-41. 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-NYSEArca-2021-41,
and should be submitted on or before June 15, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-10958 Filed 5-24-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: August 1, 2007 (Volume 72, Number 147)]
[Proposed Rules]
[Page 41975]
[DOCID:fr01au07-30]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2007-0462; FRL-8442-5]

Revisions to the California State Implementation Plan, Sacramento
Metropolitan Air Quality Management District and San Joaquin Valley Air
Pollution Control District

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: EPA is proposing to approve revisions to the Sacramento
Metropolitan Air Quality Management District (SMAQMD) and San Joaquin
Valley Air Pollution Control District (SJVAPCD) portions of the
California State Implementation Plan (SIP). These revisions concern
oxides of nitrogen (NOX) emissions from boilers, process
heaters, steam generators, and glass melting furnaces. We are proposing
to approve local rules to regulate these emission sources under the
Clean Air Act as amended in 1990 (CAA or the Act).

DATES: Any comments on this proposal must arrive by August 31, 2007.

ADDRESSES: Submit comments, identified by docket number EPA-R09-OAR-
2007-0462, by one of the following methods:
    1. Federal eRulemaking Portal: http://www.regulations.gov. Follow

the on-line instructions.
    2. E-mail<EMAIL_ADDRESS>    3. Mail or deliver: Andrew Steckel (Air-4), U.S. Environmental
Protection Agency Region IX, 75 Hawthorne Street, San Francisco, CA
94105-3901.
    Instructions: All comments will be included in the public docket
without change and may be made available on-line at http://www.regulations.gov
, including any personal information provided,

unless the comment includes Confidential Business Information (CBI) or
other information whose disclosure is restricted by statute.
Information that you consider CBI or otherwise protected should be
clearly identified as such and should not be submitted through http://www.regulations.gov or e-mail. http://www.regulations.gov is an

``anonymous access'' system, and EPA will not know your identity or
contact information unless you provide it in the body of your comment.
If you send e-mail directly to EPA, your e-mail address will be
automatically captured and included as part of the public comment. If
EPA cannot read your comment due to technical difficulties and cannot
contact you for clarification, EPA may not be able to consider your
comment.
    Docket: The index to the docket for this action is available
electronically at http://www.regulations.gov and in hard copy at EPA

Region IX, 75 Hawthorne Street, San Francisco, California. While all
documents in the docket are listed in the index, some information may
be publicly available only at the hard copy location (e.g., copyrighted
material), and some may not be publicly available in either location
(e.g., CBI). To inspect the hard copy materials, please schedule an
appointment during normal business hours with the contact listed in the
FOR FURTHER INFORMATION CONTACT section.

FOR FURTHER INFORMATION CONTACT: Francisco D[oacute][ntilde]ez, EPA
Region IX,<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: This proposal addresses the following local
rules: SMAQMD 411 and SJVAPCD 4354. In the Rules and Regulations
section of this Federal Register, we are approving these local rules in
a direct final action without prior proposal because we believe these
SIP revisions are not controversial. If we receive adverse comments,
however, we will publish a timely withdrawal of the direct final rule
and address the comments in subsequent action based on this proposed
rule. Please note that if we receive adverse comment on an amendment,
paragraph, or section of this rule and if that provision may be severed
from the remainder of the rule, we may adopt as final those provisions
of the rule that are not the subject of an adverse comment.
    We do not plan to open a second comment period, so anyone
interested in commenting should do so at this time. If we do not
receive adverse comments, no further activity is planned. For further
information, please see the direct final action.

    Dated: June 20, 2007.
Jane Diamond,
Acting Regional Administrator, Region IX.
[FR Doc. E7-14587 Filed 7-31-07; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 79, Number 49 (Thursday, March 13, 2014)]
[Notices]
[Pages 14317-14318]
[FR Doc No: 2014-05455]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71663; File No. SR-CBOE-2014-018]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the CBOE Stock Exchange Fees Schedule

March 7, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on March 4, 2014, Chicago Board Options Exchange, Incorporated
(the ``Exchange'' or ``CBOE'') 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.
---------------------------------------------------------------------------

    \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 proposes to amend the Fees Schedule of its CBOE Stock Exchange
(``CBSX''). The text of the proposed rule change is available on the
Exchange's Web site (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 CBSX Fees Schedule in connection
with a planned business and market reorganization regarding CBSX. One
effect of this proposed change will be to simplify transaction fees.
Currently, for transactions in securities priced $1 or greater, there
are a variety of fee and rebate tiers depending at least partly on the
liquidity that a market participant adds to or removes from CBSX.\3\
Fee amounts can also depend on the type of order being utilized or
order liquidity being removed, as well as the products being traded.\4\
For transactions in securities priced less than $1, CBSX assesses
different fee amounts depending on whether the market participant is a
Maker or a Taker. CBSX now proposes to cease offering a Maker-Taker
pricing structure that may distinguish fee and rebate amounts based
upon amount of liquidity added or removed by the market participant,
the product being traded, or whether the trade adds liquidity using a
silent, silent-mid, or silent-post-mid order, or removes silent,
silent-mid, or silent-post-mid liquidity. Instead, the Exchange
proposal would simplify its pricing. For transactions in securities
priced $1 or greater, whether Maker or Taker, CBSX will assess a fee of
$0.0030 per share. For transactions in securities priced less than $1,
whether Maker or Taker, CBSX will assess a fee of 0.30% of the dollar
value of the transaction. Along with aiding in preparation for a
planned business and market reorganization regarding CBSX, the Exchange
believes that the proposed simplified fee structure may make it easier
for market participants to determine which fees apply to their
transactions.
---------------------------------------------------------------------------

    \3\ See CBSX Fees Schedule, section 2.
    \4\ See CBSX Fees Schedule, section 2. While CBSX offers
different pricing for products classified as the ``Select Symbols'',
there currently are no products listed as ``Select Symbols''.
---------------------------------------------------------------------------

    CBSX also proposes to eliminate its Inactivity Fee.\5\ The
Inactivity Fee is applied to CBSX Trading Permit Holders that do not
transact a certain amount of shares on CBSX. CBSX no longer believes
that this fee is necessary, and therefore proposes to eliminate it.
---------------------------------------------------------------------------

    \5\ The Inactivity Fee is charged to any CBSX Trading Permit
Holder that trades less than an average of 100,000 shares per day
over a calendar month period. This fee will be calculated monthly.
The amount of this fee is $5,000 per month. A CBSX Trading Permit
Holder may not be assessed this fee until the calendar month
following the first full calendar month after the effective date of
the Trading Permit. If a CBSX Trading Permit Holder incurs this fee
for a calendar month period but trades at least an average of
200,000 shares per day over the following calendar month period,
then the Exchange will rescind the Inactivity Fee.
---------------------------------------------------------------------------

    In conjunction with these proposed changes, CBSX proposes to clean
up its Fees Schedule. Footnotes 1, 4, 5 and 6 to the transaction fees
will no longer be applicable, and therefore CBSX proposes to delete
them. Current footnotes 2 and 3 will become footnotes 1 and 2,
respectively. Due to the deletion of section 5, the Inactivity Fee, all
sections afterwards will be re-numbered (current section 6 becomes
section 5, current section 7 becomes section 6, current section 8
becomes section 7, and current section 9 becomes section 8).
 2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\6\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \7\ 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 Section 6(b)(4) of the Act,\8\ 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. Additionally, the Exchange believes
the proposed rule change is consistent with the Section 6(b)(5) \9\
requirement that the rules of an exchange not be designed to permit
unfair discrimination between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
    \8\ 15 U.S.C. 78f(b)(4).
    \9\ Id.
---------------------------------------------------------------------------

    The Exchange believes that the proposed new fees structure, for
transactions priced $1 or greater and for those priced less than $1, is
reasonable because the amounts are similar to those assessed by other
exchanges or by CBSX,\10\ and is consistent with those limits set by
Regulation NMS.\11\ Further, the Exchange believes that the proposed
simplified fee structure may make it easier for market participants to
determine which fees apply to their transactions. The Exchange believes
that the proposed new fees structure is equitable and not unfairly
discriminatory because it will apply to all market participants and
will not distinguish fee and rebate amounts based upon whether the
market participant is a Maker or Taker, the amount of liquidity added
or removed by the market participant, the product being traded, or
whether the trade adds liquidity using a silent, silent-mid, or silent-
post-mid order, or removes silent, silent-mid, or silent-post-mid
liquidity.
---------------------------------------------------------------------------

    \10\ BATS Exchange, Inc. (``BATS'') assesses a fee of $0.0030
per share that removes liquidity for all securities priced $1.00 or
above (see BATS Fee Schedule). For Taker transactions in securities
priced less than $1, CBSX already assesses a fee of 0.30% of the
dollar value of the transaction; CBSX merely proposes to assess the
same fee amount for the Maker side of such transactions.
    \11\ See 17 CFR 242.610(c)(1)-(2).
---------------------------------------------------------------------------

    The Exchange believes that the elimination of the Inactivity Fee is
reasonable because market participants that would otherwise have
qualified to be assessed the fee now will not be assessed the fee. The
Exchange believes that this elimination is equitable and not unfairly
discriminatory because it will apply to all market participants, and
nobody will be assessed the Inactivity Fee.
    The Exchange believes that cleaning up the Fees Schedule by
deleting no-longer-relevant footnotes and amending the numbering of
sections due to the deletion of the Inactivity Fee will eliminate
potential confusion and make the Fees Schedule easier to read, thereby
removing impediments to and perfecting the mechanism of a free and open
market and a national market system.

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

    CBSX does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. CBSX does not believe that the
proposed rule change will impose any burden on intramarket competition
that is not necessary or appropriate in furtherance of the purposes of
the Act because the proposed changes apply to all CBSX market
participants equally. CBSX does not believe that the proposed rule
change will impose any burden on intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act
because the proposed changes only apply to trading on CBSX. To the
extent that the proposed changes may make CBSX a more attractive
trading venue to market participants at other exchanges, such market
participants may elect to become CBSX market participants.

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

    The Exchange neither solicited nor received comments on the
proposed rule change.

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 \12\ and paragraph (f) of Rule 19b-4 \13\
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.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 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_ADDRESS>Please include
File Number SR-CBOE-2014-018 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CBOE-2014-018. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 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; 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-CBOE-2014-018 and should be
submitted on or before April 3, 2014.

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

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

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-05455 Filed 3-12-14; 8:45 am]
BILLING CODE 8011-01-P