[Federal Register Volume 85, Number 249 (Tuesday, December 29, 2020)]
[Notices]
[Pages 85752-85756]
[FR Doc No: 2020-28655]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90749; File No. SR-CBOE-2020-116]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Add Options on the Mini-Russell
2000 Index (``Mini-RUT'' or ``MRUT'') to Its P.M. Pilot Program

December 21, 2020.
    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 December 18, 2020, Cboe Exchange, Inc. (``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to add options on the Mini-Russell 2000 Index (``Mini-RUT'' or
``MRUT'') to its P.M. Pilot Program. The text of the proposed rule
change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The purpose of this proposed rule change is to amend the Exchange's
pilot program for P.M.-settled options on standard third-Friday-of-the-
month (``Expiration Friday'') in connection with the Exchange's plans
to list and trade MRUT options.\3\ MRUT options are options on the
Mini-RUT Index, the value of which is 1/10th the value of the Russell
2000 (``RUT'') Index. Currently, the Exchange has in place a pilot
program under Interpretation and Policy .13 to Rule 4.13 that allows
the Exchange to list Mini-SPX (``XSP'') options \4\ that expire on
Expiration Friday, for which the exercise settlement value is based on
the index value derived from the closing prices of the component (i.e.,
P.M.-settled) (the ``P.M. Pilot Program'').\5\ The Exchange proposes to
add Mini-RUT options to the existing P.M. Pilot Program and to permit
it to list P.M.-settled Mini-RUT options, for which the exercise
settlement value will be based on the index value derived from the
closing prices of the on the last trading day prior to expiration, on a
pilot basis (currently set to expire on May 3, 2021).\6\ The Exchange
notes that, like proposed MRUT options, XSP options are reduced-value
options (1/10th) compared to SPX options that offer individual
investors lower cost options to obtain the potential benefits of
options on a broad-based index (the S&P 500 Index), and are likewise
designed to provide options overlying the higher-valued SPX Index more
readily available as an investing tool and at more affordable prices
for the average retail investor. Therefore, the Exchange believes that
because both mini-index options are intended for the same investor-
base, providing the same P.M.-settlement opportunities for both XSP and
MRUT options is appropriate. The Exchange believes permitting the
trading of MRUT options on a P.M.-settled basis will encourage greater
trading in MRUT options once listed and traded on the Exchange.\7\
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    \3\ The Exchange plans to, simultaneously with this proposal,
submit a proposal to list and trade Mini-RUT options on the
Exchange. The Exchange plans to list Mini-RUT options as part of the
Nonstandard Expiration Pilot Program and as a Quarterly Index
Expiration (``QIX'') option. The Exchange intends to list and trade
Mini-RUT options at the end of January 2021. The Exchange notes that
trading in P.M.-settled MRUT options will operate in the same manner
as provided in the proposal to list and trade Mini-RUT options on
the Exchange. That is, P.M.-settled MRUT options will have the same
European-style exercise, same number of permissible expirations,
same exercise interval prices and limitations, same position and
exercise limits, and will trade in the same minimum price increment.
    \4\ As well as SPX options (``SPXPM'').
    \5\ See Interpretation and Policy .13 to Rule 4.13.
    \6\ The proposed rule change also makes a nonsubstantive update
to Interpretation and Policy .13 to Rule 4.13 by adding a reference
to the defined term ``SPX'' after S&P 500 Stock Index and using that
defined term within the provision in order to provide greater
clarity and consistency with the language throughout Interpretation
and Policy .13 to Rule 4.13.
    \7\ See supra note 3.
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    The Exchange proposes to abide by the same reporting requirements
for the trading of P.M.-settled MRUT options that it does for the
trading of P.M.-settled XSP options.\8\ The Exchange proposes to
include data regarding P.M.-settled MRUT options as it does for P.M.-
settled XSP options in the pilot program report that it submits to the
Commission at least two months prior to the expiration date of the P.M.
Pilot Program (the ``annual report'').\9\ Specifically, the Exchange
submits annual reports to the Commission that contain an analysis of
volume, open interest, and trading patterns in connection with products
in the P.M. Pilot Program. The analysis examines trading in products in
the P.M. Pilot Program, as well as trading in the securities that
comprise the underlying index. Additionally, for series that exceed
certain minimum open interest parameters, the annual reports provide
analysis of index price volatility and share trading activity.
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    \8\ See Securities Exchange Act Release No. 70087 (July 31,
2013), 78 FR 47809 (August 6, 2013) (SR-CBOE-2013-055) (the ``P.M.-
settled XSP Approval Order''). The reporting requirements are also
the same for SPXPM. See Securities and Exchange Act Release No.
68888 (February 8, 2013), 78 FR 10668 (February 14, 2013) (SR-CBOE-
2012-120) (the ``SPXPM Approval Order'').
    \9\ See P.M.-settled XSP Approval Order.
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    Going forward, the Exchange will include the same analysis of P.M.-
settled MRUT options, as well as trading in securities that comprise
the RUT Index (as MRUT options are based on 1/10th the value of the RUT
Index), in the annual reports. Also, like it currently does for P.M.-
settled XSP options, the Exchange will submit periodic interim reports
for P.M.-settled MRUT options that contain some, but not all, of the
information contained in the annual reports.
    The pilot reports will both contain the following volume and open
interest data:
    (1) Monthly volume aggregated for all trades;
    (2) monthly volume aggregated by expiration date;
    (3) monthly volume for each individual series;
    (4) month-end open interest aggregated for all series;
    (5) month-end open interest for all series aggregated by expiration
date; and
    (6) month-end open interest for each individual series.
    The annual reports will also contain the information noted in Items
(1) through (6) above for Expiration Friday, A.M.-settled, RUT index
options traded on Cboe Options, as well as the following analysis of
trading patterns in P.M.-settled MRUT options series in the Pilot
Program:
    (1) A time series analysis of open interest; and
    (2) an analysis of the distribution of trade sizes.
    Finally, for series that exceed certain minimum parameters, the
annual reports will contain the following analysis related to index
price changes and underlying share trading volume at the close on
Expiration Fridays:
    (1) A comparison of index price changes at the close of trading on
a given Expiration Friday with comparable price changes from a control
sample. The data includes a calculation of percentage price changes for
various time intervals and compare that information to the respective
control sample. Raw percentage price change data as well as percentage
price change data normalized for prevailing market volatility, as
measured by the Cboe Volatility Index (VIX), is provided; and
    (2) a calculation of share volume for a sample set of the component
securities representing an upper limit on share trading that could be
attributable to expiring in-the-money series. The data includes a
comparison of the calculated share volume for securities in the sample
set to the average daily trading volumes of those securities over a
sample period.
    The minimum open interest parameters, control sample, time
intervals, method for randomly selecting the component securities, and
sample

periods are determined by the Exchange and the Commission. In proposing
to add MRUT options to the P.M. Pilot Program, the Exchange will abide
by the reporting requirements described herein, the same reporting
requirements described in the P.M.-settled XSP Approval Order.\10\
Additionally, the Exchange will provide the Commission with any
additional data or analyses the Commission requests because it deems
such data or analyses necessary to determine whether the P.M. Pilot
Program, including P.M.-settled MRUT options as proposed, is consistent
with the Exchange Act. As it does for current P.M. Pilot products, the
Exchange will make public any data and analyses in connection with
P.M.-settled MRUT options it submits to the Commission under the Pilot
Program.\11\
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    \10\ See also SPXPM Approval Order.
    \11\ P.M. Pilot products data and analyses are made available at
https://www.cboe.com/aboutcboe/legal-regulatory/national-market-system-plans/pm-settlement-spxpm-data.
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    Overall, the Exchange believes that permitting the trading of MRUT
options on a P.M.-settled basis will encourage greater trading in MRUT
options. The Exchange anticipates high customer demand for P.M.-settled
MRUT options as they will provide market participants, particularly
smaller-sized investors and retail customers, an opportunity to benefit
from exposure to the broad-based RUT Index market with a manageably
sized contract that has the flexibility of a P.M.-settlement.
    Additionally, the Exchange proposes to amend Rule 5.1, which
governs trading days and hours, in conjunction with the proposed
addition of MRUT options to the P.M.-settled Pilot Program. Rule
5.1(b)(2)(C) currently provides that on their last trading day, Regular
Trading Hours for P.M.-settled XSP options \12\ may be effected on the
Exchange between 9:30 a.m. and 4:00 p.m. Eastern Time \13\ (as opposed
to the 9:30 a.m. to 4:15 p.m. Regular Trading Hours for options with
those expirations that are non-expiring). The proposed rule change
amends Rule 5.1(b)(2)(C) to include P.M.-settled MRUT options. The
Exchange expects that MRUT options, like SPX, XSP and RUT options (with
Nonstandard Expirations, i.e., P.M.-settled Weekly and End of Month
(``EOM'') RUT options),\14\ will typically be priced in the market
based on corresponding futures values. The primary listing markets for
the component securities that comprise the RUT Index (and thus, Mini-
RUT Index) close trading in those securities at 4:00 p.m., just as the
primary listing markets for the component securities that comprise the
SPX Index (on which SPX and XSP options are based) close trading at
4:00 p.m. The primary listing exchanges for the component securities
disseminate closing prices for the component securities, which are used
to calculate the exercise settlement value of the RUT Index. The
Exchange believes that, under normal trading circumstances, the primary
listing markets have sufficient bandwidth to prevent any data queuing
that may cause any trades that are executed prior to the closing time
from being reported after 4:00 p.m. If trading in expiring P.M.-settled
MRUT options continued an additional fifteen minutes until 4:15 p.m. on
their last trading day, expiring MRUT options could not be priced on
corresponding futures values, but rather would have to be priced on the
known cash value. At the same time, the prices of non-expiring P.M.-
settled MRUT options series would continue to move and likely be priced
in response to changes in corresponding futures prices. As a result, a
potential pricing divergence could occur between 4:00 p.m. and 4:15
p.m. on the final trading day in expiring P.M.-settled MRUT options
(e.g., a switch from pricing off of futures to cash). The Exchange
understands that the switch from pricing off of futures to cash can be
a difficult and risky crossover for liquidity providers. As a result,
if expiring P.M.-settled contracts closed at 4:15 p.m., Market-Makers
may react by widening spreads in order to compensate for the additional
risk. Therefore, in order to mitigate potential investor confusion and
the potential for increased costs to investors, the Exchange believes
that it is appropriate to cease trading in the expiring P.M.-settled
MRUT options at 4:00 p.m., as it already does for expiring P.M.-settled
XSP options and RUT options with Nonstandard Expirations for the same
aforementioned reasons.\15\ The Exchange does not believe that the
proposed rule change will impact volatility on the underlying cash
market comprising the RUT Index at the close on Expiration Fridays, as
it already closes trading on the last trading day for expiring P.M.-
settled options at 4:00 p.m. (such as P.M.-settled XSP options and
P.M.-settled Weekly and EOM RUT options), which the Exchange does not
believe has had an adverse impact on fair and orderly markets on
Expiration Fridays for the underlying stocks comprising the
corresponding indexes.\16\
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    \12\ This same rule will apply to MRUT options with Nonstandard
Expirations and QIXs, as proposed in the rule filing to list and
trade MRUT options.
    \13\ See Rule 1.6, which states that unless otherwise specified,
all times in the Rules are Eastern Time.
    \14\ See Rule 4.13(e).
    \15\ See Securities Exchange Act Release No. 69638 (May 24,
2013), 78 FR 32524 (May 30, 2013) (SR-CBOE-2013-055); and P.M.-
settled XSP Approval Order.
    \16\ See Securities Exchange Act Release No. 90263 (October 23,
2020), 85 FR 68611 (October 29, 2020) (SR-CBOE-2020-100).
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    With regard to the impact of this proposal on system capacity, the
Exchange has analyzed its capacity and represents that it believes that
the Exchange and OPRA have the necessary systems capacity to handle any
potential additional traffic associated with trading of P.M.-settled
MRUT options. The Exchange does not believe that its Trading Permit
Holders (``TPHs'') will experience any capacity issues as a result of
this proposal and represents that it will monitor the trading volume
associated with any possible additional options series listed as a
result of this proposal and the effect (if any) of these additional
series on market fragmentation and on the capacity of the Exchange's
automated systems.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\17\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \18\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \19\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(5).
    \19\ Id.
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    In particular, the Exchange does not believe that the addition of
MRUT options to the P.M. Pilot Program will raise any prohibitive
regulatory concerns, nor adversely impact fair and orderly markets on
Expiration Fridays for the underlying stocks comprising the

RUT Index. The Exchange has not experienced any meaningful regulatory
concerns, nor adverse impact on fair and orderly markets, in connection
with the P.M. Pilot Program that has permitted trading of P.M.-settled
XSP since 2013, which have a similar purpose and likely similar
investor base as MRUT options.\20\ Additionally, the proposed rule
change will provide investors with an opportunity to trade MRUT options
with a P.M.-settlement feature on the Exchange subject to transparent
exchange-based rules as well as price discovery and liquidity, as
opposed to alternatively trading these products in the over-the-counter
market. Investors will benefit from the opportunity to trade in
association with this product on Expiration Fridays. Indeed, market
participants, particularly smaller-sized investors and retail
customers, will benefit from exposure to the broad-based RUT Index
market with a manageably sized contract that has the flexibility of a
P.M.-settlement, thereby removing impediments to a free and open market
consistent with the Act.
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    \20\ Trading in SPXPM has been permitted since 2013, as well.
The Exchange notes too that for roughly five years (1987 to 1992) it
listed and traded an A.M.-settled S&P 500 index option (called NSX)
at the same time it listed and traded a P.M.-settled S&P 500 index
option (called SPX) and did not observe any market disruptions as a
result of offering both products.
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    In addition, the Exchange believes that the proposal to end trading
at 4:00 p.m. on the last trading day for transactions in expiring P.M.-
settled MRUT options will prevent continued trading on a product after
the exercise settlement value has been fixed, thereby mitigating
potential investor confusion and the potential for increased costs to
investors as a result of potential pricing divergence at the end of the
trading day. Given the significant changes in the closing procedures of
the primary markets in recent decades, the Exchange does not believe
that the proposed P.M.-settled MRUT options and 4:00 p.m. closing time
on Expiration Fridays will adversely impact the maintenance of a fair
and orderly market or the protection of investors because the risks of
potential impact of P.M.-, cash-settled index derivatives on the
underlying cash markets are greatly reduced today by the enhanced
closing procedures currently in place at the primary equity markets.
The Exchange notes also that it will include analysis in connection
with P.M.-settled MRUT options, in the same manner that it currently
does for other P.M.-settled options, in the pilot reports it submits to
the Commission, and will provide the Commission with any additional
data or analyses the it may request because it deems such data or
analyses necessary to determine whether the Pilot Program, including
P.M.-settled MRUT options as proposed, is consistent with the Exchange
Act. The Exchange represents that it believes that it has the necessary
systems capacity to support any additional traffic associated with
trading of P.M.-settled MRUT and does not believe that its TPHs will
experience any capacity issues as a result of this proposal. The
Exchange will monitor the trading volume associated with any possible
additional options series listed and the effect (if any) of these
additional series on market fragmentation and on the capacity of the
Exchange's automated systems.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange 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 P.M.-settled MRUT
options will be available to all market participants and the proposed
4:00 p.m. closing time on Expiration Fridays will apply equally to all
market participants trading in MRUT options.
    The Exchange does not believe that the proposal to list and trade
options on the Mini-RUT Index, and the proposed rules governing the
trading of MRUT options on the Exchange, will impose any burden on
intermarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because options on the RUT
Index, including reduced-value options as proposed, are proprietary
Exchange products. To the extent that the advent of P.M.-settled MRUT
options trading on the Exchange may make the Exchange a more attractive
marketplace to market participants at other exchanges, such market
participants are free to elect to become market participants on the
Exchange. As stated above, the listing and trading of P.M.-settled MRUT
options on the Exchange will subject such options to transparent
exchange-based rules as well as price discovery and liquidity, as
opposed to alternatively trading these products in the over-the-counter
market.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
    A. By order approve or disapprove such proposed rule change, or
    B. institute proceedings to determine whether the proposed rule
change should be disapproved.

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-2020-116 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CBOE-2020-116. 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-CBOE-2020-116, and should be
submitted on or before January 19, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-28655 Filed 12-28-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 11 (Wednesday, January 18, 2017)]
[Notices]
[Page 5551]
[FR Doc No: 2017-00924]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Number: PR17-15-000.
    Applicants: Columbia Gas of Maryland, Inc.
    Description: Tariff filing per 284.123(b), (e)/: CMD SOC to be
effective 1/1/2017; Filing Type: 980.
    Filed Date: 1/5/2017.
    Accession Number:<PHONE_NUMBER>71.
    Comments/Protests Due: 5 p.m. ET 1/26/17.

    Docket Number: PR17-16-000.
    Applicants: Columbia Gas of Ohio, Inc.
    Description: Tariff filing per 284.123(b), (e)/: COH SOC to be
effective 12/30/2016; Filing Type: 980.
    Filed Date: 1/6/2017.
    Accession Number:<PHONE_NUMBER>44.
    Comments/Protests Due: 5 p.m. ET 1/27/17.

    Docket Numbers: RP17-325-000.
    Applicants: Northern Natural Gas Company.
    Description: Sec.  4(d) Rate Filing: 20161219 FDD Cycle Quantity
Increase to be effective 6/1/2017.
    Filed Date: 1/5/17.
    Accession Number: 20170105-5083.
    Comments Due: 5 p.m. ET 1/17/17.

    Docket Numbers: RP17-326-000.
    Applicants: Elba Express Company, L.L.C.
    Description: Sec.  4(d) Rate Filing: Shell Phase I Negotiated Rate
to be effective 2/10/2017.
    Filed Date: 1/5/17.
    Accession Number: 20170105-5136.
    Comments Due: 5 p.m. ET 1/17/17.

    Docket Numbers: RP17-327-000.
    Applicants: Rockies Express Pipeline LLC.
    Description: Sec.  4(d) Rate Filing: Neg Rate 2017-01-05 BP to be
effective 1/6/2017.
    Filed Date: 1/5/17.
    Accession Number: 20170105-5170.
    Comments Due: 5 p.m. ET 1/17/17.

    Docket Numbers: RP17-328-000.
    Applicants: Dominion Carolina Gas Transmission, LLC.
    Description: Sec.  4(d) Rate Filing: DCGT--Web site Notification to
be effective 2/6/2017.
    Filed Date: 1/6/17.
    Accession Number: 20170106-5098.
    Comments Due: 5 p.m. ET 1/18/17.

    Docket Numbers: RP17-329-000.
    Applicants: Algonquin Gas Transmission, LLC.
    Description: Sec.  4(d) Rate Filing: Negotiated Rate Agreement--
Castleton 510984 to be effective 1/8/2017.
    Filed Date: 1/6/17.
    Accession Number: 20170106-5133.
    Comments Due: 5 p.m. ET 1/18/17.

    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and Sec.  385.214) on or
before 5:00 p.m. Eastern time on the specified comment date. Protests
may be considered, but intervention is necessary to become a party to
the proceeding.

Filings in Existing Proceedings

    Docket Numbers: RP16-1179-002.
    Applicants: Equitrans, L.P.
    Description: Compliance filing Negotiated Rate Service Agreement--
Revised EQT Energy OVC Agreement to be effective 10/1/2016.
    Filed Date: 12/21/16.
    Accession Number: 20161221-5081.
    Comments Due: 5 p.m. ET 1/13/17.

    Docket Numbers: RP17-197-002.
    Applicants: Dominion Cove Point LNG, LP.
    Description: Compliance filing DCP--2016 Section 4 General Rate
Case Compliance to be effective 1/1/2017.
    Filed Date: 1/5/17.
    Accession Number: 20170105-5086.
    Comments Due: 5 p.m. ET 1/17/17.

    Any person desiring to protest in any of the above proceedings must
file in accordance with Rule 211 of the Commission's Regulations (18
CFR 385.211) on or before 5:00 p.m. Eastern time on the specified
comment date.
    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: January 9, 2017.
Kimberly D. Bose,
Secretary.
[FR Doc. 2017-00924 Filed 1-17-17; 8:45 am]
 BILLING CODE 6717-01-P


Changes made after the draft final rule document was submitted for
review by the Office of Management and Budget pursuant to section
6(a)(3)(E) of Executive Order 12866, “Regulatory Planning and
Review”

DEPARTMENT OF TRANSPORTATION

OFFICE OF THE SECRETARY

14 CFR Part 255

(Docket No. OST-2003-14484)

RIN 2105-AD24

Extension of Computer Reservations Systems (CRS) Regulations

AGENCY: Office of the Secretary, Department of Transportation

ACTION: Final Rule

SUMMARY:  The Department is amending its rules governing airline
computer reservations systems (CRSs), 14 CFR Part 255, by changing the
rules' expiration date from March 31, 2003, to January 31, 2004.  If the
expiration date were not changed, the rules would terminate on March 31,
2003.  This extension of the current rules will keep them in effect
while we complete our reexamination of the need for CRS regulations.
Some or all of the rules may no longer be necessary, but the Department
will maintain the current rules until January because they may be
beneficial.  The Department has concluded that most of the current rules
should be maintained on a temporary basis because they may be necessary
for promoting airline competition and protecting consumers, although the
The Department may determine in its reexamination that the need for most
or all of the rules has ended.  The Department has previously extended
the rules from their original December 31, 1997, expiration date, most
recently to March 31, 2003.

DATES:  This rule is effective on March 31, 2003.

FOR FURTHER INFORMATION CONTACT: Thomas Ray, Office of the General
Counsel, 400 Seventh St. S.W., Washington, D.C. 20590,<PHONE_NUMBER>.

ELECTRONIC ACCESS:

You can view and download this document by going to the webpage of the
Department’s Docket Management System (http://dms.dot.gov/).  On that
page, click on “search.”  On the next page, type in the last five
digits of the docket number shown on the first page of this document,
14484.  Then click on “search.”  An electronic copy of this document
also may be downloaded by using a computer, modem, and suitable
communications software from the Government Printing Office’s
Electronic Bulletin Board Service at<PHONE_NUMBER>.  Internet users may
reach the Office of the Federal Register’s home page at:
http://www.nara.gov/fedreg and the Government Printing Office’s
database at: http://www.access.gpo.gov/nara/ index.html.

SUPPLEMENTARY INFORMATION:

We adopted rules governing CRS operations, 14 CFR Part 255, because
almost all airlines operating in the United States relied on the CRSs in
marketing their airline services and each system was then controlled by
one or more airlines or airline affiliates.  57 FR 43780 (September 22,
1992).  We found that rules were necessary to ensure that each of the
airlines and airline affiliates that controlled a system did not use the
system to unfairly prejudice the competitive position of other airlines
and to ensure that travel agents and their customers could obtain
accurate and unbiased information from the systems.  Our rules contained
a sunset date to ensure that we would reexamine whether the rules
remained necessary and, if so, whether they were effective.

As a result of the sunset date provision, we began a proceeding to
reexamine whether the rules were necessary and effective by issuing an
advance notice of proposed rulemaking,  62 FR 47606 (September 10,
1997), followed later by a supplemental advance notice of proposed
rulemaking that asked the parties to update their comments.  65 FR 45551
(July 24, 2000).

We recently issued a notice of proposed rulemaking in which we
tentatively concluded found that most elements of the rules may remain
necessary, at least in the short term, and that some changes to the
rules may be justified.  67 FR 69366 (November 15, 2002).  We also
proposed, however, to eliminate some rules, primarily the rules barring
systems from charging airlines discriminatory booking fees and requiring
airlines with a significant ownership in one system to participate in
other systems at the same level if the terms for doing so are
commercially reasonable.  We invited comment on whether the public
interest would be served by full and immediate sunset of the rules.  Our
notice includes a detailed discussion of the rulemaking issues and our
tentative findings on the relevant features of the airline distribution
and CRS businesses.  Comments and reply comments on our tentative
findings on the need for CRS regulation and our proposals are due March
16 and May 15, 2003, respectively.  67 FR 72869 (December 9, 2002).

To maintain the existing rules in effect while we complete our
reexamination of those rules, we proposed to extend the sunset date to
January 31, 2004.  68 FR 7325 (February 13, 2003).  We noted that the
March 31, 2003, sunset date will come only two weeks after the close of
the comment period on the notice of proposed rulemaking for our overall
reexamination of the rules and that the reply comment period will close
seven weeks later.  We clearly cannot complete our rulemaking by the
March 31 sunset date.  We tentatively found that allowing the rules to
sunset during our reexamination of them could be contrary to the public
interest.  We are aware that our final decision in our overall
reexamination of the rules may be that the rules do not actually serve
the public interest in the short term or in the long term.

Eleven persons commented on the proposal.  US Airways, Sabre, Galileo
International, Amadeus Global Travel Distribution, and the American
Society of Travel Agents (“ASTA”) supported the proposal, Worldspan,
Northwest, United, and LanChile opposed any extension, and American and
Orbitz stated their willingness to accept only a shorter extension.

We have determined to change the rules’ expiration date to January 31,
2004, as we proposed.  This will allow the rules to remain in effect
while we complete our overall reexamination of the existing CRS rules.
We recognize the need to complete the major rulemaking as soon as
possible so that the rules reflect current industry conditions and
economic realities.  We intend to make a final decision promptly in that
proceeding.

	Background: Rulemaking History

Our notice of proposed rulemaking set forth our tentative findings and
analysis on the nature of the airline distribution and CRS businesses
and on whether the CRS rules should be kept or changed.  We recognized
the changes occurring in the airline distribution system, especially the
Internet’s erosion of the airlines’ dependence on the systems, and
the potential that these changes may eliminate the need for many or all
of our rules.  67 FR 69376, 63977.  Nonetheless, we tentatively
concluded that at present  some rules should be maintained to protect
airline competition and consumers.  We have requested comment on whether
the non-discriminatory booking fee and mandatory participation rules
noted above could be eliminated, since airlines may have more bargaining
leverage against the systems than we have found in past rulemakings.  67
FR 69368.  We will also consider comments contending that additional
rules are unnecessary or counterproductive.  We will take these comments
into account in considering whether to retain some or any of the rules,
or whether full and complete sunset may be in the public interest.

We initially established a sixty-day comment period and a thirty-day
reply comment period.  As a result of a petition submitted by nineteen
commenters, we extended the comment period by sixty days and the reply
comment period by thirty days.  67 FR 72869 (December 9, 2002).

While we have been conducting our reexamination of the rules, we have
changed the sunset date five times to maintain the rules pending our
completion of that reexamination.  Our most recent extension was to
March 31, 2003.  62 FR 66272 (December 18, 1997); 64 FR 15127 (March 30,
1999); 65 FR 16808 (March 30, 2000); 66 FR 17352 (March 30, 2001); and
67 FR 14846 (March 28, 2002).

	Our Proposed Sunset Date Extension

We again proposed to extend the expiration date for our CRS rules, to
January 31, 2004, in order to maintain the rules while we complete our
reexamination of the need for the rules and their effectiveness.  68 FR
7325 (February 13, 2003).  We explained that we could not issue final
rules by the current sunset date, March 31, 2003.  Changing the sunset
date would enable us to preserve the status quo until we determine which
rules, if any, should be adoptedretained.   We tentatively determined
that doing so would be in the public interest.  In that regard we
referenced our notice of proposed rulemaking for the overall
reexamination of the rules, where we tentatively concluded that elements
of the rules appear tomay be necessary, at least in the near term, to
protect airline competition and consumers against potentially
unreasonable and unfair CRS practices, despite the prospect that rules
may become unnecessary in the longer term.  We further cited our
obligation under 49 U.S.C. 40105(b), formerly section 1102(a) of the
Federal Aviation Act, then codified as 49 U.S.C. 1502(a), to act
consistently with the United States' obligations under bilateral air
services agreements, and concluded that that obligation might justify a
short-term continuation of the rules.  67 FR 69384.   We suggested that
the expiration of the current rules in advance of our final decision in
the overall rulemaking could be disruptive, since systems, airlines, and
travel agencies have been conducting their operations in the expectation
that each system will comply with the rules.  We stated our awareness of
the importance of adopting final rules that reflect current conditions
in the CRS and airline distribution businesses.

	Comments

 Three of the systems -- Amadeus, Galileo, and Sabre -- supported our
proposal to change the sunset date to January 31, 2004, as did ASTA, the
largest travel agency trade association, and US Airways.  American and
Orbitz, the on-line travel agency owned by American, Continental, Delta,
Northwest, and United, supported a shorter extension of the rules.
American proposed August 31 as the new sunset date, while Orbitz
proposed September 30.  The other commenters -- Delta, Northwest,
United, and LanChile -- opposed any extension of the rules.  United
particularly opposed any continuation of the non-discriminatory booking
fee and mandatory participation rules.

Sabre filed a reply challenging several of the factual assertions made
by several airline commenters concerning the systems’ alleged market
power and unreasonable practices.

	Final Rule

We have determined to adopt our proposal to change the sunset date to
January 31, 2004.  We obviously cannot complete our overall
reexamination of the rules by March 31, and we continue to believe that
we may well need an additional ten months to complete that proceeding.
The comment period for reply comments will end on May 15, and we must
then analyze the comments, decide what final rules should be adopted,
and draft a final rule.  The final rule must be reviewed by the Office
of Management and Budget (“OMB”).  This entire process may require
ten months for completion, especially given the complex and
controversial issues presented in that rulemaking.

We will, of course, try to issue a final rule as soon as possible rather
than wait until the new January 31 sunset date.  Adopting a shorter
extension at this time might well require us to conduct an additional
rulemaking to change the date again, which would be an inefficient use
of Government resources and interfere with our intent to focus on
completing the overall reexamination of the rules as promptly as
possible.  A shorter extension might also keep us from thoroughly and
carefully examining the issues before making our final decision on
whether CRS rules remain necessary and, if so, how they should be
changed.

Maintaining the current rules in effect will provide short-term
stability for the industry.  As Amadeus points out, “The travel
distribution community requires and deserves predictability as to the
‘rules of the road’ in this area.”  Amadeus Comments at 2.  ASTA
similarly states, “The entire air transportation industry, including
airlines, CRS/GDS’s, and travel agencies, has shaped its business with
these rules in mind” and that we “cannot responsibly or lawfully
simply let this overarching legal regime, which has had profound effects
on thousands of businesses, many of them small businesses under federal
law and policy, expire in 30 days.”

We recognize that the rules may have become unnecessary.  As we continue
our reexamination, we will maintain the rules based on a tentative
finding that some of the rules may serve the public interest.  We are
unwilling to have them expire at this time, however, given our tentative
findings that at least some CRS rules may remain necessary for the near
future.  It may remain true, for example, that the systems have market
power that could be used to prejudice airline competition.  American
thus states, “CRS market and pricing power remain intact . . . .”
American Comments at 1.  If so, ending the rules would not necessarily
enable airlines to obtain better terms for participation.  United,
however, has pointed out that we proposed to eliminate the
non-discriminatory booking fee and mandatory participation rules because
we tentatively found that they may prevent airlines from obtaining lower
prices.  We cannot adopt United’s suggestion that any extension of the
sunset date exclude those two rules, since that would amount to a change
in the existing rules that we do not wish to adopt until we have had the
opportunity to consider the comments on the issue.  Nor can we agree
now, before the end of the comment period for our proposals on changing
the rules, with the assertions by several other commenters that the
rules preserve and enhance the systems’ market power.  See, e.g.,
Orbitz Comments.  We have found in past rulemakings that rules were
needed to curb the systems’ market power, most recently in the parity
clause rulemaking completed five years ago.  62 FR 59784 (November 5,
1997).  We tentatively concluded in our recent notice of proposed
rulemaking that we see some evidence that the systems may still have
market power.  At issue is whether some or all of the rules affect the
exercise of such market power, to the extent it exists, and whether they
do so in a manner that serves the public interest.

	Effective Date

We have determined for good cause to make this amendment effective on
March 31, 2003, rather than thirty days after publication as required by
the Administrative Procedure Act except for good cause shown.  5 U.S.C.
553(d).  To keep the current rules in force, we must make this amendment
effective by March 31, 2003.  Since the amendment preserves the status
quo, it will not require the systems, airlines, or travel agencies to
change their operating methods.  Making this amendment effective on less
than thirty days notice accordingly will not impose an undue burden on
anyone.

REGULATORY PROCESS MATTERS

Regulatory Assessment

This rulemaking is a significant regulatory action under section 3(f) of
Executive Order 12866 and has been reviewed by the Office of Management
and Budget under that order.  The proposal is also significant under the
regulatory policies and procedures of the Department of Transportation,
44 FR 11034.

Our notice of proposed rulemaking in this proceeding cited the tentative
findings of the preliminary regulatory assessment in our notice of
proposed rulemaking for the overall reexamination of the rules that the
existing rules do not appear to impose a significant burden on the
systems or their users.  68 FR 7326, citing 67 FR 69418-69423.  We
stated our belief that that regulatory assessment should be applicable
to our proposal to extend the rules’ sunset date and that no new
regulatory impact statement appears to be necessary.  We invited
interested persons to comment on those findings.  No commenter
specifically commented on our regulatory assessment, which we will make
final.

This rule will not impose unfunded mandates or requirements that would
have any impact on the quality of the human environment.

SMALL BUSINESS IMPACT

Congress enacted the Regulatory Flexibility Act of 1980, 5 U.S.C. 601 et
seq., to ensure that small entities are not unnecessarily and
disproportionately burdened by government regulations.  The act requires
agencies to review proposed regulations that may have a significant
economic impact on a substantial number of small entities.  For purposes
of this rule, small entities include smaller U.S. airlines and smaller
travel agencies.

This rule sets forth the reasons for our extension of the rules'
expiration date and the objectives and legal basis for that rule.

Our notice of proposed rulemaking on this extension proposal cited the
tentative regulatory flexibility analysis on the rules’ impact that
was included in our notice of proposed rulemaking for the reexamination
of the rules.  We stated that that analysis appeared to be valid for our
proposed extension of the rules' termination date.  68 FR 7326-7327.  We
stated that we would consider comments on that analysis.  No one filed
such comments, and we will adopt that analysis as our final regulatory
flexibility statement for this proceeding.

Our rule contains no direct reporting, record-keeping, or other
compliance requirements that would affect small entities.  There are no
other federal rules that duplicate, overlap, or conflict with our
proposed rules.

I certify under section 605(b) of the Regulatory Flexibility Act (5
U.S.C. et seq.) that this regulation will not have a significant
economic impact on a substantial number of small entities.

PAPERWORK REDUCTION ACT

This rule contains no collection-of-information requirements subject to
the Paperwork Reduction Act, Public Law. No. 96-511, 44 U.S.C. Chapter
35.

FEDERALISM ASSESSMENT

We stated that we had reviewed our proposed rule in accordance with the
principles and criteria contained in Executive Order 13132, dated August
4, 1999, and determined that it would not have a substantial direct
effect on the States, on the relationship between the national
government and the States, or on the distribution of power and
responsibilities among the various levels of government.  This rule will
not limit the policymaking discretion of the States.  Nothing in this
rule will directly preempt any State law or regulation.  We are adopting
this amendment primarily under the authority granted us by 49 U.S.C.
41712 to prevent unfair methods of competition and unfair and deceptive
practices in the sale of air transportation.  Our notice of proposed
rulemaking stated our belief that the policy set forth in this rule is
consistent with the principles, criteria, and requirements of the
Federalism Executive Order and the Department’s governing statute.

We invited comments on these conclusions.  68 FR 7327.  No one commented
on our federalism assessment.  We will therefore make it final.  Because
the rule will have no significant effect on State or local governments,
as discussed above, no consultations with State and local governments on
this rule were necessary.

LIST OF SUBJECTS IN 14 CFR PART 255

Air carriers, Antitrust, Consumer protection, Reporting and
recordkeeping requirements, Travel agents.

Accordingly, the Department of Transportation amends 14 CFR Part 255 as
follows:

PART 255 -- (AMENDED)

1.	The authority citation for Part 255 continues to read as follows:
Authority: 49 U.S.C. 40101, 40102, 40105, 40113, 41712.

2.	Section 255.12 is revised to read as follows:

255.12.  Termination.

	The rules in this part terminate on January 31, 2004.

	Issued in Washington, D.C. on March ___, 2003.

Norman Y. Mineta

Secretary of Transportation

		MARCH 10 DRAFT


[Federal Register Volume 86, Number 95 (Wednesday, May 19, 2021)]
[Notices]
[Pages 27089-27090]
[FR Doc No: 2021-10566]

=======================================================================
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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2021-N-0431]

Food and Drug Administration Public Meeting on Financial
Efficiency of Human Drug User Fee Programs; Public Meeting; Request for
Comments

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of public meeting; request for comments.

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SUMMARY: The Food and Drug Administration (FDA, the Agency, or we) is
announcing the following public meeting entitled ``FDA Public Meeting
on Financial Efficiency of Human Drug User Fee Programs.'' The topic to
be discussed is the financial transparency and efficiency of the
Prescription Drug User Fee Act, the Biosimilar User Fee Act, and
Generic Drug User Fee Amendments.

DATES: The public meeting will be held on June 18, 2021, from 9:30 a.m.
to 11:30 a.m. Eastern Time via WebEx Events. Submit either electronic
or written comments on this public meeting by July 19, 2021. See the
SUPPLEMENTARY INFORMATION section for registration date and
information.

ADDRESSES: The public meeting will be held virtually due to extenuating
circumstances.
    You may submit comments as follows. Please note that late, untimely
filed comments will not be considered. Electronic comments must be
submitted on or before July 19, 2021. The https://www.regulations.gov
electronic filing system will accept comments until 11:59 p.m. Eastern
Time at the end of July 19, 2021. Comments received by mail/hand
delivery/courier (for written/paper submissions) will be considered
timely if they are postmarked or the delivery service acceptance
receipt is on or before that date.

Electronic Submissions

    Submit electronic comments in the following way:
     Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Comments submitted
electronically, including attachments, to https://www.regulations.gov
will be posted to the docket unchanged. Because your comment will be
made public, you are solely responsible for ensuring that your comment
does not include any confidential information that you or a third party
may not wish to be posted, such as medical information, your or anyone
else's Social Security number, or confidential business information,
such as a manufacturing process. Please note that if you include your
name, contact information, or other information that identifies you in
the body of your comments, that information will be posted on https://www.regulations.gov.
     If you want to submit a comment with confidential
information that you do not wish to be made available to the public,
submit the comment as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand Delivery/Courier (for written/paper
submissions): Dockets Management Staff (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Dockets
Management Staff, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2021-N-0431 for ``FDA Public Meeting on Financial Efficiency of
Human Drug User Fee Programs.'' Received comments, those filed in a
timely manner (see ADDRESSES), will be placed in the docket and, except
for those submitted as ``Confidential Submissions,'' publicly viewable
at https://www.regulations.gov or at the Dockets Management Staff
between 9 a.m. and 4 p.m., Monday through Friday,<PHONE_NUMBER>.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states
``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on https://www.regulations.gov.
Submit both copies to the Dockets Management Staff. If you do not wish
your name and contact information to be made publicly available, you
can provide this information on the cover sheet and not in the body of
your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: https://www.govinfo.gov/content/pkg/FR-2015-09-18/pdf/2015-23389.pdf.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to https://www.regulations.gov and insert the docket number, found in brackets in
the heading of this document, into the ``Search'' box and follow the
prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane,
Rm. 1061, Rockville, MD 20852,<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Monica Ellerbe, Food and Drug
Administration, Office of Finance, Budget, Acquisition, and Planning,
4041 Powder Mill Rd., Rm. 72044, Beltsville,

MD 20750,<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background

    The meeting will include presentations from FDA on: (1) The 5-year
plan for the Prescription Drug User Fee Act (PDUFA) VI, Biosimilar User
Fee Act (BsUFA) II, and Generic Drug User Fee Amendments (GDUFA) II;
(2) the Agency's progress in implementing resource capacity planning
and modernized time reporting; and (3) the Agency's progress in
addressing the findings from the independent third-party evaluation of
the resource management associated with PDUFA, BsUFA, and GDUFA that
concluded and was published in fiscal year (FY) 2019. This meeting is
intended to satisfy FDA's commitment to host an annual public meeting
in the third quarter of each fiscal year beginning in FY 2019 and can
be found in the Commitment letters listed below (II.B.3 of PDUFA VI (p.
38), IV.B.3 of BsUFA II (p. 28), and VI.B.4 of GDUFA II (p.22)).
    This public meeting is intended to meet performance commitments
included in PDUFA VI, BsUFA II, and GDUFA II. These user fee programs
were reauthorized as part of the FDA Reauthorization Act of 2017
(FDARA) signed by the President on August 18, 2017. The complete set of
performance goals for each program are available at:

 PDUFA VI program: https://www.fda.gov/downloads/ForIndustry/UserFees/PrescriptionDrugUserFee/UCM511438.pdf
 BsUFA II program: https://www.fda.gov/downloads/forindustry/userfees/biosimilaruserfeeactbsufa/ucm521121.pdf
 GDUFA II program: https://www.fda.gov/downloads/forindustry/userfees/genericdruguserfees/ucm525234.pdf

    Each of these user fee programs includes a set of commitments
related to financial management. These include commitments to publish a
5-year financial plan that should be updated annually, develop resource
capacity planning capability and to modernize time reporting practices,
and have a third-party evaluation of resource management practices for
these user fee programs. In addition, each user fee program includes a
commitment to host a public meeting in the third quarter of each fiscal
year, beginning in FY 2019, to discuss specific topics.

II. Topics for Discussion at the Public Meeting

    This meeting will provide FDA the opportunity to update interested
public stakeholders on topics related to the financial management of
PDUFA VI, BsUFA II, and GDUFA II. FDA will present the 5-year financial
plans for each of these programs and update participants on the
progress towards implementing resource capacity planning and
modernizing its time reporting approach. In addition, FDA will provide
an update on the Agency's progress in addressing the findings from the
independent third-party evaluation of the resource management
associated with PDUFA, BsUFA, and GDUFA that concluded and was
published in FY 2019. To view the evaluation assessment report, please
visit here: https://www.fda.gov/media/127605/download.

III. Participating in the Public Meeting

    Registration: To register for the public meeting, please visit the
following website: https://www.surveymonkey.com/r/FDA_2021_User_Fees_Public_Meeting_Registration. Please provide complete
contact information for each attendee, including name, title,
affiliation, address, email, and telephone.
    Persons interested in attending this public meeting must register
by June 15, 2021, at 11:59 p.m. Eastern Time.
    If you need special accommodations due to a disability, please
contact Monica Ellerbe no later than June 15, 2021, 11:59 p.m. Eastern
Time.
    Streaming Webcast of the Public Meeting: The webcast for this
public meeting is https://fda1.webex.com/fda1/onstage/g.php?MTID=e1c96ecf18f93ce5f76a24967fa89af65; Password: FDApm2021.
    Transcripts: Please be advised that as soon as a transcript of the
public meeting is available, it will be accessible at https://www.regulations.gov. It may be viewed at the Dockets Management Staff
(see ADDRESSES).

    Dated: May 14, 2021.
Lauren K. Roth,
Acting Principal Associate Commissioner for Policy.
[FR Doc. 2021-10566 Filed 5-18-21; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register: July 19, 2010 (Volume 75, Number 137)]
[Notices]
[Page 41912-41913]
[DOCID:fr19jy10-125]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62488; File No. SR-NYSEAmex-2010-69]

Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Amex LLC Establishing a
Fee and Credit Structure for Trading Nasdaq-Listed Securities on the
Exchange Pursuant to Unlisted Trading Privileges and Implementing a New
Fee for Crossing Session II for Both Listed and Traded Securities

July 13, 2010.
    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 July 12, 2010, NYSE Amex LLC (``NYSE Amex'' 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 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

    The Exchange proposes to (i) establish a fee and credit structure
for trading Nasdaq-listed securities on the Exchange pursuant to a
grant of unlisted trading privileges (``Nasdaq Securities'') and (ii)
implement a new fee for Crossing Session II for both listed and traded
securities. The text of the proposed rule change is available at the
Exchange's principal office, the Commission's Public Reference Room, on
the Commission's Web site at http://www.sec.gov, and at http://
www.nyse.com.

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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to (i) establish a fee and credit structure
for trading Nasdaq Securities and (ii) implement a new fee for Crossing
Session II for both listed and traded securities.
a. Background
    In a related filing, the Exchange has proposed to trade Nasdaq
Securities as a pilot program on NYSE Amex Equities, using the same
market structure, systems and facilities it uses to trade its listed
securities in accordance with the same trading rules, subject to a few
differences. The Exchange has proposed that the Nasdaq Security pilot
program commence on July 13, 2010.\3\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 61890 (April 12,
2010), 75 FR 20401 (April 19, 2010) (SR-NYSEAmex-2010-31).
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b. Proposed Fees and Rebates for Trading Nasdaq Securities
    As with listed securities, the principal categories of market
participants for trading Nasdaq Securities will include: Members and
member organizations, customers, Floor brokers, Designated Market
Makers (``DMMs'') and Supplemental Liquidity Providers (``SLPs'').
Thus, the Exchange's proposed fee and credit structure for trading
Nasdaq Securities is very similar to that for its listed securities.
    The principle [sic] difference between the pricing for Exchange-
listed securities and Nasdaq Securities is that, because there will not
be an opening or closing auction for Nasdaq Securities on the Exchange,
there are no limit or market ``At the Close'' (``MOC/LOC''), ``At the
Opening'' (``OPG''), or ``Closing Offset'' (``CO'') orders and thus no
differentiated pricing for such transactions.
    The Exchange notes that the initial pricing proposed herein is
subject to review and may be changed.
i. Fees for Taking Liquidity
    For transactions in Nasdaq Securities with a share price of at
least $1.00, the Exchange proposes a fee of $0.0021 per share for
taking liquidity from the Exchange; however, for Floor broker
discretionary e-quotes and verbal agency interest the Exchange proposes
to charge $0.0005 per share. For transactions in Nasdaq Securities with
a price of less than $1.00, the Exchange proposes a fee of .20% of the
total dollar value of the transaction for all market participants.
ii. Routing Fees
    The Exchange proposes a single set of routing fees for Nasdaq
Securities across all market participants. For transactions in Nasdaq
Securities with a share price of at least $1.00, the Exchange proposes
a routing fee of $0.0029 per share, and for transactions in Nasdaq
Securities with a price of less than $1.00, the Exchange proposes a
routing fee equal to .29% of the total dollar value of the transaction.
iii. Customer, Floor Broker, Member and Member Organization Credits \4\
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    \4\ As with its listed securities, the Exchange proposes
different credits for DMMs and SLPs trading Nasdaq Securities.
---------------------------------------------------------------------------

    For customers, Floor brokers, members and member organizations, the
Exchange proposes to pay a credit of $0.0019 per share when adding
liquidity, including displayed and non-displayed orders, in Nasdaq
Securities with a trading price of at least $1.00 per share. When
adding liquidity in Nasdaq Securities with a trading price below $1.00,
the Exchange is proposing to not pay any credit; Floor brokers,
however, would be paid a credit of .10% of the total dollar value of
the transaction.
    Floor broker agency cross trades (i.e. a trade where a member has
customer orders to buy and sell an equivalent amount of the same
security) and agency transactions between Floor brokers in the Crowd
will not be charged any fees.
iv. DMM Credits
    Because DMMs have special obligations as market makers, the
Exchange proposes different credits for DMM transactions in Nasdaq
Securities.\5\ For DMM transactions adding liquidity in Nasdaq
Securities with a price of at least $1.00 per share, the Exchange
proposes to pay a credit of $0.0021 per share. For DMM transactions
adding liquidity in Nasdaq Securities with a trading price below $1.00,
the Exchange proposes to pay a credit of .20% of the total dollar value
of the transaction.
---------------------------------------------------------------------------

    \5\ Text in this sentence as set forth in the Exchange's Form
19b-4 and Exhibit 1 thereto has been deleted at the request of the
Exchange. See e-mail from Jason Harman, Consultant, NYSE Amex, to
Nathan Saunders, Special Counsel, Division of Trading and Markets,
Commission, dated July 12, 2010.
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v. SLP Credits
    The Exchange proposes different credits for SLP transactions in
Nasdaq Securities contingent upon SLPs meeting their quoting
requirements in

accordance with Rule 107B--NYSE Amex Equities.\6\ For SLP transactions
adding liquidity in Nasdaq Securities with a price of at least $1.00
per share, the Exchange proposes to pay a credit of $0.0021 per share
if the SLP meets its quoting requirements and $0.0019 per share if the
SLP does not meet its quoting requirements. For SLP transactions adding
liquidity in Nasdaq Securities with a trading price below $1.00, the
Exchange is proposing to not pay any credit regardless of whether or
not the SLP meets its quoting requirements.
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    \6\ Text in this sentence as set forth in the Exchange's Form
19b-4 and Exhibit 1 thereto has been deleted at the request of the
Exchange. See id.
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vi. Odd-Lot Transactions
    The Exchange proposes that the fees for odd-lot transactions in
Nasdaq Securities are as follows: $0.0021 per share for stocks priced
above $1.00, and 0.20% of the total dollar value of the transaction for
stocks priced below $1.00. The Exchange further proposes that DMMs
receive a credit for adding liquidity in odd-lots, including the odd-
lot portions of partial round-lots, of $0.0011 per share, regardless of
price.\7\
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    \7\ The Exchange has filed and expects to receive approval of a
rule filing to incorporate the receipt and execution of odd-lot
interest into the round lot market and to decommission the use of
the odd-lot system (``trading-in-shares''). See Securities Exchange
Act Release No. 62169 (May 25, 2010), 75 FR 31494 (June 3, 2010)
(SR-NYSEAmex-2010-43). Nasdaq Securities will trade in accordance
with these rule changes and the pricing for odd-lots will be the
same as for round-lots once they are approved.
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c. Proposed Fee for Transactions in Crossing Session II
    Currently, there is no charge for executions of basket trades in
Crossing Session II. The Exchange proposes to implement a fee of
$0.0001 per share charged to both sides of a basket trade executed in
Crossing Session II. This fee would apply to executions involving both
listed and traded securities, including Nasdaq Securities. The fee
would be subject to a $50,000 cap per month per member organization for
(i) NYSE Amex Equities listed securities, and separately (ii) NYSE Amex
traded securities.
    Finally, the Exchange proposes that the fees and credits described
herein be made effective as of the same date the Exchange's pilot
program for trading Nasdaq Securities is made effective.
2. Statutory Basis
    The Exchange believes that the proposed rule changes are consistent
with the provisions of Section 6 \8\ of the Act,\9\ in general, and
Section 6(b)(4), \10\ in particular, in that they are designed to
provide for the equitable allocation of reasonable dues, fees and other
charges among its members and other persons using its facilities. The
Exchange believes that the proposal does not constitute an inequitable
allocation of dues, fees or other charges, as all similarly situated
Exchange participants will be subject to the same fee structure.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f.
    \9\ 15 U.S.C. 78a, et seq.
    \10\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

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) \11\ of the Act and subparagraph (f)(2) of Rule
19b-4 \12\ thereunder, because it establishes a due, fee, or other
charge imposed by the NYSE Amex.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate 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.

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 e-mail to<EMAIL_ADDRESS>Please include File
Number SR-NYSEAmex-2010-69 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-NYSEAmex-2010-69. This
file number should be included on the subject line if e-mail 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 a.m. and 3 p.m. Copies of such 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-
NYSEAmex-2010-69 and should be submitted on or before August 9, 2010.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-17491 Filed 7-16-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 138 (Thursday, July 18, 2013)]
[Notices]
[Pages 42944-42945]
[FR Doc No: 2013-17304]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-R07-SFUND-2013-0462; FRL-9833-3]

Proposed Administrative Cost Recovery Settlement Under the
Comprehensive Environmental Response Compensation and Liability Act, as
Amended, Carter Carburetor Superfund Site, St. Louis, Missouri

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice; request for public comment.

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SUMMARY: In accordance with Section 122(i) of the Comprehensive
Environmental Response Compensation and Liability Act, as amended
(CERCLA), notice is hereby given of a proposed administrative
settlement with ACF Industries, LLC, St. Louis, Missouri, for the
compromise of past and projected future oversight costs concerning the
Carter Carburetor Superfund Site in St. Louis, Missouri. The settlement
includes a covenant not to sue with the settling party pursuant to
Section 107(a) of CERCLA. For thirty

(30) days following the date of publication of this notice, EPA will
receive written comments relating to the compromise of costs component
of the settlement. EPA will consider all comments and may modify or
withdraw its consent to the settlement if comments received disclose
facts or considerations which indicate that the compromise of costs is
inappropriate, improper, or inadequate. EPA's response to any comments
received will be available for public inspection at the EPA Region 7
office located at 11201 Renner Boulevard, Lenexa, Kansas 66219.

DATES: Comments must be submitted on or before August 19, 2013.

ADDRESSES: The proposed settlement is available for public inspection
at the EPA Region 7 office, 11201 Renner Boulevard, Lenexa, Kansas,
Monday through Friday, between the hours of 8:00 a.m. through 4:00 p.m.
A copy of the proposed settlement may be obtained from the Regional
Hearing Clerk, 11201 Renner Boulevard, Lenexa, Kansas 66219, (913) 551-
7567. Requests should reference the Carter Carburetor Superfund Site,
EPA Docket No. CERCLA-07-2013-0008. Comments should be addressed to: J.
Scott Pemberton, Senior Assistant Regional Counsel, 11201 Renner
Boulevard, Lenexa, Kansas 66219.

FOR FURTHER INFORMATION CONTACT: J. Scott Pemberton, at telephone:
(913) 551-7276; fax number:<PHONE_NUMBER>/Attn: J. Scott Pemberton;
email address<EMAIL_ADDRESS>
    Dated: June 26, 2013.
Cecilia Tapia,
Director, Superfund Division, EPA Region 7.
[FR Doc. 2013-17304 Filed 7-17-13; 8:45 am]
BILLING CODE 6560-50-P