[Federal Register Volume 75, Number 234 (Tuesday, December 7, 2010)]
[Notices]
[Page 76056]
[FR Doc No: 2010-30731]

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

Sunshine Act Meeting

FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT:

STATUS: Closed meeting.

PLACE: 100 F Street, NE., Washington, DC.

DATE AND TIME OF PREVIOUSLY ANNOUNCED MEETING: Thursday, December 9,
2010 at 2 p.m.

CHANGE IN THE MEETING: Time change.
    The closed meeting scheduled for Thursday, December 9, 2010 at 2
p.m. has been changed to Thursday, December 9, 2010 at 1 p.m.
    At times, changes in Commission priorities require alterations in
the scheduling of meeting items. For further information and to
ascertain what, if any, matters have been added, deleted or postponed,
please contact the Office of the Secretary at<PHONE_NUMBER>.

    Dated: December 2, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-30731 Filed 12-3-10; 11:15 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 20 (Monday, February 1, 2016)]
[Rules and Regulations]
[Pages 5040-5041]
[FR Doc No: 2016-01729]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2016-0038]

Drawbridge Operation Regulation; Lake Pontchartrain, Near New
Orleans, LA

AGENCY: Coast Guard, DHS.

ACTION: Notice of deviation from drawbridge regulation.

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SUMMARY: The Coast Guard has issued a temporary deviation from the
operating schedule that governs the US 11 bascule bridge across Lake
Pontchartrain, mile 4.75, between New Orleans and Slidell, Orleans and
St. Tammany Parishes, Louisiana. The deviation is necessary to
accommodate the Louisiana Paradise Bridge Run event. The deviation will
allow the draw of the bridge to remain in the closed-to-navigation
position during the event.

DATES: This deviation is effective from 6:45 a.m. through 8:45 a.m. on
February 20, 2016.

ADDRESSES: The docket for this deviation, [USCG-2016-0038] is available
at http://www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary deviation, call or email Jim Wetherington, Bridge
Administration Branch, Coast Guard, telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Slidell Memorial Hospital Foundation,
through the Louisiana Department of Transportation and Development
(LDOTD), requested a temporary deviation from the operating schedule of
the US 11 bascule bridge across Lake Pontchartrain, mile 4.75, between
New Orleans and Slidell, Orleans and St. Tammany Parishes, Louisiana.
The deviation was requested to allow the draw of the bridge to remain
in the closed-to-navigation position during the Louisiana Paradise
Bridge Run event. The vertical clearance of the vertical lift span
bridge is 13 feet above mean high water in the closed-to-navigation
position and 61 feet in the open-to-navigation position. The bridge is
governed by 33 CFR 117.5.
    This deviation is effective on February 20, 2016 from 6:45 a.m.
through 8:45 a.m. The deviation will allow the draw of the bridge to
remain in the closed-to-navigation position during the Bridge Run
event.
    Navigation on the waterway consists of small tugs with and without
tows, commercial vessels, and recreational craft, including sailboats.
    Vessels able to pass through the bridge in the closed-to-navigation
position may do so at any time. The bridge will be able to open for
emergencies, and there is no immediate alternate route. The Coast Guard
will also inform the users of the waterways through our Local and
Broadcast Notices to Mariners of the change in operating schedule for
the bridge.
    In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the effective
period of this temporary deviation. This deviation from the operating
regulations is authorized under 33 CFR 117.35.

    Dated: January 26, 2016.
David M. Frank,
Bridge Administrator, Eighth Coast Guard District.
[FR Doc. 2016-01729 Filed 1-29-16; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register Volume 83, Number 88 (Monday, May 7, 2018)]
[Notices]
[Pages 20131-20137]
[FR Doc No: 2018-09612]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83129; File No. SR-FINRA-2018-015]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of a Proposed Rule Change To Amend
FINRA Rule 6433 To Adopt the OTC Quotation Tier Pilot as Permanent

April 30, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 20, 2018, Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by FINRA. 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

    FINRA is proposing to amend FINRA Rule 6433 (Minimum Quotation Size
Requirements for OTC Equity Securities) to adopt as permanent the
minimum quotation sizes for OTC equity securities currently operating
on a pilot basis, scheduled to expire on June 7, 2018.
    The text of the proposed rule change is available on FINRA's
website at http://www.finra.org, at the principal office of FINRA 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, FINRA 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. FINRA 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
    FINRA proposes to amend Rule 6433 (Minimum Quotation Size
Requirements for OTC Equity Securities) (the ``Rule'') to adopt as
permanent the minimum quotation sizes applicable to quotations in OTC
equity securities \3\ that were proposed pursuant to File No. SR-FINRA-
2011-058 and implemented on a pilot basis on November 12, 2012 (``Tier
Size Pilot'' or ``Pilot'').\4\ The Pilot was initially approved for a
one-year term, has been extended ten times, and currently is scheduled
to expire on June 7, 2018.\5\
---------------------------------------------------------------------------

    \3\ An OTC equity security is an equity security that is not an
``NMS Stock'' as defined in Rule 600(b)(47) of SEC Regulation NMS;
provided, however, that the term ``OTC equity security'' shall not
include any Restricted Equity Security. See FINRA Rule 6420(f).
    \4\ See Securities Exchange Act Release No. 65568 (October 14,
2011), 76 FR 65307 (October 20, 2011) (Notice of Filing of File No.
SR-FINRA-2011-058) (``Original Proposal'').
    \5\ See Securities Exchange Act Release No. 67208 (June 15,
2012), 77 FR 37458 (June 21, 2012) (Notice of Filing of Amendment
No. 2 and Order Granting Accelerated Approval of a Proposed Rule
Change, as Modified by Amendment Nos. 1 and 2, To Amend FINRA Rule
6433 (Minimum Quotation Size Requirements for OTC Equity
Securities)) (Order Approving File No. SR-FINRA-2011-058, as
amended); see also Securities Exchange Act Release No. 70839
(November 8, 2013), 78 FR 68893 (November 15, 2013) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to
Extend the Tier Size Pilot to November 14, 2014; File No. SR-FINRA-
2013-049); Securities Exchange Act Release No. 73299 (October 3,
2014), 79 FR 61120 (October 9, 2014) (Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change to Extend the Tier Size
Pilot to February 13, 2015; File No. SR-FINRA-2014-041); Securities
Exchange Act Release No. 74251 (February 11, 2015), 80 FR 8741
(February 18, 2015) (Notice of Filing and Immediate Effectiveness of
a Proposed Rule Change to Extend the Tier Size Pilot to May 15,
2015; File No. SR-FINRA-2015-002); Securities Exchange Act Release
No. 74927 (May 12, 2015), 80 FR 28327 (May 18, 2015) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to
Extend the Tier Size Pilot to August 14, 2015; File No. SR-FINRA-
2015-010); Securities Exchange Act Release No. 75639 (August 7,
2015), 80 FR 48615 (August 13, 2015) (Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change to Extend the Tier Size
Pilot to December 11, 2015; File No. SR-FINRA-2015-028); Securities
Exchange Act Release No. 76519 (November 24, 2015), 80 FR 75155
(December 1, 2015) (Notice of Filing and Immediate Effectiveness of
a Proposed Rule Change to Extend the Tier Size Pilot to June 10,
2016; File No. SR-FINRA-2015-051); Securities Exchange Act Release
No. 77923 (May 26, 2016), 81 FR 35432 (June 2, 2016) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to
Extend the Tier Size Pilot to December 9, 2016; File No. SR-FINRA-
2016-016); Securities Exchange Act Release No. 79401 (November 25,
2016), 81 FR 86762 (December 1, 2016) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change to Extend the Tier
Size Pilot to June 9, 2017; File No. SR-FINRA-2016-044); Securities
Exchange Act Release No. 80727 (May 18, 2017), 82 FR 23953 (May 24,
2017) (Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change to Extend the Tier Size Pilot to December 8, 2017; File
No. SR-FINRA-2017-014); Securities Exchange Act Release No. 82153
(November 22, 2017), 82 FR 56300 (November 28, 2017) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to
Extend the Tier Size Pilot to June 7, 2018; File No. SR-FINRA-2017-
035).
---------------------------------------------------------------------------

    The Pilot tiers were designed to: (1) Simplify the structure of the
minimum quotation sizes; (2) facilitate the display of customer limit
orders under Rule 6460 (Display of Customer Limit Orders) (``limit
order display rule''); and (3) expand the scope of the Rule to provide
for uniform treatment of the types and sources of quotations that would
be subject to the Rule.\6\ FINRA believes the Pilot has resulted in its
intended objectives, and particularly notes that the Pilot has yielded
a significant positive result with regard to increased display of
customer limit orders. At the same time, market quality measures have
been neutral (i.e., unchanged) or slightly positive (i.e., slightly
improved) overall during the Pilot, as compared to the pre-Pilot
period, as discussed more fully below. Accordingly, FINRA believes it
is appropriate and consistent with the Act to adopt the Pilot tier
sizes on a permanent basis.
---------------------------------------------------------------------------

    \6\ See Order Approving File No. SR-FINRA-2011-058, 77 FR at
37458.
---------------------------------------------------------------------------

Objectives of the Pilot
    FINRA Rule 6433 sets forth the minimum quotation sizes applicable
to the display of quotations in OTC equity securities on any inter-
dealer quotation system that permits quotation updates on a real-time
basis. The Rule provides different minimum quotation sizes that apply
depending upon the price level of the bid or offer in the security.
    Prior to the Pilot, which has been in effect since November 12,
2012,\7\ Rule

6433 provided for nine tier sizes that applied only to market makers'
proprietary quotes. The pre-Pilot tiers ranged in price points from
$0.00 through $2,500.01, and are shown below in Table 1.
---------------------------------------------------------------------------

    \7\ Regulatory Notice 12-51 (November 2012); see also Regulatory
Notice 12-37 (August 2012).

                                 Table 1
------------------------------------------------------------------------
                                                           Minimum quote
                  Price (bid or offer)                      size (# of
                                                              shares)
------------------------------------------------------------------------
$0 to $0.50.............................................           5,000
$0.51 to $1.00..........................................           2,500
$1.01 to $10.00.........................................             500
$10.01 to $100.00.......................................             200
$100.01 to $200.00......................................             100
$200.01 to $500.00......................................              25
$500.01 to $1,000.00....................................              10
$1,000.01 to $2,500.00..................................               5
$2,500.01 +.............................................               1
------------------------------------------------------------------------

    Under the Pilot, the number of tiers was reduced from nine to six,
and the tiers apply to all quotations displayed by market makers,
whether representing proprietary or customer interest, as well as
quotations displayed by non-market makers (i.e., alternative trading
systems or any other member firm).\8\ The Pilot tiers ultimately
adopted are shown below in Table 2.
---------------------------------------------------------------------------

    \8\ FINRA initially proposed six tiers, some of which were
different from those ultimately adopted. However, in response to
comments received, FINRA amended the filing to increase the minimum
quotation size for most price points between $0.02 and $1.00. FINRA
stated that the amended tiers were intended to facilitate the
display of additional liquidity by market makers. See Securities
Exchange Act Release No. 66819 (April 17, 2012), 77 FR 23770 (April
20, 2012) (Amendment No. 1 to File No. SR-FINRA-2011-058); see also
Original Proposal.

                                 Table 2
------------------------------------------------------------------------
                                                           Minimum quote
                  Price (bid or offer)                      size (# of
                                                              shares)
------------------------------------------------------------------------
$0.0001 to $0.0999......................................          10,000
$0.10 to $0.1999........................................           5,000
$0.20 to $0.5099........................................           2,500
$0.51 to $0.9999........................................           1,000
$1.00 to $174.99........................................             100
$175.00 +...............................................               1
------------------------------------------------------------------------

    The Pilot tiers simplified the tier structure by reducing the
number of tiers from nine to six. In addition, for price points between
$1.00 and $174.99, the Pilot established a minimum quotation size of
100 shares, which is comparable to the minimums generally applicable to
quotations in securities on equity exchanges. The Pilot also revised
the smallest price point from $0.00 to $0.0001 to conform to the
minimum quotation increments under Rule 6434 (Minimum Pricing Increment
for OTC Equity Securities).\9\
---------------------------------------------------------------------------

    \9\ Rule 6434, among other things, prohibits members from
displaying a bid or offer in an OTC equity security in an increment
smaller than $0.01 if the bid or offer is priced $1.00 or greater
per share, or in an increment smaller than $0.0001 if the bid or
offer is priced below $1.00.
---------------------------------------------------------------------------

    Importantly, the Pilot was designed to facilitate the display of
customer limit orders under FINRA's limit order display rule, which
generally requires that OTC market makers fully display better-priced
customer limit orders (or same-priced customer limit orders that are at
the best bid or offer and that increase the OTC market maker's size by
more than a de minimis amount). Pursuant to the limit order display
rule, OTC market makers are not required to display a customer limit
order on an inter-dealer quotation system unless doing so would comply
with the minimum quotation size applicable to the price of the
quotation under the Rule. Therefore, although a customer limit order
may otherwise have been required to be displayed under the limit order
display rule--for example, because it improved price or the size (more
than a de minimis amount)--if the order is less than the minimum
quotation size prescribed by Rule 6433, the member is not required to
display the order. Thus, FINRA believed that the revisions implemented
by the Pilot would improve overall display of customer limit orders.
    For example, because the Pilot would reduce the minimum quotation
size from 2,500 to 100 shares for securities priced at or above $1.00,
FINRA believed that competitively priced customer limit orders, which
tend to be smaller-sized orders, would more likely be displayed and
potentially yield a variety of benefits, including improved price
transparency, enhanced execution of customer limit orders, and narrower
spreads. In addition, in a memorandum on potential effects of the
Pilot, SEC staff economists noted that enhanced visibility of customer
limit orders could reduce customers' execution costs.\10\
---------------------------------------------------------------------------

    \10\ See Memorandum to File No. SR-FINRA-2011-058 re: FINRA
Proposal to Reduce Minimum Quotation Size in OTC Market Tiers from
Division of Risk, Strategy, and Financial Innovation, dated June 1,
2012, available at: http://www.sec.gov/comments/sr-finra-2011-058/finra2011058-13.pdf.
---------------------------------------------------------------------------

    An additional objective of the Pilot was to expand the Rule's scope
to apply to all member quotations on an inter-dealer quotation system.
Prior to the Pilot, the Rule applied only to market makers' proprietary
quotes in OTC equity securities on an inter-dealer quotation system.
Under the Pilot, the minimum tier sizes apply to any member quotations
entered on an inter-dealer quotation system (including quotes
representing customer interest and quotations entered by non-market
makers).
Concerns Raised During the Proposal Process and Data Commitment
    The Commission received several comments in response to FINRA's
Tier Size Pilot proposal. Commenters generally were supportive of the
goal of increased customer limit order display; \11\ however,
commenters also raised concerns regarding the impact of revised tiers.
Specifically, certain commenters questioned whether the Pilot might
harm market quality by permitting market makers to post quotes
representing minimum dollar value commitments that are not financially
meaningful, or otherwise eroding market maker liquidity in OTC equity
securities.\12\ In addition, some commenters believed that there was
not sufficient data analysis to support the proposed changes to the
tier sizes.\13\
---------------------------------------------------------------------------

    \11\ See Order Approving File No. SR-FINRA-2011-058.
    \12\ See id.
    \13\ See id. at 37461-62.
---------------------------------------------------------------------------

    In response to commenters' concerns, FINRA filed Amendment No. 1 to
the Original Proposal to increase the minimum quotation sizes for most
price points between $0.02 and $1.00, and proposed that the revised
tiers operate as a one-year pilot instead of as a permanent amendment.
FINRA also submitted Amendment No. 2 to the Original Proposal to, among
other things, specify the items of data that FINRA would collect and
provide to the Commission during the duration of the Pilot;
specifically:
    1. The price of the first trade of each trading day executed at or
after 9:30:00 a.m., based on execution time.
    2. The price of the last trade of each trading day executed at or
before 4:00:00 p.m., based on execution time.
    3. Daily share volume.
    4. Daily dollar volume.
    5. Number of limit orders from customers and in total.
    6. Percentage of the day that the size of the BBO equals the
minimum quote size.
    7. Number of market makers actively quoting.
    8. Number of executions from a limit order and number of limit
orders at the BBO or better by tier size from a customer and in total.
    9. Liquidity/BBO metrics
    a. Time-weighted quoted spread.
    b. Effective spread.
    c. Time-weighted quoted depth (number of shares) at the inside.

    d. Time-weighted quoted depth (dollar value of shares) at the
inside.
    FINRA also committed to submitting an assessment, at least 60 days
before the end of the Pilot, that addressed the impact of the Pilot,
the concerns raised by commenters during the rule filing process, and
whether the Pilot resulted in the desired effects.\14\
---------------------------------------------------------------------------

    \14\ See Amendment No. 2 to File No. SR-FINRA-2011-058,
available at http://www.finra.org/file/amendment-no-2-propose-rule-change.
---------------------------------------------------------------------------

Pilot Assessment
    FINRA submitted its assessment on the operation of the Tier Size
Pilot on September 13, 2013, which utilized pilot data covering the
period from November 12, 2012 through June 30, 2013.\15\ The 2013
Assessment, discussed in greater detail below, included a
recommendation, based on the extensive analysis conducted, that the
Pilot tiers be adopted as permanent. Nonetheless, FINRA extended the
Pilot duration to allow the effects of the Pilot to be more thoroughly
reviewed.\16\ During this extension, the Staff of the Division of
Economic and Risk Analysis (``DERA'') of the SEC conducted a study,
which assessed the impact of the Pilot on liquidity. The study was
published as a memorandum to file (``DERA Memo to File'').\17\ And
while the two studies covered different time periods and employed
different methods, the DERA Memo to File reported findings consistent
with those of the FINRA 2013 Assessment. In light of the 2013
Assessment, FINRA's further observations, and the DERA Memo to File,
FINRA continues to believe that it is appropriate to permanently adopt
the tier sizes that have been in operation since November 12, 2012, and
is proposing to do so at this time.
---------------------------------------------------------------------------

    \15\ FINRA engaged a third-party, Cornerstone Research, to
conduct an analysis of the impact of the Pilot on OTC market
quality. The 2013 assessment is part of the SEC's comment file for
SR-FINRA-2011-058 and also is available on FINRA's website at:
http://www.finra.org/industry/rule-filings/sr-finra-2011-058 (``2013
Assessment'').
    \16\ See supra note 5.
    \17\ See Memorandum to File No. SR-FINRA-2011-058 re: FINRA's
Pilot Program Amending Minimum Quotation Size Requirements for OTC
Equity Securities from DERA, dated July 28, 2017, available at:
https://www.sec.gov/files/otc_tiersizepilot_memo.pdf.
---------------------------------------------------------------------------

    FINRA believes the 2013 Assessment demonstrated that the Pilot
accomplished its objectives, including increased customer limit order
display, and that key market quality indicators have been unchanged or
have slightly improved overall. FINRA continued to collect and provide
Pilot data to the SEC since the 2013 Assessment. In addition, FINRA has
continued to monitor the impact of the operation of the Pilot on market
quality metrics for the over-the-counter marketplace, which FINRA
generally believes indicate positive trends overall, providing
continued support for permanent adoption of the Pilot tiers.\18\
Moreover, the DERA Memo to File provided further evidence, in a
regression framework, that supports the conclusion that the Pilot had a
neutral to positive impact on market quality.
---------------------------------------------------------------------------

    \18\ FINRA engaged in outreach with member firms that are active
in the market for OTC Equity Securities regarding the operation of
the Tier Size Pilot, and the majority of those firms did not oppose
the permanent adoption of the Pilot.
---------------------------------------------------------------------------

    Specifically, FINRA believes that the 2013 Assessment demonstrated
that the Pilot has resulted in a meaningful increase in the display of
customer limit orders. Moreover, FINRA believes the data collected
during the Pilot also supports that market quality has not been harmed,
as suggested by the analysis of market quality measures such as spreads
and market depth.
(A) Enhanced Customer Limit Order Display
    When the Commission approved the Pilot, it recognized the potential
benefits of enhancing customer limit order display. Notably, the
Commission found that ``[i]n the Commission's view, FINRA's proposed
revisions are designed to protect investors by revising the Rule's tier
thresholds such that a larger percentage of customer limit orders are
reflected in quotations for OTC equity securities, thereby potentially
improving the prices at which customer limit orders will be executed,
consistent with the protection of investors and the public interest.''
\19\ FINRA believes the Pilot clearly has achieved the objective of
increased customer limit order display.
---------------------------------------------------------------------------

    \19\ See Order Approving File No. SR-FINRA-2011-058, 77 FR at
37466. See also Memorandum to file from Division of Risk, Strategy,
and Financial Innovation, dated June 1, 2012, supra note 10.
---------------------------------------------------------------------------

    As noted in FINRA's September 2013 Assessment, between November 1,
2012 and June 30, 2013, for all tier sizes combined, there was a 13%
increase in the number of customer limit orders that met the minimum
quotation sizes to be eligible for display under the Pilot tiers. FINRA
also observed a significant increase in the number of customer limit
orders in securities priced between $0.20 and $100.00 that became
eligible for display. This trend continued through July 31, 2014.
Specifically, between July 1, 2013 and July 31, 2014, FINRA observed,
for all tier sizes combined, an 18.45% increase in the number of
customer limit orders that met the minimum quotation sizes and,
therefore, eligible for display--also with the most significant
increase observed for securities priced between $0.20 and $100.00.
    Tables 3 and 4 below show the percentage of customer limit orders
that were equal to or greater than the minimum quotation size under
both the Pilot and pre-Pilot tier sizes for the specified price ranges
for the periods of November 1, 2012 through June 30, 2013, and from
July 1, 2013 through July 31, 2014, respectively.

                                                     Table 3
                                    [November 1, 2012 through June 30, 2013]
----------------------------------------------------------------------------------------------------------------
                                                                  Customer limit                  Customer limit
                   Price range                      Pilot tier    orders >= tier  Pre-pilot tier  orders >= tier
                                                       size          size (%)          size          size (%)
----------------------------------------------------------------------------------------------------------------
0.0001-0.0999...................................          10,000           78.29           5,000           86.30
0.10-0.1999.....................................           5,000           56.89           5,000           56.89
0.20-0.5099.....................................           2,500           57.35           5,000           43.30
0.51-0.9999.....................................           1,000           72.81           2,500           46.05
1.00-10.00......................................             100           97.86             500           74.73
10.01-100.00....................................             100           98.24             200           87.93
100.01-174.99...................................             100           90.49             100           90.49
175.00-200.00...................................               1             100             100           96.71
200.01-500.00...................................               1             100              25           90.74
500.01-1,000.00.................................               1             100              10           64.62
1,000.00-2,500.00...............................               1             100               5           61.38

2,500.00+.......................................               1             100               1          100.00
----------------------------------------------------------------------------------------------------------------

                                                     Table 4
                                      [July 1, 2013 through July 31, 2014]
----------------------------------------------------------------------------------------------------------------
                                                                  Customer limit                  Customer limit
                   Price range                      Pilot tier    orders >= tier  Pre-pilot tier  orders >= tier
                                                       size          size (%)          size          size (%)
----------------------------------------------------------------------------------------------------------------
0.0001-0.0999...................................          10,000           78.29           5,000           88.70
0.10-0.1999.....................................           5,000           56.89           5,000           57.78
0.20-0.5099.....................................           2,500           57.35           5,000           42.31
0.51-0.9999.....................................           1,000           72.81           2,500           42.10
1.00-10.00......................................             100           97.86             500           68.36
10.01-100.00....................................             100           98.24             200           78.03
100.01-174.99...................................             100           90.49             100           90.60
175.00-200.00...................................               1             100             100           91.94
200.01-500.00...................................               1             100              25           89.41
500.01-1,000.00.................................               1             100              10           66.65
1,000.00-2,500.00...............................               1             100               5           65.58
2,500.00+.......................................               1             100               1          100.00
----------------------------------------------------------------------------------------------------------------

    As was noted in the 2013 Assessment, of the 301,628,686 customer
limit orders in OTC equity securities reported to FINRA's Order Audit
Trail System (``OATS'') between November 1, 2012 and June 30, 2013,
over 86.6% were priced between $0.20 and $100.00. Of particular note,
58.7 million customer limit orders, or almost 20% of all customer limit
orders, were priced between $1.00 and $10.00. This price range
experienced an increase of almost 24% in the number of customer limit
orders that met the minimum quotation size to be eligible for display
under the Pilot. Further, 181.6 million customer limit orders, or over
60% of all customer limit orders, were priced between $10.01 and
$100.00. This price range experienced an increase of over 10% in the
number of customer limit orders that met the tier sizes and were
eligible for display under the Pilot tier sizes. Consequently, the 2013
Assessment found that an additional 32 million customer limit orders
priced between $1.00 and $100.00 became eligible for display during the
Pilot that otherwise would not have been eligible for display.
    The trends during the period since the 2013 Assessment are similar.
Specifically, of the 573,973,197 customer limit orders in OTC equity
securities reported to OATS between July 1, 2013 and July 31, 2014,
81.4% were priced between $0.20 and $100.00. Of particular note, 114.5
million customer limit orders, or almost 20% of all customer limit
orders, were priced between $1.00 and $10.00. From July 1, 2013 through
July 31, 2014, this price range experienced an increase of over 29% in
the number of customer limit orders that met the minimum quotation size
to be eligible for display under the Pilot than would have been
eligible in the absence of the Pilot. Further, 312.1 million customer
limit orders, or over 54% of all customer limit orders, were priced
between $10.01 and $100.00. This price range experienced an increase of
over 19% in the number of customer limit orders that met the tier sizes
and were eligible for display under the Pilot tier sizes. Consequently,
an additional 94.9 million customer limit orders priced between $1.00
and $100.00 became eligible for display during the Pilot between June
30, 2013 and July 31, 2014 than otherwise would have been eligible for
display.
    Thus, with an aggregate overall increase in displayed customer
limit orders in OTC equity securities over the period from November 12,
2012 through July 31, 2014 of 16.24%, representing approximately 142
million additional orders than otherwise would have been eligible for
display, FINRA believes that the impact of the Pilot on limit order
display has clearly been positive, with stronger than average results
concentrated in the price points ranging from $10.01 and $100.00 (the
range in which the majority of all customer limit orders fell
(approximately 57%)).
(B) Impact on Market Quality
    When the Commission approved the Pilot, it acknowledged that the
Pilot may raise issues of ``potentially competing forces''--enhanced
customer limit order display on the one hand, and potential harm to OTC
equity market quality (liquidity, efficiency, and volatility) on the
other.\20\ On balance, however, the Commission expressed the view that
``as well as increasing the number of customer limit orders eligible
for display and the potential for better executions, arguments can be
made that FINRA's proposal will benefit the OTC market by facilitating
market making activity, narrowing spreads and increasing liquidity.''
\21\
---------------------------------------------------------------------------

    \20\ See Order Approving File No. SR-FINRA-2011-058, 77 FR at
37467.
    \21\ See Order Approving File No. SR-FINRA-2011-058, 77 FR at
37467.
---------------------------------------------------------------------------

    FINRA believes that analysis of the Pilot and pre-Pilot data
generally shows that the market quality measures the Commission
identified--i.e., market maker activity, spreads and liquidity \22\--
were unchanged to slightly improved, and that, therefore, there has
been an overall neutral to positive impact on OTC market quality for
the

majority of tiers as compared to the pre-Pilot data.\23\
---------------------------------------------------------------------------

    \22\ To the extent the Commission expressed concern about
volatility when it approved the Pilot, its concern was premised on
the Pilot's impact on liquidity. See, e.g., Order Approving File No.
SR-FINRA-2011-058, 77 FR at 37470 (``[I]f the revised tier sizes
result in less activity by market makers, overall liquidity in the
marketplace could decline. Such a decline could result in increased
volatility and less efficient pricing for OTC equity securities.'')
(internal citation omitted).
    \23\ FINRA notes that, from an analytical perspective, changes
in market quality measures may not be attributable solely due to the
Pilot, since they may also be impacted by other contemporaneous
market factors.
---------------------------------------------------------------------------

    As noted in the 2013 Assessment, where minimum quotation size
decreased under the Pilot, effective spreads generally remained the
same or narrowed, quoted spreads narrowed, and price impact generally
decreased. The 2013 Assessment also stated that some of the market
quality metrics provided inconclusive results, specifically for Tier 1
securities, where the minimum quote size requirement increased. The
2013 Assessment documented that effective spreads had widened, but with
no significant reduction in quoted depth.\24\
---------------------------------------------------------------------------

    \24\ For Tier 1 securities, the DERA Memo to File finds that
both quoted and effective spreads increase between the pre-Pilot
period (November 14, 2011 through October 31, 2012) and the Pilot
period (November 12, 2012 through November 28, 2014) covered by the
analysis. However, the DERA Memo to File does not find sufficient
evidence that these increases in spreads were caused by the Pilot,
as spreads started to widen at least six months prior to the
implementation of the Pilot.
---------------------------------------------------------------------------

    In the post-2013 Assessment period of July 1, 2013 through July 31,
2014, FINRA has observed that the number of stocks quoted in the OTC
market has remained relatively constant \25\ and market makers
continued to provide liquidity.\26\ The number of BBO quotes also
significantly increased throughout 2014, the second year of the Pilot;
as it generally hovered around 2 million per day during the Pre-Pilot
period, but steadily increased, reaching a high of approximately 6
million per day in early 2014 and leveling off to an average of 5
million per day during the month of July 2014. The average number of
trades per day was higher during the first two years of the Pilot
compared to the pre-Pilot level, and more than tripled by March
2014.\27\ However, trading activity appears to have leveled-off in mid-
2014, albeit still at levels above the pre-Pilot trading.\28\ Liquidity
continued to be provided at levels greater than the minimum required
depth, evidenced by executions at sizes greater than the required
minimums, which enabled the execution of large trades in the OTC
market. For example, for Tier 1 securities where the minimum quotation
size increased, the number of trades executed above the minimum size
increased by approximately 75%. While there was virtually no change in
the frequency of trades above the minimum size for Tiers 2 and 3, all
the other tiers experienced a positive change. Trading in sizes greater
than the minimum quotation occurred infrequently in these tiers both
prior to and during the pilot.
---------------------------------------------------------------------------

    \25\ The number of stocks quoted on the OTC market remained
stable at around 10,000 throughout the pre-Pilot period, and during
the period covered in the 2013 Assessment and FINRA's subsequent
observations (November 1, 2012 through July 31, 2014).
    \26\ There was an average of nine market-makers for each symbol
with no significant change in the number between the pre-Pilot
period, and during the period covered in the 2013 Assessment and
FINRA's subsequent observations (November 1, 2012 through July 31,
2014).
    \27\ The daily number of trades executed during the year prior
to the Pilot is estimated at approximately 75,000, and reached
around 250,000 trades by the end of the first quarter in 2014.
    \28\ The daily average number of trades was approximately
100,000 by July 2014.
---------------------------------------------------------------------------

    The analysis of data from the second year of the Pilot also
confirms FINRA's position that the impact of the change in the minimum
quotation size on the market quality metrics is generally positive.
FINRA staff analyzed the change in five measures to evaluate the impact
of the Pilot on market quality--time-weighted quoted spreads, volume-
weighted spreads, time-weighted quoted depth at the BBO, time-weighted
quoted depth around the BBO, and price impact. Time-weighted quoted
spreads continued to narrow during the first two years of the Pilot and
these positive changes in time-weighted quoted spreads between the pre-
Pilot and the first two years of the Pilot were statistically
significant for all tiers.\29\ Similarly, volume-weighted spreads were
unchanged (or slightly narrowed) for all tiers between the pre-Pilot
period and the first two years of the Pilot when accounting for the
longer Pilot period.
---------------------------------------------------------------------------

    \29\ For stocks in price tiers where the minimum quotation size
requirement decreased, the DERA Memo to File also finds that both
quoted and effective spreads decrease between the pre-Pilot period
(from November 14, 2011 to October 31, 2012) and the Pilot period
(November 12, 2012 to November 28, 2014) covered by the analysis.
Furthermore, the DERA Memo to File's analysis suggests that these
decreases in spreads may reflect causal effects of the Pilot. In
contrast, for stocks in price tiers where the minimum quotation size
requirement increased or remained the same, the DERA Memo to File
does not find sufficient evidence that the Pilot had a causal impact
on spreads.
---------------------------------------------------------------------------

    The displayed depth decreased slightly for most tiers, but a
consideration of depth beyond the BBO demonstrated that any declines
were mostly statistically insignificant across tiers in the first two
years of the Pilot. FINRA believes that consideration of depth beyond
the BBO is a useful additional measure for assessing market depth.
    In addition, based on a data review using the same methodology as
was employed for the 2013 Assessment, subsequent to the completion of
the 2013 Assessment, FINRA observed that the price impact of
hypothetical market orders continued to remain lower during the second
year of the Pilot period than during the pre-Pilot period.\30\ For
example, the following two tables present the price impact for
hypothetical market buy and sell orders with sizes five times larger
than the minimum size requirement for each tier. The price impact
associated with the hypothetical orders is estimated to have declined
for all tiers, which is an indication of improved market quality. The
decline is significant for all levels except for Tiers 5b and 5c (for
buy trades) and Tier 1 (for sell trades).\31\
---------------------------------------------------------------------------

    \30\ As discussed in the 2013 Assessment, the price impact of
hypothetical market orders is the effective half spread for a
hypothetical market ``sweep'' order of a particular size. In other
words, it is an estimate of what the volume-weighted average
effective half spread would have been had a market order been broken
up and routed to the market makers based on price priority.
    \31\ [Content of footnote 31 moved to the body of the text due
to Federal Register requirements.]
---------------------------------------------------------------------------

    [Content of footnote 31: The t-statistic is designed to measure
whether the price impact associated with a trade of a given (relative)
size is different between the pre-Pilot and Pilot sample periods. The
difference is tested for significance by calculating the two-sample un-
pooled Student's t-statistic,
[GRAPHIC] [TIFF OMITTED] TN07MY18.025

    The null hypothesis (i.e., that price impact is unchanged between
the two sample periods) is rejected at the 90% and 95% confidence
levels, if the t-statistics are greater than 1.65 and 1.96,
respectively.]

                                                     Table 5
                             [Price Impact for Hypothetical Large Market Buy Orders]
----------------------------------------------------------------------------------------------------------------
               Minimum quotation     Number of    Pre-pilot (10/  Pilot (11/2012-
     Tier         size change         stocks      2011- 10/2012)      7/2014)       Difference      t-statistic
----------------------------------------------------------------------------------------------------------------
1............  Increased........           3,586          0.0055          0.0050         -0.0005          (2.60)
2............  Maintained.......           1,254          0.0235          0.0197         -0.0038          (5.03)
3............  Decreased........           1,752          0.0506          0.0420         -0.0086          (6.41)
4............  Decreased........           1,537          0.0969          0.0810         -0.0159          (5.00)
5a...........  Decreased........           3,038          0.3295          0.2530         -0.0765          (7.79)
5b...........  Decreased........           2,026          1.1630          1.0661         -0.0969          (1.55)
5c...........  Maintained.......             177          4.8322          4.7906         -0.0416          (0.06)
----------------------------------------------------------------------------------------------------------------

                                                     Table 6
                            [Price Impact for Hypothetical Large Market Sell Orders]
----------------------------------------------------------------------------------------------------------------
               Minimum quotation     Number of    Pre-pilot (10/  Pilot (11/2012-
     Tier         size change         stocks      2011- 10/2012)      7/2014)       Difference      t-statistic
----------------------------------------------------------------------------------------------------------------
1............  Increased........           3,931          0.0062          0.0059         -0.0003          (1.60)
2............  Maintained.......           1,483          0.0233          0.0169         -0.0064          (3.41)
3............  Decreased........           1,787          0.0540          0.0311         -0.0229          (4.87)
4............  Decreased........           1,676          0.1214          0.0656         -0.0558          (4.95)
5a...........  Decreased........           3,059          0.4170          0.1500         -0.2670          (6.01)
5b...........  Decreased........           2,145          2.3563          0.4214         -1.9349          (6.79)
5c...........  Maintained.......             288         14.8135          4.2683        -10.5452          (3.13)
----------------------------------------------------------------------------------------------------------------

    As noted above, the 2013 Assessment was not conclusive as to the
impact of the Pilot on market quality for Tier 1 securities, the only
tier where the minimum quotation size increased. For example, the 2013
Assessment indicated that the time-weighted quoted spread was unchanged
for Tier 1 securities in the Pilot period. However, from June 30, 2013
to July 2014, there was a statistically significant narrowing of time-
weighted quoted spreads in this tier. Evidence from the second year of
the Pilot suggests that volume-weighted effective spreads and depth
beyond the BBO were unchanged from pre-Pilot levels, but there was a
statistically significant increase in depth at the BBO. Therefore, the
updated analysis provides reliable evidence that market quality for
Tier 1 securities has also improved during the Pilot.\32\ The data for
other tiers, however, continue to provide reliable evidence that market
quality has been unchanged or slightly improved under the Pilot. Thus,
because the Pilot had a demonstrable positive impact on customer limit
order display, and appears to have had an overall neutral to positive
impact on market quality, FINRA believes it is appropriate and in the
best interest of investors to adopt the Pilot tiers as permanent.
---------------------------------------------------------------------------

    \32\ As noted in note 24, supra, the DERA Memo to File finds
that quoted and effective spreads for Tier 1 securities increase
between the pre-Pilot period of November 14, 2011 to October 31,
2012 and the Pilot period of November 12, 2012 to November 28, 2014
covered by the analysis, but it does not find sufficient evidence
that these increases in spreads were caused by the Pilot.
---------------------------------------------------------------------------

    As noted in Item 2 of this filing, because the filing would allow
Rule 6433 to continue to operate without interruption, if the
Commission approves the proposed rule change, the implementation date
of the proposed rule change shall be the date of approval by the
Commission.
(C) Alternatives Considered
    In developing the proposed rule change, FINRA considered several
alternatives to the proposed rule change, to ensure that it (1)
simplifies the structure of the minimum quotation sizes; and (2)
facilitates the display of customer limit orders under Rule 6460
(Display of Customer Limit Orders) (``limit order display rule'')
without having a negative impact on market quality and the number of
customer limit orders that are eligible for display. Accordingly, FINRA
considered alternative price points and minimum quotation sizes in
forming the tiers and evaluated the number of customer limit orders
that would be eligible for display. FINRA also assessed the potential
impact associated with alternative price bands across multiple sample
periods, and concluded that the tier structure that was adopted under
the Pilot resulted in the maximum number of customer limit orders that
would be eligible for display without harming competition in the OTC
equity securities market. In addition, FINRA staff revised the smallest
price point to conform to the minimum quotation increments under FINRA
Rule 6434 and increased the minimum quotation sizes for most price
points between $0.02 and $1.00. FINRA believes that the pilot tiers
continue to be appropriate and should be adopted on a permanent basis.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\33\ which requires, among
other things, that FINRA rules must be designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest. FINRA also believes that the proposed rule change is
consistent with the provisions of Section 15A(b)(11) of the Act.\34\
Section 15A(b)(11) requires that FINRA rules include provisions
governing the form and content of quotations relating to securities
sold otherwise than on a national securities exchange which may be
distributed or published by any member or person associated with a
member, and the persons to whom such quotations may be supplied.
---------------------------------------------------------------------------

    \33\ 15 U.S.C. 78o-3(b)(6).
    \34\ 15 U.S.C. 78o-3(b)(11).
---------------------------------------------------------------------------

    FINRA believes that adopting the Pilot tiers as permanent would
promote just and equitable principles of trade

and protect investors and the public interest. The 2013 Assessment and
subsequent observations clearly demonstrate that the Pilot has resulted
in increased display of customer limit orders. The 2013 Assessment
found a 13% increase in the number of customer limit orders that met
the minimum quotation sizes to be eligible for display across all Pilot
tiers, and the updated data through July 2014 shows an even greater
increase of 18.45% than otherwise would have been eligible for display.
Notably, the increase in customer limit orders eligible for display was
significant in tiers that make up substantial percentages of the
overall volume transacted in OTC equity securities.
    FINRA further believes that any concerns about market quality
raised by public commenters prior to the Commission's approval of Pilot
have not materialized. In fact, FINRA believes that the Pilot has had a
positive impact on OTC market quality for the majority of OTC equity
securities and tiers. As more fully detailed above, FINRA believes the
Pilot data shows overall a slight reduction in spreads for most OTC
equity securities with no negative (and perhaps a positive) impact on
liquidity.
    As noted previously, when the Commission approved the Pilot, it
emphasized the potential benefits of increasing customer limit order
display. For instance, the Commission noted that increased limit order
display could potentially improve the prices at which customer limit
orders will be executed, consistent with the protection of investors
and the public interest.\35\ The Commission also has stated its belief
that greater customer limit order display could increase quote
competition, narrow spreads, and increase the likelihood of price
improvement for OTC equity securities.\36\ The Commission had
maintained a longstanding view that there are benefits to promoting
customer limit order display.\37\
---------------------------------------------------------------------------

    \35\ See Order Approving File No. SR-FINRA-2011-058, 77 FR at
37466.
    \36\ See id. at 37469.
    \37\ See id. at 37469 n.168 (citing, among other things, the
Commission's 1996 Order Handling Rules Release).
---------------------------------------------------------------------------

    Accordingly, FINRA believes that the Pilot accomplished its
intended objectives and realized benefits anticipated in its adoption,
including greater customer limit order display. At the same time,
market quality indicators during the Pilot suggest that the revised
tiers and greater customer limit order display did not result in a
harmful reduction in liquidity for OTC equity securities. As a result,
FINRA believes it is consistent with the Act to adopt the Pilot tiers
as permanent.

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

    FINRA does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. Despite some initial concerns
from commenters that the Pilot may have negative effects on market
makers who quote OTC equity securities, as the Pilot has progressed,
FINRA observed an overall increase in the number of market makers
quoting OTC equity securities across the duration of the Pilot.
Accordingly, given the increase in the number of market makers quoting
OTC equity securities, as demonstrated by the analysis using the first
two years of data from the Pilot, and the increased display of customer
limit orders, FINRA believes the Pilot has generated evidence that
support the Commission's preliminary view ``that the [Pilot] could
enhance competition.'' \38\
---------------------------------------------------------------------------

    \38\ See Order Approving File No. SR-FINRA-2011-058, 77 FR at
37469.
---------------------------------------------------------------------------

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

    Written comments were neither solicited nor received.

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 (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization 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 protected]. Please include
File Number SR-FINRA-2018-015 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-FINRA-2018-015. 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 will also be available for inspection
and copying at the principal office of FINRA. 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-FINRA-2018-015 and should be submitted
on or before May 29, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
---------------------------------------------------------------------------

    \39\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-09612 Filed 5-4-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 117 (Tuesday, June 18, 2013)]
[Rules and Regulations]
[Pages 36411-36412]
[FR Doc No: 2013-14150]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2013-0158; Airspace Docket No. 13-ASO-5]

Amendment of Class E Airspace; Tuskegee, AL

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: This action amends Class E Airspace at Tuskegee, AL, as the
Tuskegee VOR/DME has been decommissioned and airspace reconfiguration
is necessary for the safety and airspace management of Instrument
Flight Rules (IFR) operations at Moton Field Municipal Airport. This
action also corrects the spelling of the airport.

DATES: Effective 0901 UTC, August 22, 2013. The Director of the Federal
Register approves this incorporation by reference action under title 1,
Code of Federal Regulations, part 51, subject to the annual revision of
FAA Order 7400.9 and publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: John Fornito, Operations Support
Group, Eastern Service Center, Federal Aviation Administration, P.O.
Box 20636, Atlanta, Georgia 30320; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

History

    On March 28, 2013, the FAA published in the Federal Register a
notice of proposed rulemaking (NPRM) to amend Class E airspace at Moton
Field Municipal Airport, Tuskegee, AL (78 FR 18928). Interested parties
were invited to participate in this rulemaking effort by submitting
written comments on the proposal to the FAA. No comments were received.
Subsequent to publication the FAA found that the airport's name was
misspelled in the NPRM. This action corrects the misspelling from Moten
to Moton. Except for editorial changes and the changes listed above,
this rule is the same as published in the NPRM.
    Class E airspace designations are published in paragraph 6005 of
FAA Order 7400.9W dated August 8, 2012, and effective September 15,
2012, which is incorporated by reference in 14 CFR Part 71.1. The Class
E airspace designations listed in this document will be published
subsequently in the Order.

The Rule

    This amendment to Title 14, Code of Federal Regulations (14 CFR)
part 71 amends Class E airspace extending upward from 700 feet above
the surface within a 6.7-mile radius of Moton Field Municipal Airport,
Tuskegee, AL, formerly called Tuskegee Municipal Airport. Airspace
reconfiguration is necessary due to the decommissioning of the Tuskegee
VOR/DME and cancellation of the VOR approach, and for the continued
safety and management of IFR operations at the airport. Accordingly,
the extension of Class E airspace to the northeast of the airport is
eliminated.
    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current, is
non-controversial and unlikely to result in adverse or negative
comments. It, therefore, (1) is not a ``significant regulatory action''
under Executive Order 12866; (2) is not a ``significant rule'' under
DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a Regulatory Evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that only affects air traffic procedures and air navigation, it is
certified that this rule, when promulgated, does not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it amends controlled airspace at Moton Field Municipal Airport,
Tuskegee, AL.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1E, ``Environmental Impacts: Policies and
Procedures,'' paragraph 311a. This airspace action is not expected to
cause any potentially significant environmental impacts, and no
extraordinary circumstances exist that warrant preparation of an
environmental assessment

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (Air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for Part 71 continues to read as follows:

    Authority: 49 U.S.C. 106(g); 40103, 40113, 40120; E.O. 10854, 24
FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of Federal Aviation
Administration Order 7400.9W, Airspace Designations and Reporting
Points, dated August 8, 2012, effective September 15, 2012, is amended
as follows:

Paragraph 6005 Class E Airspace Areas Extending Upward from 700
feet or More Above the Surface of the Earth.

* * * * *

ASO TN E5 Tuskegee, AL [Amended]

Moton Field Municipal Airport, AL
    (Lat. 32[deg]27'38'' N., long. 85[deg]40'48'' W.)

    That airspace extending upward from 700 feet above the surface
within a 6.7-mile radius of Moton Field Municipal Airport.

    Issued in College Park, Georgia, on June 7, 2013.
Barry A. Knight,
Manager, Operations Support Group, Eastern Service Center, Air Traffic
Organization.
[FR Doc. 2013-14150 Filed 6-17-13; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 77, Number 100 (Wednesday, May 23, 2012)]
[Notices]
[Page 30518]
[FR Doc No: 2012-12446]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 9648-018]

Town of Springfield, Vermont and Siemens Westinghouse Technical
Services, Inc., One Hundred River Street, LLC; Notice of Application
for Transfer of License, and Soliciting Comments and Motions To
Intervene

    On November 15, 2011 and supplemented on April 27, 2012, the Town
of Springfield, Vermont and Siemens Westinghouse Technical Services,
Inc. (transferors) and One Hundred River Street, LLC (transferee) filed
an application to transfer the license for the Fellows Dam Project No.
9648, located on the Black River in Windsor County, Vermont.
    Applicants seek Commission approval to transfer the license for the
Fellows Dam Project from the transferors to the transferee.
    Applicants' Contacts: Transferors: Mr. Robert J. Forguites, Town
Manager, Town of Springfield, 96 Main Street, Springfield, VT 05156,
(802) 885-2104. Transferee: Mr. Richard Genderson, Managing Member, One
Hundred River Street, LLC, 300 Massachusetts Ave. NE., Washington, DC
20002.
    FERC Contact: Patricia W. Gillis<PHONE_NUMBER>,
<EMAIL_ADDRESS>    Deadline for filing comments and motions to intervene: 30 days from
the issuance date of this notice. Comments and motions to intervene may
be filed electronically via the Internet. See 18 CFR 385.2001(a)(1) and
the instructions on the Commission's Web site under http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief
comments up to 6,000 characters, without prior registration, using the
eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You
must include your name and contact information at the end of your
comments. If unable to be filed electronically, documents may be paper-
filed. To paper-file, an original plus seven copies should be mailed
to: Kimberly D. Bose, Secretary, Federal Energy Regulatory Commission,
888 First Street NE., Washington, DC 20426. More information about this
project can be viewed or printed on the eLibrary link of Commission's
Web site at http://www.ferc.gov/docs-filing/elibrary.asp. Enter the
docket number (P-9648) in the docket number field to access the
document. For assistance, call toll-free 1-866-208-3372.

    Dated: May 16, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-12446 Filed 5-22-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 204 (Tuesday, October 22, 2013)]
[Notices]
[Pages 62610-62612]
[FR Doc No: 2013-24563]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 2

    Take notice that the Commission received the following electric
corporate filings:

    Docket Numbers: EC14-4-000.
    Applicants: Duke Energy Ohio, Inc., The Dayton Power and Light
Company, Duke Energy Ohio, Inc.
    Description: Application of Authorization under Section 203 of the
FPA by Ohio Power Company, et al.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5211.
    Comments Due: 5 p.m. ET 11/1/13.

    Docket Numbers: EC14-5-000.
    Applicants: Leidos Renewable Energy, LLC, Plainfield Renewable
Energy, LLC.
    Description: Application for Authorization under Section 203 of the
Federal Power Act for the Disposition of Jurisdictional Facilities,
Request for Expedited Consideration and Confidential Treatment of
Leidos Renewable Energy, LLC, et. al.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5218.
    Comments Due: 5 p.m. ET 11/1/13.

    Docket Numbers: EC14-6-000.
    Applicants: Aircraft Services Corporation, East Coast Power Linden
Holding, L.L.C., Cogen Technologies Linden Venture, L.P., Highstar
Capital GP, IV, L.P.
    Description: Joint Application of Aircraft Services Corporation, et
al. for approval of transfer of securities and disposition of
facilities pursuant to FPA Section 203 and Request for Expedited
Action.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5227.
    Comments Due: 5 p.m. ET 11/1/13.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER13-238-001.
    Applicants: Appalachian Power Company.
    Description: Withdraw Mitchell Operating Agreement to be effective
1/1/2014.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5289.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER13-239-001.
    Applicants: Kentucky Power Company.
    Description: Mitchell Operating Agreement Amendment to be effective
1/1/2014.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5294.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER13-868-003.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: 2013-10-11 Module E-2 Compliance to be effective 4/3/
2013.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5118.
    Comments Due: 5 p.m. ET 11/1/13.

    Docket Numbers: ER13-1718-001.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: 2013-10-14 Name Change Compliance Filing to be
effective 6/1/2013.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5029.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER13-1896-001.
    Applicants: AEP Generation Resources Inc.
    Description: Application of AEP Generation Resources Inc. for
Market-Based Rate Amendment to be effective 1/1/2014.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5300.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-74-000.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: 10-11-2013 SA 2545 Ameren-IMEA Waterloo Construction
Agr to be effective 9/30/2013.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5103.
    Comments Due: 5 p.m. ET 11/1/13.

    Docket Numbers: ER14-75-000.
    Applicants: Entergy Arkansas, Inc.
    Description: Section 1.01 Amendment to be effective 10/12/2013.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5160.
    Comments Due: 5 p.m. ET 11/1/13.

    Docket Numbers: ER14-76-000.
    Applicants: Entergy Gulf States Louisiana, L.L.C.
    Description: Section 1.01 Amendment to be effective 10/12/2013.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5165.
    Comments Due: 5 p.m. ET 11/1/13.

    Docket Numbers: ER14-77-000.
    Applicants: Entergy Louisiana, LLC.
    Description: Section 1.01 Amendment to be effective 10/12/2013.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5166.
    Comments Due: 5 p.m. ET 11/1/13.

    Docket Numbers: ER14-78-000.
    Applicants: Entergy Mississippi, Inc.
    Description: Section 1.01 Amendment to be effective 10/12/2013.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5167.
    Comments Due: 5 p.m. ET 11/1/13.

    Docket Numbers: ER14-79-000.
    Applicants: Entergy New Orleans, Inc.
    Description: Section 1.01 Amendment to be effective 10/12/2013.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5168.
    Comments Due: 5 p.m. ET 11/1/13.

    Docket Numbers: ER14-80-000.
    Applicants: Entergy Texas, Inc.
    Description: Section 1.01 Amendment to be effective 10/12/2013.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5169.
    Comments Due: 5 p.m. ET 11/1/13.

    Docket Numbers: ER14-81-000.
    Applicants: Pacific Gas and Electric Company.
    Description: Balancing Account Update 2014 (TRBAA, RSBAA, and
ECRBAA) to be effective 1/1/2014.
    Filed Date: 10/11/13.
    Accession Number: 20131011-5205.
    Comments Due: 5 p.m. ET 11/1/13.

    Docket Numbers: ER14-82-000.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: 10-14-13 Module A Reorganization to be effective 10/
15/2013.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5034.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-83-000.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: 10-14-2013 External Resources Filing to be effective
12/13/2013.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5045.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-84-000.
    Applicants: California Independent System Operator Corporation.
    Description: Petition for Distribution of Forfeited Funds Collected
from Generator Interconnection Customers of California Independent
System Operator Corporation.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5210.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-85-000.
    Applicants: ISO New England Inc.
    Description: ISO New England Inc., Capital Budget Quarterly Filing
for 3rd Quarter of 2013.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5223.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-86-000.
    Applicants: AEP Generation Resources Inc.
    Description: Mitchell Operating Agreement Concurrence to be
effective 1/1/2014.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5296.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-87-000.
    Applicants: Appalachian Power Company.
    Description: Reactive Supply and Voltage Control from Generation
Sources Service Amendment to be effective 1/1/2014.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5297.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-88-000.
    Applicants: AEP Generation Resources Inc.
    Description: Reactive Supply and Voltage Control from Generation
Sources Service Amendment to be effective 1/1/2014.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5298.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-89-000.
    Applicants: Entergy Arkansas, Inc.
    Description: Entergy Arkansas, Inc. submits EAI Mo. OATT to be
effective 12/19/2013.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5306.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-90-000.
    Applicants: ISO New England Inc.
    Description: ISO New England Inc. submits 2014 Capital and
Administrative Budgets to be effective 1/1/2014.

    Filed Date: 10/15/13.
    Accession Number: 20131015-5310.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-91-000.
    Applicants: ISO New England Inc.
    Description: ISO New England Inc. submits Rev. Tariff sheet for
Rec. of Costs--2014 Operation of NESCOE to be effective 1/1/2014.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5311.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-92-000.
    Applicants: Public Service Company of New Mexico.
    Description: Public Service Company of New Mexico submits
Modification of OATT Sections to be effective 12/14/2013.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5324.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-93-000.
    Applicants: California Independent System Operator Corporation.
    Description: California Independent System Operator Corporation
submits 2013-10-15--MSG--Configuration to be effective 12/17/2013.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5326.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-94-000.
    Applicants: Midcontinent Independent System Operator, Inc.,
Wolverine Power Supply Cooperative, Inc.
    Description: Midcontinent Independent System Operator, Inc. submits
10-15-2013 Consumers-Wolverine Hesperia-Tremaine to be effective 10/16/
2013.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5361.
    Comments Due: 5 p.m. ET 11/5/13.

    Docket Numbers: ER14-95-000.
    Applicants: American Electric Power Service Corporation.
    Description: Request of American Electric Power Service Corporation
for Waiver of Certain Affiliate Restrictions and Expedited Treatment.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5369.
    Comments Due: 5 p.m. ET 11/5/13.

    Take notice that the Commission received the following electric
securities filings:

    Docket Numbers: ES14-2-000.
    Applicants: AEP Generation Resources Inc.
    Description: Application Under Section 204 of the Federal Power Act
for Authorization to Issue Securities of AEP Generation Resources Inc.
    Filed Date: 10/15/13.
    Accession Number: 20131015-5295.
    Comments Due: 5 p.m. ET 11/5/13.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    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 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.
    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: October 15, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-24563 Filed 10-21-13; 8:45 am]
BILLING CODE 6717-01-P