[Federal Register Volume 81, Number 81 (Wednesday, April 27, 2016)]
[Notices]
[Pages 24853-24857]
[FR Doc No: 2016-09839]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2016-0002; Internal Agency Docket No. FEMA-B-1616]

Proposed Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: Comments are requested on proposed flood hazard
determinations, which may include additions or modifications of any
Base Flood Elevation (BFE), base flood depth, Special Flood Hazard Area
(SFHA) boundary or zone designation, or regulatory floodway on the
Flood Insurance Rate Maps (FIRMs), and where applicable, in the
supporting Flood Insurance Study (FIS) reports for the communities
listed in the table below. The purpose of this notice is to seek
general information and comment regarding the preliminary FIRM, and
where applicable, the FIS report that the Federal Emergency Management
Agency (FEMA) has provided to the affected communities. The FIRM and
FIS report are the basis of the floodplain management measures that the
community is required either to adopt or to show evidence of having in
effect in order to qualify or remain qualified for participation in the
National Flood Insurance Program (NFIP). In addition, the FIRM and FIS
report, once effective, will be used by insurance agents and others to
calculate appropriate flood insurance premium rates for new buildings
and the contents of those buildings.

DATES: Comments are to be submitted on or before July 26, 2016.

ADDRESSES: The Preliminary FIRM, and where applicable, the FIS report
for each community are available for inspection at both the online
location and the respective Community Map Repository address listed in
the tables below. Additionally, the current effective FIRM and FIS
report for each community are accessible online through the FEMA Map
Service Center at www.msc.fema.gov for comparison.
    You may submit comments, identified by Docket No. FEMA-B-1616, to
Rick Sacbibit, Chief, Engineering Services Branch, Federal Insurance
and Mitigation Administration, FEMA, 500 C Street SW., Washington, DC
20472,<PHONE_NUMBER>, or (email<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
500 C Street SW., Washington, DC 20472,<PHONE_NUMBER>, or (email)
<EMAIL_ADDRESS>or visit the FEMA Map Information
eXchange (FMIX) online at www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: FEMA proposes to make flood hazard
determinations for each community listed below, in accordance with
section 110 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4104, and 44 CFR 67.4(a).
    These proposed flood hazard determinations, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own or pursuant to policies
established by other Federal, State, or regional entities. These flood
hazard determinations are used to meet the floodplain management
requirements of the NFIP and also are used to calculate the appropriate
flood insurance premium rates for new buildings built after the FIRM
and FIS report become effective.
    The communities affected by the flood hazard determinations are
provided in the tables below. Any request for reconsideration of the
revised flood hazard information shown on the Preliminary FIRM and FIS
report that satisfies the data requirements outlined in 44 CFR 67.6(b)
is considered an appeal. Comments unrelated to the flood hazard
determinations also will be considered before the FIRM and FIS report
become effective.
    Use of a Scientific Resolution Panel (SRP) is available to
communities in support of the appeal resolution process. SRPs are
independent panels of experts in hydrology, hydraulics, and other
pertinent sciences established to review conflicting scientific and
technical data and provide recommendations for resolution. Use of the
SRP only may be exercised after FEMA and local communities have been
engaged in a collaborative consultation process for at least 60 days
without a mutually acceptable resolution of an appeal. Additional
information regarding the SRP process can be found online at http://floodsrp.org/pdfs/srp_fact_sheet.pdf.
    The watersheds and/or communities affected are listed in the tables
below. The Preliminary FIRM, and where applicable, FIS report for each
community are available for inspection at both the online location and
the respective Community Map Repository address listed in the tables.
For communities with multiple ongoing Preliminary studies, the studies
can be identified by the unique project number and Preliminary FIRM
date listed in the tables. Additionally, the current effective FIRM and
FIS report for each community are accessible online through the FEMA
Map Service Center at www.msc.fema.gov for comparison.

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

    Dated: April 12, 2016.
Roy E. Wright,
Deputy Associate Administrator for Insurance and Mitigation, Department
of Homeland Security, Federal Emergency Management Agency.

    I. Watershed-based studies:

------------------------------------------------------------------------
                                             Community map repository
               Community                             address
------------------------------------------------------------------------
                         Upper Saline Watershed
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
             Grant County, Arkansas, and Incorporated Areas
------------------------------------------------------------------------
City of Sheridan.......................  City Hall, 106 West Bell
                                          Street, Sheridan, AR 72150.
Town of Leola..........................  Town Hall, 400 Lee Street,
                                          Leola, AR 72084.
Town of Poyen..........................  Town Hall, 111 North Front
                                          Street, Poyen, AR 72128.
Town of Prattsville....................  Mayor's Office, 9251 Highway
                                          270 West, Prattsville, AR
                                          72129.
Town of Tull...........................  Community Center, 8208 North
                                          Main Street, Tull, AR 72015.

Unincorporated Areas of................  Grant County Assessor's Office,
Grant County...........................   101 West Center Street, Room
                                          102, Sheridan, AR 72150.
------------------------------------------------------------------------

    II. Non-watershed-based studies:

------------------------------------------------------------------------
                                             Community map repository
               Community                             address
------------------------------------------------------------------------
            Lafayette County, Florida, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
           Project: 10-04-8512S Preliminary Date: May 27, 2015
------------------------------------------------------------------------
Unincorporated Areas of Lafayette        Lafayette County Building
 County.                                  Department, 120 West Main
                                          Street, Mayo, FL 32066.
------------------------------------------------------------------------
        Brunswick County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 15-04-A111S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
City of Northwest......................  Northwest City Hall, 4889
                                          Vernon Road, Leland, NC 28451.
Town of Oak Island.....................  Town Hall, 4601 East Oak Island
                                          Drive, Oak Island, NC 28465.
Town of St. James......................  Town Hall, 4140 A Southport-
                                          Supply Road, St. James, NC
                                          28461.
Unincorporated Areas of Brunswick        Brunswick County Building
 County.                                  Inspections Department, 75
                                          Courthouse Drive, Building 1,
                                          Bolivia, NC 28422.
------------------------------------------------------------------------
          Camden County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
        Project: 11-04-8218S Preliminary Date: November 30, 2015
------------------------------------------------------------------------
City of Elizabeth City.................  Planning Department, 302 East
                                          Colonial Avenue, Room 308,
                                          Elizabeth City, NC 27907.
Unincorporated Areas of Camden County..  Camden County Offices, 117
                                          North NC Highway 343, Camden,
                                          NC 27921.
------------------------------------------------------------------------
         Chatham County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 14-04-A755S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
Unincorporated Areas of Chatham County.  Chatham County Planning
                                          Department, 80-A East Street,
                                          Pittsboro, NC 27312.
------------------------------------------------------------------------
          Chowan County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
        Project: 11-04-8218S Preliminary Date: November 30, 2015
------------------------------------------------------------------------
Town of Edenton........................  Town Hall, 400 South Broad
                                          Street, Edenton, NC 27932.
Unincorporated Areas of Chowan County..  Chowan County Planning
                                          Department, 108 East King
                                          Street, Edenton, NC 27932.
------------------------------------------------------------------------
         Columbus County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 15-04-A111S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
Unincorporated Areas of Columbus County  Columbus County Tax Office, 125
                                          Washington Street, Whiteville,
                                          NC 28472.
------------------------------------------------------------------------

        Currituck County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
        Project: 11-04-8218S Preliminary Date: November 30, 2015
------------------------------------------------------------------------
Unincorporated Areas of Currituck        Currituck County Planning and
 County.                                  Inspections Department, 153
                                          Courthouse Road, Currituck, NC
                                          27929.
------------------------------------------------------------------------
          Durham County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 11-04-7660S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
City of Durham.........................  City Hall, Public Works
                                          Department, 101 City Hall
                                          Plaza, Durham, NC 27701.
City of Raleigh........................  Engineering Department,
                                          Municipal Building, 222 West
                                          Hargett Street, Raleigh, NC
                                          27601.
Town of Chapel Hill....................  Stormwater Management Program
                                          Office, 208 North Columbia
                                          Street, Chapel Hill, NC 27514.
Town of Morrisville....................  Planning Department, Town Hall,
                                          260 Town Hall Drive, Suite B,
                                          Morrisville, NC 27560.
Unincorporated Areas of Durham County..  Durham County Stormwater
                                          Services Division, 101 City
                                          Hall Plaza, Durham, NC 27701.
------------------------------------------------------------------------
         Franklin County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 14-04-A755S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
Town of Wake Forest....................  Planning Department, 301 South
                                          Brooks Street, Third Floor,
                                          Wake Forest, NC 27587.
Unincorporated Areas of Franklin County  Franklin County Planning and
                                          Inspections, 215 East Nash
                                          Street, Louisburg, NC 27549.
------------------------------------------------------------------------
        Granville County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 11-04-7906S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
City of Creedmoor......................  Planning and Zoning Department,
                                          111 Masonic Street, Creedmoor,
                                          NC 27522.
City of Oxford.........................  Planning Department, 300
                                          Williamsboro Street, Oxford,
                                          NC 27565.
Town of Butner.........................  Town Hall, 415 Central Avenue,
                                          Butner, NC 27509.
Town of Stem...........................  Town Office, 113 Tally Ho Road,
                                          Stem, NC 27581.
Unincorporated Areas of Granville        Granville County Planning
 County.                                  Department, 122 Williamsboro
                                          Street, Oxford, NC 27565.
------------------------------------------------------------------------
         Johnston County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 14-04-A755S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
Unincorporated Areas of Johnston County  Johnston County Planning
                                          Department, 309 East Market
                                          Street, Smithfield, NC 27577.
------------------------------------------------------------------------
          Orange County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 14-04-A755S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
Town of Chapel Hill....................  Stormwater Management Program
                                          Office, 208 North Columbia
                                          Street, Chapel Hill, NC 27514.
Unincorporated Areas of Orange County..  Orange County Planning
                                          Department, 131 West Margaret
                                          Lane, Suite 201, Hillsborough,
                                          NC 27278.
------------------------------------------------------------------------

        Pasquotank County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
        Project: 11-04-8218S Preliminary Date: November 30, 2015
------------------------------------------------------------------------
City of Elizabeth City.................  Planning Department, 302 East
                                          Colonial Avenue, Room 308,
                                          Elizabeth City, NC 27907.
Unincorporated Areas of Pasquotank       Pasquotank County Planning
 County.                                  Department, 206 East Main
                                          Street, Elizabeth City, NC
                                          27907.
------------------------------------------------------------------------
          Pender County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 15-04-A111S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
Town of Watha..........................  Town Hall, 425 Watha Road,
                                          Watha, NC 28478.
Unincorporated Areas of Pender County..  Pender County Planning
                                          Department, 805 South Walker
                                          Street, Burgaw, NC 28425.
------------------------------------------------------------------------
        Perquimans County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
        Project: 11-04-8218S Preliminary Date: November 30, 2015
------------------------------------------------------------------------
Town of Hertford.......................  Town Hall, 114 West Grubb
                                          Street, Hertford, NC 27944.
Town of Winfall........................  Town Hall, 100 Park View Lane,
                                          Winfall, NC 27985.
Unincorporated Areas of Perquimans       Perquimans County Inspections
 County.                                  Department, 104 Dobbs Street,
                                          Hertford, NC 27944.
------------------------------------------------------------------------
          Person County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 11-04-7906S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
City of Roxboro........................  Planning Department, 105 South
                                          Lamar Street, Roxboro, NC
                                          27573.
Unincorporated Areas of Person County..  Person County Planning and
                                          Zoning Department, 325 South
                                          Morgan Street, Roxboro, NC
                                          27573.
------------------------------------------------------------------------
         Robeson County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 15-04-A111S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
City of Lumberton......................  Planning Department, 501 East
                                          5th Street, Lumberton, NC
                                          28358.
Unincorporated Areas of Robeson County.  Robeson County Inspections and
                                          Zoning Department, 435 Caton
                                          Road, Lumberton, NC 28360.
------------------------------------------------------------------------
          Vance County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 11-04-7906S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
City of Henderson......................  Planning Department, 134 Rose
                                          Avenue, Henderson, NC 27536.
Town of Middleburg.....................  Vance County Planning and
                                          Development Office, 156 Church
                                          Street, Suite 003, Henderson,
                                          NC 27536.
Unincorporated Areas of Vance County...  Vance County Planning and
                                          Development Office, 156 Church
                                          Street, Suite 003, Henderson,
                                          NC 27536.
------------------------------------------------------------------------
           Wake County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
         Project: 14-04-9098S Preliminary Date: August 30, 2013
------------------------------------------------------------------------
Town of Cary...........................  Stormwater Services Division,
                                          Town Hall, 316 North Academy
                                          Street, Cary, NC 27513.
Unincorporated Areas of Wake County....  Wake County Environmental
                                          Services Department, Waverly
                                          F. Akins Office Building, 337
                                          South Salisbury Street,
                                          Raleigh, NC 27602.
------------------------------------------------------------------------

           Wake County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 14-04-9706S Preliminary Date: April 30, 2014
------------------------------------------------------------------------
Unincorporated Areas of Wake County....  Wake County Environmental
                                          Services Department, Waverly
                                          F. Akins Office Building, 337
                                          South Salisbury Street,
                                          Raleigh, NC 27602.
------------------------------------------------------------------------
           Wake County, North Carolina, and Incorporated Areas
------------------------------------------------------------------------
      Maps Available for Inspection Online at: http://www.fema.gov/preliminaryfloodhazarddata preliminaryfloodhazarddata
------------------------------------------------------------------------
          Project: 11-04-7660S Preliminary Date: March 31, 2015
------------------------------------------------------------------------
City of Raleigh........................  Engineering Department,
                                          Municipal Building, 222 West
                                          Hargett Street, Raleigh, NC
                                          27601.
Town of Apex...........................  Engineering Department, 73
                                          Hunter Street, Apex, NC 27502.
Town of Cary...........................  Stormwater Services Division,
                                          Town Hall, 316 North Academy
                                          Street, Cary, NC 27513.
Town of Fuquay-Varina..................  Planning Department, Town Hall,
                                          401 Old Honeycutt Road, Fuquay-
                                          Varina, NC 27526.
Town of Garner.........................  Engineering Department, 900
                                          Seventh Avenue, Building B,
                                          Garner, NC 27529.
Town of Holly Springs..................  Engineering Department, 128
                                          South Main Street, Holly
                                          Springs, NC 27540.
Town of Knightdale.....................  Town Hall, 950 Steeple Square
                                          Court, Knightdale, NC 27545.
Town of Morrisville....................  Planning Department, Town Hall,
                                          260 Town Hall Drive, Suite B,
                                          Morrisville, NC 27560.
Town of Rolesville.....................  Planning Department, Town Hall,
                                          502 Southtown Circle,
                                          Rolesville, NC 27571.
Town of Wake Forest....................  Planning Department, 301 South
                                          Brooks Street, Third Floor,
                                          Wake Forest, NC 27587.
Town of Wendell........................  Planning Department, 15 East
                                          Fourth Street, Wendell, NC
                                          27591.
Town of Zebulon........................  Planning Department, Town Hall,
                                          1003 North Arendell Avenue,
                                          Zebulon, NC 27597.
Unincorporated Areas of Wake County....  Wake County Environmental
                                          Services Department, Waverly
                                          F. Akins Office Building, 337
                                          South Salisbury Street,
                                          Raleigh, NC 27602.
------------------------------------------------------------------------

[FR Doc. 2016-09839 Filed 4-26-16; 8:45 am]
 BILLING CODE 9110-12-P


[Federal Register Volume 78, Number 162 (Wednesday, August 21, 2013)]
[Notices]
[Pages 51780-51781]
[FR Doc No: 2013-20345]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70217; File No. SR-NYSE-2013-07]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Designation of Longer Period for Commission Action on
Proceedings To Determine Whether To Disapprove Proposed Rule Change
Amending NYSE Rules 451 and 465, and the Related Provisions of Section
402.10 of the NYSE Listed Company Manual, Which Provide a Schedule for
the Reimbursement of Expenses by Issuers to NYSE Member Organizations
for the Processing of Proxy Materials and Other Issuer Communications
Provided to Investors Holding Securities in Street Name and To
Establish a Five-Year Fee for the Development of an Enhanced Brokers
Internet Platform

August 15, 2013.
    On February 1, 2013, New York Stock Exchange (``NYSE'') filed with
the Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act'')
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend NYSE
Rules 451 and 465, and the related provisions of Section 402.10 of the
NYSE Listed Company Manual, which provide a schedule for the
reimbursement of expenses by issuers to NYSE member organizations for
the processing of proxy materials and other issuer communications
provided to investors holding securities in street name and to
establish a five-year fee for the development of an enhanced brokers
internet platform. The proposed rule change was published for comment
in the Federal Register on February 22, 2013.\3\ In response, the
Commission received twenty-four comment letters on the proposal.\4\ On
April 3, 2013, the Commission subsequently extended the time period in
which to either approve the proposed rule change, or to institute
proceedings to determine whether to disapprove the proposed rule
change, to May 23, 2013.\5\ The Commission thereafter received four
more comment letters and a response to comments from NYSE.\6\ On May
23, 2013, the Commission initiated proceedings to determine whether to
disapprove the proposed rule change and solicited additional
comments.\7\ The Commission thereafter received fourteen comment
letters on the proposal and a response to the Order Instituting
Proceedings from NYSE.\8\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 68936 (February 15,
2013), 78 FR 12381.
    \4\ See letters to Elizabeth M. Murphy, Secretary, Commission
from: Charles V. Rossi, President, The Securities Transfer
Association, dated February 20, 2013 and March 4, 2013; Karen V.
Danielson, President, Shareholder Services Association, dated March
4, 2013; Jeanne M. Shafer, dated March 6, 2013; David W. Lovatt,
dated March 6, 2013; Stephen Norman, Chair, The Independent Steering
Committee of Broadridge, dated March 7, 2013; Jeffrey D. Morgan,
President & CEO, National Investor Relations Institute, dated March
7, 2013; Kenneth Bertsch, President and CEO, Society of Corporate
Secretaries & Governance Professionals, dated March 7, 2013; Niels
Holch, Executive Director, Shareholder Communications Coalition,
dated March 12, 2013; Geoffrey M. Dugan, General Counsel, iStar
Financial Inc., dated March 13, 2013; Paul E. Martin, Chief
Financial Officer, Perficient, Inc., dated March 13, 2013; John
Harrington, President, Harrington Investments, Inc., dated March 14,
2013; James McRitchie, Shareowner, Corporate Governance, dated March
14, 2013; Clare A. Kretzman, General Counsel, Gartner, Inc., dated
March 15, 2013; Tom Quaadman, Vice President, Center for Capital
Markets Competitiveness, dated March 15, 2013; Dennis E. Nixon,
President, International Bancshares Corporation, dated March 15,
2013; Argus I. Cunningham, Chief Executive Officer, Sharegate Inc.,
dated March 15, 2013; Laura Berry, Executive Director, Interfaith
Center on Corporate Responsibility, dated March 15, 2013; Dorothy M.
Donohue, Deputy General Counsel--Securities Regulation, Investment
Company Institute, dated March 15, 2013; Charles V. Callan, Senior
Vice President--Regulatory Affairs, Broadridge Financial Solutions,
Inc., dated March 15, 2013; Brad Philips, Treasurer, Darling
International Inc., dated March 15, 2013; John Endean, President,
American Business Conference, dated March 18, 2013; Tom Price,
Managing Director, The Securities Industry and Financial Markets
Association, dated March 18, 2013; and Michael S. O'Brien, Vice
President--Corporate Governance Officer, BNY Mellon, dated March 28,
2013.
    \5\ See Securities Exchange Act Release No. 69286 (April 3,
2013), 78 FR 21481 (April 10, 2013).
    \6\ See letters to Elizabeth M. Murphy, Secretary, Commission
from: Jeff Mahoney, General Counsel, Council of Institutional
Investors, dated April 5, 2013; Paul Torre, Executive Vice
President, AST Fund Solutions, LLC, dated May 16, 2013; and John M.
Payne, Chief Executive Officer, Zumbox, Inc., dated May 20, 2013;
see also letter to the Honorable Mary Jo White, Chair, Commission
from Dieter Waizenegger, Executive Director, CtW Investment Group,
dated May 17, 2013. See also response letter from Janet McGinnis,
EVP & Corporate Secretary, NYSE Euronext, to Elizabeth M. Murphy,
Secretary, Commission, dated May 17, 2013.
    \7\ See Securities Exchange Act Release No. 69622 (May 23,
2013), 78 FR 32510 (May 30, 2013) (``Order Instituting
Proceedings'').
    \8\ See letters to Elizabeth M. Murphy, Secretary, Commission
from: Katie J. Sevcik, Legal and Regulatory Committee Chair,
Shareholder Services Association, dated June 12, 2013; Paul Torre,
Executive Vice President, AST Fund Solutions, LLC, dated June 18,
2013; Loren Hanson, Assistant Secretary/Assistant Treasurer, Otter
Tail Corporation, dated June 17, 2013; Michael J. Hogan, Chief
Executive Officer, FOLIOfn Investments, Inc., dated June 18, 2013;
Harold Westervelt, President, INVeSHARE, dated June 18, 2013; Dieter
Waizenegger, Executive Director, Investment Group, dated June 20,
2013; Dorothy M. Donohue, Deputy General Counsel--Securities
Regulation, Investment Company Institute, dated June 20, 2013; Lisa
Lindsley, Director, Capital Strategies Program, The American
Federation of State, County and Municipal Employees, dated July 3,
2013; Brandon Rees, Acting Director, American Federation of Labor
and Congress of Industrial Organizations Office of Investment, dated
July 5, 2013; Charles V. Rossi, President, The Securities Transfer
Association, Inc., dated July 5, 2013; James J. Angel, dated July 5,
2013; and Michael J. Hogan, Chief Executive Officer, FOLIOfn
Investments, Inc., dated July 12, 2013; see also letters to the
Honorable Mary Jo White, Chair, Commission from Ann Yerger,
Executive Director, Council of Institutional Investors, dated May
17, 2013; and Charles E. Schumer, United States Senator, dated May
23, 2013. See also response letter from Janet McGinnis, EVP &
Corporate Secretary, NYSE Euronext, to Elizabeth M. Murphy,
Secretary, Commission, dated July 9, 2013.

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

    Section 19(b)(2) of the Act \9\ provides that, after initiating
disapproval proceedings, the Commission shall issue an order approving
or disapproving the proposed rule change not later than 180 days after
the date of publication of notice of the filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The
proposed rule change was published for comment in the Federal Register
on February 22, 2013. August 21, 2013 is 180 days from that date, and
October 20, 2013 is an additional 60 days from that date.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change, the issues raised in the comment letters that have been
submitted in connection with the proposed rule change, and the NYSE's
responses to such issues. Specifically, as the Commission noted in more
detail in the Order Instituting Proceedings, the proposal raises
significant questions as to whether the Exchange has provided adequate
justification for material aspects of its proposal such that the
Commission can determine that the proposal is consistent with the Act.
Extending the time within which to approve or disapprove the proposed
rule change will enable the Commission to more fully consider this
issue and the other issues raised in the comment letters.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\10\ designates October 20, 2013, as the date by which the
Commission should either approve or disapprove the proposed rule
change.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-20345 Filed 8-20-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 247 (Friday, December 23, 2016)]
[Notices]
[Pages 94468-94469]
[FR Doc No: 2016-30946]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79600; File No. SR-BatsBZX-2016-91]

Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a
Participant Fee Applicable to Options Members of Its Equity Options
Platform

December 19, 2016.
    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 15, 2016, Bats BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Exchange has designated the proposed rule change as one establishing or
changing a member due, fee, or other charge imposed by the Exchange
under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange filed a proposal to amend the fee schedule applicable
to Members \5\ and non-members of the Exchange pursuant to BZX Rules
15.1(a) and (c) to adopt a Participant Fee applicable to Options
Members \6\ of its equity options platform (``BZX Options'').
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    \5\ The term ``Member'' is defined as ``any registered broker or
dealer that has been admitted to membership in the Exchange.'' See
Exchange Rule 1.5(n).
    \6\ The term ``Options Member'' is defined as ``a firm, or
organization that is registered with the Exchange pursuant to
Chapter XVII of these Rules for purposes of participating in options
trading on BZX Options as an `Options Order Entry Firm' or `Options
Market Maker.' '' See Exchange Rule 16.1(a)(38).
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    The text of the proposed rule change is available at the Exchange's
Web site at www.bats.com, at the principal office of the Exchange, and
at the Commission's Public Reference Room.

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

    In its filing with the Commission, the 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 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 amend its fee schedule for BZX Options to
adopt a Participant Fee applicable to Options Members. The Exchange
believes the Participant Fee with help recoup costs related to the
administration of Options Members. As proposed, Options Members would
pay a Participant Fee of $500 per month where they have an ADV \7\ of
less than 5,000 contracts traded or $1,000 per month where they have an
ADV equal to or greater than 5,000 contract traded. New Options Members
would not be charged a Participant Fee for their first three (3) month
of membership on BZX Options. The Exchange proposes to implement the
Participant Fee on January 3, 2017.\8\
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    \7\ As defined in the BZX Options fee schedule.
    \8\ The Exchange notes that the date of the fee schedule was
amended to January 3, 2017 in SR-BatsBZX-2016-90 (December 14,
2016).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\9\ in general, and
furthers the objectives of Section 6(b)(4),\10\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities. The Exchange believes that the proposed rates are equitable
and non-discriminatory in that they apply uniformly to all Members.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f.
    \10\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, for example, the Commission indicated that market forces should
generally determine the price of non-core market data because national
market system regulation ``has been remarkably successful in promoting
market competition in its broader forms that are most important to
investors and listed companies.'' \11\ Likewise, in NetCoalition v.
NYSE Arca, Inc.\12\ (``NetCoalition'') the D.C. Circuit upheld the
Commission's use of a market-based approach in evaluating the fairness
of market data fees against a challenge claiming that Congress mandated
a cost-based approach.\13\ As the court emphasized, the Commission
``intended in Regulation NMS that `market forces, rather than
regulatory requirements' play a role in determining the market data . .
. to be made available to investors and at what cost.'' \14\
---------------------------------------------------------------------------

    \11\ Securities Exchange Act Release No. 51808 at 37499 (June 9
[sic], 2005) (``Regulation NMS Adopting Release'').
    \12\ NetCoalition v. NYSE Arca, Inc., 615 F.3d 525 (D.C. Cir.
2010).
    \13\ See NetCoalition, at 534.
    \14\ Id. at 537.
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    Further, ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing agents, have a wide range of choices of
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers'. . . .'' \15\ Although the court and
the SEC were discussing the cash equities markets, the Exchange
believes that these views apply with equal force to the options
markets.
---------------------------------------------------------------------------

    \15\ Id. at 539 (quoting ArcaBook Order, 73 FR at 74782-74783).
---------------------------------------------------------------------------

    The Exchange believes the adoption of a Participant Fee for Options
Members is equitable and reasonable because the Exchange is seeking to
recoup costs related to membership administration. Depending on the
Options Member's ADV, the proposed fee is either less than or equal to
that charged by the Nasdaq Stock Market LLC (``Nasdaq'').\16\ The
Exchange also believes it is equitable and not unfairly discriminatory
to charge a lower Participant Fee to those Options Members with an ADV
less than 5,000

contracts traded.\17\ The lower fee, coupled with not charging new
Options Members the Participant Fee during their first three (3) months
of membership, is designed to encourage membership and to allow firms
to grow their business on BZX Options. Therefore, the Exchange believes
the proposed tiered Participant Fee if equitable, reasonable, and not
unfairly discriminatory because it is designed to recoup costs related
to membership administration while not serving as a deterrent to firms
seeking to become new members of BZX Options.
---------------------------------------------------------------------------

    \16\ See Nasdaq Options Rules Chapter XV, Section 10,
Participant Fee--Options (charging a Participant Fee of $1,000 to
all Nasdaq options participants, regardless of volume). See also
Securities Exchange Act Release Nos. 68502 (December 20, 2012), 77
FR 76572 (December 28, 2012) (SR-Nasdaq-2012-139); and 76760
(December 23, 2015), 80 FR 81562 (December 30, 2015) (SR-Nasdaq-
2015-154).
    \17\ The fee is also less than similar fees charged by other
exchanges, some of which also charged different rates based on the
type of member or that member's participation on that exchange. See
e.g., The Chicago Board Options Exchange, Incorporated's Fees
Schedule (charging per month a Market Maker Trading Permit is
$5,500, an SPX Tier appointment is $3,000, a VIX Tier Appointment is
$2,000, and an electronic Access Permit is $1,600); the
International Securities Exchange LLC's Schedule of Fees (charging
per month an Electronic Access Member is assessed $500.00 for
membership and a market maker is assessed from $2,000 to $4,000 per
membership depending on the type of market maker); C2 Options
Exchange, Incorporated's Fees Schedule (charging per month, a
market-maker is assessed a $5,000 permit fee, an Electronic Access
Permit is assessed a $1,000 permit fee); and NYSE Arca, Inc.'s Fee
Schedule (charging per month, a Clearing Firm is assessed a $1,000
per month fee for the first Options Trading Permit (``OTP'') and
$250 thereafter, and a market maker is assessed a permit based on
the maximum number of OTPs held by an OTP Firm or OTP Holder during
a calendar month ranging from $1,000 to $6,000 a month).
---------------------------------------------------------------------------

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 not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes the
proposed Participant Fee will not impose an undue burden on competition
because the Exchange will uniformly assess the participant fee on all
Member based on their ADV of contracts traded. The Exchange does not
believe that the proposed changes represent a significant departure
from pricing offered by the Exchange's competitors.\18\ Additionally,
Members may opt to disfavor the Exchange's pricing if they believe that
alternatives offer them better value or if they view the proposed fee
as excessive. Further, excessive fees for participation would serve to
impair an exchange's ability to compete for order flow and members
rather than burdening competition.
---------------------------------------------------------------------------

    \18\ Id.
---------------------------------------------------------------------------

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

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

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \19\ and paragraph (f) of Rule 19b-4
thereunder.\20\ At any time within 60 days of the filing of the
proposed rule change, the Commission summarily may temporarily suspend
such rule change if it appears to the Commission that such action is
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-BatsBZX-2016-91 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BatsBZX-2016-91. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-BatsBZX-2016-91 and should
be submitted on or before January 13, 2017.
---------------------------------------------------------------------------

    \21\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2016-30946 Filed 12-22-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 61 (Thursday, April 1, 2021)]
[Notices]
[Pages 17227-17230]
[FR Doc No: 2021-06669]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91421; File No. SR-NASDAQ-2021-012]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Waive the Entry Fee and the All-Inclusive Annual Listing Fee for Any
Company Not Listed on a National Securities Exchange That Is Listing
Upon Closing of Its Acquisition of a Special Purpose Acquisition
Company Listed on Nasdaq

March 26, 2021.
    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 March 16, 2021, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') 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 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 waive the Entry Fee and the All-Inclusive
Annual Listing Fee for any company not listed on a national securities
exchange that is listing upon closing of its acquisition of a special
purpose acquisition company listed on Nasdaq.
    The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules, at
the principal office of the Exchange, and at the Commission's Public
Reference Room.

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

    In its filing with the Commission, the 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
    Nasdaq proposes to amend Listing Rules 5910 and 5920 to waive the
Entry Fees and Listing Rule IM-5900-4 to waive the All-Inclusive Annual
Listing Fee for any company not listed on a national securities
exchange that is listing upon closing of its acquisition of a special
purpose acquisition company (``Acquisition Company'') listed on Nasdaq.
    When an Acquisition Company consummates its business combination,
it is typically the legal acquirer in the transaction and, provided it
meets the continued listing standards applied in connection with a
business combination by a listed Acquisition Company, it can remain
listed on the Exchange.\3\ Following the business combination, the
company is not required to pay any additional listing fees for any
shares issued in connection with its business combination, so there are
no listing fees payable in connection with a business combination
between a Nasdaq-listed Acquisition Company and a company which is not
listed on a national securities exchange where the Nasdaq-listed
Acquisition Company is the acquirer in the transaction. Similarly,
Nasdaq does not have any provision for charging prorated annual fees
with respect to shares of currently listed companies issued during the
course of a calendar year (such shares are reflected in the full year
annual fee bill for the next subsequent calendar year). As such, there
are no fees imposed upon the consummation of a business combination by
a Nasdaq-listed Acquisition Company in which it is the surviving legal
entity. By contrast, if a company that is not listed on Nasdaq or
another national securities exchange merges with a Nasdaq-listed
Acquisition Company and the non-listed company is the acquirer in the
transaction, the non-listed company is treated as a new listing and
must pay the Entry Fees and the prorated All-Inclusive Annual Listing
Fee, subject to certain credits.\4\
---------------------------------------------------------------------------

    \3\ Among the continued listing requirements applicable to an
Acquisition Company under IM-5101-2 is the requirement that the
combined company must meet all initial listing requirements
following a business combination.
    \4\ Listing Rule IM-5900-1(b) provides for certain credits that
benefit a non-Nasdaq company that lists in connection with its
acquisition of a Nasdaq listed company.
---------------------------------------------------------------------------

    Nasdaq does not believe that this disparate treatment of two
substantially identical transactions is appropriate.

The decision whether to structure a business combination with the
Acquisition Company as the legal acquirer rather than the other party
does not result in the listing of a substantively different entity.
Accordingly, the Exchange believes there is no basis for charging fees
purely on the basis of the structure of the business combination chosen
by the parties. To address the existing disparity in fees Nasdaq
proposes to modify the Rule 5900 Series to provide a waiver to the
entry and annual fees otherwise owed by any company not listed on a
national securities exchange that is listing upon closing of its
acquisition of an Acquisition Company listed on Nasdaq.
    Specifically, Listing Rule IM-5900-4 currently includes a waiver of
the prorated All-Inclusive Annual Listing Fee for any issuer that is
not listed on a national securities exchange immediately prior to its
initial listing on Nasdaq but is listing its Primary Equity Securities
upon closing of its acquisition of a company listed on another national
securities exchange pursuant to special rules for acquisition companies
whose business plan is to complete one or more acquisitions. Nasdaq
proposes to extend this waiver so that it will apply in cases where a
company that is not itself listed on a national securities exchange
immediately prior to its initial listing on the Exchange is listing
upon the closing of its acquisition of an Acquisition Company which had
a class of equity securities listed on Nasdaq prior to the closing of
such acquisition.
    Listing Rule IM-5900-1(b) provides for certain credits that benefit
a non-Nasdaq company that lists in connection with its acquisition of a
Nasdaq listed company.\5\ Nasdaq proposes to clarify that a company
that received a waiver of the All-Inclusive Annual Listing Fee for the
remainder of the calendar year in which the listing occurs, as
described above, is not eligible for any credits under Listing Rule IM-
5900-1(b).
---------------------------------------------------------------------------

    \5\ Listing Rule IM-5900-1(b) provides that companies will
receive a credit or waiver when a non-Nasdaq company completes a
merger with a Nasdaq company and the non-Nasdaq company is the
surviving entity and lists on Nasdaq. If the Nasdaq company
previously paid its All-inclusive Annual Listing Fee, the surviving
non-Nasdaq entity will, upon listing on Nasdaq, receive a credit for
the All-Inclusive Annual Listing Fee previously paid by the Nasdaq
company, prorated for the months remaining in the year after the
merger. If the Nasdaq company has not paid its All-inclusive Annual
Listing Fee for the year, the Nasdaq company will receive a waiver
of the All-Inclusive Annual Listing Fee applicable to the months
remaining in the year after the merger and must pay the remaining
balance of its All-Inclusive Annual Listing Fee, representing the
fee for the period it was listed.
---------------------------------------------------------------------------

    Similarly, Listing Rules 5910(a)(7)(iii) (for companies listing on
the Nasdaq Global and Global Select Markets) and 5920(a)(8)(iii) (for
companies listing on the Nasdaq Capital Market) provide that the Entry
Fees shall not be applicable with respect to any securities that are
listed on another national securities exchange but not listed on
Nasdaq, if the issuer of such securities is acquired by an unlisted
company and, in connection with the acquisition, the unlisted company
lists exclusively on the Nasdaq. The Exchange also proposes to extend
this waiver so that it will apply in cases where a company that is not
itself listed on a national securities exchange immediately prior to
its initial listing on the Exchange is listing upon closing of its
acquisition of an Acquisition Company which had a class of equity
securities listed on Nasdaq prior to the closing of such acquisition.
To that end, Nasdaq proposes to adopt Listing Rules 5910(a)(7)(v) (for
companies listing on the Nasdaq Global and Global Select Markets) and
5920(a)(8)(v) (for companies listing on the Nasdaq Capital Market) to
provide that the Entry Fees shall not be applicable with respect to any
securities that are listed on Nasdaq by a previously unlisted company
in connection with its acquisition of a company listed under IM-5101-2
(an acquisition company whose business plan is to complete one or more
acquisitions).
    The Exchange does not expect there to be a significant number of
listings in which this proposed fee waiver will be applicable.
Consequently, the proposed rule change would not affect the Exchange's
commitment of resources to its regulatory oversight of the listing
process or its regulatory programs.
    Finally, Nasdaq proposes to update the title of Listing Rule IM-
5900-4 to clarify its applicability, as modified by this proposed
amendment and to identify the paragraphs of this rule with letters to
improve its readability. Nasdaq also proposes to update Listing Rules
5910 and 5920 to make conforming and formatting changes.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\6\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\7\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility, and is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------

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

    As a preliminary matter, Nasdaq competes for listings with other
national securities exchanges and companies can easily choose to list
on, or transfer to, those alternative venues. As a result, the fees
Nasdaq can charge listed companies are constrained by the fees charged
by its competitors and Nasdaq cannot charge prices in a manner that
would be unreasonable, inequitable, or unfairly discriminatory.
    The Exchange believes that the proposed fee waivers are equitable
as they are being implemented to avoid an anomalous fee outcome arising
from the manner in which an Acquisition Company business combination
has been structured.
    The Exchange believes that the proposal is not unfairly
discriminatory, because the proposed waivers are intended to eliminate
a current distinction within the rules and avoid the impact on a small
group of issuers of an anomalous fee outcome arising from the manner in
which an Acquisition Company business combination has been structured.
Nasdaq does not have any provision for charging the Entry Fees or the
prorated All-Inclusive Annual Listing Fee with respect to shares of
currently listed companies issued during the course of a calendar year
(such shares are reflected in the full year annual fee bill for the
next subsequent calendar year). As such, there are no fees billed in
connection with the issuance of additional shares upon consummation of
a business combination by a Nasdaq-listed Acquisition Company in which
it is the surviving legal entity. By contrast, if a company that is not
listed on Nasdaq or another national securities exchange merges with a
Nasdaq-listed Acquisition Company and the non-listed company is the
acquirer in the transaction, the non-listed company is treated as a new
listing and must pay the Entry Fees and the prorated All-Inclusive
Annual Listing Fee in relation to all shares issued and outstanding at
the time of initial listing, subject to certain credits.\8\
---------------------------------------------------------------------------

    \8\ Listing Rule IM-5900-1(b) provides for certain credits that
benefit a non-Nasdaq company that lists in connection with its
acquisition of a Nasdaq listed company.
---------------------------------------------------------------------------

    An Acquisition Company is a shell company with no business
operations. Consequently, the parties to a business combination between
an Acquisition Company and an operating company

have significant flexibility in how they choose to structure the
business combination, including in determining which entity will be the
legal acquirer. Accordingly, the Exchange is proposing to amend its fee
structure to reflect the incidental nature of the resulting Acquisition
Company business combination and to avoid treating companies undergoing
similar business combinations disparately.
    By contrast to an Acquisition Company business combination, there
are typically more significant limitations on the ability of the
parties to a merger between two operating companies to make decisions
about which entity will be the acquirer, including, for example, the
desire to maintain the acquirer's SEC registration and concerns about
how to present the combined entity to the market. As such, it is much
more likely that the listing fee implications of how the transaction is
structured would be a major consideration for the parties to an
Acquisition Company business combination than would be the case in a
merger between two operating companies. As the implications of the
proposed fee waivers for decisions relating to the transaction
structures utilized by unlisted companies listing in connection with
the acquisition of an Acquisition Company are typically greater than
for other companies listing in conjunction with merger transactions,
the proposed waivers are not unfairly discriminatory.
    Nasdaq believes that the proposed rule change to clarify that a
company that received a waiver of the All-Inclusive Annual Listing Fee
for the remainder of the calendar year in which the listing occurs, as
described above, is not eligible for any credits under Listing Rule IM-
5900-1(b) does not change the substance of Listing Rule IM-5900-1(b)
and protects investors and the public interest by clarifying the
applicability of the rule and making it easier to understand.
    Finally, Nasdaq believes that the proposed rule change to identify
paragraphs with letters and to update the title of Listing Rule IM-
5900-4, to describe the applicability of this rule to waiver of certain
annual fees ``in Conjunction with a Non-Exchange Listed Issuer Business
Combination with an Acquisition Company,'' does not change the
substance of this rule and protects investors and the public interest
by clarifying the applicability of the rule and making it easier to
understand. Similarly, Nasdaq believes that conforming and formatting
changes to Listing Rules 5910 and 5920 do not change the substance of
these rules and protect investors and the public interest by making
them easier to understand.
    For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.

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 not necessary or appropriate in
furtherance of the purposes of the Act.
    The proposed waiver will be available to all similarly situated
issuers on the same basis. The Exchange does not believe that the
proposed waivers will have any meaningful effect on the competition
among issuers listed on the Exchange.
    The Exchange operates in a highly competitive market in which
issuers can readily choose to list new securities on other exchanges
and transfer listings to other exchanges if they deem fee levels at
those other venues to be more favorable. Because competitors are free
to modify their own fees in response, and because issuers may change
their listing venue, the Exchange does not believe its proposed fee
change can impose any burden on intermarket competition. Nasdaq notes
that the NYSE is its primary competitor for listing companies and that
the NYSE has already adopted a waiver of its comparable listing fees in
the scenarios similar to those covered in this proposal.\9\
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    \9\ See Securities Exchange Act Release No. 89773 (September 4,
2020), 85 FR 55902 (September 10, 2020) (SR-NYSE-2020-40).
---------------------------------------------------------------------------

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\10\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or 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-NASDAQ-2021-012 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-NASDAQ-2021-012. 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-NASDAQ-2021-012 and should be submitted
on or before April 22, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-06669 Filed 3-31-21; 8:45 am]
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[Federal Register Volume 80, Number 83 (Thursday, April 30, 2015)]
[Notices]
[Pages 24262-24263]
[FR Doc No: 2015-10022]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2015-N-0001]

Endocrinologic and Metabolic Drugs Advisory Committee; Notice of
Meeting

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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    This notice announces a forthcoming meeting of a public advisory
committee of the Food and Drug Administration (FDA). The meeting will
be open to the public.
    Name of Committee: Endocrinologic and Metabolic Drugs Advisory
Committee.
    General Function of the Committee: To provide advice and
recommendations to the Agency on FDA's regulatory issues.
    Date and Time: The meeting will be held on June 10, 2015, from 8
a.m. to 5 p.m.
    Location: Hilton Washington DC North/Gaithersburg, Grand Ballroom,
620 Perry Pkwy., Gaithersburg, MD 20877. The hotel phone number is 301-
977-8900.
    Contact Person: Philip Bautista, Center for Drug Evaluation and
Research, Food and Drug Administration, 10903 New Hampshire Ave., Bldg.
31, Rm. 2417, Silver Spring, MD 20993-0002,<PHONE_NUMBER>, FAX: 301-847-
8533<EMAIL_ADDRESS>or FDA Advisory Committee Information Line, 1-
800-741-8138<PHONE_NUMBER> in the Washington, DC area). A notice in the
Federal Register about last minute modifications that impact a
previously announced advisory committee meeting cannot always be
published quickly enough to provide timely notice. Therefore, you
should always check the Agency's Web site at http://www.fda.gov/AdvisoryCommittees/default.htm and scroll down to the appropriate
advisory committee meeting link, or call the advisory committee
information line to learn about possible modifications before coming to
the meeting.
    Agenda: The committee will discuss the safety and efficacy of
biologics license application (BLA) 125522, proposed trade name REPATHA
(established name: Evolocumab) for injection, submitted by Amgen Inc.,
as adjunct to diet to reduce low-density lipoprotein cholesterol (LDL-
C), total cholesterol (TC), apolipoprotein B (ApoB), non-high-density
lipoprotein cholesterol (non-HDL-C), TC/HDL-C, ApoB/ApoA1, very low-
density lipoprotein cholesterol, triglyceride, and lipoprotein A, and
to increase HDL-C and ApoA1, in adults with hyperlipidemia or mixed
dyslipidemia, either in combination with a statin or statin with other
lipid-lowering therapies (e.g., ezetimibe), or alone, or in combination
with other lipid-lowering therapies in patients who are statin-
intolerant, or alone or in combination with other lipid-lowering
therapies in patients for whom a statin is not considered clinically
appropriate. In addition, the committee will discuss the safety and
efficacy of evolocumab to reduce LDL-C, TC, ApoB, and non-HDL-C, in
combination with other lipid-lowering therapies (e.g. statins, LDL
apheresis) in patients at least 12 years of age with homozygous
familial hypercholesterolemia.
    FDA intends to make background material available to the public no
later than 2 business days before the meeting. If FDA is unable to post
the background material on its Web site prior to the meeting, the
background material will be made publicly available at the location of
the advisory committee meeting, and the background material will be
posted on FDA's Web site after the meeting. Background material is
available at http://www.fda.gov/AdvisoryCommittees/Calendar/default.htm. Scroll down to the appropriate advisory committee meeting
link.
    Procedure: Interested persons may present data, information, or
views, orally or in writing, on issues pending before the committee.
Written submissions may be made to the contact person on or before May
27, 2015. Oral presentations from the public will be scheduled between
approximately 1:15 p.m. to 2:15 p.m. Those individuals interested in
making formal oral presentations should notify the contact person and
submit a brief statement of the general nature of the evidence or
arguments they wish to present, the names and addresses of proposed
participants, and an indication of the approximate time requested to
make their presentation on or before May 18,

2015. Time allotted for each presentation may be limited. If the number
of registrants requesting to speak is greater than can be reasonably
accommodated during the scheduled open public hearing session, FDA may
conduct a lottery to determine the speakers for the scheduled open
public hearing session. The contact person will notify interested
persons regarding their request to speak by May 19, 2015.
    Persons attending FDA's advisory committee meetings are advised
that the Agency is not responsible for providing access to electrical
outlets.
    FDA welcomes the attendance of the public at its advisory committee
meetings and will make every effort to accommodate persons with
physical disabilities or special needs. If you require special
accommodations due to a disability, please contact Philip Bautista at
least 7 days in advance of the meeting.
    FDA is committed to the orderly conduct of its advisory committee
meetings. Please visit our Web site at http://www.fda.gov/AdvisoryCommittees/AboutAdvisoryCommittees/ucm111462.htm for procedures
on public conduct during advisory committee meetings.
    Notice of this meeting is given under the Federal Advisory
Committee Act (5 U.S.C. app. 2).

    Dated: April 24, 2015.
Peter Lurie,
Associate Commissioner for Public Health Strategy and Analysis.
[FR Doc. 2015-10022 Filed 4-29-15; 8:45 am]
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