[Federal Register Volume 81, Number 217 (Wednesday, November 9, 2016)]
[Notices]
[Pages 78802-78803]
[FR Doc No: 2016-26992]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2343-086]

PE Hydro Generation, LLC; Notice of Application Accepted for
Filing, Soliciting Motions To Intervene and Protests, Ready for
Environmental Analysis, and Soliciting Comments, Recommendations,
Preliminary Terms and Conditions, and Preliminary Fishway Prescriptions

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection.
    a. Type of Application: Major License.
    b. Project No.: 2343-086.
    c. Date filed: December 30, 2015.
    d. Applicant: PE Hydro Generation, LLC.
    e. Name of Project: Millville Hydroelectric Project.
    f. Location: The existing project is located on the Shenandoah
River, near the town of Harpers Ferry in Jefferson County, West
Virginia. No federal lands are occupied by project works or located
within the project boundary.
    g. Filed Pursuant to: Federal Power Act 16 U.S.C. 791 (a)-825(r).
    h. Applicant Contact: John Collins, Executive Vice President, Cube
Hydro Partners, LLC, 2 Bethesda Metro Center, Suite 1330, Bethesda, MD
20814; Telephone--(240) 482-2703.
    i. FERC Contact: Michael Spencer,<PHONE_NUMBER>, or
<EMAIL_ADDRESS>    j. Deadline for filing motions to intervene and protests, comments,
recommendations, preliminary terms and conditions, and preliminary
prescriptions: 60 Days from the issuance date of this notice; reply
comments are due 105 days from the issuance date of this notice.
    The Commission strongly encourages electronic filing. Please file
motions to intervene, protests, comments, recommendations, preliminary
terms and conditions, and preliminary fishway prescriptions using the
Commission's eFiling system at 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. For assistance, please contact FERC Online
Support at<EMAIL_ADDRESS>(866) 208-3676 (toll free), or
(202) 502-8659 (TTY). In lieu of electronic filing, please send a paper
copy to: Secretary, Federal Energy Regulatory Commission, 888 First
Street NE., Washington, DC 20426. The first page of any filing should
include docket number P-2343-086.
    The Commission's Rules of Practice require all intervenors filing
documents with the Commission to serve a copy of that document on each
person on the official service list for the project. Further, if an
intervenor files comments or documents with the Commission relating to
the merits of an issue that may affect the responsibilities of a
particular resource agency, they must also serve a copy of the document
on that resource agency.
    k. This application has been accepted for filing and is now ready
for environmental analysis.
    l. The Millville project consists of: (1) A 14.0-foot-high concrete
and stone dam consisting of three sections: a 36-foot-long non-overflow
abutment on the east bank; an 813-foot long, non-gated spillway
section; and a 122-foot-long intake structure, equipped with four
vertical lift gates and one canal gate, and extending to the west
riverbank; (2) a 100 acre reservoir with gross storage capacity of 900
acre-feet at elevation 324.0 mean sea level; (3) a 1,600-foot-long, 30-
foot-wide, 12-foot-high masonry and concrete sided headrace canal; (4)
a 125-foot-long, 40-foot-wide brick powerhouse containing 3 turbine-
generating units with a combined capacity of 2.84 megawatts; (5) a 550-
foot-long tailrace, excavated in bedrock and returning flow to the
river channel; and (6) a 1,006-foot-long, 2.4 kilovolt (kV)
transmission line to a transformer, with a 794-foot-long, 34.5 kV
transmission line to the interconnection with the local grid.
    m. A copy of the application is available for review at the
Commission in the Public Reference Room or may be viewed on the
Commission's Web site at http://www.ferc.gov using the ``eLibrary''
link. Enter the docket number excluding the last three digits in the
docket number field to access the document. For assistance, contact
FERC Online Support. A copy is also available for inspection and
reproduction at the address in item h above.
    Register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and issuances
related to this or other pending projects. For assistance, contact FERC
Online Support.
    n. Anyone may submit comments, a protest, or a motion to intervene
in accordance with the requirements of Rules of Practice and Procedure,
18 CFR 385.210, .211, and .214. In determining the appropriate action
to take, the Commission will consider all protests or other comments
filed, but only those who file a motion to intervene in accordance with
the Commission's Rules may become a party to the proceeding. Any
comments, protests, or motions to intervene must be received on or
before the specified comment date for the particular application.
    All filings must (1) bear in all capital letters the title
``PROTEST'', ``MOTION TO INTERVENE'', ``COMMENTS,'' ``REPLY COMMENTS,''
``RECOMMENDATIONS,'' ``PRELIMINARY TERMS AND CONDITIONS,'' or
``PRELIMINARY FISHWAY PRESCRIPTIONS;'' (2) set forth in the heading the
name of the applicant and the project number of the application to
which the filing responds; (3) furnish the name, address, and telephone
number of the person protesting or intervening; and (4) otherwise
comply with the requirements of 18 CFR 385.2001 through 385.2005. All
comments, recommendations, terms and conditions or prescriptions must
set forth their evidentiary basis and otherwise comply with the
requirements of 18 CFR 4.34(b). Agencies may obtain copies of the
application directly from the applicant. A copy of any protest or
motion to intervene must be served upon each representative of the
applicant specified in the particular application. A copy of all other
filings in reference to this application must be accompanied by proof
of service on all persons listed in the service list prepared by the
Commission in this proceeding, in accordance with 18 CFR 4.34(b) and
385.2010.
    o. Procedural Schedule:
    The application will be processed according to the following
revised Hydro Licensing Schedule. Revisions to the schedule may be made
as appropriate.

------------------------------------------------------------------------
              Milestone                           Target date
------------------------------------------------------------------------
Filing of recommendations,             January, 2016.
 preliminary terms and conditions,
 and preliminary fishway
 prescriptions.
Commission issues EA.................  May, 2017.
Comments on EA or EIS................  June, 2017.
Modified terms and conditions........  August, 2017.
------------------------------------------------------------------------

    p. Final amendments to the application must be filed with the
Commission no later than 30 days from the issuance date of this notice.
    q. A license applicant must file no later than 60 days following
the date of issuance of the notice of acceptance and ready for
environmental analysis provided for in 5.22: (1) A copy of the water
quality certification; (2) a copy of the request for certification,
including proof of the date on which the certifying agency received the
request; or (3) evidence of waiver of water quality certification.

    Dated: November 2, 2016.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-26992 Filed 11-8-16; 8:45 am]
 BILLING CODE 6717-01-P


MEMORANDUM

DATE:		December 1, 2014

 TO:	Carbon Power Plan for Existing Power Plants; Docket Id: OAR - 2013-0602

FROM:	U.S. EPA Region 7

SUBJECT:	September 10, 2014, Meeting Regarding Proposed Carbon Power Plan for Existing Power Plants  --------------------------------------------------------------------------------

SUMMARY

   *    Speaker - Karl Brooks (8-10 minutes of remarks/5 minute Q&A)

   *    Attendees  -  20 people - Greater Kansas City Federal Executive Board (list not available)

   *    The board meets monthly

* Goals

      o       Provide a basic understanding of the Clean Power Plan       o       Ask for their cooperation in promoting the climate change and health effects messages within their sphere of influence       o       Leverage the strengths of our federal organization to make a more powerful impact in the communities in our four states.

EPA ATTENDEES  -

* Karl Brooks, Regional Administrator, and Kathleen Fenton, Office of Public Affairs


[Federal Register Volume 85, Number 71 (Monday, April 13, 2020)]
[Proposed Rules]
[Pages 20451-20453]
[FR Doc No: 2020-07698]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2020-0282; Airspace Docket No. 19-ANM-31]
RIN 2120-AA66

Proposed Amendment of Class D and E Airspace; Mountain Home, ID

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: This action proposes to amend the Class D airspace at the
Mountain Home Air Force Base Airport by removing the extensions to the
northwest and southeast of the airport. This action also proposes to
amend the Class E surface area to match the new dimensions of the Class
D. Additionally, this action proposes to amend the Class E airspace
extending upward from 700 feet above the surface by properly sizing the
area to contain arriving IFR aircraft

descending below 1,500 feet above the surface and departing IFR
aircraft until reaching 1,200 feet above the surface. This action also
proposes to properly size the Class E airspace extending upward from
1,200 feet above the surface to contain IFR aircraft transitioning to/
from the en route environment. Further, this action proposes to remove
Mountain Home Municipal Airport from the Class E airspace legal
description for the area extending upward from 700 feet or more above
the surface. A notice of proposed rulemaking and Final Rule, FAA-2019-
0972, have been published to establish Class E airspace, extending
upward from 700 feet or more above the surface, for Mountain Home
Municipal Airport. Lastly, this action proposes two administrative
corrections to the airspace legal descriptions.

DATES: Comments must be received on or before May 28, 2020.

ADDRESSES: Send comments on this proposal to the U.S. Department of
Transportation, Docket Operations, 1200 New Jersey Avenue SE, West
Building Ground Floor, Room W12-140, Washington, DC 20590; telephone:
1-800-647-5527, or<PHONE_NUMBER>. You must identify FAA Docket No.
FAA-2020-0282; Airspace Docket No. 19-ANM-31, at the beginning of your
comments. You may also submit comments through the internet at https://www.regulations.gov.
    FAA Order 7400.11D, Airspace Designations and Reporting Points, and
subsequent amendments can be viewed online at https://www.faa.gov/air_traffic/publications/. For further information, you can contact the
Airspace Policy Group, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783. The Order is also available for inspection at the National
Archives and Records Administration (NARA). For information on the
availability of FAA Order 7400.11D at NARA, email<EMAIL_ADDRESS>or go to https://www.archives.gov/federal-register/cfr/ibr-locations.html.

FOR FURTHER INFORMATION CONTACT: Matthew Van Der Wal, Federal Aviation
Administration, Western Service Center, Operations Support Group, 2200
S 216th Street, Des Moines, WA 98198; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    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 would amend the Class D and Class E airspace at Mountain Home Air
Force Base, Mountain Home, ID to support instrument flight rules (IFR)
operations at the airport.

Comments Invited

    Interested parties are invited to participate in this proposed
rulemaking by submitting such written data, views, or arguments, as
they may desire. Comments that provide the factual basis supporting the
views and suggestions presented are particularly helpful in developing
reasoned regulatory decisions on the proposal. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal.
Communications should identify both docket numbers and be submitted in
triplicate to the address listed above. Persons wishing the FAA to
acknowledge receipt of their comments on this notice must submit with
those comments a self-addressed, stamped postcard on which the
following statement is made: ``Comments to Docket No. FAA-2020-0282;
Airspace Docket No. 19-ANM-31''. The postcard will be date/time stamped
and returned to the commenter.
    All communications received before the specified closing date for
comments will be considered before taking action on the proposed rule.
The proposal contained in this notice may be changed in light of the
comments received. A report summarizing each substantive public contact
with FAA personnel concerned with this rulemaking will be filed in the
docket.

Availability of NPRMs

    An electronic copy of this document may be downloaded through the
internet at https://www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's web page at https://www.faa.gov/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received, and any final disposition in person in the Dockets
Office (see the ADDRESSES section for the address and phone number)
between 9:00 a.m. and 5:00 p.m., Monday through Friday, except federal
holidays. An informal docket may also be examined during normal
business hours at the Northwest Mountain Regional Office of the Federal
Aviation Administration, Air Traffic Organization, Western Service
Center, Operations Support Group, 2200 S. 216th Street, Des Moines, WA
98198.

Availability and Summary of Documents for Incorporation by Reference

    This document proposes to amend FAA Order 7400.11D, Airspace
Designations and Reporting Points, dated August 8, 2019, and effective
September 15, 2019. FAA Order 7400.11D is publicly available as listed
in the ADDRESSES section of this document. FAA Order 7400.11D lists
Class A, B, C, D, and E airspace areas, air traffic service routes, and
reporting points.

The Proposal

    The FAA is proposing an amendment to Title 14 Code of Federal
Regulations (14 CFR) Part 71 by amending the Class D airspace at the
Mountain Home Air Force Base Airport by removing the extensions to the
northwest and southeast of the airport. Based on the instrument
approach procedures published for the airport, the extensions are no
longer required to contain arriving IFR aircraft descending below 1,000
feet above the surface. The Class D area would be described as follows:
That airspace extending upward from the surface to and including 5,500
feet MSL within a 5-mile radius of Mountain Home AFB. This Class D
airspace area is effective during the specific dates and times
established in advance by a Notice to Airmen. The effective date and
time will thereafter be continuously published in the Chart Supplement.
    This action also proposes to amend the Class E surface area to
match the new dimensions of the Class D. The amended Class E surface
area would be described as follows: That airspace extending upward from
the surface within a 5-mile radius of Mountain Home AFB. This Class E
airspace area is effective during the specific dates and times
established in advance by a Notice to Airmen. The effective date and
time will thereafter be continuously published in the Chart Supplement.
    Additionally, this action proposes to amend the Class E airspace
extending upward from 700 feet above the surface by properly sizing the
area to contain arriving IFR aircraft descending below

1,500 feet above the surface and departing IFR aircraft until reaching
1,200 feet above the surface. This amended area would be described as
follows: That airspace extending upward from 700 feet above the surface
within a 7.2-mile radius of Mountain Home AFB.
    This action also proposes to properly size the Class E airspace
extending upward from 1,200 feet above the surface to contain IFR
aircraft transitioning to/from the en route environment. This amended
area would be described as follows: That airspace extending upward from
1,200 feet above the surface within a 30-mile radius of Mountain Home
AFB.
    Further, this action proposes to remove Mountain Home Municipal
Airport from the Class E airspace description, extending upward from
700 feet or more above the surface. A notice of proposed rulemaking,
FAA-2019-0972, has been published to establish Class E airspace,
extending upward from 700 feet or more above the surface, for Mountain
Home Municipal Airport.
    Lastly, this action proposes two administrative corrections to the
airspace legal descriptions. The term ``Airport/Facility Directory'' in
the Class D description is outdated and should read ``Chart
Supplement''. The Class E surface area is part-time and should include
the following language in the legal description: This Class E airspace
area is effective during the specific dates and times established in
advance by a Notice to Airmen. The effective date and time will
thereafter be continuously published in the Chart Supplement.
    Class D, E2, and E5 airspace designations are published in
paragraphs 5000, 6002, and 6005, respectively, of FAA Order 7400.11D,
dated August 8, 2019, and effective September 15, 2019, which is
incorporated by reference in 14 CFR 71.1. The Class E airspace
designations listed in this document will be published subsequently in
the Order.
    FAA Order 7400.11, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

Regulatory Notices and Analyses

    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 will only affect air traffic procedures and air navigation, it is
certified that this rule, when promulgated, would not have a
significant economic impact on a substantial number of small entities
under the criteria of the Regulatory Flexibility Act.

Environmental Review

    This proposal will be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    Accordingly, pursuant to the authority delegated to me, the Federal
Aviation Administration proposes to amend 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 14 CFR part 71 continues to read as
follows:

    Authority:  49 U.S.C. 106(f), 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 FAA Order 7400.11D,
Airspace Designations and Reporting Points, dated August 8, 2019, and
effective September 15, 2019, is amended as follows:

Paragraph 5000 Class D Airspace.

* * * * *

ANM ID D Mountain Home, ID [Amended]

Mountain Home AFB, ID
    (Lat. 43[deg]02'37'' N, long. 115[deg]52'21'' W)

    That airspace extending upward from the surface to and including
5,500 feet MSL within a 5-mile radius of Mountain Home AFB. This
Class D airspace area is effective during the specific dates and
times established in advance by a Notice to Airmen. The effective
date and time will thereafter be continuously published in the Chart
Supplement.

Paragraph 6002 Class E Airspace Areas Designated as a Surface Area.

* * * * *

ANM ID E2 Mountain Home, ID [Amended]

Mountain Home AFB, ID
    (Lat. 43[deg]02'37'' N, long. 115[deg]52'21'' W)

    That airspace extending upward from the surface within a 5-mile
radius of Mountain Home AFB. This Class E airspace area is effective
during the specific dates and times established in advance by a
Notice to Airmen. The effective date and time will thereafter be
continuously published in the Chart Supplement.

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

* * * * *

ANM ID E5 Mountain Home, ID [Amended]

Mountain Home AFB, ID
    (Lat. 43[deg]02'37'' N, long. 115[deg]52'21'' W)

    That airspace extending upward from 700 feet above the surface
within a 7.2-mile radius of Mountain Home AFB; and that airspace
extending upward from 1,200 feet above the surface within a 30-mile
radius of Mountain Home AFB.

    Issued in Seattle, Washington, on April 7, 2020.
Shawn M. Kozica,
Group Manager, Operations Support Group, Western Service Center.
[FR Doc. 2020-07698 Filed 4-10-20; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 77, Number 243 (Tuesday, December 18, 2012)]
[Notices]
[Pages 74902-74904]
[FR Doc No: 2012-30376]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68412; File No. SR-BOX-2012-022]

Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Eliminate Market Maker Pre-Opening Obligations on BOX

December 12, 2012.
    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 4, 2012, BOX Options Exchange LLC (the ``Exchange'')
filed with the Securities and Exchange Commission (the ``Commission'')
the proposed rule change as described in Items I and II below, which
Items have been prepared by the Exchange. The Exchange has designated
the proposed rule change as constituting a non-controversial rule
change under Rule 19b-4(f)(6) under the Act,\3\ which renders the
proposal 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\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    BOX Options Exchange LLC (the ``Exchange'') proposes to amend Rule
8050 (Market Maker Quotations) to eliminate market maker pre-opening
obligations on its options trading facility BOX Market LLC (``BOX'').
The Exchange also proposes to amend Rule 7070 (Opening the Market) and
Rule 8040 (Obligations of Market Makers) to conform them to the change
proposed to Rule 8050. The text of the proposed rule change is
available from the principal office of the Exchange, on the Exchange's
Internet Web site at http://boxexchange.com, and at the Commission's
Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the

places specified in Item IV below. The Exchange has prepared summaries,
set forth in Sections A, B, and C below, of the most significant
aspects of such statements.

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

1. Purpose
    The purpose of the proposed rule change is to amend Exchange Rule
8050 (Market Maker Quotations) to eliminate pre-opening obligations
imposed on market makers (``Market Makers'') on BOX Market LLC
(``BOX''),\4\ that they participate in the pre-opening phase in terms
of continuous quotes. The Exchange also proposes to amend Rule 7070
(Opening the Market) and Rule 8040 (Obligations of Market Makers) to
conform them to the change proposed to Rule 8050.\5\ This is done to
put BOX Market Makers on par with the market makers on other options
Exchanges that do not have pre-market continuous quoting
obligations.\6\
---------------------------------------------------------------------------

    \4\ BOX operates as an options trading facility of the Exchange.
    \5\ Exchange Rule 100(a)(30) defines ``Market Maker'' to mean an
Options Participant registered with the Exchange for the purpose of
making markets in options contracts traded on the Exchange and that
is vested with the rights and responsibilities specified in the Rule
8000 Series regarding Market Makers. All Market Makers are
designated as specialists on the Exchange for all purposes under the
Exchange Act or Rules thereunder.
    \6\ NASDAQ Options Market (``NOM''), NASDAQ OMX Phlx (``Phlx''),
and International Securities Exchange, LLC (``ISE'') have market
pre-opening phases. However, NOM, Phlx and ISE do not, as discussed
in the proposal, impose pre-opening obligations on their respective
options market makers; none of the exchanges require continuous
quoting prior to the regular options trading market. The regular
trading market opens on these exchanges at 9:30 Eastern Time.
---------------------------------------------------------------------------

    Currently, Exchange Rule 8050 requires that a Market Maker must
enter continuous bids and offers in options classes in which the Market
Maker is appointed on BOX, an all-electronic market. Specifically, Rule
8050(e) requires that on a daily basis, a Market Maker must: (1)
Participate in the pre-opening phase; and (2) thereafter make markets
consistent with the applicable quoting requirements specified in the
Exchange rules, such that a Market Maker must post valid quotes at
least sixty percent (60%) of the time that the classes to which the
Market Maker is appointed are open for trading. The Exchange does not
propose to change any of the continuous quoting requirements applicable
to a Market Maker (e.g. continuous quoting 60% of the time in the
Market Maker's appointed classes) \7\ other than to eliminate the
requirement to participate in the pre-opening phase in Rule 8050(e)
noted above.
---------------------------------------------------------------------------

    \7\ The BOX trading day, which represents the regular market
hours, is 9:30 a.m. to 4:00 p.m. Eastern Time, except for option
contracts on Exchange-Traded Fund Shares or broad-based indexes
which will close as of 4:15 p.m. Eastern Time. See Exchange Rule
7020.
---------------------------------------------------------------------------

    Subsequent to this proposal, a Market Maker will continue to have
all of the other quoting obligations that the Market Maker now has
pursuant to Rule 8050, and pursuant to Rule 8050(e), during regular
market hours will be responsible to post valid quotes on a continuous
basis at least sixty percent (60%) of the time that the classes in
which the Market Maker is appointed are open for trading. The change
that the Exchange is proposing to Rule 8050(e) is removal of the Market
Maker pre-opening quoting obligation and the insertion of text
clarifying that the quoting obligation applies during regular market
hours. As a result of the Exchange's proposed rule filing, the
continuous quoting requirement for BOX Market Makers will not have a
pre-opening quoting obligation, just as other options exchanges (e.g.,
NOM, Phlx and ISE) do not impose a pre-opening obligation on their
electronic market makers.
    NOM, Phlx and ISE have a continuous quoting obligation during their
regular market hours, which are similar to the BOX market hours.\8\
However, NOM, Phlx and ISE do not have an obligation for their market
makers to participate in a pre-opening phase. On Phlx, for example, a
Remote Streaming Quote Trader (``RSQT''),\9\ which is similar in nature
to a BOX Market Maker, has an obligation during trading hours to quote
markets in not less than 60% of the series in which such RSQT is
assigned (this is akin to BOX Market Maker appointment in a series).
Unlike a BOX Market Maker, which currently has a pre- opening
obligation, a Phlx RSQT does not have a pre-opening market maker
obligation.\10\ As a second example, there is a quoting requirement for
an ISE market maker. However, just like Phlx, and unlike BOX, ISE does
not have a pre-opening market maker obligation.\11\ This proposed rule
change establishes that BOX Market Makers, like Phlx and ISE market
makers, will not have a pre-opening quoting obligation prior to market
open.\12\
---------------------------------------------------------------------------

    \8\ Id.
    \9\ A Phlx RSQT is a Registered Options Trader that is a member
or member organization with no physical trading floor presence that
may generate and submit option quotations electronically in assigned
options. See Phlx Rule 1014(b)(ii)(B). While the designation of RSQT
does not exist on BOX, a BOX Market Maker enters quotes
electronically on BOX just as an RSQT does on Phlx pursuant to
specific quoting obligations. See Exchange Rule 8050(e), and Phlx
Rule 1014(b)(ii)(D).
    \10\ For the Phlx continuous quoting rule, see Phlx Rule
1014(b)(ii)(D)(1).
    \11\ ISE rule 804(e)(2)(iii) states, in relevant part, that a
Competitive Market Maker must maintain continuous quotations in an
options class to which it is appointed and at least 60% of the
series of the options class listed on the Exchange until the close
of trading that day.
    \12\ The two-sided quote obligation is noted also in Exchange
Rule 8040(a)(1), which states that during trading hours a Market
Maker must maintain a two-sided market, pursuant to Rule 8050(c)(1),
in those options in which the Market Maker is appointed, in a manner
that enhances the depth, liquidity and competitiveness of the
market.
    Recognizing the requirement to maintain a two-sided market
during trading hours per Rule 8040(a)(1), the Exchange is removing
reference in Rule 8040(a)(2) to a Market Maker having to enter two-
sided quotes before market open by participating in opening the
market. This is done for purposes of conforming Rule 8040(a)(2) with
proposed Rule 8050(e), which eliminates quoting obligations in the
pre-opening phase before the market opens.
---------------------------------------------------------------------------

    BOX Market Makers have noted that unlike BOX, other options
exchanges do not have a pre-opening quoting obligation for their market
makers, and have requested BOX to eliminate the pre-opening obligation
so that the Exchange rules for trading on BOX are similar to those of
other options exchanges such as, for example, Phlx. The Exchange
believes this proposed rule change levels the playing field in respect
of pre-opening obligations while leaving all other BOX quoting
requirements intact.\13\
---------------------------------------------------------------------------

    \13\ Exchange Rule 8050(e).
---------------------------------------------------------------------------

    Moreover, the Exchange believes that its proposal to put BOX Market
Makers in the same position as market makers on other exchanges will
not have a negative effect on BOX market participants and investors. In
particular, the Exchange believes the removal of pre-opening market
maker obligations on BOX will have no impact on the functioning of the
BOX opening process and in turn will not negatively impact BOX market
participants.\14\
---------------------------------------------------------------------------

    \14\ The BOX process for Opening the Market is described within
Rule 7070. Note that Rule 7070(d) currently specifies that during
the pre-opening phase, BOX Market Makers holding an assignment on a
given options class are obliged, as part of their obligations to
ensure a fair and orderly market, to provide continuous two-sided
quotes according to the BOX minimum standards at the opening of the
market for the underlying security. In conformance with the proposed
change to Rule 8050(e), the Exchange is removing this reference to
BOX Market Makers pre-opening quoting obligation.
---------------------------------------------------------------------------

    The Exchange believes further that the proposed rule change
eliminating pre-opening obligations should be pro-competitive in that
it will attract more Market Makers, and additional liquidity, onto BOX.
This should be advantageous

to traders and investors executing trading and hedging strategies on
BOX. In addition, orders and quotes executed during the opening process
on BOX will continue to be protected by the National Best Bid or Offer
(``NBBO''). As such, the Exchange believes that BOX participants will
continue to have a similar experience and quality of execution on the
opening on BOX as they do today.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\15\ in general, and Section
6(b)(5) of the Act,\16\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest. The Exchange believes the proposal to conform Market Maker
obligations to the requirements of competing markets will promote the
application of consistent trading practices. Therefore, the Exchange
believes the proposal promotes just and equitable principles of trade
and serves to protect investors and the public interest.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Additionally, the Exchange believes the proposal removes a market
maker quoting requirement that is unnecessary, as evidenced by the fact
that it does not exist on other competitive markets. The Exchange
operates in a highly competitive market comprised of ten U.S. options
exchanges in which sophisticated and knowledgeable market participants
can, and do, send order flow to competing exchanges if they deem
trading practices at a particular exchange to be onerous or cumbersome.
With this proposal, the Market Maker will be relieved of a market maker
requirement that does not materially improve the quality of the
markets. On the contrary, the pre-open phase obligation creates an
additional obligation and burden on BOX Market Makers that does not
exist on numerous other competitive markets. The Exchange believes that
in this competitive marketplace, the impact of the pre-open trading
practice that exists on BOX today compels this proposal. It will allow
Market Makers on BOX to follow rules that are similar to the rules of
other options exchanges that do not impose pre-opening obligations on
their market makers, and will allow Market Makers to focus on aspects
of their operations that contribute to the market in a more efficient
and meaningful way.

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. To the contrary, the Exchange
proposal to eliminate the pre-opening obligation on BOX Market Makers
is consistent with the market maker obligations on other options
exchanges, which do not impose pre-opening obligations on market
makers. The Exchange believes that its proposal is pro-competitive and
should serve to attract market making activity and increase liquidity
on BOX which will benefit all BOX market participants.

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

    Because the proposed rule change does not (i) significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \17\ and Rule 19b-
4(f)(6)(iii) thereunder.\18\ At any time within 60 days of the filing
of such proposed rule change, the Commission summarily may temporarily
suspend such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

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-BOX-2012-022 on the subject line.
    Paper Comments
     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-BOX-2012-022. 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-BOX-2012-022 and should be
submitted on or before January 8, 2013.

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

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

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-30376 Filed 12-17-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 243 (Thursday, December 17, 2020)]
[Notices]
[Pages 82011-82014]
[FR Doc No: 2020-27731]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90652; File No. SR-NYSEArca-2020-77]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change To Amend NYSE Arca Rule 8.601-E To Adopt Generic Listing
Standards for Active Proxy Portfolio Shares

December 11, 2020.

I. Introduction

    On August 31, 2020, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend NYSE Arca Rule 8.601-E to adopt generic
listing standards for Active Proxy Portfolio Shares. The proposed rule
change was published for comment in the Federal Register on September
21, 2020.\3\ On October 30, 2020, pursuant to Section 19(b)(2) of the
Exchange Act,\4\ the Commission designated a longer period within which
to approve the proposed rule change, disapprove the proposed rule
change, or institute proceedings to determine whether to disapprove the
proposed rule change.\5\ The Commission has received no comments on the
proposed rule change. The Commission is publishing this order to
solicit comments on the proposed rule change from interested persons
and to institute proceedings pursuant to Section 19(b)(2)(B) of the Act
\6\ to determine whether to approve or disapprove the proposed rule
change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 89874 (September 15,
2020), 85 FR 59338 (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 90296, 85 FR 70696
(November 5, 2020). The Commission designated December 20, 2020, as
the date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

II. Description of the Proposed Rule Change

    Earlier this year, the Commission approved the Exchange's proposal
to adopt listing standards for Active Proxy Portfolio Shares as set
forth in NYSE Arca Rule 8.601-E.\7\ Active Proxy Portfolio Shares are
securities (a) issued by an investment company (``Investment Company'')
registered under the Investment Company Act of 1940 (``1940 Act'')
organized as an open-end management investment company that invests in
a portfolio of securities selected by the Investment Company's
investment adviser consistent with the Investment Company's investment
objectives and policies; (b) issued in a specified minimum number of
shares, or multiples thereof, in return for a deposit by the purchaser
of the Proxy Portfolio \8\ and/or cash with a value equal to the next
determined net asset value (``NAV''); (c) when aggregated in the

same specified minimum number of Active Proxy Portfolio Shares, or
multiples thereof, may be redeemed at a holder's request in return for
the Proxy Portfolio and/or cash to the holder by the issuer with a
value equal to the next determined NAV; and (d) the portfolio holdings
for which are disclosed within at least 60 days following the end of
every fiscal quarter.\9\ Further, a series of Active Proxy Portfolio
Shares discloses its Proxy Portfolio on a daily basis,\10\ and
discloses its Actual Portfolio on a quarterly basis.\11\
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release Nos. 89185 (June 29,
2020), 85 FR 40328 (July 6, 2020) (SR-NYSEArca-2019-95) (Notice of
Filing of Amendment No. 6 and Order Granting Accelerated Approval of
a Proposed Rule Change, as Modified by Amendment No. 6, to Adopt
NYSE Arca Rule 8.601-E to Permit the Listing and Trading of Active
Proxy Portfolio Shares and To List and Trade Shares of the Natixis
U.S. Equity Opportunities ETF Under Proposed NYSE Arca Rule 8.601-E)
(``Active Proxy Portfolio Shares Approval Order'').
    \8\ Rule 8.601-E(c)(3) defines the term ``Proxy Portfolio'' as a
specified portfolio of securities, other financial instruments and/
or cash designed to track closely the daily performance of the
Actual Portfolio of a series of Active Proxy Portfolio Shares as
provided in the exemptive relief pursuant to the 1940 Act applicable
to such series. Rule 8.601-E(c)(2) defines the term ``Actual
Portfolio'' as identities and quantities of the securities and other
assets held by the Investment Company that shall form the basis for
the Investment Company's calculation of NAV at the end of the
business day.
    \9\ See NYSE Arca Rule 8.601-E(c)(1).
    \10\ Rule 8.601-E(d)(2)(A) requires for continued listing on the
Exchange that each series of Active Proxy Portfolio Shares must make
its Proxy Portfolio publicly available on its website at least once
daily and must make it available to all market participants at the
same time. Pursuant to Rule 8.601-E(c)(3), the website for each
series of Active Proxy Portfolio Shares must disclose the
information regarding the Proxy Portfolio as provided in the
exemptive relief pursuant to the 1940 Act applicable to such series,
including the following, to the extent applicable: (i) Ticker
symbol; (ii) CUSIP or other identifier; (iii) description of
holding; (iv) quantity of each security or other asset held; and (v)
percentage weighting of the holding in the portfolio.
    \11\ Rule 8.601-E(d)(2)(A) requires for continued listing on the
Exchange that each series of Active Proxy Portfolio Shares must
publicly disseminate its Actual Portfolio within at least 60 days
following the end of every fiscal quarter and must make it publicly
available to all market participants at the same time.
---------------------------------------------------------------------------

    NYSE Arca Rule 8.601-E, Commentary .01, currently requires that the
Exchange submit a proposed rule change with the Commission to list and
trade each new series of Active Proxy Portfolio Shares.\12\ The
Exchange proposes to amend NYSE Arca Rule 8.601-E to adopt ``generic''
listing standards that would allow the Exchange to approve the listing
and trading (including pursuant to unlisted trading privileges) of
series of Active Proxy Portfolio Shares that satisfy those generic
listing standards pursuant to Rule 19b-4(e) under the Act.\13\
---------------------------------------------------------------------------

    \12\ The Commission has approved the listing and trading on the
Exchange of series of Active Proxy Portfolio Shares pursuant to NYSE
Arca Rule 8.601-E. See Active Proxy Portfolio Shares Approval Order,
supra note 7, Securities Exchange Act Release Nos. 89192 (June 30,
2020), 85 FR 40699 (July 7, 2020) (SR-NYSEArca-2019-96) (Notice of
Filing of Amendment No. 5 and Order Granting Accelerated Approval of
a Proposed Rule Change, as Modified by Amendment No. 5, to List and
Trade Two Series of Active Proxy Portfolio Shares Issued by the
American Century ETF Trust under NYSE Arca Rule 8.601-E) (``American
Century Approval Order''); 89191 (June 30, 2020), 85 FR 40358 (July
6, 2020) (SR-NYSEArca-2019-92) (Notice of Filing of Amendment No. 3
and Order Granting Accelerated Approval of a Proposed Rule Change,
as Modified by Amendment No. 3, to List and Trade Four Series of
Active Proxy Portfolio Shares Issued by T. Rowe Price Exchange-
Traded Funds, Inc. under NYSE Arca Rule 8.601-E) (``T. Rowe Price
Approval Order''); 89438 (July 31, 2020) (SR-NYSEArca-2020-51)
(Order Granting Approval of a Proposed Rule Change, as Modified by
Amendment No. 2, to List and Trade Shares of Natixis Vaughan Nelson
Select ETF and Natixis Vaughan Nelson MidCap ETF under NYSE Arca
Rule 8.601-E) (``Natixis Approval Order,'' and collectively with the
Natixis Approval Order, American Century Approval Order, and T. Rowe
Price Approval Order, the ``Approval Orders'').
    \13\ 17 CFR 240.19b-4(e). Rule 19b-4(e)(1) under the Act
provides that the listing and trading of a new derivative securities
product by a self-regulatory organization (``SRO'') is not deemed a
proposed rule change, pursuant to paragraph (c)(1) of Rule 19b-4, if
the Commission has approved, pursuant to section 19(b) of the Act,
the SRO's trading rules, procedures and listing standards for the
product class that would include the new derivative securities
product and the SRO has a surveillance program for the product
class. See 17 CFR 240.19b-4(e)(1). Under Rule 19b-4(e), the term
``new derivative securities product'' means any type of option,
warrant, hybrid securities product or any other security, other than
a single equity option or a security futures product, whose value is
based, in whole or in part, upon the performance of, or interest in,
an underlying instrument. See 17 CFR 240.19b-4(e). Under Rule 19b-
4(c)(1), a stated policy, practice, or interpretation of the SRO
shall be deemed to be a proposed rule change unless it is reasonably
and fairly implied by an existing rule of the SRO. 17 CFR 240.19b-
4(c)(1). 17 CFR 240.19b-4(c)(1).
---------------------------------------------------------------------------

A. Proposed Amendments to Rule 8.601-E, Commentary .01

    The Exchange proposes to amend Commentary .01 to Rule 8.601-E to
state that the Exchange may approve Active Proxy Portfolio Shares for
listing and/or trading (including pursuant to unlisted trading
privileges) pursuant to Rule 19b-4(e) under the Act. The Exchange would
also specify within Commentary .01 that components of a series of
Active Proxy Portfolio Shares listed pursuant to Rule 19b-4(e) shall
satisfy the criteria set forth in Rule 8.601-E upon initial listing and
on a continual basis. In addition, the Exchange would specify that it
will file separate proposals under Section 19(b) of the Act before the
listing and trading of a series of Active Proxy Portfolio Shares with
components that do not satisfy the criteria set forth in proposed
amended Commentary .01 or components other than those specified in
amended Commentary .01.\14\
---------------------------------------------------------------------------

    \14\ For example, if the components of a series of Active Proxy
Portfolio Shares included a security or asset that is not specified
in proposed amended Commentary .01, the Exchange would file a
separate proposed rule change with the Commission to list the series
of Active Proxy Portfolio Shares.
---------------------------------------------------------------------------

    Proposed Commentary .01(a) to Rule 8.601-E would provide that the
Actual Portfolio and Proxy Portfolio for a series of Active Proxy
Portfolio Shares would include only the following components:
    (1) U.S. exchange-traded securities that are common stocks;
preferred stocks; American Depositary Receipts; and real estate
investment trusts;
    (2) Foreign common stocks that (a) are listed on a foreign exchange
that is a member of the Intermarket Surveillance Group or with which
the Exchange has in place a comprehensive surveillance sharing
agreement; and (b) trade on such foreign exchange contemporaneously
with shares of a series of Active Proxy Portfolio Shares in the
Exchange's Core Trading Session;
    (3) U.S. exchange-traded funds that are listed under the following
NYSE Arca rules: Investment Company Units (Rule 5.2-E(j)(3)); Exchange-
Traded Fund Shares (Rule 5.2-E(j)(8)); Portfolio Depositary Receipts
(Rule 8.100-E); Managed Fund Shares (Rule 8.600-E); Active Proxy
Portfolio Shares (Rule 8.601-E); and Managed Portfolio Shares (Rule
8.900-E);
    (4) Equity Gold Shares (listed under NYSE Arca Rule 5.2-E(j)(5));
    (5) Index-Linked Securities (listed under NYSE Arca Rule 5.2-
E(j)(6));
    (6) Commodity-Based Trust Shares (listed under NYSE Arca Rule
8.201-E);
    (7) Currency Trust Shares (listed under NYSE Arca Rule 8.202-E);
    (8) The following securities, which are required to be organized as
commodity pools: Commodity Index Trust Shares (listed under NYSE Arca
Rule 8.203-E); Commodity Futures Trust Shares (listed under NYSE Arca
Rule 8.204-E); Trust Units (listed under NYSE Arca Rule 8.500-E); and
Managed Trust Securities (listed under NYSE Arca Rule 8.700-E);
    (9) The following securities if organized as commodity pools: Trust
Issued Receipts (listed under NYSE Arca Rule 8.200-E) and Partnership
Units (listed under NYSE Arca Rule 8.300-E);
    (10) U.S. exchange-traded futures that trade contemporaneously with
shares of a series of Active Proxy Portfolio Shares in the Exchange's
Core Trading Session; and
    (11) Cash and cash equivalents, which cash equivalents would be
limited to short-term U.S. Treasury securities, government money market
funds, and repurchase agreements.
    Proposed Commentary .01(b) to Rule 8.601-E would provide that a
series of Active Proxy Portfolio Shares will not hold short positions
in securities and other financial instruments referenced in the list of
permitted investments in Commentary .01(a). Proposed Commentary .01(c)
would provide that the securities referenced in proposed Commentary
.01(a)(3)-(9) would also include securities listed on another national
securities exchange pursuant to substantially equivalent listing rules.
    The Exchange states that the securities and financial instruments
enumerated in proposed Commentary .01(a) to Rule 8.601-E are consistent

with, and limited to, the ``permissible investments'' for series of
Active Proxy Portfolio Shares previously approved by the Commission for
Exchange listing and trading, as described in the Approval Orders,\15\
and as permitted by their respective exemptive relief under the 1940
Act.
---------------------------------------------------------------------------

    \15\ See supra note 12.
---------------------------------------------------------------------------

    The Exchange states that the regulatory staff of the Exchange, or
the Financial Industry Regulatory Authority, Inc. (``FINRA''), on
behalf of the Exchange, will communicate as needed regarding trading in
Active Proxy Portfolio Shares, other exchange-traded equity securities
and futures contracts with other markets that are members of the
Intermarket Surveillance Group (``ISG''), including U.S. and foreign
exchanges on which the components are traded. In addition, the Exchange
may obtain information regarding trading in Active Proxy Portfolio
Shares from other markets that are members of the ISG, including all
U.S. securities exchanges and futures exchanges on which the equity
securities and futures contracts are traded, or with which the Exchange
has in place a comprehensive surveillance sharing agreement. The
Exchange represents that its surveillance procedures are adequate to
continue to properly monitor the trading of Active Proxy Portfolio
Shares in all trading sessions and to deter and detect violations of
Exchange rules. Specifically, the Exchange intends to utilize its
existing surveillance procedures applicable to derivative products,
which will include Active Proxy Portfolio Shares, to monitor trading in
the Active Proxy Portfolio Shares.
    The Exchange states that the Active Proxy Portfolio Shares will
conform to the initial and continued listing criteria under Rule 8.601-
E. All Active Proxy Portfolio Shares listed and/or traded pursuant to
Rule 8.601-E (including pursuant to unlisted trading privileges) are
subject to all Exchange rules and procedures that currently govern the
trading of equity securities on the Exchange. The issuer of a series of
Active Proxy Portfolio Shares will be required to comply with Rule 10A-
3 under the Act for the initial and continued listing of Active Proxy
Portfolio Shares, as provided under NYSE Arca Rule 5.3-E.
    Prior to listing pursuant to proposed amended Commentary .01 to
Rule 8.601-E, an issuer would be required to represent to the Exchange
that it will notify the Exchange of any failure by a series of Active
Proxy Portfolio Shares to comply with the continued listing
requirements, and, pursuant to its obligations under Section 19(g)(1)
of the Act, the Exchange will monitor for compliance with the continued
listing requirements. If a series of Active Proxy Portfolio Shares is
not in compliance with the applicable listing requirements, the
Exchange will commence delisting procedures under NYSE Arca Rule 5.5-
E(m).

III. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEArca-2020-77 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \16\ to determine whether the proposed rule
change should be approved or disapproved. Institution of such
proceedings is appropriate at this time in view of the legal and policy
issues raised by the proposed rule change. Institution of proceedings
does not indicate that the Commission has reached any conclusions with
respect to any of the issues involved. Rather, as described below, the
Commission seeks and encourages interested persons to provide
additional comment on the proposed rule change to inform the
Commission's analysis of whether to approve or disapprove the proposed
rule change.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2)(B) of the Act,\17\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with Section 6(b)(5)
of the Act, which requires, among other things, that the rules of a
national securities exchange be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and to protect
investors and the public interest, and not be designed to permit unfair
discrimination between customers, issuers, brokers, or dealers.\18\
---------------------------------------------------------------------------

    \17\ Id.
    \18\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange proposes to adopt generic listing standards for Active
Proxy Portfolio Shares, which would allow the Exchange to list and
trade Active Proxy Portfolio Shares that meet the requirements of
Commentary .01 without filing a proposed rule change with the
Commission. As noted above, however, the Commission only recently
approved the listing and trading of Active Proxy Portfolio Shares on
the Exchange.\19\ Further, the Exchange states that only six series of
Active Proxy Portfolio Shares are currently listed and traded on the
Exchange.\20\ Accordingly, the Commission and the Exchange, as well as
the marketplace, more generally, have limited experience with respect
to this type of new derivative securities product.\21\ In the past, a
new derivative securities product typically had a significant history
of being listed and traded on an exchange before the Commission
approved its generic listing standards. For example, the Commission
approved the Exchange's listing standards for Managed Fund Shares in
2008, but did not approve the generic listing

standards for the same until 2016.\22\ Given the relatively short
amount of time the Commission has had to oversee and observe Active
Proxy Portfolio Shares and other similarly structured exchange traded
products, the Commission is concerned that there is insufficient
experience to determine that the proposal to permit generic listing and
trading of Active Proxy Portfolio Shares is consistent with Section
6(b)(5) of the Act, including whether the proposal is designed to
prevent fraudulent and manipulative acts and practices and to protect
investors and the public interest.
---------------------------------------------------------------------------

    \19\ See supra note 7 and accompanying text. The Commission
notes that it also recently approved substantively similar rules for
Cboe BZX Exchange, Inc.'s Tracking Fund Shares and The Nasdaq Stock
Market LLC's Proxy Portfolio Shares. See Securities Exchange Act
Release Nos. 88887 (May 15, 2020), 85 FR 30990 (May 21, 2020) (SR-
CboeBZX-2019-107) (Notice of Filing of Amendment No. 5 and Order
Granting Accelerated Approval of a Proposed Rule Change, as Modified
by Amendment No. 5, to Adopt Rule 14.11(m), Tracking Fund Shares,
and to List and Trade Shares of the Fidelity Blue Chip Value ETF,
Fidelity Blue Chip Growth ETF, and Fidelity New Millennium ETF) and
89110 (June 22, 2020), 85 FR 38461 (June 26, 2020) (SR-NASDAQ-2020-
032) (Notice of Filing and Immediate Effectiveness of Proposed Rule
Change to Adopt Nasdaq Rule 5750 to List and Trade Proxy Portfolio
Shares).
    \20\ The Exchange states that the following series of Active
Proxy Portfolio Shares are currently listed and traded on the
Exchange: American Century Mid Cap Growth Impact ETF, American
Century Sustainable Equity ETF, T. Rowe Price Blue Chip Growth ETF,
T. Rowe Price Dividend Growth ETF, T. Rowe Price Growth Stock ETF,
and T. Rowe Price Equity Income ETF. See American Century Approval
Order and T. Rowe Price Approval Order, supra note 12. The
Commission notes that the three Natixis funds noted above have also
been approved for listing and trading on the Exchange. See supra
notes 7 and 12. In addition, shares of similar products have been
approved or filed for immediate effectiveness for listing and
trading on Cboe BZX Exchange, Inc. See, for example, supra note 19
and 90530 (November 30, 2020), 85 FR 78366 (December 4, 2020) (SR-
CboeBZX-2020-085) (Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change Relating to List and Trade Shares of the
Fidelity Growth Opportunities ETF, Fidelity Magellan ETF, Fidelity
Real Estate Investment ETF, and Fidelity Small-Mid Cap Opportunities
ETF Under Rule 14.11(m) (Tracking Fund Shares)).
    \21\ Under Rule 19b-4(e), the term ``new derivative securities
product'' means any type of option, warrant, hybrid securities
product, or any other security, other than a single equity option or
a security futures product, whose value is based, in whole or in
part, upon the performance of, or interest in, an underlying
instrument. See 17 CFR 240.19b-4(e).
    \22\ See Securities Exchange Act Release No. 78397 (July 22,
2016), 81 FR 49320 (July 27, 2016 (SR-NYSEArca-2015-110) (Order
Granting Approval of Proposed Rule Change, as Modified by Amendment
No. 7 Thereto, Amending NYSE Arca Equities Rule 8.600 to Adopt
Generic Listing Standards for Managed Fund Shares) and Securities
Exchange Act Release No. 57619 (April 4, 2008), 73 FR 19544 (April
10, 2008) (Notice of Filing of Amendment No. 1 to Proposed Rule
Change and Order Granting Accelerated Approval of Such Proposed Rule
Change, as Modified by Amendment No. 1 Thereto, Relating to Rules
Permitting the Listing and Trading of Managed Fund Shares, Trading
Hours and Halts, Listing Fees Applicable to Managed Fund Shares, and
the Listing and Trading of Shares of the PowerShares Active AlphaQ
Fund, PowerShares Active Alpha Multi-Cap Fund, PowerShares Active
Mega-Cap Portfolio, and the PowerShares Active Low Duration
Portfolio).
---------------------------------------------------------------------------

    Under the Commission's Rules of Practice, the ``burden to
demonstrate that a proposed rule change is consistent with the Exchange
Act and the rules and regulations issued thereunder . . . is on the
[SRO] that proposed the rule change.'' \23\ The description of a
proposed rule change, its purpose and operation, its effect, and a
legal analysis of its consistency with applicable requirements must all
be sufficiently detailed and specific to support an affirmative
Commission finding,\24\ and any failure of an SRO to provide this
information may result in the Commission not having a sufficient basis
to make an affirmative finding that a proposed rule change is
consistent with the Act and the applicable rules and regulations.\25\
The Commission notes that the Exchange has provided no data or analysis
to support the determination that, in the absence of significant market
or regulatory experience, its proposal to permit the listing and
trading of Active Proxy Portfolio Shares pursuant to a generic listing
standards raises no new or novel concerns.
---------------------------------------------------------------------------

    \23\ 17 CFR 201.700(b)(3).
    \24\ See id.
    \25\ See id.
---------------------------------------------------------------------------

    Accordingly, the Commission is instituting proceedings to allow for
additional consideration and comment on the issues raised herein,
including whether the proposal is consistent with the Act.

IV. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 6(b)(5) \26\ of the Act or any other provision
of the Act, or the rules and regulations thereunder. Although there do
not appear to be any issues relevant to approval or disapproval that
would be facilitated by an oral presentation of views, data, and
arguments, the Commission will consider, pursuant to Rule 19b-4 under
the Act,\27\ any request for an opportunity to make an oral
presentation.\28\
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78f(b)(5).
    \27\ 17 CFR 240.19b-4.
    \28\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
---------------------------------------------------------------------------

    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by January 7, 2021. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
January 21, 2021. The Commission asks that commenters address the
sufficiency of the Exchange's statements in support of the proposal,
which are set forth in the Notice,\29\ in addition to any other
comments they may wish to submit about the proposed rule change.
---------------------------------------------------------------------------

    \29\ See Notice, supra note 3.
---------------------------------------------------------------------------

    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2020-77 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2020-77. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2020-77 and should be submitted
by January 7, 2021. Rebuttal comments should be submitted by January
21, 2021.
---------------------------------------------------------------------------

    \30\ 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-27731 Filed 12-16-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 102 (Thursday, May 28, 2015)]
[Notices]
[Pages 30453-30454]
[FR Doc No: 2015-12943]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2014-0079; FRL-9927-84-OEI]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; NESHAP for Wet-Formed Fiberglass Mat
Production (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: The Environmental Protection Agency has submitted an
information collection request (ICR), ``NESHAP for Wet-Formed
Fiberglass Mat Production (40 CFR part 63, subpart HHHH) (Renewal)''
(EPA ICR No. 1964.06, OMB Control No. 2060-0496), to the Office of
Management and Budget (OMB) for review and approval in accordance with
the Paperwork Reduction Act (44 U.S.C. 3501 et seq.). This is a
proposed extension of the ICR, which is currently approved through May
31, 2015. Public comments were previously requested via the Federal
Register (79 FR 30117) on May 27, 2014 during a 60-day comment period.
This notice allows for an additional 30 days for public comments. A
fuller description of the ICR is given below, including its estimated
burden and cost to the public. An Agency may neither conduct nor
sponsor, and a person is not required to respond to, a collection of
information unless it displays a currently valid OMB control number.

DATES: Additional comments may be submitted on or before June 29, 2015.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OECA-2014-0079, to: (1) EPA online using www.regulations.gov (our
preferred method), or by email to<EMAIL_ADDRESS>or by mail to:
EPA Docket Center, Environmental Protection Agency, Mail Code 28221T,
1200 Pennsylvania Ave. NW., Washington, DC 20460; and (2) OMB via email
to<EMAIL_ADDRESS>Address comments to OMB Desk Officer
for EPA.
    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI), or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Patrick Yellin, Monitoring,
Assistance, and Media Programs Division, Office of Compliance, Mail
Code 2227A, Environmental Protection Agency, 1200 Pennsylvania Ave.
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Supporting documents which explain in detail
the information that the EPA will be collecting are available in the
public docket for this ICR. The docket can be viewed online at
www.regulations.gov or in person at the EPA Docket Center, WJC West,
Room 3334, 1301 Constitution Ave. NW., Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit: http://www.epa.gov/dockets.
    Abstract: The affected entities are subject to the General
Provisions of the NESHAP (40 CFR part 63, subpart A), and any changes,
or additions, to the Provisions specified at 40 CFR part 63, subpart
HHHH. Owners or operators of the affected facilities must submit an
initial notification report, performance tests, and periodic reports
and results. Owners or operators are also required to maintain records
of the occurrence and duration of any startup, shutdown, or malfunction
in the operation of an affected facility, or any period during which
the monitoring system is inoperative. Reports, at a minimum, are
required semiannually.
    Form Numbers: None.
    Respondents/affected entities: Wet-formed fiberglass mat production
facilities.
    Respondent's obligation to respond: Mandatory (40 CFR part 63,
subpart HHHH).
    Estimated number of respondents: 14 (total).

    Frequency of response: Initially, occasionally, semiannually and
annually.
    Total estimated burden: 2,800 hours (per year). Burden is defined
at 5 CFR 1320.3(b).
    Total estimated cost: $285,000 (per year), includes $0 for both
annualized capital and operation & maintenance costs.
    Changes in the Estimates: There is a small adjustment decrease in
burden from the previous ICR because we have modified the calculation
methodology associated with the five-year repeat performance test
requirement. The previous ICR assumed all 14 sources will have to
conduct the performance test during the ICR renewal period. Since this
requirement only occurs once every five years, we have revised the
estimates to reflect this frequency: (14 sources)/(5 years) = 2.8
sources per year. This results in a decrease in the respondent burden.
    There is also an increase of six responses due to a correction. The
previous ICR did not account for the five-year performance test
notifications and reports in calculating the number of responses.

Courtney Kerwin,
Acting-Director, Collection Strategies Division.
[FR Doc. 2015-12943 Filed 5-27-15; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 80, Number 83 (Thursday, April 30, 2015)]
[Notices]
[Page 24305]
[FR Doc No: 2015-10034]

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SECURITIES AND EXCHANGE COMMISSION

[Securities Act of 1933 Release No. 9760/April 24, 2015; Securities
Exchange Act of 1934 Release No. 74810/April 24, 2015]

Order Regarding Review of FASB Accounting Support Fee For 2015
Under Section 109 of the Sarbanes-Oxley Act of 2002

    The Sarbanes-Oxley Act of 2002 (the ``Act'') provides that the
Securities and Exchange Commission (the ``Commission'') may recognize,
as generally accepted for purposes of the securities laws, any
accounting principles established by a standard setting body that meets
certain criteria. Consequently, Section 109 of the Act provides that
all of the budget of such a standard setting body shall be payable from
an annual accounting support fee assessed and collected against each
issuer, as may be necessary or appropriate to pay for the budget and
provide for the expenses of the standard setting body, and to provide
for an independent, stable source of funding, subject to review by the
Commission. Under Section 109(f) of the Act, the amount of fees
collected for a fiscal year shall not exceed the ``recoverable budget
expenses'' of the standard setting body. Section 109(h) amends Section
13(b)(2) of the Securities Exchange Act of 1934 to require issuers to
pay the allocable share of a reasonable annual accounting support fee
or fees, determined in accordance with Section 109 of the Act.
    On April 25, 2003, the Commission issued a policy statement
concluding that the Financial Accounting Standards Board (``FASB'') and
its parent organization, the Financial Accounting Foundation (``FAF''),
satisfied the criteria for an accounting standard-setting body under
the Act, and recognizing the FASB's financial accounting and reporting
standards as ``generally accepted'' under Section 108 of the Act.\1\ As
a consequence of that recognition, the Commission undertook a review of
the FASB's accounting support fee for calendar year 2015. In connection
with its review, the Commission also reviewed the budget for the FAF
and the FASB for calendar year 2015.
---------------------------------------------------------------------------

    \1\ Financial Reporting Release No. 70.
---------------------------------------------------------------------------

    Section 109 of the Act also provides that the standard setting body
can have additional sources of revenue for its activities, such as
earnings from sales of publications, provided that each additional
source of revenue shall not jeopardize, in the judgment of the
Commission, the actual or perceived independence of the standard
setter. In this regard, the Commission also considered the
interrelation of the operating budgets of the FAF, the FASB, and the
Governmental Accounting Standards Board (``GASB''), the FASB's sister
organization, which sets accounting standards used by state and local
government entities. The Commission has been advised by the FAF that
neither the FAF, the FASB, nor the GASB accept contributions from the
accounting profession.
    The Commission understands that the Office of Management and Budget
(``OMB'') has determined the FASB's spending of the 2015 accounting
support fee is sequestrable under the Budget Control Act of 2011.\2\ So
long as sequestration is applicable, we anticipate that the FAF will
work with the Commission and Commission staff as appropriate regarding
its implementation of sequestration.
---------------------------------------------------------------------------

    \2\ See ``OMB Report Pursuant to the Sequestration Transparency
Act of 2012'' (P.L. 112-155), page 222 of 224 at: http://www.whitehouse.gov/sites/default/files/omb/assets/legislative_reports/stareport.pdf.
---------------------------------------------------------------------------

    After its review, the Commission determined that the 2015 annual
accounting support fee for the FASB is consistent with Section 109 of
the Act. Accordingly,
    It is ordered, pursuant to Section 109 of the Act, that the FASB
may act in accordance with this determination of the Commission.

    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2015-10034 Filed 4-29-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: July 3, 2008 (Volume 73, Number 129)]
[Notices]
[Page 38238-38239]
[DOCID:fr03jy08-84]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[FEMA-1771-DR]

Illinois Amendment No. 1 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Illinois (FEMA-1771-DR), dated June 24, 2008, and
related determinations.

DATES: Effective Date: June 25, 2008.

FOR FURTHER INFORMATION CONTACT: Peggy Miller, Disaster Assistance
Directorate, Federal Emergency Management Agency, 500 C Street, SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of Illinois is hereby amended to include Individual
Assistance and the Hazard Mitigation Grant Program in the following
areas among those areas determined to have been adversely affected by
the catastrophe declared a major disaster by the President in his
declaration of June 24, 2008.

    Douglas, Edgar, Lake, and Winnebago Counties for Individual
Assistance.
    Adams, Clark, Coles, Crawford, Cumberland, Hancock, Henderson,
Jasper, Lawrence, and Mercer Counties for Individual Assistance
(already designated for emergency protective measures [Category B],
limited to direct Federal assistance, under the Public Assistance
program.)
    All counties in the State of Illinois are eligible to apply for
assistance under the Hazard Mitigation Grant Program.

(The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used

for reporting and drawing funds: 97.030, Community Disaster Loans;
97.031, Cora Brown Fund; 97.032, Crisis Counseling; 97.033, Disaster
Legal Services; 97.034, Disaster Unemployment Assistance (DUA);
97.046, Fire Management Assistance Grant; 97.048, Disaster Housing
Assistance to Individuals and Households In Presidential Declared
Disaster Areas; 97.049, Presidential Declared Disaster Assistance--
Disaster Housing Operations for Individuals and Households; 97.050
Presidential Declared Disaster Assistance to Individuals and
Households--Other Needs, 97.036, Disaster Grants--Public Assistance
(Presidentially Declared Disasters); 97.039, Hazard Mitigation
Grant.)

R. David Paulison,
Administrator, Federal Emergency Management Agency.
[FR Doc. E8-15128 Filed 7-2-08; 8:45 am]

BILLING CODE 9110-10-P


[Federal Register: December 13, 2006 (Volume 71, Number 239)]
[Notices]
[Page 74965-74966]
[DOCID:fr13de06-76]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54884; File No. SR-BSE-2006-52]

Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing and Order Granting Accelerated Approval of a Proposed
Rule Change Relating to the Time a Marketable Order Is Exposed on the
BOX Book

December 6, 2006.
    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 November 15, 2006, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by BSE. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons and is approving the proposal on an accelerated
basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(l).
    \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 amend Section 16 (Execution and Price/Time
Priority) of Chapter V of the Rules of the Boston Options Exchange
(``BOX'') to reduce the time that an order is exposed in the internal
BOX market when BOX is not matching the national best bid or offer
(``NBBO'') from three seconds to one second. The text of the proposed
rule change is available on the Exchange's Internet Web site (http://www.bostonstock.com
), at the Exchange's principal office, 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 proposal. The text of these
statements may be examined at the places specified in Item III 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Section 16 (Execution and Price/Time
Priority) of Chapter V of the BOX Rules to reduce the time that an
order is exposed in the internal BOX market when the BOX best bid and
offer (``BBO'') is not matching the NBBO from three seconds to one
second. \3\ The Exchange's experience with the Filter has shown that
one second is ample time for any party interested in trading with the
exposed order at the NBBO to generate and send its contra-side order to
the BOX Trading Host for matching. Consequently, the Exchange believes
that a reduction in this exposure time will not result in an
appreciable difference in the number of executions on BOX through the
use of the Filter. In addition, the reduction in exposure time will
permit the earlier generation and sending of an InterMarket Linkage P/A
Order in the case where BOX is unable to provide the NBBO price.
Therefore, the Exchange believes that the filtered order would have an
improved chance of being executed at the NBBO before the market moves
to the disfavor of the order.\4\
---------------------------------------------------------------------------

    \3\ See BOX Rules, Chapter V, Section 16(b) ``Filtering of BOX
In-Bound Orders to Prevent Trade-Throughs.'' This rule and the
mechanism utilized by BOX for this purpose are called the
``Filter.''
    \4\ The Exchange asked the Commission to incorporate in the
Purpose section of this notice the purpose discussion in the Form
19b-4 submitted for this filing rather than the discussion in the
Exhibit 1 for the filing. E-mail communication between Brian
Donnelly, AVP Regulation & Compliance, BSE, and Leah Mesfin, Special
Counsel, Division of Market Regulation, Commission on December 5,
2006.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b)\5\ of the Act, in general, and furthers the
objectives of Section 6(b)(5) \6\ in particular in that it is designed
to promote just and equitable principles of trade, and to protect
investors and the public interest.
---------------------------------------------------------------------------

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

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.

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

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

III. 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 e-mail to<EMAIL_ADDRESS>Please include

File No. SR-BSE-2006-52 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BSE-2006-52. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commissions 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 inspection and copying in the
Commission's Public Reference Room. Copies of the filing also will be
available for inspection and copying at the principal office of BSE.
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-BSE-2006-52
and should be submitted on or before January 3, 2007.

IV. Commission's Findings and Order Granting Accelerated Approval of
Proposed Rule Change

    The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange.\7\
Specifically, the Commission believes that the proposal is consistent
with Section 6(b)(5) of the Act, \8\ which requires, among other
things, that the rules of national securities exchange be designed to
prevent fraudulent and manipulative practices, to promote just and
equitable principles of trade, to remove impediments to and perfect the
mechanism for a free and open market and a national market system, and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \7\ In approving this proposal, the Commission has considered
the proposed rule's impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The foregoing proposed rule change would reduce the time that a
marketable order is exposed on the BOX Book in the event that the BBO
is not at the NBBO. Currently, when the BOX market is not at the NBBO,
a marketable order that would sit on the BOX Book for three seconds
before being routed to an exchange displaying the NBBO or returned to
the Options Participant. The proposed rule change would reduce the
amount of time that such order would sit on the BOX Book to one second.
The Commission notes that the Exchange has represented that one second
is ample time for any party interested in trading with the exposed BOX
order at the NBBO to send in a contra-side order to the BOX Trading
Host for matching. The Exchange has also stated that, consequently, it
believes that the reduction in exposure time will not result in an
appreciable difference in the number of executions on BOX through the
use of the Filter. The Commission also notes that the Exchange has
argued that the reduction in exposure time on the BOX Book would
improve the chances of a marketable order being executed at the NBBO
before the market moves and (potentially) disfavors the order.
    The Commission finds good cause, pursuant to Section 19(b)(2) of
the Act, \9\ for approving the proposed rule change prior to the 30th
day of the date of publication of the notice thereof in the Federal
Register. The Commission notes that the proposal does not alter the
order handling and routing procedures of the Filter in any other way
than to reduce the exposure time for a marketable order on the BOX
Book. The Commission believes that the proposed reduction in exposure
time on the BOX Book should improve the efficient handling of
marketable orders and minimize the risk of such orders failing to
receive their expected execution at the NBBO. The Commission also notes
that granting accelerated approval to this proposal would allow the
Exchange to implement this change in the Filter's functionality without
any further delay.
---------------------------------------------------------------------------

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

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
\10\ that the proposed rule change (SR-BSE-2006-52) is hereby approved
on an accelerated basis.
---------------------------------------------------------------------------

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

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E6-21158 Filed 12-12-06; 8:45 am]

BILLING CODE 8011-01-P