[Federal Register Volume 82, Number 25 (Wednesday, February 8, 2017)]
[Notices]
[Pages 9865-9869]
[FR Doc No: 2017-02552]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79947; File No. SR-PEARL-2017-03]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX
PEARL Rules 100, 404, 519C and Adopt MIAX PEARL 1018

February 2, 2017.
    Pursuant to the provisions of 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 January 24, 2017, MIAX PEARL, LLC (``MIAX
PEARL'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a proposed rule change as described in
Items I and II below, which Items have been prepared by the Exchange.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is filing a proposal to amend MIAX PEARL Rules 100,
404, 519C, and to adopt new MIAX PEARL Rule 1018, in order to bring
MIAX PEARL Rules up to date with recent changes that have been made to
the rules of the Exchange's affiliate, Miami International Securities
Exchange, LLC (``MIAX Options'').
    The text of the proposed rule change is available on the Exchange's
Web site at http://www.miaxoptions.com/rule-filings/pearl at MIAX
PEARL'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

proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant aspects of such statements.

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

1. Purpose
    The Exchange proposes to amend MIAX PEARL Rules 100, 404, 519C, and
to adopt MIAX PEARL Rule 1018, in order to bring the MIAX PEARL Rules
up to date with the changes that were made to the rules of MIAX Options
while MIAX PEARL's Form 1 Application to register as a national
securities exchange was pending approval.
Background
    MIAX PEARL plans to commence operations as a national securities
exchange registered under Section 6 of the Act \3\ on February 6, 2017.
As described more fully in MIAX PEARL's Form 1 application,\4\ the
Exchange is an affiliate of MIAX Options. MIAX PEARL Rules, in their
current form, were filed as Exhibit B to its Form 1 on August 12, 2016,
and at that time, the above mentioned rules, were substantially similar
to the rules of the MIAX Options exchange. In the time between when the
Exchange filed its Form 1 and the time the Exchange received its
approval order, MIAX Options made several changes to its rule book. In
order to ensure consistent operation of both MIAX PEARL and MIAX
Options through having consistent rules, the Exchange proposes to amend
MIAX PEARL Rules as described below.
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    \3\ 15 U.S.C. 78f.
    \4\ See Securities Exchange Act Release No. 79543 (December 13,
2016), 81 FR 92901 (December 20, 2016) (File No. 10-227) (order
approving application of MIAX PEARL, LLC for registration as a
national securities exchange.)
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Series of Option Contracts Open for Trading
    The Exchange proposes to expand the Short Term Option Series
Program outlined in Rule 404, Interpretations and Policies .02, to
allow the listing and trading of SPDR S&P 500 ETF Trust (``SPY'')
options with Wednesday expirations. These changes would make MIAX PEARL
Rule 404 consistent with MIAX Options Rule 404 and are identical to
changes made by MIAX Options when it modified its rule.\5\ The Exchange
further notes that the MIAX Options filing was a competitive filing
based on a filing submitted by the BOX Options Exchange, LLC (``BOX''),
which was approved by the Commission.\6\
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    \5\ See Securities Exchange Act Release No. 78772 (September 6,
2016), 81 FR 62784 (September 12, 2016) (SR-MIAX-2016-31).
    \6\ See Securities Exchange Act Release No. 78668 (August 24,
2016), 81 FR 59696 (August 30, 2016) (order approving SR-BOX-2016-
28).
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    Currently, under the Short Term Option Series Program the Exchange
may open for trading on any Thursday or Friday that is a business day
(``Short Term Option Opening Date'') series of options on that class
that expire at the close of business on each of the next five Fridays
that are business days, and are not Fridays in which monthly option
series or Quarterly Options Series expire (``Short Term Option
Expiration Dates''). The Exchange is now proposing to amend MIAX PEARL
Rule 404, Interpretations and Policies .02, to permit the listing of
SPY options expiring on Wednesdays. Specifically, the Exchange is
proposing that it may open for trading on any Tuesday or Wednesday that
is a business day, series of SPY options that expire on any Wednesday
of the month that is a business day, and is not a Wednesday on which
Quarterly Options Series expire (``Wednesday SPY Expirations''). The
proposed Wednesday SPY Expiration series would be similar to the
current Short Term Options Series, with certain exceptions.\7\ The
Exchange notes that Wednesday expirations are not a novel a proposition
as other option exchanges list and trade Wednesday SPY Expirations.\8\
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    \7\ The Commission notes that these exceptions are further
discussed in MIAX-2016-31, supra note 5.
    \8\ See MIAX Options Rule 404; BOX Rule 5050; and ISE Rule 504.
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    The Exchange represents that is has an adequate surveillance
program in place to detect manipulative trading in Wednesday SPY
Expirations in the same way it monitors trading in the current Short
Term Option Series. Additionally, the Exchange represents that it has
the necessary system capacity to support the new options series.
Definitions
    The Exchange proposes to amend Exchange Rule 100, which sets forth
the definition of Short Term Option Series. The definition set forth in
Rule 100 is redundant to the terms for Short Term Option Series set
forth in Rule 404, Interpretations and Policies .02. As a result, the
Exchange believes that amending Rule 100 by including an internal cross
reference to Rule 404, Interpretations and Policies .02 and by deleting
redundant language would result in a clearer definition and would make
the Rulebook more precise. Additionally, this change is identical to
changes made by MIAX Options when it modified its rule.\9\
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    \9\ See Securities Exchange Act Release No. 78772 (September 6,
2016), 81 FR 62784 (September 12, 2016) (SR-MIAX-2016-31).
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Mass Cancellation of Trading Interest
    The Exchange also proposes to amend Exchange Rule 519C, Mass
Cancellation of Trading Interest, to align the process and procedure of
cancelling orders and quotes from the order book to that of MIAX
Options. The proposed rule change will amend the first paragraph for
clarity and ease of reference and adopt new section (b) to provide that
Exchange staff, upon request from a Member,\10\ may remove all of the
Member's quotations \11\ and cancel all of the Member's orders \12\ in
the System \13\ and block new incoming quotations and orders from
entering the System. The block will remain in effect until the Member
contacts Exchange staff \14\ to have the block removed.
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    \10\ The term ``Member'' means an individual or organization
that is registered with the Exchange pursuant to Chapter II of MIAX
PEARL Rules for purposes of trading on the Exchange as an
``Electronic Exchange Member'' or ``Market Maker.'' Members are
deemed ``members'' under the Exchange Act. See Exchange Rule 100.
    \11\ The term ``quote'' or ``quotation'' means a bid or offer
entered by a Market Maker as a firm order that updates the Market
Maker's previous bid or offer, if any. When the term is used in
these Rules and a bid or offer is entered by the Market Maker in the
option series to which such Market Maker is registered, such order
shall, as applicable, constitute a quote or quotation for purposes
of these Rules. See Exchange Rule 100.
    \12\ The term ``order'' means a firm commitment to buy or sell
option contracts. See Exchange Rule 100.
    \13\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
    \14\ The Exchange's Help Desk would receive such communication.
The Help Desk is the Exchange's control room consisting of Exchange
staff authorized to make certain trading determinations on behalf of
the Exchange. The Help Desk shall report to and be supervised by a
senior executive officer of the Exchange. See Exchange Rule 100.
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    The Exchange proposes to add a new heading entitled ``Cancel'' to
the first paragraph, and proposes to identify the first paragraph with
the letter ``(a)'' for clarity and ease of reference. Additionally, the
Exchange proposes to make a clarifying change to the wording of the
first paragraph. The paragraph currently states that, ``[a] Member may
cancel all of its quotations and/or all or any subset of its orders [.
. .].'' The Exchange proposes to replace the word ``cancel'' with
``remove'' and to insert the word ``cancel'' after ``and/or,'' as this
language more accurately describes

the actions being performed by the Exchange. Additionally, the Exchange
is proposing to insert language indicating that a Member may effect the
removal of its quotations and/or the cancellation of its orders, ``by
firm name or by Market Participant Identifier (``MPID'')''.\15\
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    \15\ The term ``MPID'' means unique market participant
identifier. See Exchange Rule 100.
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    MIAX PEARL currently offers two Membership types, Market Maker
(``MM'') \16\ and Electronic Exchange Member (``EEM'').\17\ Market
Makers self-assign the series for which they choose to act as a Market
Maker \18\ and have an obligation to maintain a two-sided market,
pursuant to Rule 605(d)(1), in those series in which they register to
trade.\19\ Exchange Rule 605, Market Maker Quotations, details various
requirements associated with a Market Maker's quotes, such as ``Size
Associated with Quotes'', ``Firm Quotes'', and ``Continuous
Quotes''.\20\ A ``quote'' on the Exchange is defined as, ``[. . .] a
bid or offer entered by a Market Maker as a firm order that updates the
Market Maker's previous bid or offer, if any [. . .].'' \21\ Currently,
there is not a separate Market Maker quote transaction available on the
Exchange. The Exchange's definition of a quote further provides that,
``[w]hen the term order is used in these Rules and a bid or offer is
entered by the Market Maker in the option series to which such Market
Maker is registered, such order shall, as applicable, constitute a
quote or quotation for purposes of these Rules.'' \22\
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    \16\ The term ``Market Maker'' or ``MM'' means a Member
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 Chapter VI of MIAX PEARL
Rules. See Exchange Rule 100.
    \17\ The term ``Electronic Exchange Member'' or ``EEM'' means
the holder of a Trading Permit who is a Member representing as agent
Public Customer Orders or Non-Customer Orders on the Exchange and
those non-Market Maker Members conducting proprietary trading.
Electronic Exchange Members are deemed ``members'' under the
Exchange Act. See Exchange Rule 100.
    \18\ See Exchange Rule 602.
    \19\ See Exchange Rule 604(a)(1).
    \20\ See Exchange Rule 605.
    \21\ See Exchange Rule 100.
    \22\ See Exchange Rule 100.
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    The proposal would allow a Member to submit a request to remove all
of its outstanding quotations, as described above, and cancel all of
its open orders and block all new inbound quotations and orders by firm
name or Market Participant Identifier (``MPID''). The form of such
requests includes, but is not limited to, email or a phone call from
authorized individuals. The removal of quotes and the cancellation of
orders as described herein does not disconnect Members from the
Exchange's System.
    The proposed changes would make MIAX PEARL Rule 519C, Mass
Cancellation of Trading Interest, consistent with MIAX Options Rule
519C, Mass Cancellation of Trading Interest, and are identical to
changes made by MIAX Options when it modified its rule.\23\
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    \23\ See Securities Exchange Act Release Nos. 78023 (June 8,
2016), 81 FR 38751 (June 14, 2016) (SR-MIAX-2016-14) (adoption of
Rule 519C); 78974 (September 29, 2016), 81 FR 69090 (October 5,
2016) (SR-MIAX-2016-34) (amendment of Rule 519C).
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Expedited Suspension Proceeding
    MIAX PEARL incorporates certain chapters of the MIAX Options
Rulebook into its rulebook in their entirety by reference.
Specifically, MIAX Options Rulebook, Chapter III, Business Conduct, is
incorporated by reference, and contains Rule 322, Disruptive Quoting
and Trading Activity Prohibited, which was adopted by MIAX Options to
prohibit disruptive quoting and trading on MIAX Options.\24\ In
connection with this rule, MIAX Options adopted new MIAX Options Rule
1018, Expedited Suspension Proceeding, to permit MIAX Options to take
prompt action to suspend Members or their clients that violate MIAX
Options Rule 322.\25\ The Exchange now proposes to adopt new Rule 1018,
Expedited Suspension Proceeding, to align the rules of MIAX Options and
MIAX PEARL.
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    \24\ See MIAX Options Rule 322.
    \25\ See MIAX Options Rule 1018.
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    The Exchange proposes to adopt new Rule 1018, to set forth
procedures for issuing suspension orders, immediately prohibiting a
Member from conducting continued disruptive quoting and trading
activity on the Exchange. Importantly, these procedures would also
provide the Exchange the authority to order a Member to cease and
desist from providing access to the Exchange to a client of the Member
that is conducting disruptive quoting and trading activity in violation
of Rule 322. The Exchange notes that the proposed change would make
MIAX PEARL Rule 1018 consistent with MIAX Options Rule 1018 and is
identical to the rule text adopted by MIAX Options when it adopted its
rule.\26\
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    \26\ See Securities Exchange Act Release No. 79182 (October 28,
2016), 81 FR 76639 (November 3, 2016) (SR-MIAX-2016-40).
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2. Statutory Basis
    MIAX PEARL believes that its proposed rule change is consistent
with Section 6(b) of the Act \27\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \28\ in particular, in that it
is 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 facilitating
transactions in securities, to remove impediments to and perfect the
mechanisms of a free and open market and a national market system and,
in general, to protect investors and the public interest.
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    \27\ 15 U.S.C. 78f(b).
    \28\ 15 U.S.C. 78f(b)(5).
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    The Exchange is proposing to amend Rule 404, Series of Option
Contracts Open for Trading. The Exchange believes the Short Term Option
Series Program has been successful to date and that Wednesday SPY
Expirations simply expand the ability of investors to hedge risk
against market movements stemming from economic releases or market
events that occur throughout the month in the same way that the Short
Term Option Series Program has expanded the landscape of hedging.
Similarly, the Exchange believes Wednesday SPY Expirations should
create greater trading and hedging opportunities and flexibility, and
provide customers with the ability to more closely tailor their
investment objectives. The Exchange believes that allowing Wednesday
SPY Expirations and monthly SPY expirations in the same week would
benefit investors and minimize investor confusion by providing
Wednesday SPY Expirations in a continuous and uniform manner.
    The Exchange is also proposing to amend Rule 100, Definitions,
which sets forth the definition of Short Term Option Series. The
definition set forth in current Rule 100 is redundant to the terms for
Short Term Option Series set forth in Rule 404, Interpretations and
Policies .02. As a result, the Exchange believes that amending Rule 100
by including an internal cross reference to Rule 404, Interpretations
and Policies .02 and deleting redundant language would result in a
clearer definition and would make the Rulebook more precise and user
friendly. Clarity and transparency of the Exchange's rules benefits
investors and the public by eliminating the potential for confusion.
    The Exchange is also proposing to amend Rule 519C, Mass
Cancellation of Trading Interest, to add another risk protection tool
for Members and provide that the Exchange may take action on their
behalf. The proposed rule protects investors and the public interest by
increasing the number of risk protection tools available to Members on
the Exchange. The Exchange is also making

minor non-substantive amendments to the rule which organize the rule
text for clarity and clarifies the actions being performed by the
Exchange, and are intended to remove impediments to and perfect the
mechanisms of a free and open market by adding precision and ease of
reference to the Exchange's rules, thus promoting transparency and
clarity for Exchange Members.
    The Exchange is also proposing to adopt Rule 1018, Expedited
Suspension Proceeding, which will provide the Exchange a mechanism to
promptly initiate expedited suspension proceedings in the event the
Exchange believes that it has sufficient proof that a violation of Rule
322 has occurred and is ongoing. The Exchange believes that the
proposal is consistent with Sections 6(b)(1) and 6(b)(6) of the
Act,\29\ which require that the rules of an exchange enforce compliance
with, and provide appropriate discipline for, violations of the
Commission and Exchange rules. The Exchange also believes that the
proposal is consistent with the public interest, and the protection of
investors, or otherwise in furtherance of the purposes of the Act
because the proposal helps to strengthen the Exchange's ability to
carry out its oversight and enforcement responsibilities as a self-
regulatory organization in cases where awaiting the conclusion of a
full disciplinary proceeding is unsuitable in view of the potential
harm to Members and their customers.
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    \29\ 15 U.S.C. 78f(b)(1) and 78f(b)(6).
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    Also, the Exchange notes that if this type of conduct is allowed to
continue on the Exchange, the Exchange's reputation could be harmed
because it may appear to the public that the Exchange is not acting to
address the behavior. The expedited process would enable the Exchange
to address the behavior with greater speed.
    The Exchange notes that is has defined the prohibited disruptive
quoting and trading activity by modifying the traditional definitions
of layering \30\ and spoofing \31\ to eliminate an express intent
element that would not be proven on an expedited basis and would
instead require a thorough investigation into the activity. As noted,
the Exchange believes it is necessary for the protection of investors
to make such modifications in order to adopt an expedited process
rather than allowing disruptive quoting and trading activity to occur
for several years.
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    \30\ ``Layering' is a form of market manipulation in which
multiple, non-bona fide limit orders are entered on one side of the
market at various price levels in order to create the appearance of
a change in the levels of supply and demand, thereby artificially
moving the price of a security. An order is then executed on the
opposite side of the market at the artificially created price, and
the non-bona fide orders are cancelled.
    \31\ ``Spoofing'' is a form of market manipulation that involves
the market manipulator placing non-bona fide orders that are
intended to trigger some type of market movement and/or response
from other market participants, from which the market manipulator
might benefit by trading bona fide orders.
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    The Exchange believes that this proposal will provide the Exchange
with the necessary means to enforce against such behavior in an
expedited manner while providing Members with the necessary due
process. The Exchange believes that its proposal is consistent with the
Act because it provides the Exchange with the ability 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 from such ongoing behavior. Further, the Exchange
believes that adopting a rule applicable to market participants is
consistent with the Act because the Exchange believes that this type of
behavior should be prohibited for all Members. While this behavior may
not be as prevalent on the options markets today, the Exchange does not
believe the possibility of such behavior in the future would not have
the same market impact and thereby warrant an expedited process.
    The Exchange believes that the proposal is consistent Section
6(b)(7) of the Act,\32\ which requires that the rules of an exchange
``provide a fair procedure for the disciplining of members and persons
associated with members . . . and the prohibition or limitation by the
exchange of any person with respect to access to services offered by
the exchange or a member thereof.'' Finally, the Exchange believes the
proposal is consistent with Sections 6(d)(1) and 6(d)(2) of the
Act,\33\ which require that the rules of an exchange with respect to a
disciplinary proceeding or proceeding that would limit or prohibit
access to or membership in the exchange require the exchange to:
Provide adequate and specific notice of the charges brought against a
member or person associated with a member, provide an opportunity to
defend against such charges, keep a record, and provide details
regarding the findings and applicable sanctions in the event a
determination to impose a disciplinary sanction is made. The Exchange
believes that each of these requirements is addressed by the notice and
due process provisions included within Rule 1018. Importantly, the
Exchange will use the authority only in clear and egregious cases when
necessary to protect investors, other Members and the Exchange, and in
such cases, the Respondent will be afforded due process in connection
with the suspension proceedings.
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    \32\ 15 U.S.C. 78f(b)(7).
    \33\ 15 U.S.C. 78f(d)(1) and 78f(d)(2).
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    The Exchange believes the proposal removes impediments to and
perfects the mechanisms of a free and open market. Specifically, the
Exchange believes that although MIAX PEARL rules may, in certain
instances, intentionally differ from MIAX Options rules, the proposed
changes will promote uniformity with MIAX Options with respect to rules
that are intended to be identical but which were not modified while
MIAX PEARL's Form 1 application was pending approval. The Exchange
believes that it will reduce the potential for confusion by its members
that are also members of MIAX Options if it commences operations with
only those differences between MIAX PEARL and the MIAX Options Exchange
rules that are intentional.

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

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

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

    Written comments were neither solicited nor received.

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

    Because the foregoing 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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \34\ and Rule 19b-4(f)(6) \35\
thereunder.
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    \34\ 15 U.S.C. 78s(b)(3)(A).
    \35\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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.
The Exchange has satisfied this requirement.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \36\ normally does not become

operative for 30 days after the date of its filing. However, Rule 19b-
4(f)(6)(iii) \37\ permits the Commission to designate a shorter time if
such action is consistent with the protection of investors and the
public interest. In its filing with the Commission, the Exchange has
asked the Commission to waive the 30-day operative delay so that the
proposal may become operative immediately upon filing. The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. The Commission notes
that waiver of the operative delay will allow the proposed rules to
become operative before the Exchange intends to commence operations as
a national exchange on February 6, 2017. The Commission notes that the
proposed rule change is based on substantively identical rules of MIAX
Options and thus raises no new novel or substantive issues.
Accordingly, the Commission hereby waives the operative delay and
designates the proposal operative upon filing.\38\
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    \36\ 17 CFR 240.19b-4(f)(6).
    \37\ 17 CFR 240.19b-4(f)(6)(iii).
    \38\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-PEARL-2017-03 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-PEARL-2017-03. 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-PEARL-2017-03 and should be
submitted on or before March 1, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
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    \39\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-02552 Filed 2-7-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 122 (Tuesday, June 29, 2021)]
[Notices]
[Pages 34251-34254]
[FR Doc No: 2021-13838]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2021-0002]

Changes in Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, Department of Homeland
Security.

ACTION: Notice.

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SUMMARY: New or modified Base (1-percent annual chance) Flood
Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA)
boundaries or zone designations, and/or regulatory floodways
(hereinafter referred to as flood hazard determinations) as shown on
the indicated Letter of Map Revision (LOMR) for each of the communities
listed in the table below are finalized. Each LOMR revises the Flood
Insurance Rate Maps (FIRMs), and in some cases the Flood Insurance
Study (FIS) reports, currently in effect for the listed communities.
The flood hazard determinations modified by each LOMR will be used to
calculate flood insurance premium rates for new buildings and their
contents.

DATES: Each LOMR was finalized as in the table below.

ADDRESSES: Each LOMR is available for inspection at both the respective
Community Map Repository address listed in the table below and online
through the FEMA Map Service Center at https://msc.fema.gov.

FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW, Washington, DC 20472,<PHONE_NUMBER>, or (email)
<EMAIL_ADDRESS>or visit the FEMA Mapping and Insurance
eXchange (FMIX) online at https://www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) makes the final flood hazard determinations as shown in the
LOMRs for each community listed in the table below. Notice of these
modified flood hazard determinations has been published in newspapers
of local circulation and 90 days have elapsed since that publication.
The Deputy Associate Administrator for Insurance and Mitigation has
resolved any appeals resulting from this notification.
    The modified flood hazard determinations are made pursuant to
section 206 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4105, and are in accordance with the National Flood Insurance Act of
1968, 42 U.S.C. 4001 et seq., and with 44 CFR part 65.
    For rating purposes, the currently effective community number is
shown and must be used for all new policies and renewals.
    The new or modified flood hazard information is the basis for the
floodplain management measures that the community is required either to
adopt or to show evidence of being already in effect in order to remain
qualified for participation in the National Flood Insurance Program
(NFIP).
    This new or modified flood hazard information, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own or pursuant to policies
established by other Federal, State, or regional entities.
    This new or modified flood hazard determinations are used to meet
the floodplain management requirements of the NFIP and are used to
calculate the appropriate flood insurance premium rates for new
buildings, and for the contents in those buildings. The changes in
flood hazard determinations are in accordance with 44 CFR 65.4.
    Interested lessees and owners of real property are encouraged to
review the final flood hazard information available at the address
cited below for each community or online through the FEMA Map Service
Center at https://msc.fema.gov.

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

Michael M. Grimm,
Assistant Administrator for Risk Management, Department of Homeland
Security, Federal Emergency Management Agency.

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                      Location and case    Chief executive officer of                                                                         Community
  State and county           No.                    community                 Community map repository             Date of modification          No.
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Arizona:
    Mohave (FEMA     City of Lake Havasu  The Honorable Cal S. Sheehy,  Development Services Department,      Jun. 3, 2021.................       040116
     Docket No.: B-   City, (20-09-        Mayor, City of Lake Havasu    2330 McCulloch Boulevard North,
     2117).           1801P).              City, 2330 McCulloch          Lake Havasu City, AZ 86403.
                                           Boulevard North, Lake
                                           Havasu City, AZ 86403.
    Mohave, (FEMA    Unincorporated       The Honorable Buster          Mohave County Flood Control           Jun. 3, 2021.................       040058
     Docket No.: B-   areas of Mohave      Johnson, Chairman, Mohave     District, 3250 East Kino Avenue,
     2117).           County, (20-09-      County Board of               Kingman, AZ 86409.
                      1801P).              Supervisors, 2001 College
                                           Drive, Suite 90, Lake
                                           Havasu City, AZ 86403.
Colorado:
    El Paso, (FEMA   City of Colorado     The Honorable John Suthers,   Pikes Peak Regional Development       Jun. 1, 2021.................       080060
     Docket No.: B-   Springs, (20-08-     Mayor, City of Colorado       Center, 2880 International Circle,
     2109).           0548P).              Springs, 30 South Nevada      Colorado Springs, CO 80910.
                                           Avenue, Suite 601, Colorado
                                           Springs, CO 80903.

    El Paso, (FEMA   Unincorporated       The Honorable Mark Waller,    Pikes Peak Regional Development       Jun. 1, 2021.................       080059
     Docket No.: B-   areas of El Paso     Chairman, El Paso County      Center, 2880 International Circle,
     2109).           County, (20-08-      Board of Commissioners, 200   Colorado Springs, CO 80910.
                      0548P).              South Cascade Avenue, Suite
                                           100, Colorado Springs, CO
                                           80903.
    El Paso, (FEMA   Unincorporated       The Honorable Stan            Pikes Peak Regional Development       Jun. 14, 2021................       080059
     Docket No.: B-   areas of El Paso     VanderWerf, Chairman, El      Center, 2880 International Circle,
     2117).           County, (20-08-      Paso County Board of          Colorado Springs, CO 80910.
                      0750P).              Commissioners, 200 South
                                           Cascade Avenue, Suite 100,
                                           Colorado Springs, CO 80903.
    Larimer, (FEMA   Unincorporated       The Honorable John Kefalas,   Larimer County Engineering            Jun. 9, 2021.................       080101
     Docket No.: B-   areas of Larimer     Chairman, Larimer County      Department, 200 West Oak Street,
     2119).           County, (20-08-      Board of Commissioners, 200   Fort Collins, CO 80521.
                      0490P).              West Oak Street, Suite
                                           2200, Fort Collins, CO
                                           80521.
    Weld, (FEMA      Town of Severance,   The Honorable Donald McLeod,  Town Hall, 3 South Timber Ridge       Jun. 10, 2021................       080317
     Docket No.: B-   (20-08-0596P).       Mayor, Town of Severance, 3   Parkway, Severance, CO 80550.
     2117).                                South Timber Ridge Parkway,
                                           Severance, CO 80550.
Connecticut:
    Hartford, (FEMA  Town of Simsbury,    Ms. Maria Capriola, Town of   Town Hall, 933 Hopmeadow Street,      Jun. 3, 2021.................       090035
     Docket No.: B-   (20-01-1155P).       Simsbury Manager, 933         Simsbury, CT 06070.
     2117).                                Hopmeadow Street, Simsbury,
                                           CT 06070.
    New Haven,       Town of Branford,    The Honorable James B.        Engineering Department, 1019 Main     May 27, 2021.................       090073
     (FEMA Docket     (21-01-0065P).       Cosgrove, First Selectman,    Street, Branford, CT 06405.
     No.: B-2119).                         Town of Branford Board of
                                           Selectmen, 1019 Main
                                           Street, Branford, CT 06405.
Florida:
    Miami-Dade,      City of Sunny Isles  The Honorable George ``Bud''  Building Department, 18070 Collins    Jun. 1, 2021.................       120688
     (FEMA Docket     Beach, (20-04-       Scholl, Mayor, City of        Avenue, Sunny Isles Beach, FL
     No.: B-2117).    5872P).              Sunny Isles Beach, 18070      33160.
                                           Collins Avenue, Sunny Isles
                                           Beach, FL 33160.
    Monroe, (FEMA    Unincorporated       The Honorable Michelle        Monroe County Building Department,    Jun. 14, 2021................       125129
     Docket No.: B-   areas of Monroe      Coldiron, Mayor, Monroe       2798 Overseas Highway, Suite 300,
     2117).           County, (21-04-      County Board of               Marathon, FL 33050.
                      0609P).              Commissioners, 25 Ships
                                           Way, Big Pine Key, FL
                                           33042.
    Monroe, (FEMA    Village of           The Honorable Buddy Pinder,   Building Department, 86800 Overseas   May 27, 2021.................       120424
     Docket No.: B-   Islamorada, (21-04-  Mayor, Village of             Highway, Islamorada, FL 33036.
     2117).           0284P).              Islamorada, 86800 Overseas
                                           Highway, Islamorada, FL
                                           33036.
    Orange, (FEMA    City of Orlando,     The Honorable Buddy W. Dyer,  Public Works Department, Engineering  May 18, 2021.................       120186
     Docket No.: B-   (20-04-5596P).       Mayor, City of Orlando,       Division, 400 South Orange Avenue,
     2117).                                P.O. Box 4990, Orlando, FL    8th Floor, Orlando, FL 32801.
                                           32802.
    Polk, (FEMA      Unincorporated       The Honorable Bill Braswell,  Polk County Land Development          May 20, 2021.................       120261
     Docket No.: B-   areas of Polk        Chairman, Polk County Board   Division, 330 West Church Street,
     2109).           County, (20-04-      of Commissioners, P.O. Box    Bartow, FL 33830.
                      3375P).              9005, Bartow, FL 33831.

Georgia: Columbia,   Unincorporated       The Honorable Douglas R.      Columbia County Engineering Services  May 26, 2021.................       130059
 (FEMA Docket No.:    areas of Columbia    Duncan, Jr., Chairman,        Division, 630 Ronald Reagan Drive,
 B-2117).             County, (20-04-      Columbia County Board of      Building A, Evans, GA 30809.
                      3795P).              Commissioners, 630 Ronald
                                           Reagan Drive, Building B,
                                           Evans, GA 30809.
Oklahoma: Rogers,    Unincorporated       The Honorable Dan DeLozier,   Rogers County Planning Commission,    Jun. 14, 2021................       405379
 (FEMA Docket No.:    areas of Rogers      Chairman, Rogers County       200 South Lynn Riggs Boulevard,
 B-2119).             County, (20-06-      Board of Commissioners, 200   Claremore, OK 74017.
                      3071P).              South Lynn Riggs Boulevard,
                                           Claremore, OK 74017.
Pennsylvania:
    Montgomery,      Township of Upper    Mr. Ira S. Tackel,            Community Planning and Zoning         May 24, 2021.................       420708
     (FEMA Docket     Dublin, (20-03-      President, Township of        Department, 801 Loch Alsh Avenue,
     No.: B-2117).    0912P).              Upper Dublin Board of         Fort Washington, PA 19034.
                                           Commissioners, 801 Loch
                                           Alsh Avenue, Fort
                                           Washington, PA 19034.
    Montgomery,      Township of          Ms. Laura Boyle-Nester,       Township Hall, 616 Germantown Pike,   May 24, 2021.................       420712
     (FEMA Docket     Whitemarsh, (20-03-  Chair, Township of            Lafayette Hill, PA 19444.
     No.: B-2117).    0912P).              Whitemarsh Board of
                                           Supervisors, 616 Germantown
                                           Pike, Lafayette Hill, PA
                                           19444.
South Carolina:
    Berkeley, (FEMA  Town of Moncks       The Honorable Michael         Town Hall, 118 Carolina Avenue,       Jun. 10, 2021................       450031
     Docket No.: B-   Corner, (20-04-      Lockliear, Mayor, Town of     Moncks Corner, SC 29461.
     2117).           4527P).              Moncks Corner, 118 Carolina
                                           Avenue, Moncks Corner, SC
                                           29461.
    Berkeley, (FEMA  Unincorporated       Mr. John Cribb, Berkeley      Berkeley County Administration        Jun. 10, 2021................       450029
     Docket No.: B-   areas of Berkeley    County Supervisor, 1003       Building, 1003 Highway 52, Moncks
     2117).           County, (20-04-      Highway 52, Moncks Corner,    Corner, SC 29461.
                      4527P).              SC 29461.
    Charleston,      Unincorporated       The Honorable Teddie E.       Charleston County Building            Jun. 14, 2021................       455413
     (FEMA Docket     areas of             Pryor, Sr., Chairman,         Inspections Department, 4045 Bridge
     No.: B-2117).    Charleston County,   Charleston County Council,    View Drive, North Charleston, SC
                      (21-04-0473P).       2700 Crestline Drive, North   29405.
                                           Charleston, SC 29405.
Texas:
    Bexar, (FEMA     Unincorporated       The Honorable Nelson W.       Bexar County Public Works             Jun. 7, 2021.................       480035
     Docket No.: B-   areas of Bexar       Wolff, Bexar County Judge,    Department, 1948 Probandt Street,
     2125).           County, (20-06-      101 West Nueva Street, 10th   San Antonio, TX 78214.
                      2261P).              Floor, San Antonio, TX
                                           78205.
    Collin, (FEMA    City of Plano, (20-  The Honorable Harry           Engineering Department, 1520 K        Jun. 14, 2021................       480140
     Docket No.: B-   06-3373P).           LaRosiliere, Mayor, City of   Avenue, Plano, TX 75074.
     2119).                                Plano, 1520 K Avenue,
                                           Plano, TX 75074.
    Collin, (FEMA    City of Sachse, (20- Ms. Gina Nash, City of        Engineering Department, 3815 Sachse   Jun. 4, 2021.................       480186
     Docket No.: B-   06-2901P).           Sachse Manager, 3815 Sachse   Road, Building B, Sachse, TX 75048.
     2117).                                Road, Building B, Sachse,
                                           TX 75048.
    Collin, (FEMA    City of Wylie, (20-  The Honorable Matthew         Engineering Department, 300 Country   Jun. 4, 2021.................       480759
     Docket No.: B-   06-2901P).           Porter, Mayor, City of        Club Road, Building 100, Wylie, TX
     2117).                                Wylie, 300 Country Club       75098.
                                           Road, Building 100, Wylie,
                                           TX 75098.
    Collin and       Town of Prosper,     The Honorable Ray Smith,      Engineering Services Department, 250  May 24, 2021.................       480141
     Denton, (FEMA    (20-06-1821P).       Mayor, Town of Prosper,       West 1st Street, Prosper, TX 75078.
     Docket No.: B-                        P.O. Box 307, Prosper, TX
     2117).                                75078.

    Comal, (FEMA     Unincorporated       The Honorable Sherman         Comal County Engineering Department,  May 20, 2021.................       485463
     Docket No.: B-   areas of Comal       Krause, Comal County Judge,   195 David Jonas Drive, New
     2117).           County, (20-06-      100 Main Plaza, New           Braunfels, TX 78132.
                      1966P).              Braunfels, TX 78130.
    Dallas, (FEMA    City of Dallas, (20- The Honorable Eric Johnson,   Floodplain Management Department,     Jun. 7, 2021.................       480171
     Docket No.: B-   06-2951P).           Mayor, City of Dallas, 1500   320 East Jefferson Boulevard, Room
     2125).                                Marilla Street, Suite 5EN,    312, Dallas, TX 75203.
                                           Dallas, TX 75201.
    Denton, (FEMA    Unincorporated       The Honorable Andy Eads,      Denton County Development Services    May 24, 2021.................       480774
     Docket No.: B-   areas of Denton      Denton County Judge, 110      Department, 3900 Morse Street,
     2117).           County, (20-06-      West Hickory Street, 2nd      Denton, TX 76208.
                      1821P).              Floor, Denton, TX 76201.
    Harris, (FEMA    Unincorporated       The Honorable Lina Hidalgo,   Harris County Permit Office, 10555    May 17, 2021.................       480287
     Docket No.: B-   areas of Harris      Harris County Judge, 1001     Northwest Freeway, Suite 120,
     2119).           County, (20-06-      Preston Street, Suite 911,    Houston, TX 77002.
                      2933P).              Houston, TX 77064.
    Lubbock, (FEMA   City of Lubbock,     The Honorable Dan Pope,       Engineering Department, 1314 Avenue   Jun. 10, 2021................       480452
     Docket No.: B-   (20-06-2140P).       Mayor, City of Lubbock,       K, 7th Floor, Lubbock, TX 79401.
     2117).                                P.O. Box 2000, Lubbock, TX
                                           79457.
    Lubbock, (FEMA   Unincorporated       The Honorable Curtis          Lubbock County Public Works           Jun. 10, 2021................       480915
     Docket No.: B-   areas of Lubbock     Parrish, Lubbock County       Department, 904 Broadway Street,
     2117).           County, (20-06-      Judge, 904 Broadway Street,   Lubbock, TX 79401.
                      2140P).              Suite 101, Lubbock, TX
                                           79401.
    Tarrant, (FEMA   City of Fort Worth,  The Honorable Betsy Price,    Transportation and Public Works       Jun. 14, 2021................       480596
     Docket No.: B-   (20-06-3150P).       Mayor, City of Fort Worth,    Department, Engineering Vault, 200
     2119).                                200 Texas Street, Fort        Texas Street, Fort Worth, TX 76102.
                                           Worth, TX 76102.
Utah:
    Sanpete, (FEMA   City of Ephraim,     The Honorable John Scott,     City Hall, 5 South Main Street,       May 14, 2021.................       490112
     Docket No.: B-   (20-08-0461P).       Mayor, City of Ephraim, 5     Ephraim, UT 84627.
     2119).                                South Main Street, Ephraim,
                                           UT 84627.
    Sanpete, (FEMA   Unincorporated       The Honorable Scott           Sanpete County Zoning and Building    May 14, 2021.................       490111
     Docket No.: B-   areas of Sanpete     Bartholomew, Chairman,        Department, 160 North Main Street,
     2119).           County, (20-08-      Sanpete County Commission,    Suite 203, Manti, UT 84642.
                      0461P).              160 North Main Street,
                                           Suite 101, Manti, UT 84642.
Virginia: Loudoun,   Unincorporated       Mr. Tim Hemstreet, Loudoun    Loudoun County Mapping and            Jun. 14, 2021................       510090
 (FEMA Docket No.:    areas of Loudoun     County Administrator, P.O.    Geographic Information (GIS)
 B-2117).             County, (20-03-      Box 7000, Leesburg, VA        Department, 1 Harrison Street
                      1253P).              20177.                        Southeast, Leesburg, VA 20177.
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[FR Doc. 2021-13838 Filed 6-28-21; 8:45 am]
BILLING CODE 9110-12-P