[Federal Register Volume 85, Number 240 (Monday, December 14, 2020)]
[Proposed Rules]
[Pages 80686-80689]
[FR Doc No: 2020-27281]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2020-0883; Project Identifier 2019-CE-034-AD]
RIN 2120-AA64

Airworthiness Directives; Rockwell Collins, Inc. Flight Display
System Application

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: The FAA proposes to supersede Airworthiness Directive (AD) AD
2019-12-09, which applies to certain Rockwell Collins, Inc. (Rockwell
Collins) FDSA-6500 flight display system applications installed on
airplanes. AD 2019-12-09 imposes operating limitations on the traffic
collision avoidance system (TCAS). AD 2019-12-09 was prompted by
conflict between the TCAS display indications and aural alerts that may
occur during a resolution advisory (RA) scenario. This proposed AD
would retain the requirements of AD 2019-12-09 until a software upgrade
is completed. The FAA is proposing this AD to address the unsafe
condition on these products.

DATES: The FAA must receive comments on this proposed AD by January 28,
2021.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to https://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For service information identified in this NPRM, contact Rockwell
Collins at Collins Aviation Services, 400 Collins Road NE, M/S 164-100,
Cedar Rapids, IA 52498-0001; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>;
email<EMAIL_ADDRESS>website: https://www.rockwellcollins.com/Services_and_Support/Publications.aspx. You may
view the service information at the FAA, Airworthiness Products
Section, Operational Safety Branch, 901 Locust, Kansas City, MO 64106.
For information on the availability of this material at the FAA, call
(816) 329-4148.

Examining the AD Docket

    You may examine the AD docket at https://www.regulations.gov by
searching for and locating Docket No. FAA-2020-0883; or in person at
Docket Operations between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. The AD docket contains this NPRM, any comments
received, and other information. The street address for Docket
Operations is listed above.

FOR FURTHER INFORMATION CONTACT: Nhien Hoang, Aviation Safety Engineer,

Wichita ACO Branch, FAA, 1801 Airport Road, Wichita, Kansas 67209;
phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>or<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    The FAA invites you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under the ADDRESSES section. Include ``Docket No. FAA-2020-0883;
Project Identifier 2019-CE-034-AD'' at the beginning of your comments.
The most helpful comments reference a specific portion of the proposal,
explain the reason for any recommended change, and include supporting
data. The FAA will consider all comments received by the closing date
and may amend the proposal because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments received, without change, to
https://www.regulations.gov, including any personal information you
provide. The agency will also post a report summarizing each
substantive verbal contact received about this proposed AD.

Confidential Business Information

    CBI is commercial or financial information that is both customarily
and actually treated as private by its owner. Under the Freedom of
Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public
disclosure. If your comments responsive to this NPRM contain commercial
or financial information that is customarily treated as private, that
you actually treat as private, and that is relevant or responsive to
this NPRM, it is important that you clearly designate the submitted
comments as CBI. Please mark each page of your submission containing
CBI as ``PROPIN.'' The FAA will treat such marked submissions as
confidential under the FOIA, and they will not be placed in the public
docket of this NPRM. Submissions containing CBI should be sent to Nhien
Hoang, Aviation Safety Engineer, Wichita ACO Branch, FAA, 1801 Airport
Road, Wichita, Kansas 67209; phone:<PHONE_NUMBER>; fax: (316) 946-
4107; email<EMAIL_ADDRESS>or 4f18262c27263b2e620c001c0f292e2e61282039. Any commentary
that the FAA receives which is not specifically designated as CBI will
be placed in the public docket for this rulemaking.

Background

    The FAA issued a final rule; request for comment to add AD 2019-12-
09, Amendment 39-19664 (84 FR 32260, dated July 8, 2019), (AD 2019-12-
09) for certain part-numbered Rockwell Collins FDSA-6500 flight display
system applications. These applications may be installed on, but not
limited to, Bombardier Inc. Model CL-600-2B16 (604 variant) airplanes
and Textron Aviation Inc. Models 525B, B200, B200C, B200CGT, B200GT,
B300, B300C, and C90GTi airplanes. AD 2019-12-09 resulted from a report
that a conflict could occur between the TCAS primary cockpit display
indications and the aural alerts during an RA scenario. During testing
of a full flight simulator on a development program, the TCAS fly-to/
avoidance cue indication on the primary cockpit displays conflicted
with other TCAS system information, such as aural cues, during an RA
scenario. While the aural alert will provide the pilot with accurate
information to resolve the RA, that information is not accurately
represented by the TCAS fly-to/avoidance cue display. Specifically, the
TCAS fly-to/avoidance cue is displayed relative to the aircraft horizon
line instead of the aircraft symbol. Rockwell Collins determined that
the data from the TCAS is being translated incorrectly by the FDSA-6500
software prior to display of the RA pitch indications.
    AD 2019-12-09 prohibited operation with the TCAS in TA/RA mode by
requiring a revision to the Limitations section of the airplane flight
manual (AFM) or AFM supplement (AFMS) and by fabricating and installing
a placard on each aircraft primary flight display. The FAA issued AD
2019-12-09 to prevent the pilot from over-correcting or under-
correcting for aircraft separation, which may result in a mid-air
collision.
    The FAA issued AD 2019-12-09 as interim action. This NPRM would
retain the operating prohibition of AD 2019-12-09 and would require
installing updated software on the flight data system applications
within 12 months. Once the software is upgraded, this NPRM proposes to
allow removal of the limitations and placard. Because these proposed
requirements would have a longer compliance time, the FAA is providing
the public an opportunity to comment.

FAA's Determination

    The FAA is issuing this NPRM after determining that the unsafe
condition described previously is likely to exist or develop in other
products of the same type design.

Related Service Information Under 1 CFR Part 51

    The FAA reviewed Rockwell Collins Service Information Letter FDSA-
6500-19-1, Revision No. 2, dated June 12, 2019. This service
information letter contains information regarding hardware and software
compatibility for the FDSA-6500 flight display system and provides
software download instructions. This service information is reasonably
available because the interested parties have access to it through
their normal course of business or by the means identified in the
ADDRESSES section.

Proposed AD Requirements in This NPRM

    This proposed AD would retain the placard and operating
requirements of AD 2019-12-09 and require updating the FDSA-6500
software. After this software update, this proposed AD would allow
removal of the placard and operating limitations required by AD 2019-
12-09.

Costs of Compliance

    The FAA estimates that this AD, if adopted as proposed, would
affect 932 FDSA-6500 flight display system applications installed on
311 airplanes worldwide. The FAA has no way of knowing the number of
FDSA-6500 applications installed on airplanes of U.S. Registry. The
estimated cost on U.S. operators reflects the maximum possible cost
based on worldwide applications.
    The FAA estimates the following costs to comply with this proposed
AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost on U.S.
             Action                   Labor cost          Parts cost       Cost per product        operators
----------------------------------------------------------------------------------------------------------------
Revise the Limitations section    .5 work-hour x $85  Not applicable....  $42.50 (per         Up to $13,217.50.
 of the AFM or AFMS.               per hour = $42.50.                      airplane).
Fabricate and install a placard.  .5 work-hour x $85  Negligible........  $42.50 (per         Up to $39,610.
                                   per hour = $42.50.                      primary flight
                                                                           display).

FDSA-6500 software upgrade......  1 work-hour x $85   Not applicable....  $85 (per primary    Up to $79,220.
                                   per hour = $85.                         flight display).
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    The FAA has included all known costs in its cost estimate.
According to the manufacturer, however, some of the costs of this
proposed AD may be covered under warranty, thereby reducing the cost
impact on affected individuals. The FAA does not control warranty
coverage for affected operators.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. 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.
    The FAA is issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701, General requirements.
Under that section, Congress charges the FAA with promoting safe flight
of civil aircraft in air commerce by prescribing regulations for
practices, methods, and procedures the Administrator finds necessary
for safety in air commerce. This regulation is within the scope of that
authority because it addresses an unsafe condition that is likely to
exist or develop on products identified in this rulemaking action.

Regulatory Findings

    The FAA determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Would not affect intrastate aviation in Alaska, and
    (3) Would not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by:
0
a. Removing Airworthiness Directive 2019-12-09, Amendment 39-19664 (84
FR 32260, dated July 8, 2019); and
0
b. Adding the following new airworthiness directive:

Rockwell Collins, Inc.: Docket No. FAA-2020-0883; Project Identifier
2019-CE-034-AD.

(a) Comments Due Date

    The FAA must receive comments on this airworthiness directive
(AD) by January 28, 2021.

(b) Affected ADs

    This AD replaces AD 2019-12-09, Amendment 39-19664 (84 FR 32260,
dated July 8, 2019) (AD 2019-12-09).

(c) Applicability

    This AD applies to Rockwell Collins, Inc., (Rockwell Collins)
Flight Display System Application FDSA-6500 part numbers (P/Ns) 810-
0234-1H0001, 810-0234-1H0002, 810-0234-1H0003, 810-0234-2H0001, 810-
0234-2C0001, 810-0234-2C0002, and 810-0234-4B0001. These
applications are installed on, but not limited to, Bombardier Inc.
Model CL-600-2B16 (604 variant) airplanes and Textron Aviation Inc.
Models 525B, B200, B200C, B200CGT, B200GT, B300, B300C, and C90GTi
airplanes, certificated in any category.

(d) Subject

    Joint Aircraft System Component (JASC) Code 3400, NAVIGATION
SYSTEM.

(e) Unsafe Condition

    This AD was prompted by a conflict between the traffic collision
avoidance system (TCAS) primary display indications and aural alerts
during a resolution advisory (RA) scenario. The FAA is issuing this
AD to prevent conflicting TCAS information, which could result in
the pilot under-correcting or over-correcting and may lead to
inadequate aircraft separation and a mid-air collision.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Actions

    (1) Within 30 days after July 23, 2019 (the effective date of AD
2019-12-09), do the following:
    (i) Revise the airplane flight manual (AFM) or AFM supplement
(AFMS) by adding the following text to the Limitations section: For
TCAS II installations, during flight, do not operate TCAS in the
``TA/RA'' mode; TCAS may only be operated in ``TA Only'' mode.
    (ii) Fabricate a placard for each aircraft primary flight
display, using at least \1/8\ inch letters, with the following text:
TCAS Flight Ops--TA Only mode (TA/RA mode prohibited).
    (iii) Install the placard on the bottom of each aircraft primary
flight display bezel in the area depicted in figure 1 to paragraph
(g)(1)(iii) of this AD.

[GRAPHIC] [TIFF OMITTED] TP14DE20.087

    Note 1 to paragraph (g)(1):  In ``TA/RA'' mode, the TA stands
for traffic advisory and RA stands for resolution advisory.

    (2) In addition to the provisions of 14 CFR 43.3 and 43.7, the
actions required by paragraphs (g)(1)(i) through (iii) of this AD
may be performed by the owner/operator (pilot) holding at least a
private pilot certificate and must be entered into the aircraft
records showing compliance with this AD in accordance with 14 CFR
43.9(a)(1) through (4) and 14 CFR 91.417(a)(2)(v). The record must
be maintained as required by 14 CFR 91.417. This authority is not
applicable to aircraft being operated under 14 CFR part 119.
    (3) Within 12 months after the effective date of this AD,
upgrade the FDSA-6500 field loadable software for your airplane as
listed in the table in Section C and by following the instructions
in Section F of Rockwell Collins Service Information Letter FDSA-
6500-19-1, Revision No. 2, dated June 12, 2019.
    (4) The airplane flight manual revision and placards required by
paragraph (g)(1) of this AD may be removed after completing the
software upgrade required by paragraph (g)(3) of this AD.
    (5) As of the effective date of this AD, do not install a
Rockwell Collins Flight Display System Application FDSA-6500 P/N
810-0234-1H0001, 810-0234-1H0002, 810-0234-1H0003, 810-0234-2H0001,
810-0234-2C0001, 810-0234-2C0002, or 810-0234-4B0001 on any
airplane.

(h) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, Wichita ACO Branch, FAA, has the authority to
approve AMOCs for this AD, if requested using the procedures found
in 14 CFR 39.19. In accordance with 14 CFR 39.19, send your request
to your principal inspector or local Flight Standards District
Office, as appropriate. If sending information directly to the
manager of the certification office, send it to the attention of the
person identified in Related Information.
    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.

(i) Related Information

    (1) For more information about this AD, contact Nhien Hoang,
Aviation Safety Engineer, Wichita ACO Branch, FAA, 1801 Airport
Road, Room 100, Wichita, Kansas 67209; phone:<PHONE_NUMBER>; fax:
(316) 946-4107; email: [email protected] or bcebd5dfd4d5c8dd91fff3effcdadddd92dbd3ca.
    (2) For service information identified in this AD, contact
Rockwell Collins, Inc. at Collins Aviation Services, 400 Collins
Road NE, M/S 164-100, Cedar Rapids, IA 52498-0001; phone: (319) 295-
9258; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>
website: https://www.rockwellcollins.com/Services_and_Support/Publications.aspx. You may view this referenced service information
at the FAA, Airworthiness Products Section, Operational Safety
Branch, 901 Locust, Kansas City, MO 64106. For information on the
availability of this material at the FAA, call<PHONE_NUMBER>.

    Issued on December 8, 2020.
Lance T. Gant,
Director, Compliance & Airworthiness Division, Aircraft Certification
Service.
[FR Doc. 2020-27281 Filed 12-11-20; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 79, Number 94 (Thursday, May 15, 2014)]
[Notices]
[Pages 27963-27965]
[FR Doc No: 2014-11160]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72143; File No. SR-BX-2014-025]

Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Extend
the Pilot Program Relating to the Elimination of SPY Position Limits

May 9, 2014.
    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 May 8, 2014, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
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 proposes to extend for another fourteen (14) month
time period the pilot program to eliminate position limits for options
on the SPDR[supreg] S&P 500[supreg] exchange-traded fund (``SPY ETF''
or ``SPY''),\3\ which list and trade under the symbol SPY (``SPY Pilot
Program'').
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    \3\ ``SPDR[supreg],'' ``Standard & Poor's[supreg],''
``S&P[supreg],'' ``S&P 500[supreg],'' and ``Standard & Poor's 500''
are registered trademarks of Standard & Poor's Financial Services
LLC. The SPY ETF represents ownership in the SPDR S&P 500 Trust, a
unit investment trust that generally corresponds to the price and
yield performance of the SPDR S&P 500 Index.
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    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxbx.cchwallstreet.com, at the principal
office of the Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant 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 the
Supplementary Material at the end of Chapter III, Section 7 (Position
Limits) to extend the current pilot which expires on May 12, 2014 for
an additional fourteen (14) month time period to July 12, 2015
(``Extended Pilot''). This filing does not propose any substantive
changes to the SPY Pilot Program. In proposing to extend the SPY Pilot
Program, the Exchange reaffirms its consideration of several factors
that supported the original proposal of the SPY Pilot Program,
including (1) the availability of economically equivalent products and
their respective position limits; (2) the liquidity of the option and
the underlying security; (3) the market capitalization of the
underlying security and the related index; (4) the reporting of large
positions and requirements surrounding margin; and (5) the potential
for market on close volatility.
    The Exchange submitted a report to the Commission on May 8, 2014,
which report reflects, during the time period from January 2014 through
April 2014, the trading of standardized SPY options with no position
limits for [sic] consistent with option exchange provisions.\4\ The
report is being prepared in the manner specified in BX's initial rule
filing establishing the SPY Pilot Program.\5\
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    \4\ See Securities Exchange Act Release No. 71231 (January 2,
2014), 79 FR 1402 (January 8, 2014) (SR-FINRA-2013-55) (notice of
filing and immediate effectiveness of proposed rule change having
the effect of eliminating position limits on standardized options on
SPY).
    \5\ See Securities Exchange Act Release No. 69179 (March 19,
2013), 78 FR 17952 (March 25, 2013) (SR-BX-2013-024).
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    As with the original proposal to establish the SPY Pilot Program,
the Exchange represents that a SPY Pilot Report will be submitted
within thirty (30) days of the end of the first twelve (12) month time
period of the Extended Pilot and would analyze that period. The SPY
Pilot Report will detail the size and different types of strategies
employed with respect to positions established as a result of the
elimination of position limits in SPY. In addition, the report will
note whether any problems resulted due to the no limit approach and any
other information that may be useful in evaluating the effectiveness of
the Extended Pilot. The

SPY Pilot Report will compare the impact of the SPY Pilot Program, if
any, on the volumes of SPY options and the volatility in the price of
the underlying SPY shares, particularly at expiration during the
Extended Pilot. In preparing the report the Exchange will utilize
various data elements such as volume and open interest. In addition the
Exchange will make available to Commission staff data elements relating
to the effectiveness of the SPY Pilot Program.
    Conditional on the findings in the SPY Pilot Report, the Exchange
will file with the Commission a proposal to extend the pilot program,
adopt the pilot program on a permanent basis or terminate the pilot. If
the SPY Pilot Program is not extended or adopted on a permanent basis
by the expiration of the Extended Pilot, the position limits for SPY
would revert to limits in effect at the commencement of the SPY Pilot
Program.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \6\ in general, and furthers the objectives of Section
6(b)(5) of the Act \7\ 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 mechanism 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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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change would be
beneficial to market participants, including market makers,
institutional investors and retail investors, by permitting them to
establish greater positions when pursuing their investment goals and
needs. The Exchange also believes that economically equivalent products
should be treated in an equivalent manner so as to avoid regulatory
arbitrage, especially with respect to position limits. Treating SPY and
SPX options differently by virtue of imposing different position limits
is inconsistent with the notion of promoting just and equitable
principles of trade and removing impediments to perfect the mechanisms
of a free and open market. At the same time, the Exchange believes that
the elimination of position limits for SPY options would not increase
market volatility or facilitate the ability to manipulate the market.

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

    The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act. In this regard and as indicated below, the Exchange notes that
the rule change is being proposed as a competitive response to similar
filings by other options exchanges. The Exchange believes this proposed
rule change is necessary to permit fair competition among the options
exchanges and to establish uniform position limits for a multiply
listed options class.

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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, it has become effective pursuant to
Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 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, along
with a brief description and 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.
The Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange believes
that waiver of the 30-day operative delay is consistent with the
protection of investors and the public interest because it will permit
the SPY Pilot Program to continue without interruption. The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. Therefore, the
Commission hereby waives the 30-day operative delay and designates the
proposal operative upon filing.\12\
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    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6)(iii).
    \12\ For purposes only of waiving the 30-day operative delay,
the Commission has 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 under
Section 19(b)(2)(B) of the Act \13\ to determine whether the proposed
rule change should be approved or disapproved.
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    \13\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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-BX-2014-025 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-BX-2014-025. 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-BX-2014-025 and should be
submitted on or before June 5, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-11160 Filed 5-14-14; 8:45 am]
BILLING CODE 8011-01-P