[Federal Register Volume 82, Number 3 (Thursday, January 5, 2017)]
[Notices]
[Page 1423]
[FR Doc No: 2016-31981]

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DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Application of Galaxy Air Services FBO, LLC D/B/A Texas Air
Shuttle for Commuter Authority

AGENCY: Department of Transportation.

ACTION: Notice of Order to Show Cause (Order 2016-12-23) Docket DOT-
OST-2015-0167.

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SUMMARY: The Department of Transportation is directing all interested
persons to show cause why it should not issue an order finding Galaxy
Air Services FBO, LLC d/b/a Texas Air Shuttle fit, willing, and able,
and awarding it a Commuter Air Carrier Authorization.

DATES: Persons wishing to file objections should do so no later than
January 12, 2017.

ADDRESSES: Objections and answers to objections should be filed in
Docket DOT-OST-2015-0167 and addressed to U.S. Department of
Transportation, Docket Operations, (M-30, Room W12-140), 1200 New
Jersey Avenue SE., West Building Ground Floor, Washington, DC 20590,
and should be served upon the parties listed in Attachment A to the
order.

FOR FURTHER INFORMATION CONTACT: Damon D. Walker, Air Carrier Fitness
Division (X-56, Office W86-469), U.S. Department of Transportation,
1200 New Jersey Avenue SE., Washington, DC 20590,<PHONE_NUMBER>.

    Dated: December 28, 2016.
Jenny T. Rosenberg,
Acting Assistant Secretary for Aviation and International Affairs.
[FR Doc. 2016-31981 Filed 1-4-17; 8:45 am]
 BILLING CODE 4910-9X-P


[Federal Register Volume 81, Number 40 (Tuesday, March 1, 2016)]
[Notices]
[Pages 10693-10698]
[FR Doc No: 2016-04357]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77221; File No. SR-Phlx-2016-26]

Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Section II
of the Exchange's Pricing Schedule

February 24, 2016.
    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 February 10, 2016, NASDAQ PHLX LLC (``Phlx'' or the ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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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 amend the Exchange's Pricing Schedule
(``Pricing Schedule'') at section II, entitled ``Multiply Listed
Options Fees,'' \3\ to: (1) Exclude floor volume from the Monthly
Market Maker Cap; (2) increase the assessment for select Firm
electronic simple orders; and (3) state that Phlx members that have
executed MARS Eligible Contracts may receive the MARS Payment.\4\
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    \3\ Multiply Listed Options Fees include options overlying
equities, exchange traded funds (``ETFs''), exchange traded notes
(``ETNs'') and indexes which are Multiply Listed.
    \4\ Monthly Market Maker Cap and MARS are discussed below.
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    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxphlx.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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to amend the Exchange's Pricing
Schedule at section II to: (1) Exclude floor volume from the Monthly
Market Maker Cap; (2) increase the assessment for select Firm
electronic simple orders; and (3) state

that Phlx members that have executed MARS Eligible Contracts may
receive the MARS Payment.
Change 1--Multiply Listed Options Fees--Monthly Market Maker Cap
    In Change 1 the Exchange proposes to exclude floor volume from the
calculation of the Monthly Market Maker Cap. Offering the Monthly
Market Maker Cap as proposed, and as discussed below, will continue to
incentivize market participants to bring liquidity and order flow to
the Exchange for the benefit of all market participants. Liquidity
benefits all market participants by providing more trading
opportunities, which attracts Specialists and Market Makers. An
increase in the activity of these market participants in turn
facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants.
    Currently, the Monthly Market Maker Cap in section II in the
Pricing Schedule states:
     Specialists and Market Makers are subject to a ``Monthly
Market Maker Cap'' of $500,000 for: (i) Electronic and floor Option
Transaction Charges; and (ii) QCC Transaction Fees (as defined in
Exchange Rule 1080(o) and Floor QCC Orders, as defined in 1064(e)). The
trading activity of separate Specialist and Market Maker member
organizations will be aggregated in calculating the Monthly Market
Maker Cap if there is Common Ownership between the member
organizations. All dividend, merger, short stock interest, reversal and
conversion, jelly roll and box spread strategy executions (as defined
in this section II) will be excluded from the Monthly Market Maker Cap.
Specialists or Market Makers that (i) are on the contra-side of an
electronically-delivered and executed Customer order, excluding
responses to a PIXL auction; and (ii) have reached the Monthly Market
Maker Cap will be assessed fees as follows:
Fee per contract
    $0.05 per contract Fee for Adding Liquidity in Penny Pilot Options.
    $0.18 per contract Fee for Removing Liquidity in Penny Pilot
Options.
    $0.18 per contract in Non-Penny Pilot Options.
    $0.18 per contract in a non-Complex electronic auction, including
the Quote Exhaust auction and, for purposes of this fee, the opening
process. A Complex electronic auction includes, but is not limited to,
the Complex Order Live Auction (``COLA''). Transactions which execute
against an order for which the Exchange broadcast an order exposure
alert in an electronic auction will be subject to this fee.
    Today, the Exchange applies certain caps \5\ on Multiply Listed
Option Fees assessed to Customer,\6\ Professional,\7\ Specialist,\8\
Market Maker,\9\ Broker-Dealer,\10\ and Firm.\11\ Today, Specialists
and Market Makers are subject to a ``Monthly Market Maker Cap'' of
$500,000 for: (i) electronic and floor Option Transaction Charges; and
(ii) qualified contingent cross (``QCC'') Transaction Fees (as defined
in Exchange Rule 1080(o) and Floor QCC Orders,\12\ as defined in
1064(e)).\13\ The trading activity of separate Specialist and Market
Maker member organizations is aggregated in calculating the Monthly
Market Maker Cap if there is Common Ownership \14\ between the member
organizations. All dividend, merger, short stock interest, reversal and
conversion, jelly roll,\15\ and box spread strategy executions (as
defined in Section II in the Pricing Schedule) are excluded from the
Monthly Market Maker Cap (together the ``excluded strategies'').\16\
The Exchange proposes to exclude floor volume from the Monthly Market
Maker Cap.
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    \5\ These caps reflect different levels for different
strategies. For example, there is a $1,500 cap for certain dividend,
merger and short stock interest strategies; and there is a $700 cap
for certain reversal and conversion, jelly roll and box spread floor
option transaction strategies. The Exchange further separately caps
each member organization for dividend, merger, short stock interest,
reversal and conversion, jelly roll and box spread strategy
executions in Multiply Listed Options, combined in a month when
trading in their own proprietary accounts (``Monthly Strategy Cap'')
at $65,000 per member organization, per month.
    \6\ The term ``Customer'' applies to any transaction that is
identified by a member or member organization for clearing in the
Customer range at The Options Clearing Corporation (``OCC'') which
is not for the account of broker or dealer or for the account of a
``Professional'' (as that term is defined in Rule 1000(b)(14).
    \7\ The term ``Professional'' means any person or entity that
(i) is not a broker or dealer in securities, and (ii) places more
than 390 orders in listed options per day on average during a
calendar month for its own beneficial account(s). See Rule
1000(b)(14).
    \8\ A ``Specialist'' is an Exchange member who is registered as
an options specialist pursuant to Rule 1020(a).
    \9\ A ``Market Maker'' includes Registered Options Traders (Rule
1014(b)(i) and (ii)), which includes Streaming Quote Traders (see
Rule 1014(b)(ii)(A)) and Remote Streaming Quote Traders (see Rule
1014(b)(ii)(B)). Directed Participants are also Market Makers.
    \10\ The term ``Broker-Dealer'' applies to any transaction which
is not subject to any of the other transaction fees applicable
within a particular category.
    \11\ The term ``Firm'' applies to any transaction that is
identified by a member or member organization for clearing in the
Firm range at OCC.
    \12\ A QCC Order is comprised of an order to buy or sell at
least 1000 contracts that is identified as being part of a qualified
contingent trade, as that term is defined in Rule 1080(o)(3),
coupled with a contra-side order to buy or sell an equal number of
contracts. A Floor QCC Order must: (i) Be for at least 1,000
contracts, (ii) meet the six requirements of Rule 1080(o)(3) which
are modeled on the Qualified Contingent Trade (``QCT'') Exemption,
(iii) be executed at a price at or between the National Best Bid and
Offer (``NBBO''); and (iv) be rejected if a Customer order is
resting on the Exchange book at the same price. See Rule 1064(e).
See also Securities Exchange Act Release No. 64688 (June 16, 2011),
76 FR 36606 (June 22, 2011) (SR-Phlx-2011-56).
    \13\ Certain strategy executions, discussed below, will be
excluded from the Monthly Market Maker Cap.
    \14\ The term ``Common Ownership'' means members or member
organizations under 75% common ownership or control.
    \15\ A dividend strategy is defined as transactions done to
achieve a dividend arbitrage involving the purchase, sale and
exercise of in-the-money options of the same class, executed the
first business day prior to the date on which the underlying stock
goes ex-dividend. A merger strategy is defined as transactions done
to achieve a merger arbitrage involving the purchase, sale and
exercise of options of the same class and expiration date, executed
the first business day prior to the date on which shareholders of
record are required to elect their respective form of consideration,
i.e., cash or stock. A short stock interest strategy is defined as
transactions done to achieve a short stock interest arbitrage
involving the purchase, sale and exercise of in-the-money options of
the same class. A reversal or conversion strategies is a transaction
that employ calls and puts of the same strike price and the
underlying stock.
    \16\ Specialists or Market Makers that (i) are on the contra-
side of an electronically-delivered and executed Customer order,
excluding responses to a PIXL auction; and (ii) have reached the
Monthly Market Maker Cap will be assessed separately. A member may
electronically submit for execution an order it represents as agent
on behalf of a public customer, broker-dealer, or any other entity
(``PIXL Order'') against principal interest or against any other
order (except as provided in Rule 1080(n)(i)(F)) it represents as
agent (``Initiating Order'') provided it submits the PIXL order for
electronic execution into the PIXL Auction (``Auction'') pursuant to
Rule 1080. See Exchange Rule 1080(n). Non-Initiating Order interest
could be a PIXL Auction Responder or a resting order or quote that
was on the Phlx book prior to the auction. PIXL is the Exchange's
price improvement mechanism known as Price Improvement XL or PIXL.
See Rule 1080(n).
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    The Exchange's proposal to exclude floor volume from the
calculation of the Monthly Market Maker Cap is reasonable and proper
because, despite the change, the Exchange will, through the Monthly
Market Maker Cap, continue to offer members an opportunity to pay lower
fees. The trading activity of separate Specialist and Market Maker
member organizations will continue to be aggregated in calculating the
Monthly Market Maker Cap if there is Common Ownership between the
member organizations. Specialists and Market Makers will continue to be
subject to the Monthly Market Maker Cap, and once the Monthly Market
Maker Cap of $500,000 is reached, the members to whom the cap applies
will not have to pay for additional strategy executions

(sans excluded strategies) for the remainder of that month as a result
of the fee cap.
    The Exchange is making the proposal to exclude floor volume from
the calculation of the Monthly Market Maker Cap because the Exchange
floor incurs additional costs (e.g., personnel, equipment,
surveillance) related to a business model that includes floor-based
trading. This proposal helps the Exchange to recover such costs while
continuing to offer the Monthly Market Cap, which incentivizes market
participants to bring liquidity and order flow to the Exchange.
Change 2--Multiply Listed Options Fees--Firm Electronic Simple Orders
    In Change 2 the Exchange proposes to increase the assessment for
select Firm electronic simple (non-complex) \17\ orders because the
Exchange is trying to keep up with rising expenses and this modest fee
increase will help the Exchange to defray them.
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    \17\ A complex order is any order involving the simultaneous
purchase and/or sale of two or more different options series in the
same underlying security, priced at a net debit or credit based on
the relative prices of the individual components, for the same
account, for the purpose of executing a particular investment
strategy. A complex order can also be a stock-option order. See
Exchange Rule 1080, Commentary .07(a)(i).
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    The select symbols AAPL, BAC, EEM, FB, FXI, IWM, QQQ, TWTR, VXX and
XLF are high volume Penny Pilot \18\ Options listed on the Exchange.
The Exchange is proposing a modest increase in the assessment from
$0.34 to $0.37, so that as proposed Note 12 will read as follows:
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    \18\ The Penny Pilot was established in January 2007 and was
last extended in 2015. See Securities Exchange Act Release Nos.
55153 (January 23, 2007), 72 FR 4553 (January 31, 2007) (SR-Phlx-
2006-74) (notice of filing and approval order establishing Penny
Pilot); and 75286 (June 24, 2015), 80 FR 37333 (June 30, 2015) (SR-
Phlx-2015-54) (notice of filing and immediate effectiveness
extending the Penny Pilot through June 30, 2016). Penny Pilot
Options listed on the Exchange can be found at http://www.nasdaqtrader.com/Micro.aspx?id=phlx.

    ``\12\Firm electronic simple orders in AAPL, BAC, EEM, FB, FXI,
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IWM, QQQ, TWTR, VXX and XLF will be assessed $0.37.''

    The proposed increase for the Firm electronic simple orders in the
noted options is not an outlier; rather, it is similar to and
competitive with what is offered by other options markets.\19\ The
Exchange believes that the Multiply Listed Options Fees schedule
continues as constructed to be competitive and encourage market
participants to bring liquidity to the Exchange.
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    \19\ See, e.g., the pricing schedule of NYSE AMEX OPTIONS (AMEX)
at https://www.nyse.com/publicdocs/nyse/markets/amex-options/NYSE_Amex_Options_Fee_Schedule.pdf, and of MIAX OPTIONS (MIAX) at
http://www.miaxoptions.com/content/fees. See also, e.g., the pricing
schedule of NASDAQ PHLX LLC (``Phlx'') and NASDAQ Options Market
(``NOM'').
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Change 3--Other Transaction Fees--MARS Payment
    The Exchange proposes to state that Phlx members that have executed
the required MARS Eligible Contracts may receive the Market Access and
Routing Subsidy (``MARS'') Payment on all their MARS Eligible
Contracts. The Exchange believes that, as discussed below, expanding
who is eligible to receive MARS Payment will incentivize market
participants to bring liquidity and order flow to the Exchange for the
benefit of all market participants. Liquidity benefits all market
participants by providing more trading opportunities.
    Currently, section IV E. in the Pricing Schedule states:

MARS Payment

    Phlx members that have System Eligibility and have executed the
Eligible Contracts in a month may receive the MARS Payment of $0.10
per contract. This MARS Payment will be paid only on executed Firm
orders routed to Phlx through a participating Phlx member's System.
No payment will be made with respect to orders that are routed to
Phlx, but not executed.

    Currently, a MARS Payment will be paid only on executed Firm orders
routed to Phlx through a participating Phlx member's System.
    Today, to qualify for MARS, a Phlx member's routing system
(``System'') would be required to: (1) enable the electronic routing of
orders to all of the U.S. options exchanges, including Phlx; (2)
provide current consolidated market data from the U.S. options
exchanges; and (3) be capable of interfacing with Phlx's application
program interface (``API'') to access current Phlx match engine
functionality. Further, the member's System would also need to cause
Phlx to be the one of the top three default destination exchanges for
individually executed marketable orders if Phlx is at the NBBO,
regardless of size or time, but allow any user to manually override
Phlx as a default destination on an order-by-order basis.\20\ Today,
MARS Payment is only on Firm orders routed to Phlx through a
participating Phlx member's System. The Exchange proposes to expand the
participant types besides Firm (BD, JBO, Professional) that are
eligible for MARS Payment.\21\
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    \20\ Notwithstanding the above, complex orders would not be
required to enable the electronic routing of orders to all of the
U.S. options exchanges or provide current consolidated market data
from the U.S. options exchanges. Any Phlx member would be permitted
to avail itself of this arrangement, provided that its order routing
functionality incorporates the features described above and
satisfies Phlx that it appears to be robust and reliable. The member
remains solely responsible for implementing and operating its
system. Section IV E. in the Pricing Schedule.
    \21\ To be eligible, as discussed, Eligible Contracts must be
routed through a participating Phlx member's System.
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    The Exchange proposes to indicate what qualifying volume will be
eligible for MARS Payment (no longer only Firm) and to state that Phlx
members that have executed the prerequisite MARS Eligible Contracts may
receive the MARS Payment of $0.10 per contract. For the purpose of
qualifying for the MARS Payment, Eligible Contracts include the
following: Firm, Broker-Dealer, Joint Back Office or ``JBO'' or
Professional equity option orders that are electronically delivered and
executed.\22\ A MARS Payment will be made to Phlx members that have
System Eligibility and have routed at least 30,000 Eligible Contracts
daily in a month, which were executed on Phlx.
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    \22\ The Exchange is removing the word ``may'' to tighten up the
language regarding what Eligible Contracts qualify for MARS Payment.
Eligible Contracts do not include floor-based orders, qualified
contingent cross or ``QCC'' orders, price improvement or ``PIXL''
orders, Mini Option orders or Singly Listed Orders.
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    As proposed Section IV E. in the Pricing Schedule will read as
follows:

MARS Payment

    Phlx members that have System Eligibility and have executed the
Eligible Contracts in a month may receive the MARS Payment of $0.10
per contract for all Eligible Contracts routed to Phlx through a
participating Phlx member's System. No payment will be made with
respect to orders that are routed to Phlx, but not executed.

    The Exchange believes that the fees and rebates in its Pricing
Schedule are structured to attract liquidity. Despite the proposed
changes, Phlx members and the Phlx market will continue to be
encouraged to transact greater liquidity on the Exchange.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Pricing
Schedule is consistent with section 6(b) of the Act \23\ in general,
and furthers the objectives of section 6(b)(4) and (b)(5) of the Act
\24\ in particular, in that it provides for the equitable allocation of
reasonable dues, fees and other charges among members and issuers and
other persons using any facility or system which Phlx operates or
controls, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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    \23\ 15 U.S.C. 78f(b).
    \24\ 15 U.S.C. 78f(b)(4), (5).
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    The Commission and the courts have repeatedly expressed their
preference

for competition over regulatory intervention in determining prices,
products, and services in the securities markets. In Regulation NMS,
while adopting a series of steps to improve the current market model,
the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \25\ Likewise, in
NetCoalition v. Securities and Exchange Commission \26\
(``NetCoalition'') the D.C. Circuit upheld the Commission's use of a
market-based approach in evaluating the fairness of market data fees
against a challenge claiming that Congress mandated a cost-based
approach. \27\ As the court emphasized, the Commission ``intended in
Regulation NMS that `market forces, rather than regulatory
requirements' play a role in determining the market data . . . to be
made available to investors and at what cost.'' \28\
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    \25\ Securities Exchange Act Release No. 51808 at 37499 (June 9,
2005) (``Regulation NMS Adopting Release'').
    \26\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
    \27\ See id. at 534-535.
    \28\ See id. at 537.
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    Further, ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing agents, have a wide range of choices of
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers'. . . .'' \29\ Although the court and
the SEC were discussing the cash equities markets, the Exchange
believes that these views apply with equal force to the options
markets.
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    \29\ Id. at 539 (quoting Securities Exchange Release No. 59039
(December 2, 2008), 73 FR 74770 (December 9, 2008) (SR-NYSEArca-
2006-21) at 73 FR at 74782-74783).
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Change 1--Multiply Listed Options Fees--Monthly Market Maker Cap
    In Change 1 the Exchange proposes to exclude floor volume from the
calculation of the Monthly Market Maker Cap that applies to Specialists
and Market Makers when calculating the Monthly Market Maker Cap.
    The Exchange believes that the proposed change is reasonable,
equitable and not unfairly discriminatory for the following reasons.
    The Exchange's proposal to exclude floor volume from the
calculation of the Monthly Market Maker Cap is reasonable because,
despite the change, the Exchange will continue to offer members an
opportunity to pay lower fees. The trading activity of separate
Specialist and Market Maker member organizations will continue to be
aggregated in calculating the Monthly Market Maker Cap if there is
Common Ownership between the member organizations. Specialists and
Market Makers \30\ will continue to be subject to the Monthly Market
Maker Cap, and once the Monthly Market Maker Cap of $500,000 is
reached, the members to whom the cap applies will not have to pay for
additional strategy executions for the remainder of that month as a
result of the fee cap.
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    \30\ Specialists and Market Makers on the Exchange are valuable
market participants that provide liquidity in the marketplace. They
also have obligations to the market and regulatory requirements,
which normally do not apply to other market participants. These
obligations include: to make continuous markets, engage in a course
of dealings reasonably calculated to contribute to the maintenance
of a fair and orderly market, and not make bids or offers or enter
into transactions that are inconsistent with a course of dealings.
See Rule 1014 titled ``Obligations and Restrictions Applicable to
Specialists and Registered Options Traders.''
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    Excluding floor Options Transaction Charges from the Monthly Market
Maker Cap is reasonable, equitable and not unfairly discriminatory
because electronic Options Transaction Charges would continue to be
capped as part of the Monthly Market Maker Cap, which applies only to
Specialists and Market Makers. The Exchange would include floor option
transaction charges related to reversal and conversion, jelly roll and
box spread strategies in the Monthly Strategy Cap for Professionals,
and Broker Dealers, when such members are trading in their own
proprietary accounts, because these market participants are not subject
to the Monthly Firm Fee Cap or other similar cap. While Specialists and
Market Makers are subject to a Monthly Market Maker Cap on electronic
options transaction charges, reversal and conversion, jelly roll and
box spread transactions, which are included in the Monthly Strategy
Cap, are excluded from the Monthly Market Maker Cap. The Exchange
believes also that its proposal to exclude floor transactions from the
Monthly Market Maker Cap is reasonable because the Exchange floor
incurs additional costs (e.g., personnel, equipment, surveillance)
related to a business model that includes floor-based trading.
    For the reasons described above, the Exchange believes that
continuing to offer the Monthly Market Maker Cap as proposed will
continue to incentivize market participants to bring liquidity and
order flow to the Exchange for the benefit of all market participants.
Liquidity benefits all market participants by providing more trading
opportunities, which attracts Specialists and Market Makers. An
increase in the activity of these market participants in turn
facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants.
Specialists and Market Makers have obligations to make continuous
markets, engage in a course of dealings reasonably calculated to
contribute to the maintenance of a fair and orderly market, and not
make bids or offers or enter into transactions that are inconsistent
with a course of dealings. Moreover, the proposed change to the fee
structure and rebate structure will be applied uniformly to all.
Change 2--Multiply Listed Options Fees--Firm Electronic Simple Orders
    In Change 2 the Exchange proposes to increase the assessment from
$0.34 to $0.37 per contract for select Firm electronic simple orders in
AAPL, BAC, EEM, FB, FXI, IWM, QQQ, TWTR, VXX, and XLF. The assessment
for the noted simple orders is in the Multiply Listed Options Fees
schedule for options overlying equities, ETFs, ETNs, and certain
indexes.
    The Exchange believes that the proposed change for the Firm
electronic simple orders in the noted options, which are high volume
Penny Pilot Options listed on the Exchange,\31\ is reasonable. This is
because the proposed change is very modest and is not an outlier;
rather, it is similar to and competitive with what is offered by other
options markets.\32\ The the [sic] Multiply Listed Options Fees
schedule continues as constructed to be competitive and encourage
market participants to bring liquidity to the Exchange. The Exchange
believes that despite the proposed increase, which will help the
Exchange to recover costs, Firms will continue to be incentivized

to transact electronic simple orders in AAPL, BAC, EEM, FB, FXI, IWM,
QQQ, TWTR, VXX, and XLF on the Exchange.
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    \31\ The high volume in the noted options is present across
other options exchanges.
    \32\ See, e.g., the pricing schedule of NYSE AMEX OPTIONS (AMEX)
at https://www.nyse.com/publicdocs/nyse/markets/amex-options/NYSE_Amex_Options_Fee_Schedule.pdf, and of MIAX OPTIONS (MIAX) at
http://www.miaxoptions.com/content/fees. See also, e.g., the pricing
schedule of NASDAQ PHLX LLC (``Phlx'') and NASDAQ Options Market
(``NOM'').
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    The Exchange believes that the modest change from $0.34 to $0.37 in
Note 12 is equitable and not unfairly discriminatory because the
assessment is modest and will be applied uniformly to all Firms that
send in electronic simple orders in AAPL, BAC, EEM, FB, FXI, IWM, QQQ,
TWTR, VXX, and XLF.\33\
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    \33\ The Exchange notes that, as discussed, Note 12 continues to
apply only to certain Firm orders. Note 12 does not apply to other
fee liable members (e.g., Broker Dealer, Specialist and Market
Maker, Professional, Customer), and as such the proposed change does
not effectively change the fee relationship between Firms and such
members.
---------------------------------------------------------------------------

Change 3--Other Transaction Fees--MARS Payment
    In Change 3 the Exchange proposes to state that Phlx members that
have executed MARS Eligible Contracts may receive the MARS Payment.
    The Exchange believes that the proposed change is reasonable,
equitable and not unfairly discriminatory.
    Where currently a MARS Payment will be paid only on executed Firm
orders, the proposed change would allow all qualifying MARS volume to
receive a MARS Payment. With the proposed change, all Phlx members that
have executed MARS Eligible Contracts may receive the MARS Payment of
$0.10 per contract. The Exchange believes that this is reasonable
because it incentivizes more Phlx members to rout Eligible Contracts
for execution on the Exchange.
    The Exchange believes that the proposed change is equitable and not
unfairly discriminatory because the increased ability to receive MARS
Payment will be applied uniformly to all. Thus, a MARS Payment will be
made to Phlx members that have System Eligibility and have routed at
least 30,000 Eligible Contracts daily in a month, which were executed
on Phlx.\34\
---------------------------------------------------------------------------

    \34\ For the purpose of qualifying for the MARS Payment,
Eligible Contracts include the following: Firm, Broker-Dealer, Joint
Back Office or ``JBO'' or Professional equity option orders that are
electronically delivered and executed. Eligible Contracts must be
routed through a participating Phlx member's System and do not
include floor-based orders, qualified contingent cross or ``QCC''
orders, price improvement or ``PIXL'' orders, Mini Option orders or
Singly Listed Orders.
---------------------------------------------------------------------------

    The Exchange desires to continue to incentivize members and member
organizations, through the Exchange's rebate and fee structure, to
select Phlx as a venue for bringing liquidity and trading by offering
competitive pricing. Such competitive, differentiated pricing exists
today on other options exchanges. The Exchange's goal is creating and
increasing incentives to attract orders to the Exchange that will, in
turn, benefit all market participants through increased liquidity at
the Exchange.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes that its
proposal to exclude floor volume from the Monthly Market Maker Cap,
increase the assessment for select Firm electronic simple orders, and
state that all Phlx members that have executed MARS Eligible Contracts
may receive the MARS Payment does not impose a burden on competition.
The Exchange's proposal will continue to encourage eligible market
participants to transact orders on the Exchange in order to obtain the
Monthly Market Maker Cap and MARS Payments.
    The Exchange operates in a highly competitive market, comprised of
at least twelve options exchanges, in which market participants can
easily and readily direct order flow to competing venues if they deem
fee levels at a particular venue to be excessive or rebates to be
inadequate. Accordingly, the fees that are assessed and the rebates
paid by the Exchange described in the above proposal are influenced by
these robust market forces and therefore must remain competitive with
fees charged and rebates paid by other venues and therefore must
continue to be reasonable and equitably allocated to those members that
opt to direct orders to the Exchange rather than competing venues.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to section
19(b)(3)(A)(ii) of the Act.\35\
---------------------------------------------------------------------------

    \35\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

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

IV. Solicitation of Comments

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

Electronic comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-Phlx-2016-26 on the subject line.

Paper comments

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

All submissions should refer to File Number SR-Phlx-2016-26. 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 such 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-Phlx-

2016-26, and should be submitted on or before March 22, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
Robert W. Errett,
Deputy Secretary.
---------------------------------------------------------------------------

    \36\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. 2016-04357 Filed 2-29-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 1 (Thursday, January 2, 2014)]
[Notices]
[Pages 162-163]
[FR Doc No: 2013-31368]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71187; File No. SR-NASDAQ-2013-165]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify an Aspect of the Implementation of Rule 4626(b)(3)

December 26, 2013.
    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 December 24, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange is filing a proposal to modify an aspect of the
implementation of Rule 4626(b)(3), as previously described in SR-
NASDAQ-2013-152,\3\ and to make a related amendment to the text of Rule
4626(b)(3)(E). The text of the proposed rule change is below. Proposed
new language is underlined; proposed deletions are in brackets.
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 71098 (December 17,
2013), 78 FR 77540 (December 23, 2013) (SR-NASDAQ-20134-152).
---------------------------------------------------------------------------

* * * * *

Rule 4626. Limitation of Liability

    (a) No change.
    (b) Nasdaq, subject to the express limits set forth below, may
compensate users of the Nasdaq Market Center for losses directly
resulting from the systems' actual failure to correctly process an
order, Quote/Order, message, or other data, provided the Nasdaq Market
Center has acknowledged receipt of the order, Quote/Order, message, or
data.
    (1)-(2) No change.
    (3) Notwithstanding subsections (b)(1) and (2) above, for the
aggregate of all claims alleged by all market participants related to
errors in the Nasdaq Halt and Imbalance Cross Process in connection
with the initial public offering of Facebook, Inc. (the ``Cross''),
including any delay in delivery of confirmations of orders in Facebook,
Inc. stock on May 18, 2012, the total amount of Nasdaq's payment shall
not exceed $62 million. Eligibility of claims for payment shall be
determined in accordance with the following procedures:
    (A)-(D) No change.
    (E) FINRA shall provide to the Nasdaq Board of Directors and the
Board of Directors of The NASDAQ OMX Group, Inc. an analysis of the
total value of eligible claims submitted under this subsection (b)(3).
Nasdaq will thereafter file with the Securities and Exchange Commission
a rule proposal setting forth the amount of eligible claims under the
standards set forth in this Rule and the amount proposed to be paid to
members by Nasdaq. In no event shall Nasdaq make any payments on claims
pursuant to this subsection (b)(3) until the rule proposal setting
forth the amount of eligible claims becomes effective [and final]. All
payments shall be made in cash.
    (F)-(H) No change.
    (4)-(6) No change.
* * * * *

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
    Rule 4626(b)(3) established a one-time, voluntary accommodation
policy for claims arising from system difficulties that Nasdaq
experienced during the initial public offering (``IPO'') of Facebook,
Inc. (``Facebook'' or ``FB'') on May 18, 2012.\4\ The rule describes
the methodology for submission, evaluation, and payment of such claims.
Among other things, Rule 4626(b)(3)(E) provides that ``Nasdaq will . .
. file with the Securities and Exchange Commission a rule proposal
setting forth the amount of eligible claims under the standards set
forth in this Rule and the amount proposed to be paid to members by
Nasdaq.'' On December 9, 2013, Nasdaq submitted SR-NASDAQ-2013-152 to
satisfy this requirement.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release Nos. 69216 (March 22,
2013), 78 FR 19040 (March 28, 2013) (SR-NASDAQ-2012-090) (order
approving Nasdaq proposal to adopted Rule 4626(b)(3) (the ``Approval
Order'')); 67507 (July 26, 2012), 77 FR 45706 (August 1, 2012) (SR-
NASDAQ-2012-090) (proposal to adopt Rule 4626(b)(3)).
---------------------------------------------------------------------------

    In SR-NASDAQ-2013-152, Nasdaq described, among other things, the
scope of Rule 4626(b)(3), the process used to evaluate claims, the
results of that process, and the process for payment of claims. With
regard to the latter aspect of the filing, Nasdaq stated that it would
pay all valid claims in accordance with the payment instructions
provided by the claimant, ``immediately upon the expiration of the 60-
day time period during which [SR-NASDAQ-2013-152] is subject to
suspension by the Commission.'' Moreover, Rule 4626(b)(3)(E) provides
that ``[i]n no event shall Nasdaq make any payments on claims pursuant
to this subsection (b)(3) until the rule proposal setting forth the
amount of eligible claims becomes effective and final'' (emphasis
added).
    Nasdaq believes that it would be consistent with the protection of
investors and the public interest to pay claimants sooner. Accordingly,
Nasdaq is submitting this proposed rule change to modify this aspect of
the implementation of Rule 4626(b)(3) by deleting the word ``final''
from Rule 4626(b)(3)(E). In order to implement this modification as
quickly as possible, Nasdaq is requesting that the Commission waive the
operative delay requirement provided for by Rule 19b-4(f)(6)(iii).\5\
If such waiver is granted, Nasdaq intends to pay all valid claims as
soon as practicable thereafter.
---------------------------------------------------------------------------

    \5\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

2. Statutory Basis
    Nasdaq believes that the proposed rule change 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, because the proposal

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. In the Approval Order, the
Commission found that Rule 4626(b)(3) is consistent with Act because it
``sets forth objective and transparent processes to determine eligible
claims and how such claims would be paid to Nasdaq members that elect
to participate in the accommodation plan.'' The Commission further
determined that providing compensation pursuant to the rule would be in
the public interest and that the rule would encourage members to
compensate their customers. Similarly, Nasdaq believes that this
proposed rule change is consistent with the Act because it will allow
Nasdaq to accomplish the approved objectives of the Rule 4626(b)(3)
through final payment of eligible claims without further delay.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b) (setting forth the prerequisites for
registration as a national securities exchange).
    \7\ 15 U.S.C. 78f(b)(5) (requiring that an exchange's rules 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, in general, to protect investors
and the public interest; and not [be] designed to permit unfair
discrimination between customers, issuers, brokers, or dealers, or
to regulate by virtue of any authority conferred by this chapter
matters not related to the purposes of this chapter or the
administration of the exchange'').
---------------------------------------------------------------------------

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

    Nasdaq believes that the proposed rule change will not impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. Specifically, the proposed rule
change does not relate to the provision of goods or services, nor does
it impose regulatory restrictions on the ability of members to compete.
Accordingly, the change does not affect competition in any respect.

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 foregoing proposed rule change does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, by its terms, does
not become operative for 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\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's 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.
---------------------------------------------------------------------------

    A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) \10\ permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay. The Exchange notes that if
such waiver is granted, it intends to pay all valid claims as soon as
practicable thereafter. The Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest because such waiver would allow the Exchange to pay
claimants without undue delay. For this reason, the Commission
designates the proposed rule change operative upon filing with the
Commission.\11\
---------------------------------------------------------------------------

    \10\ Id.
    \11\ For the 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).
---------------------------------------------------------------------------

    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.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2013-165 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-NASDAQ-2013-165. 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 such filing also will be available
for inspection and copying at the principal office of NASDAQ. 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-NASDAQ-2013-165 and should
be submitted on or before January 23, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

Lynn M. Powalski,
Deputy Secretary.
[FR Doc. 2013-31368 Filed 12-31-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 162 (Tuesday, August 23, 2022)]
[Notices]
[Pages 51667-51668]
[FR Doc No: 2022-18077]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-10112-01-OMS]

Cross-Media Electronic Reporting: Authorized Program Revision
Approval, Wyoming Department of Environmental Quality

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: This notice announces the Environmental Protection Agency's
(EPA) approval of the Wyoming Department of Environmental Quality
(WYDEQ) request to revise/modify certain of its EPA-authorized programs
to allow electronic reporting.

DATES: EPA approves the authorized program revisions/modifications as
of August 23, 2022.

FOR FURTHER INFORMATION CONTACT: Shirley M. Miller, U.S. Environmental
Protection Agency, Office of Information Management, Mail Stop 2824T,
1200 Pennsylvania Avenue NW, Washington, DC 20460,<PHONE_NUMBER>,
[email protected].

SUPPLEMENTARY INFORMATION: On October 13, 2005, the final Cross-Media
Electronic Reporting Rule (CROMERR) was published in the Federal
Register (70 FR 59848) and codified as part 3 of title 40 of the CFR.
CROMERR establishes electronic reporting as an acceptable regulatory
alternative to paper reporting and establishes requirements to assure
that electronic documents are as legally dependable as their paper
counterparts. Subpart D of CROMERR requires that state, tribal or local
government agencies that receive, or wish to begin receiving,
electronic reports under their EPA-authorized programs must apply to
EPA for a revision or modification of those programs and obtain EPA
approval. Subpart D provides standards for such approvals based on
consideration of the electronic document receiving systems that the
state, tribe, or local government will use to implement the electronic
reporting. Additionally, Sec.  3.1000(b) through (e) of 40 CFR part 3,
subpart D provides special procedures for program revisions and
modifications to allow electronic reporting, to be used at the option
of the state, tribe or local government in place of procedures
available under existing program-specific authorization regulations. An
application submitted under the subpart D procedures must show that the
state, tribe or local government has sufficient legal authority to
implement the electronic reporting components of the programs covered
by the application and will use electronic document receiving systems
that meet the applicable subpart D requirements.
    On October 19, 2021, the Wyoming Department of Environmental
Quality (WYDEQ) submitted an application titled shared services
integrated into CDX system for revisions/modifications to its EPA-
approved programs under title 40 CFR to allow new electronic reporting.
EPA reviewed WYDEQ's request to revise/modify its EPA-authorized
programs and, based on this review, EPA determined that the application
met the standards for approval of authorized program revisions/
modifications set out in 40 CFR part 3, subpart D. In accordance with
40 CFR 3.1000(d), this notice of EPA's decision to approve WYDEQ's
request to revise/modify its following EPA-authorized programs to allow
electronic reporting under 40 CFR is being published in the Federal
Register:

 Part 52: Approval and Promulgation of Implementation Plans
(SIP/Clean Air Act Title II) Reporting under CFR 50-52
 Part 60: Standards of Performance for New Stationary Sources
(NSPS/CAR/Clean Air Act Title III) Reporting under CFR 60 & 65
 Part 62: Approval and Promulgation of State Plans for
Designated Facilities and Pollutants (NSPS/Clean Air Act Title III -
Hospital/Medical) Reporting under CFR 62
 Part 63: National Emission Standards for Hazardous Air
Pollutants for Source Categories (NESHAP MACT/Clean Air Act Title III)
Reporting under CFR 61, 63 & 65

 Part 70: State Operating Permit Programs (Clean Air Act Title
V) Reporting under CFR 64 & 70
 Part 123: EPA-Administered Permit Programs: the National
Pollutant Discharge Elimination System (NPDES) Reporting under CFR 122
& 125
 Part 145: State Underground Injection Control Programs (UIC)
Reporting under CRF 144 & 146
 Part 239: Requirements for State Permit Program Determination
of Adequacy (RCRA Subtitle C) Reporting under CFR 240-259
 Part 271: Requirements for Authorization of State Hazardous
Waste Programs (RCRA Subtitle C) Reporting under CFR 260-270, 272-279
 Part 281: Technical Standards and Corrective Action
Requirements for Owners and Operators of Underground Storage Tanks
(UST) Reporting under CFR 280

    WYDEQ was notified of EPA's determination to approve its
application with respect to the authorized programs listed above.

    Dated: August 17, 2022.
Jennifer Campbell,
Director, Office of Information Management.
[FR Doc. 2022-18077 Filed 8-22-22; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 86, Number 112 (Monday, June 14, 2021)]
[Notices]
[Page 31543]
[FR Doc No: 2021-12439]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92130; File No. 4-757]

Joint Industry Plan; Notice of Designation of a Longer Period for
Commission Action on a Proposed National Market System Plan Regarding
Consolidated Equity Market Data

June 9, 2021.
    On August 11, 2020, Cboe BYX Exchange, Inc., Cboe BZX Exchange,
Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe
Exchange, Inc., Investors Exchange LLC, Long Term Stock Exchange, Inc.,
MEMX LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq PHLX LLC, Nasdaq
Stock Market LLC, New York Stock Exchange LLC, NYSE American LLC, NYSE
Arca, Inc., NYSE Chicago, Inc., NYSE National, Inc., and Financial
Industry Regulatory Authority, Inc. filed with the Securities and
Exchange Commission (``Commission'') a proposed new single national
market system plan governing the public dissemination of real-time
consolidated equity market data for national market system stocks (the
``CT Plan''). The proposed CT Plan was published for comment in the
Federal Register on October 13, 2020.\1\
---------------------------------------------------------------------------

    \1\ See Notice of Filing of a National Market System Plan
Regarding Consolidated Equity Market Data, Securities Exchange Act
Release No. 90096 (Oct. 6, 2020), 85 FR 64565 (Oct. 13, 2020) (File
No. 4-757) (``Notice''). Comments received in response to the Notice
can be found on the Commission's website at https://www.sec.gov/comments/4-757/4-757.htm.
---------------------------------------------------------------------------

    On January 11, 2021, the Commission instituted proceedings to
determine whether to approve or disapprove the CT Plan.\2\ On April 8,
2021, pursuant to Rule 608(b)(2)(i) of Regulation NMS,\3\ the
Commission extended the period within which to conclude proceedings
regarding the proposed CT Plan to 240 days from the date of publication
of the Notice.\4\
---------------------------------------------------------------------------

    \2\ See Order Instituting Proceedings to Determine Whether to
Approve or Disapprove a National Market System Plan Regarding
Consolidated Equity Market Data, Securities Exchange Act Release No.
90885 (Jan. 11, 2021), 86 FR 4142 (Jan. 15, 2021) (File No. 4-757).
    \3\ See 17 CFR 242.608(b)(2)(i).
    \4\ See Securities Exchange Act Release No. 91504 (Apr. 8,
2021), 85 FR 19667 (Apr. 14, 2021) (File No. 4-757).
---------------------------------------------------------------------------

    Rule 608(b)(2)(ii) of Regulation NMS provides that the time for
conclusion of proceedings to determine whether a national market system
plan or proposed amendment should be disapproved may be extended for an
additional period up to 60 days (up to 300 days from the date of notice
publication) if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination or the
plan participants consent to the longer period.\5\ The 240th day after
publication of the Notice for the proposed CT Plan is June 10, 2021.
The Commission is extending this 240-day period.
---------------------------------------------------------------------------

    \5\ See 17 CFR 242.608(b)(2)(ii).
---------------------------------------------------------------------------

    The Commission finds that it is appropriate to designate a longer
period within which to conclude proceedings regarding the proposed CT
Plan so that it has sufficient time to consider the complex and
important issues raised by proposed CT Plan and the extensive public
comments received. Accordingly, pursuant to Rule 608(b)(2)(ii) of
Regulation NMS,\6\ the Commission designates August 9, 2021, as the
date by which the Commission shall conclude the proceedings to
determine whether to approve or disapprove the proposed CT Plan (File
No. 4-757).
---------------------------------------------------------------------------

    \6\ Id.

    By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-12439 Filed 6-11-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 250 (Wednesday, December 30, 2020)]
[Notices]
[Pages 86635-86637]
[FR Doc No: 2020-28889]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90791; File No. SR-NYSEArca-2020-113]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Reflect a Change
to the Index Underlying the United States Copper Index

December 23, 2020.
    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 18, 2020, NYSE Arca, Inc. (``NYSE Arca'' or 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 Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to reflect a change to the index underlying
the United States Copper Index Fund, shares of which are currently
listed and traded on the Exchange under NYSE Arca Rule 8.200-E. The
proposed rule change is available on the Exchange's website at
www.nyse.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 self-regulatory organization
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 those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

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

1. Purpose
    The Commission has approved a proposed rule change relating to
listing and trading on the Exchange of ``Units'' of the United States
Copper Index Fund for listing and trading on the Exchange under NYSE
Arca Rule 8.200-E (``Trust Issued Receipts'').\3\ The Exchange proposes
to reflect a change to the SummerHaven Copper Index Total Return (the
``Index''), which is the index underlying the Units.\4\
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    \3\ See Securities Exchange Act Release Nos. 65249 (September 2,
2011), 76 FR 55956 (September 9, 2011) (SR-NYSEArca-2011-63) (Notice
of Filing of Proposed Rule Change To List and Trade Shares of the
United States Metals Index Fund, the United States Agriculture Index
Fund and the United States Copper Index Fund Under NYSE Arca
Equities Rule 8.200) (``Prior Notice''); 65601 (October 20, 2011),
76 FR 66339 (October 26, 2011) (SR-NYSEArca-2011-63) (Order
Approving a Proposed Rule Change To List and Trade Shares of the
United States Metals Index Fund, the United States Agriculture Index
Fund and the United States Copper Index Fund Under NYSE Arca
Equities Rule 8.200) (``Prior Order'' and, together with the Prior
Notice, the ``Prior Releases'').
    \4\ On December 1, 2020 the Trust filed with the Commission an
amended registration statement on Form S-1 under the Securities Act
of 1933 relating to the Trust (File No. 333-237184) (``Registration
Statement''). The description of the operation of the Trust herein
is based, in part, on the Prior Releases. The procedures described
in this proposed rule change will not be implemented until this
proposed rule change is effective and operative.

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    As stated in the Prior Releases, the Index is designed to reflect
the performance of the investment returns from a portfolio of futures
contracts for copper that are traded on the COMEX (such futures
contracts, collectively, ``Eligible Copper Futures Contracts''). The
Index is comprised of either two or three Eligible Copper Futures
Contracts that are selected on a monthly basis based on quantitative
formulas relating to the prices of the Eligible Copper Futures
Contracts developed by SummerHaven Indexing.\5\
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    \5\ Eligible Copper Futures Contracts that at any given time
make up the Index are referred to in the Prior Releases as
``Benchmark Component Copper Futures Contracts.''
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    The Exchange proposes to amend this representation to state that,
beginning December 31, 2020, the Index will be revised such that, on
the new Selection Date, as defined below, it will be comprised of
either one or three Eligible Copper Futures Contracts that are selected
on a monthly basis based on quantitative formulas relating to the
prices of the Eligible Copper Futures Contracts developed by
SummerHaven Indexing. The Trust announced this change in a Form 8-K
filed with the Commission on December 1, 2020 and in the Registration
Statement.\6\ The Form 8-K and the Registration Statement state that
this revision to the composition of the Index is intended to ensure
that the Index components at any given time represent copper futures
contracts for which there is an active and liquid trading market.
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    \6\ See Form 8-K filed with the Commission by the Trust on
December 1, 2020 (File No. 001-34833).
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    The Exchange also proposes to change the description in the Prior
Notice regarding how Eligible Copper Futures Contracts are allocated in
the Index. Specifically, the Prior Notice stated that, at the end of
each month, (1) the copper futures curve is assessed to be in either
backwardation or contango, and (2) the annualized percentage price
difference between the closest-to-expiration Eligible Copper Futures
Contract and each of the next four Eligible Copper Futures Contracts is
calculated. If the copper futures curve is in backwardation at the end
of a month, the Copper Index takes positions in the two Eligible Copper
Futures Contracts with the highest annualized percentage price
difference, each weighted at 50%. If the copper futures curve is in
contango, then the Copper Index takes positions in three Eligible
Copper Futures Contracts, as follows: First, the Copper Index takes
positions in the two Eligible Copper Futures Contracts with the highest
annualized percentage price difference, each weighted at 25%; then the
Copper Index also takes a position in the nearest-to-maturity December
Eligible Copper Futures Contract that has expiration more distant than
the fourth nearest Eligible Copper Futures Contract, which position is
weighted at 50%.
    The Exchange proposes to change this representation to state that,
if the copper futures curve is in backwardation on the ``Selection
Date'', the Index takes positions in the first Eligible Copper Futures
Contract (which is the next nearest to maturity of the Eligible Futures
Contracts), weighted at 100%. If the copper futures curve is in
contango, then the Index takes positions in the first three Eligible
Copper Futures Contracts, each position weighted at 33.33%.\7\ The
``Selection Date'' is the 10th business day of each month. In addition,
the rebalancing period for the Index will change from the first four
business days of each month to the 11th-14th business days of each
month, based on signals used for contract selection on the Selection
Date, rather than the last business day of each month as is currently
the case. As noted above, the Sponsor represents that these revisions
to the composition of the Index are intended to ensure that the Index
components at any given time represent copper futures contracts for
which there is an active and liquid trading market.
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    \7\ For each month, the ``Eligible Copper Futures Contracts''
are as set forth in a chart appearing in the Registration Statement.
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    Regarding the proposed changes to the Selection Date and roll dates
for the Index and the Fund, the Sponsor represents that moving the
Selection Date would allow the Index and the Fund to include or hold
Eligible Copper Futures Contracts in nearer months (meaning shorter
duration) and with the greatest liquidity. This is particularly
important when copper is in backwardation when it is advantageous for
the Index and the Fund to include or hold Eligible Copper Futures
Contracts in the closest month possible.
    The Exchange notes that the Prior Releases stated that the Fund
will create Units only in blocks of 100,000 Units called ``Creation
Baskets'' and redeem Units only in blocks of 100,000 Units called
``Redemption Baskets''. The Registration Statement states that the Fund
creates Units only in blocks of 50,000 Units and redeems Units only in
blocks of 50,000 Units, which is the current size of Creation Baskets
and Redemption Baskets. United States Commodity Funds LLC (the
``Sponsor'') represents that a lower size of a Creation or Redemption
Basket is beneficial to investors by facilitating additional creation
and redemption activity in the Shares that may result in increased
secondary market trading activity, tighter bid/ask spreads and narrower
premiums or discounts to net asset value.\8\
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    \8\ The Trust's Basket size of 50,000 Shares is consistent with
the August 8, 2018 letter from the Division of Trading and Markets
granting no-action relief to certain commodity-based investment
vehicles from Rules 101 and 102 of Regulation M under the Act. See
footnote 2 to letter, dated August 8, 2018, from Josephine J. Tao,
Assistant Director, Division of Trading and Markets, to Eric
Simanek, Sullivan & Worcester LLP. The Commission has previously
approved listing and trading of Trust Issued Receipts on the
Exchange where the size of a ``Creation Unit'' for a series of Trust
Issued Receipts was 50,000 shares. See, e.g., Securities Exchange
Act Release Nos. 58161 (July 15, 2008), 73 FR 42380 (July 21, 2008)
(SR-Amex-2008-39) (Order Granting Approval of Proposed Rule Change,
as Modified by Amendment No. 1 Thereto, Relating to the Listing and
Trading of Trust Issued Receipts that Directly Hold Investments in
Certain Financial Instruments and to Permit the Listing and Trading
of Shares of Fourteen Funds of the Commodities and Currency Trust);
66553 (March 9, 2012), 77 FR 15440 (March 15, 2012) (SR-NYSEArca-
2012-04) (Order Granting Approval of Proposed Rule Change Relating
to Listing and Trading of Shares of Twenty-Six Series of ProShares
Trust II under NYSE Arca Equities Rule 8.200).
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    The Sponsor represents that the proposed changes described above
will further assist the Trust to achieve its investment objective.
Except for the changes noted above, all other representations made in
the Prior Releases remain unchanged.\9\
---------------------------------------------------------------------------

    \9\ See note 4, supra. All terms referenced but not defined
herein are defined in the Prior Releases.
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2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \10\ that an exchange have rules that
are designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
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    \10\ 15 U.S.C. 78f(b)(5).
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    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest. The Sponsor represents that the proposed revisions to
the composition of the Index are intended to ensure that the Index
components at any given time represent copper futures contracts for
which there is an active and liquid trading market, which may help
prevent fraudulent and manipulative practices.

    Regarding the proposed changes to the Selection Date and roll dates
for the Index and the Fund, the Sponsor represents that moving the
Selection Date would allow the Index and the Fund to include or hold
Eligible Copper Futures Contracts in nearer months (meaning shorter
duration) and with the greatest liquidity. This is particularly
important when copper is in backwardation when it is advantageous for
the Index and the Fund to include or hold Eligible Copper Futures
Contracts in the closest month possible.
    With respect to the lower size of a Creation or Redemption Basket
(50,000 Shares rather than 100,000 Shares as stated in the Prior
Releases), the Sponsor represents that such lower size is beneficial to
investors by facilitating additional creation and redemption activity
in the Shares that may result in increased secondary market trading
activity, tighter bid/ask spreads and narrower premiums or discounts to
net asset value.
    The Sponsor represents that the proposed changes described above
will further assist the Trust to achieve its investment objective.
Except for the changes noted above, all other representations made in
the Prior Releases remain unchanged.

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 purpose of the Act and, by permitting the Index
to include, and the Fund to hold, more liquid futures components at any
given time, will enhance competition among issues of commodity-based
Trust Issued Receipts.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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 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 \11\ and Rule 19b-
4(f)(6) thereunder.\12\
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
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) \13\ normally
does not become operative for 30 days after the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\14\ 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. The Exchange states
the proposed rule change will accommodate the inclusion of more liquid
and active copper futures contracts in the Index and, other than the
changes to the index methodology and Creation and Redemption basket
size described above, all other representations made in the Prior
Releases remain unchanged. For this reason, the proposed rule change
does not raise any novel regulatory issues, and the Commission believes
that waiver of the 30-day operative delay is consistent with the
protection of investors and the public interest. Therefore, the
Commission waives the 30-day operative delay and designates the
proposal operative upon filing.\15\
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    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
    \15\ 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 will institute proceedings to
determine whether the proposed rule change 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-NYSEArca-2020-113 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-2020-113.
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-2020-113 and should
be submitted on or before January 21, 2021.
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    \16\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2020-28889 Filed 12-29-20; 8:45 am]
BILLING CODE 8011-01-P