[Federal Register Volume 80, Number 207 (Tuesday, October 27, 2015)]
[Notices]
[Pages 65781-65783]
[FR Doc No: 2015-27269]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2015-D-3517]

Interim Policy on Compounding Using Bulk Drug Substances Under
Section 503A of the Federal Food, Drug, and Cosmetic Act; Draft
Guidance; Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of availability.

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SUMMARY: The Food and Drug Administration (FDA or Agency) is announcing
the availability of a draft guidance entitled ``Interim Policy on
Compounding Using Bulk Drug Substances Under Section 503A of the
Federal Food, Drug, and Cosmetic Act.'' The draft guidance describes
FDA's interim regulatory policy regarding the use of bulk drug
substances by licensed pharmacists in State-licensed pharmacies or
Federal facilities and by licensed physicians to compound human drug
products while FDA develops the list of bulk drug substances that can
be used in compounding under the Federal Food, Drug, and Cosmetic Act
(FD&C Act). When final, the guidance will reflect the Agency's current
thinking on the issues addressed by the guidance.

DATES: Although you can comment on any guidance at any time (see 21 CFR
10.115(g)(5)), to ensure that the Agency

considers your comment on the draft guidance before it begins work on
the final version of the guidance, submit either electronic or written
comments on the draft guidance by December 28, 2015.

ADDRESSES: You may submit comments as follows:

Electronic Submissions

    Submit electronic comments in the following way:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments. Comments submitted
electronically, including attachments, to http://www.regulations.gov
will be posted to the docket unchanged. Because your comment will be
made public, you are solely responsible for ensuring that your comment
does not include any confidential information that you or a third party
may not wish to be posted, such as medical information, your or anyone
else's Social Security number, or confidential business information,
such as a manufacturing process. Please note that if you include your
name, contact information, or other information that identifies you in
the body of your comments, that information will be posted on http://www.regulations.gov.
     If you want to submit a comment with confidential
information that you do not wish to be made available to the public,
submit the comment as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand delivery/Courier (for written/paper
submissions): Division of Dockets Management (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Division of
Dockets Management, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2015-D-3517 for ``Interim Policy on Compounding Using Bulk Drug
Substances Under Section 503A of the Federal Food, Drug, and Cosmetic
Act; Draft Guidance; Availability.'' Received comments will be placed
in the docket and, except for those submitted as ``Confidential
Submissions,'' publicly viewable at http://www.regulations.gov or at
the Division of Dockets Management between 9 a.m. and 4 p.m., Monday
through Friday.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states
``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on http://www.regulations.gov.
Submit both copies to the Division of Dockets Management. If you do not
wish your name and contact information to be made publicly available,
you can provide this information on the cover sheet and not in the body
of your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: http://www.fda.gov/regulatoryinformation/dockets/default.htm.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to http://www.regulations.gov and insert the docket number, found in brackets in
the heading of this document, into the ``Search'' box and follow the
prompts and/or go to the Division of Dockets Management, 5630 Fishers
Lane, Rm. 1061, Rockville, MD 20852.
    Submit written requests for single copies of this guidance to the
Division of Drug Information, Center for Drug Evaluation and Research,
Food and Drug Administration, 10001 New Hampshire Ave., Hillandale
Building, 4th Floor, Silver Spring, MD 20993-0002. Send one self-
addressed adhesive label to assist that office in processing your
requests. See the SUPPLEMENTARY INFORMATION section for electronic
access to the guidance document.

FOR FURTHER INFORMATION CONTACT: Sara Rothman, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave., Bldg. 51, Rm. 5197, Silver Spring, MD 20993-0002, 301-
796-3110.

SUPPLEMENTARY INFORMATION:

I. Background

    FDA is announcing the availability of a draft guidance entitled
``Interim Policy on Compounding Using Bulk Drug Substances Under
Sections 503A of the Federal Food, Drug, and Cosmetic Act.'' Section
503A of the FD&C Act describes the conditions that must be satisfied
for human drug products compounded by a licensed pharmacist in a State-
licensed pharmacy or Federal facility, or by a licensed physician, to
be exempt from the following three sections of the FD&C Act: Section
505 (concerning the approval of drugs under new drug applications or
abbreviated new drug applications); section 502(f)(1) (concerning the
labeling of drugs with adequate directions for use); and section
501(a)(2)(B) (concerning current good manufacturing practice
requirements).
    One of the conditions that must be met for a compounded drug
product to qualify for these exemptions is that a licensed pharmacist
or licensed physician compounds the drug product using bulk drug
substances that: (1) Comply with the standards of an applicable United
States Pharmacopeia (USP) or National Formulary (NF) monograph, if a
monograph exists, and the USP chapter on pharmacy compounding; (2) if
such a monograph does not exist, are drug substances that are
components of drugs approved by the Secretary; or (3) if such a
monograph does not exist and the drug substance is not a component of a
drug approved by the Secretary, appears on a list developed by the
Secretary through regulations issued by the Secretary under subsection
(c) of section 503A. (See section 503A(b)(1)(A)(i) of the FD&C Act).
    This guidance describes the conditions under which FDA does not
intend to take action against a licensed pharmacist or licensed
physician for compounding a drug product from a bulk drug substance
that is not the subject of an applicable USP or NF monograph, is not a
component of an FDA-approved drug, or does not appear on the list of
bulk drug substances that can be used in compounding under section
503A(b)(1)(A)(i)(III) of the FD&C Act by a licensed pharmacist or
licensed physician while FDA is developing the list.
    Elsewhere in this issue of the Federal Register, the Agency is
making available for public comment a draft guidance entitled ``Interim
Policy on Compounding Using Bulk Drug Substances Under Section 503B of
the Federal Food, Drug, and Cosmetic Act,'' which describes conditions
under

which FDA does not intend to object to the compounding of a drug
product from certain bulk drug substances by an outsourcing facility
while FDA develops the list of bulk drug substances that can be used in
compounding under section 503B(a)(2)(A)(i) of the FD&C Act.
    The final guidance ``Pharmacy Compounding of Human Drug Products
Under Section 503A of the FD&C Act,'' (503A Final Guidance) published
in 2014 (79 FR 37742; July 2, 2014), states, ``Until a bulk drug
substances list is published in the Federal Register as a final rule,
human drug products should be compounded using only bulk drug
substances that are components of drugs approved under section 505 of
the FD&C Act, or are the subject of USP or NF monographs.'' Because
this draft interim guidance proposes to change the Agency's policy
relating to compounding with bulk drug substances while FDA develops a
list of bulk drug substances that can be used in compounding, FDA is
adding a footnote to the 503A Final Guidance referencing this draft
interim guidance. Once this draft interim guidance is finalized, FDA
intends to remove that footnote from the 503A Final Guidance and cross-
reference the final interim guidance as establishing the policy for
compounding with bulk drug substances during the development of the
503A bulks list. The footnote is being added to the 503A Final Guidance
as a Level 2 change under 21 CFR 10.115 because the final interim
guidance, rather than the footnote to the 503A Final Guidance, will set
forth the actual change in policy. Accordingly, comments on the
proposed change in policy are being solicited as part of this Notice of
Availability on the draft interim guidance.

II. Electronic Access

    Persons with access to the Internet may obtain the guidance at
either http://www.fda.gov/Drugs/GuidanceComplianceRegulatoryInformation/Guidances/default.htm or http://www.regulations.gov.

    Dated: October 21, 2015.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2015-27269 Filed 10-26-15; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register Volume 80, Number 145 (Wednesday, July 29, 2015)]
[Notices]
[Pages 45220-45221]
[FR Doc No: 2015-18608]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9931-39-OA]

Announcement of the Board of Directors for the National
Environmental Education Foundation

AGENCY: Office of External Affairs and Environmental Education,
Environmental Protection Agency.

ACTION: Notice.

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SUMMARY: The National Environmental Education and Training Foundation
(doing business as The National Environmental Education Foundation or
NEEF) was created by Section 10 of Public Law 101-619, the National
Environmental Education Act of 1990. It is a private 501(c)(3) non-
profit organization established to promote and support education and
training as necessary tools to further environmental protection and
sustainable, environmentally sound development. It provides the common
ground upon which leaders from business and industry, all levels of
government, public interest groups, and others can work cooperatively
to expand the reach of environmental education and training programs
beyond the traditional classroom. The Foundation promotes innovative
environmental education and training programs such as environmental
education for medical healthcare providers and broadcast
meteorologists; it also develops partnerships with government and other
organizations to administer projects that promote the development of an
environmentally literal public. The Administrator of the U.S.
Environmental Protection Agency, as required by the terms of the Act,
announces the following appointment to the National Environmental
Education Foundation Board of Directors. The appointee is Dr. Martin
Philbert, Dean, School of Public Health at the University of Michigan,
Ann Arbor (UM).

FOR FURTHER INFORMATION CONTACT: For information regarding this Notice
of Appointment, please contact Mr. Brian Bond, Senior Advisor to the
Administrator for Public Engagement, U.S. EPA 1200 Pennsylvania Ave.
NW., Washington, DC 20460. General information concerning NEEF can be
found on their Web site at: http://www.neefusa.org.

SUPPLEMENTARY INFORMATION:
    Additional Considerations: Great care has been taken to assure that
this new appointee not only has the highest degree of expertise and
commitment, but also brings to the Board diverse points of view
relating to environmental education. This appointment is a four-year
term which may be renewed once for an additional four years pending
successful re-election by the NEEF nominating committee.
    Dr. Martin Philbert is the Dean, School of Public Health at the
University of Michigan, Ann Arbor (UM). In addition, Dr. Philbert is
well known to the EPA, especially through Dr. Ken Olden, EPA's Director
of the National Center for Environmental Assessment. Martin Philbert
became Dean of the UM School of Public Health on January 1, 2011,
having previously served as Senior Associate Dean for Research at the
school since 2004. He arrived at UM in 1995 from Rutgers University's
Neurotoxicology Laboratories, where he was a research assistant
professor. He has maintained a continuously federally funded portfolio
of basic research activities throughout his career. Most recently his
work has been funded by the National Institutes of Health, the
Department of the Air Force and the National Cancer Institute. At the
national level, he is recognized for his expertise in neurotoxicology
and experimental neuropathology. He is the author of numerous research
publications in top peer-reviewed journals, and one book. Dr. Philbert
received his Ph.D., Neurochemistry/Experimental Neuropathology from
London University in 1987, and his B.Sc. (Honors), Biology/Chemistry,
CCAT from Cambridge in 1984.
    This appointee will join the current Board members which include:

 Decker Anstrom (NEEF Chairman), Former U.S. Ambassador,
Retired Chairman, The Weather Channel Companies
 Diane Wood (NEEF Secretary) President, National Environmental
Education Foundation
 Carlos Alcazar, Founder and Chairman, Culture ONE World
 Megan Reilly Cayten, Co-Founder and Chief Executive Officer,
Catrinka, LLC
 David M. Kiser (NEEF Treasurer), Vice President, Environment,
Health, Safety and Sustainability, International Paper
 Wonya Lucas, President and CEO, Public Broadcasting Atlanta
 Shannon Schuyler, Principal, Corporate Responsibility Leader,
PricewaterhouseCoopers (PwC)
 Jacqueline M. Thomas, Vice President of Corporate
Responsibility, Toyota Motor Sales USA Inc.
 Raul Perea-Henze, MD, MPH, Managing Director, HORUS Advisors,
Washington, DC
 George Basile, Ph.D., Professor, School of Sustainability,
Arizona State University, Tempe, AZ
 Jennifer Harper-Taylor, Siemens Foundation (in process)

    Background: Section 10(a) of the National Environmental Education
Act of 1990 mandates a National Environmental Education Foundation. The
Foundation is established in order to extend the contribution of
environmental education and training to meeting critical environmental
protection needs, both in this country and internationally; to
facilitate the

cooperation, coordination, and contribution of public and private
resources to create an environmentally advanced educational system; and
to foster an open and effective partnership among Federal, State, and
local government, business, industry, academic institutions, community
based environmental groups, and international organizations.
    The Foundation is a charitable and nonprofit corporation whose
income is exempt from tax, and donations to which are tax deductible to
the same extent as those organizations listed pursuant to section
501(c) of the Internal Revenue Code of 1986. The Foundation is not an
agency or establishment of the United States. The purposes of the
Foundation are--
    (A) Subject to the limitation contained in the final sentence of
subsection (d) herein, to encourage, accept, leverage, and administer
private gifts for the benefit of, or in connection with, the
environmental education and training activities and services of the
United States Environmental Protection Agency;
    (B) to conduct such other environmental education activities as
will further the development of an environmentally conscious and
responsible public, a well-trained and environmentally literate
workforce, and an environmentally advanced educational system;
    (C) to participate with foreign entities and individuals in the
conduct and coordination of activities that will further opportunities
for environmental education and training to address environmental
issues and problems involving the United States and Canada or Mexico.
    The Foundation develops, supports, and/or operates programs and
projects to educate and train educational and environmental
professionals, and to assist them in the development and delivery of
environmental education and training programs and studies.
    The Foundation has a governing Board of Directors (hereafter
referred to in this section as `the Board'), which consists of 13
directors, each of whom shall be knowledgeable or experienced in the
environment, education and/or training. The Board oversees the
activities of the Foundation and assures that the activities of the
Foundation are consistent with the environmental and education goals
and policies of the Environmental Protection Agency and with the
intents and purposes of the Act. The membership of the Board, to the
extent practicable, represents diverse points of view relating to
environmental education and training. Members of the Board are
appointed by the Administrator of the Environmental Protection Agency.
    Within 90 days of the date of the enactment of the National
Environmental Education Act, and as appropriate thereafter, the
Administrator will publish in the Federal Register an announcement of
appointments of Directors of the Board. Such appointments become final
and effective 90 days after publication in the Federal Register. The
directors are appointed for terms of 4 years. The Administrator shall
appoint an individual to serve as a director in the event of a vacancy
on the Board within 60 days of said vacancy in the manner in which the
original appointment was made. No individual may serve more than 2
consecutive terms as a director.

    Dated: July 20, 2015.
Gina McCarthy,
Administrator.
[FR Doc. 2015-18608 Filed 7-28-15; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: May 19, 2009 (Volume 74, Number 95)]
[Notices]
[Page 23401-23402]
[DOCID:fr19my09-45]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. EL07-56-008; EL07-58-008]

Organization of PJM States, Inc. v. PJM Interconnection, L.L.C.;
Notice of Filing

May 12, 2009.
    Take notice that on May 11, 2009, the Pennsylvania Public Utility
Commission filed a State of Certification as required by sections
18.17.4 of the Amended and Restated Operating Agreement of PJM
Interconnection, L.L.C. and the Commission's Order, Organization of PJM
States, Inc. v. PJM Interconnection, L.L.C., 123 FERC ] 61,235 (2008).
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Applicant and all the parties in this proceeding.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://
www.ferc.gov. Persons unable to file electronically should submit an
original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public

Reference Room in Washington, DC. There is an ``eSubscription'' link on
the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please e-mail<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on May 26, 2009.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-11572 Filed 5-18-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 88, Number 128 (Thursday, July 6, 2023)]
[Notices]
[Pages 43159-43166]
[FR Doc No: 2023-14206]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97824; File No. SR-MEMX-2023-11]

Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Establish Common
Criteria and Procedures for Halting and Resuming Trading in Equity
Securities in the Event of Regulatory or Operational Issues, Reorganize
the Text of the Current Relevant Rule, and Make Conforming Changes to
Related Rules

June 29, 2023.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on June 23, 2023, MEMX LLC (``MEMX'' or the ``Exchange'')
filed with the Securities and Exchange Commission (the ``Commission'')
the proposed rule change as described in Items I, II and III below,
which Items have been prepared by the Exchange. The Exchange filed the
proposal as a ``non-controversial'' proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act \4\ and Rule 19b-4(f)(6)
thereunder.\5\ 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \5\ 17 CFR 240.19b-4(f)(6).

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

    The Exchange is filing with the Commission a proposed rule to
establish common criteria and procedures for halting and resuming
trading in equity securities in the event of regulatory or operational
issues, reorganize the text of the current relevant rule, and make
conforming changes to related rules. The text of the proposed rule
change is provided in Exhibit 5.

II. Self-Regulatory Organization's Statement of the Purpose of, and the
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
    In conjunction with adoption of an amended Nasdaq UTP Plan proposed
by its participants (``Amended Nasdaq UTP Plan''),\6\ the Exchange is
amending and re-locating its current Rule 11.16 to integrate several
definitions and concepts from the Amended Nasdaq UTP Plan and to
reorganize the rule in light of the Exchange's experience with applying
the rule as a national securities exchange.\7\ The Exchange proposes to
replace Rule 11.16, entitled Trading Halts Due to Extraordinary Market
Volatility, with two new rules, Rules 11.22 and 11.23. The rules set
forth the Exchange's authority to halt trading under various
circumstances. The Exchange is a participant of the transaction
reporting plan governing Tape C Securities (``Nasdaq UTP Plan'').\8\ As
part of these changes, the Exchange will amend categories of regulatory
and operational halts, adopt defined terms from the Amended Nasdaq UTP
Plan and move current Rule 11.16 into Rules 11.22 and 11.23 for clarity
and organizational purposes. Last, the Exchange is updating cross
references in other rules that are affected by the proposed changes.
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    \6\ On February 11, 2021, the Nasdaq UTP Plan participants filed
Amendment 50 to the Plan, to revise provisions governing regulatory
and operational halts. See Letter from Robert Brooks, Chairman, UTP
Operating Committee, Nasdaq UTP Plan, to Vanessa Countryman,
Secretary, Securities and Exchange Commission, dated February 11,
2021. The Nasdaq UTP Plan subsequently filed two partial amendments
to the 50th Amendment, on March 31, 2021 and on April 7, 2021. The
SEC approved the amendments on May 28, 2021. See Securities Exchange
Act Release No. 34-92071 (May 28, 2021), 86 FR 29846 (June 3, 2021)
(S7-24-89). The Amended Nasdaq UTP Plan includes provisions
requiring participant self-regulatory organizations (``SROs'') to
honor a Regulatory Halt declared by the Primary Listing Market. The
provisions in the Nasdaq UTP Plan, and the plan for consolidation of
data for non-Nasdaq-listed securities, the Consolidated Tape System
and Consolidated Quotations System (collectively, the ``CTA/CQS
Plan''), include provisions similar to the changes proposed by the
Exchange in this filing.
    \7\ The Exchange notes that The Nasdaq Stock Market, LLC
(``Nasdaq''), filed a similar proposed rule change with the
Commission. See Securities Exchange Act Release No. 94370 (March 7,
2022), 87 FR 14071 (March 11, 2022); Securities Exchange Act Release
No. 94838 (May 3, 2022), 87 FR 27683 (May 9, 2022). The Commission
approved the proposed rule change on June 8, 2022. See Securities
Exchange Act Release No. 95069 (June 8, 2022), 87 FR 36018 (June 14,
2022). The Exchange's proposal provides the Exchange with less
authority to declare halts in the event of regulatory or operational
issues than under Nasdaq's proposal because the Exchange, unlike
Nasdaq, is not a Primary Listing Market. Given the Exchange's status
as a non-Primary Listing Market, certain definitions and concepts
from the Amended Nasdaq UTP Plan, integrated in Nasdaq's proposal,
are not included herein.
    \8\ Each transaction reporting plan has a securities information
processor (``SIP'') responsible for consolidation of information for
the plan's securities, pursuant to Rule 603 of Regulation NMS. The
transaction reporting plan for Nasdaq-listed securities is known as
The Joint Self-Regulatory Organization Plan Governing the
Collection, Consolidation and Dissemination of Quotation and
Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privilege Basis or the ``Nasdaq UTP
Plan.'' Pursuant to the Nasdaq UTP Plan, the UTP SIP, which is
Nasdaq, consolidates order and trade data from all markets trading
Nasdaq-listed securities. The Exchange uses the term ``UTP SIP''
herein when referring specifically to the SIP responsible for
consolidation of information in Nasdaq-listed securities.
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Background
    The Exchange has been working with other SROs to establish common
criteria and procedures for halting and resuming trading in equity
securities in the event of regulatory or operational issues. These
common standards are designed to ensure that events which might impact
multiple exchanges are handled in a consistent manner that is
transparent. The Exchange believes that implementation of these common
standards will assist the SROs in maintaining fair and orderly markets.
Notwithstanding the development of these common standards, the Exchange
will retain discretion in certain instances as to whether and how to
handle halts, as is discussed below.
    Every U.S.-listed equity security has its primary listing on a
specific stock exchange that is responsible for a number of regulatory
functions.\9\ These include confirming that the security continues to
meet the exchange's listing standards, monitoring trading in that
security and taking action to halt trading in the security when
necessary to protect investors and to ensure a fair and orderly market.
While these core responsibilities remain with the primary listing
venue, trading in the security can occur on multiple exchanges that
have unlisted trading privileges for the security \10\ or in the over
the-counter market, regulated by the Financial Industry Regulatory
Authority, Inc. (``FINRA''). The exchanges and FINRA are responsible
for monitoring activity on the markets over which they have oversight,
but also must abide by the regulatory decisions made by the Primary
Listing Market. For example, a venue trading a security pursuant to
unlisted trading privileges must halt trading in that security during a
Regulatory Halt, which is a defined term under the proposed rules,\11\
and may only trade the security once the Primary Listing Market has
cleared the security to resume trading. While the Exchange and the
other SROs intend to harmonize certain aspects of their trading halt
rules, other elements of the rules will continue to be unique to each
market. The Exchange believes that this is appropriate to reflect
different products listed or traded on each market. In addition to
establishing common criteria and procedures for halting and resuming
trading in equity securities in the event of regulatory or operational
issues, the Exchange is moving current Rule 11.16 into Rules 11.22 and
Rule 11.23 in order to reorganize the rule to improve its overall
clarity. The Exchange is also making a handful of non-substantive
changes to rule text to improve its clarity. The Exchange will
implement all of the changes proposed herein in conjunction with other
SROs implementing the necessary rule changes. The Exchange will publish
a trader alert at least 30 business days

prior to implementing the proposed changes.
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    \9\ The Exchange is proposing to adopt Primary Listing Market as
a new term, defined in Nasdaq UTP Plan, Section X.A.8, as follows:
``[T]he national securities exchange on which an Eligible Security
is listed. If an Eligible Security is listed on more than one
national securities exchange, Primary Listing Market means the
exchange on which the security has been listed the longest.''
    \10\ In addition, securities may be listed on more than one
listing exchange (``dually listed''). See, e.g., The Nasdaq Stock
Market, LLC Rules 5005(a)(11), 5220 and IM5220.
    \11\ See proposed Rule 11.22(a)(9).
---------------------------------------------------------------------------

Definitions
    The Exchange proposes adding a definitions section as Rule 11.22(a)
to consolidate the various definitions that will be used in the Rules,
some of which are taken from the Amended Nasdaq UTP Plan. The Exchange
is adopting the following terms from the Amended Nasdaq UTP Plan:
``Operating Committee,'' ``Operational Halt,'' ``Primary Listing
Market,'' ``Processor,'' \12\ ``Regulatory Halt,'' ``Regular Trading
Hours,'' ``SIP Halt,'' and ``SIP Halt Resume Time.'' The Exchange is
adopting a modified form of the term ``Extraordinary Market Activity''
from the Amended Nasdaq UTP Plan, as described below. The definitions
of ``UTP Exchange Traded Product'', ``Pre-Market Session'', and ``Post-
Market Session'' are included in the definitions section with cross
references to their current definitions in the Exchange's Rulebook.\13\
The Exchange will add definitions of ``Trust Shares,'' ``Index Fund
Shares,'' ``Managed Fund Shares,'' and ``Trust Issued Receipts'', as
subcategories to the defined term ``UTP Exchange Traded Product'', and
those terms will have the same meanings as those found currently in the
rules of at least one other exchange.\14\
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    \12\ The Exchange proposes to also define the term ``SIP'' to
have the same meaning as the term ``Processor'' as set forth in the
Amended Nasdaq UTP Plan. Because the terms ``Processor'' and ``SIP''
are also used throughout the Rules, at times, to apply to processors
of information furnished pursuant to the Consolidated Tape
Association Plan (``CTA Plan''), the term ``Processor'' may, in
those applicable circumstances, refer to the processor of
transactions in Tape A and B securities, as set forth in the CTA
Plan.
    \13\ ``UTP Exchange Traded Product'', is currently defined in
Rule 1.5(kk). Post-Market Session is defined in Rule 1.5(w). Pre-
Market Session is currently defined in Rule 1.5(x).
    \14\ The Exchange notes that Nasdaq PHLX LLC (``PHLX''), filed a
similar proposed rule change with the Commission. See Securities
Exchange Act Release No. 96574 (December 22, 2022), 87 FR 80213
(December 29, 2022) (the ``PHLX Proposal''). Accordingly, the
Exchange referenced PHLX's current and proposed relevant rules and
notes that the terms ``Trust Shares,'' ``Index Fund Shares,''
``Managed Fund Shares,'' and ``Trust Issued Receipts'' are currently
defined in Rule 3100(b)(1)(A)-(D) of PHLX's rulebook.
---------------------------------------------------------------------------

    First, the Exchange proposes to add the definition of ``Primary
Listing Market'' \15\ to Rule 11.22(a), which will have the same
meaning as in the Amended Nasdaq UTP Plan, Section X.A.8. As is
currently the case under the Nasdaq UTP Plan, all Regulatory Halt
decisions are made by the market on which the security has its primary
listing. This reflects the regulatory responsibility that the Primary
Listing Market has for fair and orderly trading in the securities that
list on its market and its direct access to its listed companies, which
are required to advise it of certain events and maintain lines of
communication with the Primary Listing Market. The proposed definition
makes clear that if a security is listed on more than one market (a
dually-listed security), the Primary Listing Market means the exchange
on which the security has been listed the longest. This provision
matches language used in the definition of ``Primary Listing Exchange''
in the Limit-Up Limit-Down Plan and will avoid conflict in the event of
dually-listed securities.
---------------------------------------------------------------------------

    \15\ See proposed Rule 11.22(a)(7).
---------------------------------------------------------------------------

    Second, the Exchange proposes to add the definition of
``Extraordinary Market Activity'' to Rule 11.22,\16\ which would
represent a modified version of the term defined in the Amended Nasdaq
UTP Plan, Section X.A.1.\17\ Specifically, the Exchange proposes to
remove the concept of a ``market-wide basis'' from the Amended Nasdaq
UTP Plan's definition of Extraordinary Market Activity for purposes of
the Exchange's Rules because the term ``Extraordinary Market Activity''
would only be used in the Exchange's Rules as a basis for the Exchange
to initiate an Operational Halt, which would only occur on the market
declaring the halt (i.e., the Exchange).\18\ The current rule does not
include a definition for Extraordinary Market Activity. The third set
of new proposed definitions would be specific to events involving the
SIP. While the Exchange recognizes that many events involving the SIP
would also meet the definition of ``Extraordinary Market Activity'' (as
defined in the Amended Nasdaq UTP Plan), the Exchange believes that the
critical role of the SIPs in market infrastructure factors in favor of
additional guidance on how such events will be handled. The definitions
of ``SIP Halt Resume Time'' and ``SIP Halt'' are intended to provide
additional guidance to address this subset of potential market
issues.\19\ In addition, the Exchange is proposing to define terms
related to SIP governance needed in order to understand these
definitions:
---------------------------------------------------------------------------

    \16\ See proposed Rule 11.22(a)(2).
    \17\ In the Amended Nasdaq UTP Plan, ``Extraordinary Market
Activity'' means a disruption or malfunction of any electronic
quotation, communication, reporting, or execution system operated
by, or linked to, the Processor or a Trading Center or a member of
such Trading Center that has a severe and continuing negative
impact, on a market-wide basis, on quoting, order, or trading
activity or on the availability of market information necessary to
maintain a fair and orderly market. For purposes of this definition,
a severe and continuing negative impact on quoting, order, or
trading activity includes (i) a series of quotes, orders, or
transactions at prices substantially unrelated to the current market
for the security or securities; (ii) duplicative or erroneous
quoting, order, trade reporting, or other related message traffic
between one or more Trading Centers or their members; or (iii) the
unavailability of quoting, order, or transaction information for a
sustained period.
    \18\ The Exchange proposes to define ``Extraordinary Market
Activity'' to mean a disruption or malfunction of any electronic
quotation, communication, reporting, or execution system operated
by, or linked to, the Processor or a Trading Center or a member of
such Trading Center that has a severe and continuing negative impact
on quoting, order, or trading activity or on the availability of
market information necessary to maintain a fair and orderly market.
For purposes of this definition, a severe and continuing negative
impact on quoting, order, or trading activity includes (i) a series
of quotes, orders, or transactions at prices substantially unrelated
to the current market for the security or securities; (ii)
duplicative or erroneous quoting, order, trade reporting, or other
related message traffic between one or more Trading Centers or their
members; or (iii) the unavailability of quoting, order, or
transaction information for a sustained period.
    \19\ The Exchange proposes to define the terms ``SIP Halt Resume
Time'' and ``SIP Halt'' to have the same meaning as in the Amended
Nasdaq UTP Plan.
---------------------------------------------------------------------------

     ``Processor'' or ``SIP'' \20\ have the same meaning as the
term ``Processor'' set forth in the Nasdaq UTP Plan, namely the entity
selected by the Participants to perform the processing functions set
forth in the Plan.
---------------------------------------------------------------------------

    \20\ See proposed Rule 11.22(a)(8).
---------------------------------------------------------------------------

    Because the terms ``Processor'' and ``SIP'' are also used
throughout the Rules, at times, to apply to processors of information
furnished pursuant to the CTA Plan, the term ``Processor'' and ``SIP''
may, in those applicable circumstances, refer to the processor of
transactions in Tape A and B securities, as set forth in the CTA Plan.
     ``SIP Plan'' \21\ is defined as the national market system
plan governing the SIP.
---------------------------------------------------------------------------

    \21\ See proposed Rule 11.22(a)(13).
---------------------------------------------------------------------------

     ``Operating Committee'' \22\ is defined as having the same
meaning as in the Nasdaq UTP Plan, namely the committee charged with
administering the Nasdaq UTP Plan.
---------------------------------------------------------------------------

    \22\ See proposed Rule 11.22(a)(3).
---------------------------------------------------------------------------

    The Exchange is proposing to adopt a category of Regulatory Halt,
called a ``SIP Halt,'' \23\ which will have the same meaning as that
term is defined in Section X.A.11. of the Nasdaq UTP Plan, namely ``a
Regulatory Halt to trading in one or more securities that a Primary
Listing Market declares in the event of a SIP Outage or Material SIP
Latency.'' This new category of Regulatory Halt will address situations
where the Primary Listing Market declares a Regulatory Halt in one or
more

securities as a result of a SIP outage \24\ or material SIP
latency.\25\
---------------------------------------------------------------------------

    \23\ See proposed Rule 11.22(a)(11).
    \24\ SIP outage means a situation in which the Processor has
ceased, or anticipates being unable, to provide updated and/or
accurate quotation or last sale price information in one or more
securities for a material period that exceeds the time thresholds
for an orderly failover to backup facilities established by mutual
agreement among the Processor, the Primary Listing Market for the
affected securities, and the Operating Committee unless the Primary
Listing Market, in consultation with the Processor and the Operating
Committee, determines that resumption of accurate data is expected
in the near future. See Amended Nasdaq UTP Plan, Section X.A.13.
    \25\ Material SIP latency means a delay of quotation or last
sale price information in one or more securities between the time
data is received by the Processor and the time the Processor
disseminates the data over the Processor's vendor lines, which delay
the Primary Listing Market determines, in consultation with, and in
accordance with, publicly disclosed guidelines established by the
Operating Committee, to be (a) material and (b) unlikely to be
resolved in the near future. See Amended Nasdaq UTP Plan, Section
X.A.5.
---------------------------------------------------------------------------

    The Exchange proposes to add a definition of ``Regulatory Halt''
\26\ as having the same meaning as in the Amended Nasdaq UTP Plan.
Specifically, the Exchange has proposed to define Regulatory Halt to
mean a halt declared by the Primary Listing Market in trading in one or
more securities on all Trading Centers for regulatory purposes,
including for the dissemination of material news, news pending,
suspensions, or where otherwise necessary to maintain a fair and
orderly market. A Regulatory Halt includes a trading pause triggered by
Limit Up-Limit Down, a halt based on Extraordinary Market Activity (as
defined in the Amended Nasdaq UTP Plan), a trading halt triggered by a
Market-Wide Circuit Breaker, and a SIP Halt.
---------------------------------------------------------------------------

    \26\ See proposed Rule 11.22(a)(9).
---------------------------------------------------------------------------

    The Exchange proposes to add a definition of ``Operational Halt,''
\27\ which is defined as having the same meaning as in the Amended
Nasdaq UTP Plan. Specifically, the Exchange is proposing to define
Operational Halt to mean a halt in trading in one or more securities
only on the market declaring the halt and is not a Regulatory Halt. An
Operational Halt is effective only on the Exchange; other markets are
not required to halt trading in the impacted securities. In practice,
the Exchange has always had the capacity to implement operational halts
in specified circumstances.\28\ The proposed change would provide
greater clarity on when an Operational Halt may be implemented and the
process for halting and resuming trading in the event of an Operational
Halt. An Operational Halt is not a Regulatory Halt.
---------------------------------------------------------------------------

    \27\ See proposed Rule 11.22(a)(4).
    \28\ See Exchange Rules 11.1(c) and 11.16(d).
---------------------------------------------------------------------------

Regulatory Halt
    Proposed Rule 11.22(b)(1)(A)(i)-(iii) includes four situations in
which the Exchange must halt trading pursuant to a Regulatory Halt:
under the Limit Up-Limit Down Plan, pursuant to Extraordinary Market
Volatility (Market-Wide Circuit Breakers), when the Primary Listing
Market declares a SIP halt, or when the Primary Listing Market declares
a trading halt based on Extraordinary Market Activity, as defined in
the Nasdaq UTP Plan. Proposed Rule 11.22(b)(1)(A)(i) retains without
substantive modification the existing rule with respect to the Limit
Up-Limit Down Plan (current Rule 11.16(e)). The Exchange, as a non-
Primary Listing Market, does not itself declare trading pauses pursuant
to the Limit Up-Limit Down Plan, but rather implements such pauses
declared by Primary Listing Markets. The Exchange proposes to make
clear in Rule 11.22(b)(1)(A)(ii) that a trading halt pursuant to
Extraordinary Market Volatility (Market-Wide Circuit Breakers), as is
described in proposed Rule 11.23, constitutes a Regulatory Halt. The
Exchange would also add subsections concerning Regulatory Halts
declared by Primary Listing Markets based on a SIP halt or
Extraordinary Market Activity in Rule 11.22(b)(1)(A)(iii). As is the
case under the current Rule 11.16, the Exchange would honor a
Regulatory Halt. The Exchange proposes to add Rule 11.22(b)(1)(A)(iv),
which states that the Exchange will halt trading for any security
traded on the Exchange when the Primary Listing Market declares a
Regulatory Halt for any such security. The Exchange also proposes to
add Rule 11.22(b)(1)(A)(iv)(a), which makes clear that the start time
of a Regulatory Halt is the time the Primary Listing Market declares
the Regulatory Halt, regardless of whether communications issues impact
the dissemination of notice of the Halt.\29\ This proposal would
provide market participants with certainty on the official start time
of the Regulatory Halt. Under the proposed rule, the start time is
fixed by the Primary Listing Market; it is not dependent on whether
notice is disseminated immediately. This will avoid possible
disagreement if the Regulatory Halt time were tied to dissemination or
receipt of notification, which may occur at different times. The
Exchange recognizes that in situations where communication is
interrupted, trades may continue to occur until news of the Regulatory
Halt reaches all trading centers. However, a fixed ``official''
Regulatory Halt time will allow SROs to revisit trades after the fact
and determine in a consistent manner whether specific trades should
stand.
---------------------------------------------------------------------------

    \29\ This is consistent with the Amended Nasdaq UTP Plan. See
Amended Nasdaq UTP Plan, Section X.D.1.
---------------------------------------------------------------------------

Resumption of Trading After a Regulatory Halt
    The SROs have jointly developed processes to govern the resumption
of trading in the event of a Regulatory Halt. While the actual process
of re-launching trading will remain unique to each exchange, the
proposed rule would harmonize certain common elements of the reopening
process that would benefit from consistency across markets. These
common elements include the primacy of the Primary Listing Market in
resumption decisions, the requirement that the Primary Listing Market
make its determination to resume trading in good faith,\30\ and certain
parts of the complex process of reopening trading after a SIP Halt.
With respect to a SIP Halt, common elements of the reopening process
include the interaction among SROs (including the Primary Listing
Market with the SIP), the requirement that the Primary Listing Market
terminate a SIP Halt with a notification that specifies a SIP Halt
Resume Time, the minimum quoting times before resumption of trading,
the cutoff time after which trading would not resume during Regular
Trading Hours, and the time when trading may resume if the Primary
Listing Market does not open a security within the amount of time
specified in its rules after the SIP Halt Resume Time. Proposed Rule
11.22(b)(2) provides the process to be followed when resuming trading
upon the conclusion of a Regulatory Halt. The new rule, which
incorporates Section X.E.1 and X.F.3 of the Amended Nasdaq UTP Plan, is
divided into the following two subsections concerning resumption of
trading: (A) after a Regulatory Halt other than a SIP Halt; and (B)
after a SIP Halt. Proposed Rule 11.22(b)(2)(A)(i) provides that, for a
Regulatory Halt other than a SIP Halt, the Exchange may resume trading
subject to the Regulatory Halt after the Exchange receives notification
from the Primary Listing Market that the Regulatory Halt has been
terminated. The Exchange does not conduct halt crosses and, therefore,
the resumption of trading in these securities will occur

once notice from the Primary Listing Market is received. Proposed Rule
11.22(b)(2)(B)(i) provides that, for securities subject to a SIP Halt
initiated by another exchange that is the Primary Listing Market,
during Regular Trading Hours, the Exchange may resume trading after
trading has resumed on the Primary Listing Market or notice has been
received from the Primary Listing Market that trading may resume.
During Regular Trading Hours, if the Primary Listing Market does not
open a security within the amount of time specified by the rules of the
Primary Listing Market after the SIP Halt Resume Time, the Exchange may
resume trading in that security. Outside Regular Trading Hours, the
Exchange may resume trading immediately after the SIP Halt Resume
Time.\31\ Proposed Rule 11.22(b)(2) is consistent with current
practice. Proposed Rule 11.22(b)(3) retains without substantive
modification existing Rule 11.16(f). Proposed Rule 11.22(b)(3) states
that on the occurrence of any Regulatory Halt pursuant to this Rule all
outstanding orders in the System will be cancelled, the Exchange will
not accept new orders, and at the end of the Regulatory Halt, the
Exchange shall re-open the security and again begin accepting orders.
Last, consistent with Section X.G of the Nasdaq UTP Plan, the Exchange
is proposes to add Rule 11.22(c), which will more broadly require the
Exchange to halt trading of a UTP security if the Primary Listing
Market declares a Regulatory Halt in that security, and more
specifically, governs trading halts in certain Exchange Traded Products
traded on the Exchange pursuant to unlisted trading privileges during
pre-market, regular trading hours, and post-market sessions.
---------------------------------------------------------------------------

    \30\ See Partial Amendment No. 1 of Trading Halt Amendments to
the UTP Plan, dated March 31, 2021.
    \31\ See Partial Amendment No. 2 of Trading Halt Amendments to
the UTP Plan, dated April 7, 2021.
---------------------------------------------------------------------------

Operational Halt
    The Exchange proposes in Rule 11.22(d) to address Operational
Halts, which are non-regulatory in nature and apply only to the
exchange that calls the halt. The ability to call an Operational Halt
has existed for a long time. As part of the Exchange's assessment with
the other SROs of the halting and resumption of trading, the Exchange
believes that the markets would benefit from greater clarity regarding
when an Operational Halt may be appropriate.\32\ In part, the proposed
change is designed to cover situations similar to those that might
constitute a Regulatory Halt, but where the impact is limited to a
single market. For example, just as a market disruption might trigger a
Regulatory Halt for Extraordinary Market Activity (as defined in the
Amended Nasdaq UTP Plan) if it affects multiple markets, so too a
disruption at the Exchange, such as a technical issue affecting trading
in one or more securities, could impact trading on the Exchange so
significantly that an Operational Halt is appropriate in one or more
securities. In such an instance, it would be in the public interest to
institute an Operational Halt to minimize the impact of a disruption
that, if trading were allowed to continue, might negatively affect a
greater number of market participants. An Operational Halt does not
implicate other trading centers. Proposed Rule 11.22(d) would authorize
the Exchange to implement an Operational Halt for any security trading
on the Exchange:
---------------------------------------------------------------------------

    \32\ Differences between Nasdaq and the Exchange's proposals as
it relates to Operational Halts stem from Nasdaq's status as a
Primary Listing Market, unlike the Exchange.
---------------------------------------------------------------------------

     if it is experiencing Extraordinary Market Activity \33\
on the Exchange; or
---------------------------------------------------------------------------

    \33\ ``Extraordinary Market Activity'' in proposed Rule 11.22(d)
would have the meaning proposed by the Exchange, which is a modified
form of the term from the Amended Nasdaq UTP Plan, as described
above.
---------------------------------------------------------------------------

     when otherwise necessary to maintain a fair and orderly
market or in the public interest.
    Proposed Rule 11.22(d)(2) provides the process for initiating an
Operational Halt. Under the proposed rule, on the occurrence of any
Operational Halt all outstanding orders in the System will be
cancelled. Further, the Exchange must notify the SIP if it has concerns
about its ability to collect and transmit Quotation Information or
Transaction Reports, or if it has declared an Operational Halt or
suspension of trading in one or more Eligible Securities, pursuant to
the procedures adopted by the Operating Committee. Proposed Rule
11.22(d)(3) will clarify how the Exchange resumes trading after an
Operational Halt. Proposed Rule 11.22(d)(3)(A) provides that the
Exchange would resume trading when it determines that trading may
resume in a fair and orderly manner consistent with the Exchange's
rules. Proposed Rule 11.22(d)(3)(B) provides that orders entered during
the Operational Halt will not be accepted. Proposed Rule 11.22(d)(3)(C)
provides that trading in a halted security shall resume at the time
specified by the Exchange in a notice. Proposed Rule 11.22(d)(3)(C)
also specifies that Exchange will notify all other Plan participants
and the SIP of such an Operational Halt as well as provide notice that
an Operational Halt has been lifted using such protocols and other
emergency procedures as may be mutually agreed to between the Operating
Committee and the Exchange. If the SIP is unable to disseminate notice
of an Operational Halt or the Exchange is not open for trading, the
Exchange will take reasonable steps to provide notice of an Operational
Halt, which shall include both the type and start time of the
Operational Halt. Each Plan participant shall continuously monitor
communication protocols established by the Operating Committee and the
Processor during market hours to disseminate notice of an Operational
Halt, and the failure of a participant to do so shall not prevent the
Exchange from initiating an Operational Halt.
Trading Halts Due to Extraordinary Market Volatility
    Lastly, as stated above, the Exchange proposes moving a large
portion of current Rule 11.16 into a new proposed Rule 11.23, in order
to separate out the previously established rules related to Trading
Halts Due to Extraordinary Market Volatility (i.e. Market-Wide Circuit
Breakers). These halts, which fall under the category of Regulatory
Halts, are cross referenced in proposed Rule 11.22(b)(i)(A)(ii). The
text of the proposed Rule 11.23 does not materially differ from what is
currently in place under Rule 11.16(a)-(d) \34\ and Rule 11.16(h)-
(j).\35\ The Exchange believes separating this text from Rule 11.22 is
appropriate in order to remain consistent with similar rule filings
proposed by other Exchanges.\36\
---------------------------------------------------------------------------

    \34\ These provisions outline the processes related to Market-
Wide Circuit Breaker halts.
    \35\ These provisions outline the processes related to Market-
Wide Circuit Breaker testing.
    \36\ PHLX's current Rule 3101, ``Trading Halts Due to
Extraordinary Market Volatility'' sets forth similar provisions
related to Market-Wide Circuit Breakers and Market-Wide Circuit
Breaker Testing. In turn, in its recent rule filing, PHLX's proposed
Rule 3100(b)(ii), which would state: ``The Exchange shall implement
a trading halt due to extraordinary market volatility, as set forth
in Rule 3101.'' See PHLX Proposal, supra note 13. Accordingly, the
Exchange believes it consistent to include the full text of these
relevant provisions in a separate rule (proposed Rule 11.23), with a
cross reference to such in its proposed Rule 11.22.
---------------------------------------------------------------------------

Conforming Changes to Other Rules
    The Exchange is proposing to modify Rule 11.10(a)(3), Rule
11.11(b), Rules 11.20(d)(2)(D) and (E), and Rule 14.1(b)(3) that cross
reference current Rules 11.16(e), 11.16(e), 11.16(b), 11.16(b), and
11.16, respectively. In light of the proposed deletion of Rule 11.16,
the Exchange proposes to modify the cross references in Rule
11.10(a)(3) and Rule 11.11(b) to cross reference proposed Rule
11.22(b)(1)(A)(i), which contains the same text as current Rule

11.16(e).\37\ The Exchange proposes to modify the cross references in
Rules 11.20(d)(D) and (E) to cross reference proposed Rule 11.23(b),
which also contains the same text as current Rule 11.16(b) \38\.
Lastly, the Exchange proposes to modify the cross references in Rule
14.1(b)(3) to cross reference proposed Rules 11.22 and 11.23, which
collectively will replace the current Rule 11.16.
---------------------------------------------------------------------------

    \37\ Current Rule 11.16(e) and proposed Rule 11.22(b)(1)(A)(i)
govern Limit Up-Limit Down procedures.
    \38\ Current Rule 11.16(b) and proposed Rule 11.23(b) speak to
Market-Wide Circuit Breaker halts.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) of the Act,\39\ in general, and
furthers the objectives of Sections and 6(b)(5) of the Act,\40\ in
particular, in that it is designed to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system and, in general,
to protect investors and the public interest.
---------------------------------------------------------------------------

    \39\ 15 U.S.C. 78f(b).
    \40\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    As described above, the Exchange and other SROs are seeking to
adopt harmonized rules related to halting and resuming trading in U.S.-
listed equity securities. The Exchange believes that the proposed rules
will provide greater transparency and clarity with respect to the
situations in which trading will be halted and the process through
which that halt will be implemented and terminated. Particularly, the
proposed changes seek to achieve consistent results for participants
across U.S. equities exchanges while maintaining a fair and orderly
market, protecting investors and protecting the public interest. Based
on the foregoing, the Exchange believes that the proposed rules are
consistent with Section 6(b)(5) of the Act \41\ because they will
foster cooperation and coordination with persons engaged in regulating
and facilitating transactions in securities.
---------------------------------------------------------------------------

    \41\ Id.
---------------------------------------------------------------------------

    As discussed previously, the Exchange believes that the various
provisions of the proposed rules that will apply to all SROs are
focused on the type of cross-market event where a consistent approach
will assist market participants and reduce confusion during a crisis.
Because market participants often trade the same security across
multiple venues and trade securities listed on different exchanges as
part of a common strategy, the Exchange believes that the proposed
rules will lessen the risk that market participants holding a basket of
securities will have to deal with divergent outcomes depending on where
the securities are listed or traded. Conversely, the proposed rules
would still allow individual SROs to react differently to events that
impact various securities or markets in different ways. This avoids the
``brittle market'' risk where an isolated event at a single market
forces all markets trading equities securities to halt or halts trading
in all securities where the issue impacted only a subset of securities.
By addressing both concerns, the Exchange believes that the proposed
rules further the Act's goal of maintaining fair and orderly markets.
The Exchange believes that the proposed rules' focus of responsibility
on the Primary Listing Market for decisions related to a Regulatory
Halt and the resumption of trading is consistent with the Act, which
itself imposes obligations on exchanges with respect to issuers that
are listed. As is currently the case, the Primary Listing Market would
be responsible for the many regulatory functions related to its
listings, including the determination of when to declare a Regulatory
Halt. While these core responsibilities remain with the Primary Listing
Market, trading in the security can occur on multiple exchanges that
have unlisted trading privileges for the security, such as on the
Exchange, or in the over-the-counter market, regulated by FINRA. The
Exchange is responsible for monitoring activity on its own markets, but
also must honor a Regulatory Halt. The proposed changes relating to
Regulatory Halts would ensure that all SROs handle the situations
covered therein in a consistent manner that would prevent conflicting
outcomes in cross-market events and ensure that all trading centers
recognize a Regulatory Halt declared by the Primary Listing Market. The
changes are consistent with and implement the Amended Nasdaq UTP Plan.
    The Exchange believes that the definitions in the proposed rules
are also consistent with the Act. The Exchange proposes adding a
definitions section as Rule 11.22(a) to consolidate the various
definitions that will be used in the Rule, some of which are taken from
the Amended Nasdaq UTP Plan. The Exchange is adopting a modified form
of the term ``Extraordinary Market Activity'' from the Amended Nasdaq
UTP Plan, as described above. In addition, several other definitions
have been moved into the definitions section from elsewhere in the
current rule without changes in the definitions. As noted, certain
definitions are consistent with the definitions in the Amended Nasdaq
UTP Plan, furthering the Act's goal of promoting fair and orderly
markets. For example, the Exchange is proposing to adopt a definition
of ``SIP Halt,'' to explicitly address a situation that may disrupt the
markets, and this definition is identical to the definition in the
Amended Nasdaq UTP Plan. In addition to ``SIP Halt,'' the Exchange is
adopting the following terms from the Amended Nasdaq UTP Plan:
``Operating Committee,'' ``Operational Halt,'' ``Primary Listing
Market,'' ``Processor,'' ``Regulatory Halt,'' ``Regular Trading
Hours,'' and ``SIP Halt Resume Time,'' as discussed above.
    The Exchange believes that the proposed rules, which make halts
more consistent across exchange rules, are consistent with the Act in
that they will foster cooperation and coordination with persons engaged
in regulating the equities markets. In particular, the Exchange
believes it is important for SROs to coordinate when there is a
widespread and significant event, as multiple trading centers are
impacted in such an event. Further, while the Exchange recognizes that
the proposed rule will not guarantee a consistent result on every
market in all situations, the Exchange does believe that it will assist
in that outcome. While the proposed rules relating to Regulatory Halts
focus primarily on the kinds of cross-market events that would likely
impact multiple markets, individual SROs will still retain flexibility
to deal with unique products or smaller situations confined to a
particular market. Also consistent with the Act, and with the Amended
Nasdaq UTP Plan, is the Exchange's proposal in Rule 11.22(d) to address
Operational Halts, which are nonregulatory in nature and apply only to
the exchange that calls the halt. As noted earlier, the Exchange
presently has the ability to call an Operational Halt. The Exchange
believes that the markets would benefit from greater clarity regarding
when an Operational Halt may be appropriate. The proposed change is
designed to cover situations where the impact is limited to a single
market. For example, a disruption at the Exchange, such as a technical
issue affecting trading in one or more securities, could impact trading
on the Exchange so significantly that an Operational Halt is
appropriate in one or more securities. In such an instance, it would be
in the public interest to institute an Operational Halt to minimize the
impact of a disruption

that, if trading were allowed to continue, might negatively affect a
greater number of market participants. An Operational Halt does not
implicate other trading centers. Proposed Rule 11.22(d) would authorize
the Exchange to implement an Operational Halt for any security trading
on the Exchange: (i) if it is experiencing Extraordinary Market
Activity on the Exchange; or (ii) when otherwise necessary to maintain
a fair and orderly market or in the public interest. The Exchange
believes that the broader language provided by the definition of
Extraordinary Market Activity in proposed Rule 11.22(d) will better
serve the interests of investors by allowing the Exchange to act where
appropriate. Other sections of current Rule 11.16 are reorganized and
retained without substantive modifications into proposed Rule 11.23, as
described above.

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

    The Exchange believes the proposal is consistent with Section
6(b)(8) of the Act \42\ in that it does not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act as explained below. Importantly, the Exchange
believes the proposal will not impose a burden on intermarket
competition but will rather alleviate any burden on competition because
it is the result of a collaborative effort by all SROs to harmonize and
improve the process related to the halting and resumption of trading in
U.S.-listed equity securities, consistent with the Amended Nasdaq UTP
Plan. In this area, the Exchange believes that all SROs should have
consistent rules to the extent possible in order to provide additional
transparency and certainty to market participants and to avoid
inconsistent outcomes that could cause confusion and erode market
confidence. The proposed changes would ensure that all SROs handle the
situations covered therein in a consistent manner and ensure that all
trading centers handle a Regulatory Halt consistently. The Exchange
understands that all other non-Primary Listing Markets intend to file
proposals that are substantially similar to this proposal. The Exchange
does not believe that its proposals concerning Operational Halts impose
an undue burden on competition. Under the existing Rules, the Exchange
already possesses discretionary authority to impose Operational Halts
for various reasons and, as described earlier, the proposed Rule change
clarifies the circumstances in which the Exchange may impose such
Halts, and specifies procedures for both imposing and lifting them. The
Exchange does not intend for these proposals to have any competitive
impact whatsoever. Indeed, the Exchange expects that other exchanges
will adopt similar rules and procedures to govern operational halts, to
the extent that they have not done so already. The Exchange does not
believe that the proposed rule change imposes a burden on intramarket
competition because the provisions apply to all market participants
equally. In addition, information regarding the halting and resumption
of trading will be disseminated using several freely accessible sources
to ensure broad availability of information in addition to the SIP data
and proprietary data feeds offered by the Exchange and other SROs that
are available to subscribers. In addition, the declaration and timing
of trading halts and the resumption of trading is designed to avoid any
advantage to those who can react more quickly than other participants.
The proposals encourage early and frequent communication among the
SROs, SIPs and market participants to enable the dissemination of
timely and accurate information concerning the market to market
participants.
---------------------------------------------------------------------------

    \42\ 15 U.S.C. 78f(b)(8).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    The Exchange neither solicited nor received comments on 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 \43\ and Rule 19b-
4(f)(6) \44\ thereunder.
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    \43\ 15 U.S.C. 78s(b)(3)(A).
    \44\ 17 CFR 240.19b-4.
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
file number SR-MEMX-2023-11 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-MEMX-2023-11. This file
number should be included in 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 (https://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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part of withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-MEMX-2023-11 and should be
submitted on or before July 27, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\45\
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    \45\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 2023-14206 Filed 7-5-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 63 (Friday, April 1, 2022)]
[Notices]
[Page 19168]
[FR Doc No: 2022-06839]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. 2022-21]

Petition for Exemption; Summary of Petition Received; Wiggins
Airways, Inc.

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Notice.

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SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of Federal Aviation Regulations. The
purpose of this notice is to improve the public's awareness of, and
participation in, the FAA's exemption process. Neither publication of
this notice nor the inclusion nor omission of information in the
summary is intended to affect the legal status of the petition or its
final disposition.

DATES: Comments on this petition must identify the petition docket
number and must be received on or before April 21, 2022.

ADDRESSES: Send comments identified by docket number FAA-2021-0707
using any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov and follow the online instructions for sending your
comments electronically.
     Mail: Send comments to Docket Operations, M-30; U.S.
Department of Transportation, 1200 New Jersey Avenue SE, Room W12-140,
West Building Ground Floor, Washington, DC 20590-0001.
     Hand Delivery or Courier: Take comments to Docket
Operations in Room W12-140 of the West Building Ground Floor at 1200
New Jersey Avenue SE, Washington, DC 20590-0001, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays.
     Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to http://www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
http://www.dot.gov/privacy.
    Docket: Background documents or comments received may be read at
http://www.regulations.gov at any time. Follow the online instructions
for accessing the docket or go to the Docket Operations in Room W12-140
of the West Building Ground Floor at 1200 New Jersey Avenue SE,
Washington, DC 20590-0001, between 9 a.m. and 5 p.m., Monday through
Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Sean O'Tormey at<PHONE_NUMBER>, Office
of Rulemaking, Federal Aviation Administration, 800 Independence Avenue
SW, Washington, DC 20591.
    This notice is published pursuant to 14 CFR 11.85.

    Issued in Washington, DC.
Timothy R. Adams,
Deputy Executive Director, Office of Rulemaking.

Petition for Exemption

    Docket No.: FAA-2021-0707.
    Petitioner: Wiggins Airways, Inc.
    Section of 14 CFR Affected: Sec.  135.243(c)(2).
    Description of Relief Sought: Petitioner Wiggins Airways, Inc.
seeks relief from the pilot experience requirements of 14 CFR
135.243(c)(2). For all-cargo operations in its fleet of Cessna 208
Caravans (C-208) operations with a maximum certificated takeoff weight
less than 12,500 lbs. and fixed tricycle landing gear, Wiggins Airways
seeks relief from Sec.  135.243(c)(2) to allow a pilot to serve as
pilot in command who has a minimum of 800 hours of flight time as a
pilot to include at least 500 hours in airplanes and cross country
flight time of 400 hours. For all-cargo operations in other fleet
types, consisting of twin-engine land turboprop airplanes, limited to
types with a maximum certificated takeoff weight not to exceed 12,500
pounds, and not requiring the pilot in command to possess a type
rating, Wiggins Airways seeks relief from Sec.  135.243(c)(2) to allow
a pilot to serve as pilot in command who has a minimum of 1000 hours of
flight time as a pilot to include at least 500 hours in airplanes.

[FR Doc. 2022-06839 Filed 3-31-22; 8:45 am]
BILLING CODE 4910-13-P


Cost, Emissions, and Energy Impacts
Abstract: RIA Section 3  -  Compliance Costs, Emissions, and Energy Impacts analysis files


[Federal Register Volume 86, Number 183 (Friday, September 24, 2021)]
[Notices]
[Page 53109]
[FR Doc No: 2021-20717]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4591-DR; Docket ID FEMA-2021-0001]

Poarch Band of Creek Indians; Amendment No. 2 to Notice of a
Major Disaster Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the Poarch Band of Creek Indians (FEMA-4591-DR), dated March 28,
2021, and related determinations.

DATES: This amendment was issued August 5, 2021.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
dated March 28, 2021 for the Poarch Band of Creek Indians is hereby
amended to include the Hazard Mitigation Grant Program.

    All areas within the Poarch Band of Creek Indians are eligible
for assistance under the Hazard Mitigation Grant Program.

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

Deanne Criswell,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2021-20717 Filed 9-23-21; 8:45 am]
BILLING CODE 9111-23-P