[Federal Register Volume 88, Number 24 (Monday, February 6, 2023)]
[Notices]
[Pages 7766-7771]
[FR Doc No: 2023-02357]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96781; File No. SR-NASDAQ-2022-057]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order
Approving of a Proposed Rule Change, as Modified by Amendment No. 1, To
Adopt Listing Rule 5732 To Provide Listing Standards for Contingent
Value Rights on Nasdaq Global Market

January 31, 2023.

I. Introduction

    On October 17, 2022, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to adopt Listing Rule 5732 to provide listing
standards for Contingent Value

Rights (``CVRs'') on Nasdaq Global Market. The proposed rule change was
published for comment in the Federal Register on November 3, 2022.\3\
On December 15, 2022, the Commission extended the time period within
which to approve the proposed rule change, disapprove the proposed rule
change, or institute proceedings to determine whether to approve or
disapprove the proposed rule change.\4\ On January 26, 2023, the
Exchange filed Amendment No. 1 to the proposed rule change.\5\ The
Commission received no comment letters on the proposed rule change. The
Commission is publishing this notice to solicit comments on the
proposed rule change, as modified by Amendment No. 1, from interested
persons and is approving the proposed rule change, as modified by
Amendment No. 1, on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 96176 (October 28,
2022), 87 FR 66337 (``Notice'').
    \4\ See Securities Exchange Act Release No. 96509, 87 FR 78166
(December 21, 2022) (extending the time period to February 1, 2023).
    \5\ In Amendment No. 1, the Exchange revised the proposal to
clarify that: (1) the Exchange will require the public disclosure of
all the material terms of the CVR before listing; (2) under the CVR
Continued Listing Standards of Nasdaq Proposed Rule 5732(d)(3), the
$1 million market value threshold requirement refers to Publicly
Held Shares; (3) to initially list a CVR under Nasdaq Proposed Rule
5732(a)(4), the issuer's common stock must be compliant with the
listing standards of the national securities exchange upon which the
common stock is listed, irrespective of whether listing a Price-
Based or Event-Based CVR; and (4) in Nasdaq Proposed Rule
5732(d)(4), for Event-Based CVRs, the primary equity security to
which the Event-Based CVR is linked and the issuer's common stock
must remain listed. Amendment No. 1 is available at: https://www.sec.gov/comments/sr-nasdaq-2022-057/srnasdaq2022057.htm. See
also notes 6-7 and accompanying text for definitions of Price-Based
and Event Based CVRs.
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II. Description of the Proposal, as Modified by Amendment No. 1

    Nasdaq proposes to adopt Listing Rule 5732 to provide listing
standards for Price-Based and Event-Based Contingent Value Rights (each
a ``CVR'' and collectively, ``CVRs'') on Nasdaq Global Market, which
are unsecured obligations of the issuer providing for a possible cash
payment at maturity.\6\ As discussed in more detail below, CVRs provide
for a possible cash payment for a ``Price-Based CVR'' at maturity based
upon the price performance of an affiliate's equity security or for an
``Event-Based CVR'', within a specified time period, upon the
occurrence of a specified event or events related to the business of
the issuer or an affiliate of the issuer.\7\
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    \6\ According to the Exchange, the proposed rule change is based
on Section 703.18 of the NYSE Listed Company Manual, related to
initial listing of CVRs, and the provisions of Section 802.01D
applicable to ``Specialized Securities'', related to continued
listing of CVRs. See Securities Exchange Act Release No. 26072 (May
30, 1990), 55 FR 23166 (June 6, 1990) (SR-NYSE-90-15) (order
approving original listing standards for CVRs (Priced-Based) on the
Exchange); Securities Exchange Act Release No. 86651 (August 13,
2019), 84 FR 42967 (August 19, 2019) (SR-NYSE-2019-14) (order
approving the listing of Event-Based CVRs on the Exchange).
    \7\ See Nasdaq Proposed Rule 5732.
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    Specifically, under the proposal, at maturity, the holder of a
Price-Based CVR is entitled to a cash payment if the average market
price of the issuer's related affiliate's equity security is less than
a pre-set target price.\8\ The proposal states that the target price is
typically established at the time the Price-Based CVR is issued.\9\
Conversely, should the average market price of the related equity
security equal or exceed the target price, the Price-Based CVR would
expire worthless.\10\ In its proposal, Nasdaq states that Price-Based
CVRs are generally distributed to shareholders of an acquired company
who are receiving shares of the acquirer as acquisition
consideration.\11\ Nasdaq further states that Price-Based CVRs provide
the acquiree's shareholders with some medium-term protection against
poor stock price performance of the shares of the acquirer by
guaranteeing them a specified cash payment if the acquirer's average
stock price is below a specified level at the time of maturity of the
Price-Based CVR.\12\
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    \8\ See Nasdaq Proposed Rule 5732.
    \9\ See id.
    \10\ See id.
    \11\ See Notice, supra note 3, 87 FR at 66337.
    \12\ See id.
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    The Exchange states that Event-Based CVRs are also typically issued
to the shareholders of an acquired entity as consideration in an
acquisition transaction.\13\ Under the proposal, Event-Based CVRs
entitle their holders to receive a cash payment upon the occurrence of
a specified event or events related to the business of the issuer or an
affiliate of the issuer within a specified period of time that is
determined at the time the Event-Based CVR is issued.\14\ In contrast,
should the specified event or events not occur within the specified
time period, the Event-based CVR would expire worthless.\15\ According
to the Exchange, an Event-Based CVR provides the shareholders of the
acquiree an additional interest in the medium-term performance of the
merged entity upon occurrence of its specified event(s).\16\
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    \13\ See id.
    \14\ See id; Nasdaq Proposed Rule 5732.
    \15\ See Nasdaq Proposed Rule 5732.
    \16\ See Notice, supra note 3, 87 FR at 66337.
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    For initial listing of CVRs on the Nasdaq Global Market, the issuer
must have assets in excess of $100 million, satisfy the requirement of
Nasdaq Rule 5315(f)(3)(A) \17\ or have at least $200 million in global
market capitalization and satisfy the requirement of Rule 5315(f)(2)(A)
and (B) \18\ related to Market Value of Unrestricted Publicly Held
Shares. In order to list a CVR, an issuer of the CVR must not be
considered non-compliant with the listing standards of the national
securities exchange where either: (i) the equity security to whose
price performance a Price-Based CVR is linked or the issuer's common
stock is listed, or (ii) in an Event-Based CVR where the primary equity
security is linked or the issuer's common stock is listed.\19\
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    \17\ Specifically, to satisfy Nasdaq Rule 5315(f)(3)(A) a
Company, other than a closed end management investment company, must
aggregate income from continuing operations before income taxes of
at least $11 million over the prior three fiscal years, (ii)
positive income from continuing operations before income taxes in
each of the prior three fiscal years, and (iii) at least $2.2
million income from continuing operations before income taxes in
each of the two most recent fiscal years.
    \18\ See Nasdaq Rule 5315(f)(2)(A) and (B) requiring (i) a
Market Value of at least $110 million; or (ii) a Market Value of at
least $100 million, if the Company has stockholders' equity of at
least $110 million.
    \19\ See Amendment No. 1, supra note 5, at 3.
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    The CVR issue must also have a minimum of 400 holders; a minimum of
1 million CVRs outstanding; a minimum of $4 million market value; a
minimum life of one year; and a minimum $4.00 bid price.\20\ Nasdaq
states that while these distribution and liquidity standards applicable
to CVRs can help to ensure there should be adequate depth, liquidity,
and investor interest to support an exchange listing, the issuer
requirements, that are described above, will provide some minimum level
of indicia that the issuer of a CVR should be able to meet any future
payment obligations to shareholders of Event-Based, as well as Price-
Based, CVRs pursuant to the applicable CVR agreement.\21\
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    \20\ See id.
    \21\ See Notice, supra note 3, 87 FR at 66338.
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    Prior to listing a CVR under the proposed rule, Nasdaq would issue
a circular as described in proposed Nasdaq Rule 5732(c) reminding its
members that because CVRs have certain unique characteristics investors
should be afforded an explanation of such special characteristics and
risks attendant to trading thereof, as well as the Exchange's know-
your-customer, suitability, and other rules applicable thereto.\22\
Nasdaq will suggest to its members that transactions in CVRs be
recommended only to investors whose accounts have been approved for

options trading or whom the member firm has otherwise ascertained that
CVRs are suitable for.\23\ In its proposal, Nasdaq stated that like
other financial products with unique features trading on the Exchange,
CVRs combine features of debt, equity, and securities derivative
instruments.\24\ Consequently, Nasdaq states this product may be more
complex than straight stock, bond, or equity warrants and that the
distribution of the information circular will help to alert members to
the special disclosure and suitability obligations that apply to CVRs
and that are relevant to making recommendation for investors in
CVRs.\25\
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    \22\ See id.; Nasdaq Proposed Rule 5732(c).
    \23\ See Notice, supra note 3, 87 FR at 66338.
    \24\ See id.
    \25\ See Notice, supra note 3, 87 FR at 66338.
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    Prior to listing a Contingent Value Right, Nasdaq will require that
all material terms of the Contingent Value Right be publicly
disclosed.\26\ While listed, the issuer of an Event-Based CVR will be
required to make public disclosure: (i) upon the occurrence of any
event that must occur as a condition to the issuer's obligation to make
a cash payment with respect to the CVR (or if such an event is deemed
to have occurred pursuant to the terms of the documents governing the
CVR); or (ii) at any such time as it becomes clear that a condition to
the cash payment with respect to the CVR has not been met as required
by the documents governing the terms of the CVR.\27\
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    \26\ See Amendment No. 1, supra note 5, at 3.
    \27\ See Nasdaq Rule IM-5250-1. Disclosure of Material
Information, among other things, requires Nasdaq companies to notify
Nasdaq's MarketWatch Department prior to the distribution of certain
material news at least 10 minutes prior to public announcement of
the news when the public release of the information is made from
7:00 a.m. to 8:00 p.m. ET. Trading halts are instituted, among other
reasons, to ensure that material information is fairly and
adequately disseminated to the investing public and the marketplace,
and to provide investors with the opportunity to evaluate the
information in making investment decisions. See also Notice, supra
note 3, 87 FR at 66338,
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    Nasdaq will delist a CVR pursuant to the provisions of the Listing
Rule 5800 Series if the CVR fails to maintain any of the following: (1)
at least 100,000 Publicly Held Shares; (2) at least 100 Holders; or (3)
at least $1 million Market Value of Publicly Held Shares.\28\ In
addition, Nasdaq will promptly delist any CVR if the issuer's common
stock, the equity security to whose price performance a Price-Based CVR
is linked, or the primary equity security to which an Event-Based CVR
is linked, ceases to be listed on a national securities exchange.\29\
Also, Nasdaq will delist an Event-Based CVR once the occurrence of the
specified event or events related to the business of the issuer or an
affiliate of the issuer has occurred or once it goes beyond the time
that the specified event or events should have occurred.\30\
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    \28\ See Notice, supra note 3, 87 FR at 66338; Nasdaq Proposed
Rule 5732(d); Amendment No. 1, supra note 5, at 3.
    \29\ See Amendment No. 1, supra note 5, at 3-4.
    \30\ See id.
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    The Exchange will rely on its existing trading surveillances,
administered by the Exchange, or the Financial Industry Regulatory
Authority (``FINRA'') on behalf of the Exchange, which are designed to
detect violations of Exchange rules and applicable federal securities
laws.\31\ The Exchange will monitor activity in CVRs to identify and
deter any potential improper trading activity in such securities and
monitor CVRs alongside the common equity securities of the issuer or
its affiliates, as applicable.\32\ In addition, the Exchange will adopt
enhanced surveillance procedures if necessary.\33\ In addition, if the
underlying security is listed and traded on another U.S. national
securities exchange, Nasdaq will communicate as needed and may obtain
information regarding trading from markets and other entities that are
members of Intermarket Surveillance Group.\34\
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    \31\ See Notice, supra note 3, 87 FR at 66338.
    \32\ See id.
    \33\ See id.
    \34\ See Notice, supra note 3, 87 FR at 66338, n. 8 and
accompanying text.
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III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change, as modified by Amendment No. 1, is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a national securities exchange.\35\ In particular, the
Commission finds that the proposed rule change, as modified by
Amendment No. 1, is consistent with Section 6(b)(5) of the Act,\36\
which requires, among other things, that the rules of a national
securities exchange be designed to prevent fraudulent and manipulative
acts and practices, to promote just and equitable principles of trade,
to 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 are not designed to permit
unfair discrimination between customers, issuers, brokers, or dealers.
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    \35\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \36\ 15 U.S.C. 78f(b)(5).
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    The development and enforcement of adequate standards governing the
initial and continued listing of securities on an exchange is an
activity of critical importance to financial markets and the investing
public. Listing standards, among other things, serve as a means for an
exchange to screen issuers and to provide listed status only to bona
fide companies that have or will have sufficient public float, investor
base, and trading interest to provide the depth and liquidity necessary
to promote fair and orderly markets. Meaningful listing standards are
especially important given the expectations of investors regarding the
nature of securities that have achieved an exchange listing and the
role of an exchange in overseeing and assuring compliance with its
listing standards. Once a security has been approved for initial
listing, maintenance criteria allow an exchange to monitor the status
and trading characteristics of that issue to ensure that it continues
to meet the exchange's standards for market depth and liquidity so that
fair and orderly markets can be maintained.
    For the reasons discussed below, the Commission believes that the
Exchange's proposed listing standards, as modified by Amendment No. 1,
are consistent with the Act and in particular with Section 6(b)(5). The
Exchange, as described above, has proposed to adopt listing standards
for Price-Based CVRs and Event-Based CVRs on NASDAQ Global Market. CVRs
are typically used as consideration offered to the shareholders of the
target company in a business combination transaction, such as a merger
or an exchange offer. As the Commission has previously stated CVRs have
unique characteristics that combine features of debt, equity and
securities derivatives instruments.\37\ The Commission believes that
the Exchange's proposal to establish listing criteria for CVRs should
adequately address the unique concerns raised by the listing of such
securities and should help to ensure that only substantial companies
capable of meeting their financial obligations can list such CVRs on
the Exchange, thereby protecting investors and the public interest
consistent with the Act. The proposal, as modified by Amendment No. 1,
should also, consistent with the Act, aid the Exchange in maintaining
fair and orderly markets for CVRs and

preventing fraudulent and manipulative acts and practices.
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    \37\ See Securities Exchange Act Release No. 86651 (August 13,
2019), 84 FR 42967 (August 19, 2019) (SR-NYSE-2019-14) (order
approving the listing of Event-Based CVRs on the Exchange); See also
Securities Exchange Act Release No. 28072 (May 30, 1990), 55 FR
23166 (June 6, 1990) (SR-NYSE-90-15) (order approving original
listing standards for CVRs (Priced-Based) on the Exchange).
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    The Commission believes the Exchange's proposed quantitative
listing standards should help to ensure that only substantial companies
capable of meeting their financial obligations issue CVRs. This is
important in light of the contingent financial obligations created by
these instruments, and should serve to protect investors and the public
interest by ensuring that the companies listing Price-Based CVRs and
Event-Based CVRs are of substantial size, which can help to indicate
such companies have sufficient financial means to meet their settlement
obligations. Specifically, an issuer of a CVR must (1) have assets in
excess of $100 million, (2) must satisfy Rule 5315(f)(3)(A) or have at
least $200,000,000 in global market capitalization, (3) must satisfy
the Market Value of Unrestricted Publicly Held Shares requirement of
Rule 5315(f)(2)(A) and (B) requiring (i) a Market Value of at least
$110 million; or (ii) a Market Value of at least $100 million, if the
Company has stockholders' equity of at least $110 million.\38\
Furthermore, the CVR issue must have a minimum of 400 holders; a
minimum of 1 million CVRs outstanding; a minimum of $4 million market
value; a minimum life of one year; and a minimum $4.00 bid price. The
Commission believes these distribution and liquidity standards
applicable to CVRs can help to ensure adequate depth, liquidity, and
investor interest to support an exchange listing. The Commission also
believes the issuer requirements will provide some minimum level of
indicia that the issuer of a CVR should be able to meet any future
payment obligations to shareholders of CVRs pursuant to the applicable
CVR agreement. Furthermore, the proposed listing standards are
substantially similar to the CVR listing standards on New York Stock
Exchange (``NYSE).\39\
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    \38\ See note 17-18, supra, and accompanying text.
    \39\ See Section 703.18 of the NYSE Listed Company Manual. See
also Securities Exchange Act Release No. 85812 (May 9, 2019), 84 FR
21861 (May 15, 2019) (SR-NYSE-2019-14) (Notice of Filing of proposed
rule change to permit the listing of Event-Based CVRs on the
Exchange).
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    In addition, in order to list a CVR, an issuer of the CVR must not
be considered non-compliant with the listing standards of the national
securities exchange where either: (i) the equity security to whose
price performance a Price-Based CVR is linked or the issuer's common
stock is listed, or (ii) in an Event-Based CVR where the primary equity
security is linked or the issuer's common stock is listed.\40\ The
Commission believes that this requirement protects investors and the
public interest in accordance with Section 6(b)(5) of the Act in that
it would not permit a CVR to be listed on the Exchange if the listed
company is below compliance with listing standards, and therefore
potentially subject to delisting, on the national securities exchange
where its common stock, or equity security linked to the CVR, was
listed.
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    \40\ See Amendment No. 1, supra note 5, at 3. The issuer of a
CVR also has to comply with the corporate governance requirements of
the national securities exchange where its common stock or equity
security linked to the CVR is listed. An issuer of a CVR may not be
below compliance with these corporate governance standards, as well
as the quantitative continued listing standards, for its common
stock or equity security on the national securities exchange where
such security is listed at the time of the listing of the CVR. This
should provide additional protections for investors in both Event-
Based and Price-Based CVRs.
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    Once listed, Nasdaq will delist a CVR pursuant to the provisions of
the Listing Rule 5800 Series if the CVR fails to maintain any of the
following: (1) at least 100,000 Publicly Held Shares; (2) at least 100
Holders; or (3) at least $1 million Market Value of Publicly Held
Shares. In addition, Nasdaq will promptly delist any CVR if the
issuer's common stock, the equity security to whose price performance a
Price-Based CVR is linked, or the primary equity security to which an
Event-Based CVR is linked, ceases to be listed on a national securities
exchange.\41\ Additionally, Nasdaq would delist an Event-Based CVR once
the occurrence of the specified event or events related to the business
of the issuer or an affiliate of the issuer has occurred or once it
goes beyond the time that the specified event or events should have
occurred. The Commission believes the proposed delisting standards,
which are also substantially similar to those of NYSE,\42\ provide some
indicia of a minimum level of liquidity for continued listing of CVRs.
Further, the requirement that Price-Based CVRs and Event-Based CVRs be
promptly delisted if either the common stock of the issuer of the CVR
or the related linked equity security ceases to be listed on a national
securities exchange is consistent with investor protection and the
public interest in that it helps to ensure that the issuer of the CVR
is meeting the continued quantitative and qualitative listing standards
of a national securities exchange on an ongoing basis while the CVR is
trading on the Exchange. These additional requirements for delisting
also will protect investors by helping to maintain fair and orderly
markets by ensuring that a CVR will not remain listed when the common
stock of the issuer or any linked equity security to a CVR is delisted.
For similar reasons, the requirement to delist an Event-Based CVR, when
the event has occurred or the time period for the event or events has
passed will also further investor protection and fair and orderly
markets since any payout on the CVR should be conditioned on such
events.
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    \41\ See Amendment No. 1, supra note 5, at 3-4.
    \42\ See Section 703.18 of the NYSE Listed Company Manual.
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    In addition, the proposed rule change would require that, prior to
listing a Price-Based or Event-Based CVR, an issuer be required to
publicly disclose all material terms of the CVR.\43\ The proposed rule
change would also require the issuer of an Event-Based CVR to make
public disclosure, in accordance with the provisions of Rule 5250(b)
and IM-5250-1, upon the occurrence of any event that must occur as a
condition to the issuer's obligation to make a cash payment with
respect to the CVR (or if such an event is deemed to have occurred
pursuant to the terms of the documents governing the CVR) or at any
such time as it becomes clear that a condition to the cash payment with
respect to the CVR has not been met as required by the documents
governing the terms of the CVR.\44\ The Commission believes that these
disclosure requirements should help to protect investors and the public
interest by ensuring that investors have sufficient information to make
investment decisions relating to CVRs. The Commission further believes
that the requirement to publicly disclose whether a specified event has
occurred or failed to occur should help to protect investors and
prevent fraudulent manipulative acts and practices by ensuring that
investors and market participants will have access to important
information needed to trade, and make investment decisions in, the CVRs
and that such information will be publicly available to all investors
at the same time.\45\ Notification to the Exchange, in accordance with
the requirements of Nasdaq Rule 5250(b) and Nasdaq Rule IM-5250-1, will
also provide the Exchange with the information necessary for it to
determine whether a temporary trading halt may be appropriate for an
Event-

Based or Price-Based CVR in order to ensure fair and orderly
markets.\46\
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    \43\ See Amendment No. 1, supra note 5, at 3.
    \44\ See Notice, supra note 3, 87 FR at 66338; Nasdaq Proposed
Rule 5732(b).
    \45\ Nasdaq Rule 5250 requires listed companies to disclose any
material information that would reasonably be expected to affect the
value of its securities or influence investor decisions.
    \46\ Notifications of material news to the Exchange at least 10
minutes prior to its release to the public when the information is
released between 7:00 a.m. to 8:00 p.m. ET allows Nasdaq to
determine if a trading halt is necessary in accordance with Nasdaq
Rule IM-5250-1. As stated by Nasdaq, trading halts ``ensure that
material information is fairly and adequately disseminated to the
investing public and the marketplace, and to provide investors with
the opportunity to evaluate the information in making an investment
decision.'' See Notice, supra note 3, 87 FR at 66338 n. 7.
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    Under the Exchange's proposal, as described above, Event-Based CVRs
must be based upon the occurrence of a specified event or events
related to the business of the issuer or an affiliate of the issuer.
The Commission believes that requiring an Event-Based CVR to be related
to the business of the issuer or an affiliate of the issuer is an
essential requirement that will help to ensure that the company will
have the information necessary to determine if the required events have
occurred or not occurred within any required time frames under the
terms of the CVR and make timely required public disclosure.\47\
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    \47\ The Commission notes that under the Exchange's rules,
Priced-Based CVRs are similarly related to the performance of an
affiliate's equity security.
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    The Exchange's proposed rule for listing CVRs also addresses the
additional regulatory concerns raised by these products. Like other
financial products with unique features trading on the Exchange, as
noted above, CVRs combine features of debt, equity, and securities
derivative instruments. As a result, this product may be more complex
than straight stock, bond, or equity warrants. The Exchange has
proposed to distribute an information circular apprising member firms
of the special characteristics, risks, and suitability obligations
associated with CVRs.\48\ The Commission believes distribution of this
information circular will help to alert members to the special
characteristics, risks, disclosure and suitability obligations that
apply to CVRs and the attendant requirements of members when making
recommendations to investors to purchase CVRs.\49\
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    \48\ See Nasdaq Proposed Rule 5732(c).
    \49\ For example, the circular states, among other things, that
it is suggested that transactions in CVRs be recommended only to
investors whose accounts have been approved for options trading and
that members recommending transactions in CVRs should have a
reasonable basis for believing, at the time of making the
recommendation, that the customer has such knowledge and experience
in financial matters that the customer may reasonably be expected to
be capable of evaluating the risks and special characteristics, and
is financially able to bear the risks, of a recommendation to invest
in CVRs. See id.
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    The Exchange has represented that it will also monitor activity in
CVRs to identify and deter any potential improper trading activity in
such securities and will monitor CVRs alongside the common equity
securities of the issuer or its affiliates, as applicable.\50\ The
Exchange states it will adopt enhanced surveillance procedures to do so
if necessary.\51\ Since news and information concerning a company and
the linked equity security and issuer's common stock can have an impact
on the company's CVRs, this surveillance should help to monitor the
trading activity in the CVRs. To the extent the common equity security
is traded on another national securities exchange, these procedures are
expected to ensure proper coordination.\52\ The Commission believes
that these safeguards and standards should help to ensure that the
listing, and continued listing, of any CVRs on the Exchange will be
consistent with investor protection, the public interest, and the
maintenance of fair and orderly markets. In this regard, the Commission
expects the Exchange to thoroughly review any potential listing of
Price-Based and Event-Based CVRs to ensure that its listing standards
have been met and continue to be met, as well as to monitor trading in
the Event-Based and Price-Based CVRs and related common stock or equity
security of the issuer.
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    \50\ As noted above, the Exchange will rely on its existing
trading surveillances, administered by the Exchange, or the FINRA on
behalf of the Exchange, which are designed to detect violations of
Exchange rules and applicable federal securities laws. See Note 31,
supra.
    \51\ See Notice, supra note 3, 87 FR at 66338.
    \52\ See Note 34, supra, and accompanying text.
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    Based on the above, the Commission believes the proposed rule
change, as modified by Amendment no. 1, is reasonable and should
provide for the listing of CVRs with baseline investor protection and
other standards. The Commission believes, as discussed above, that the
Exchange has developed sufficient standards to allow the listing of
both Price-Based CVRs and Event Based CVRs on the Exchange and finds
the proposal consistent with the requirements set forth under the Act,
and in particular, Section 6(b)(5).

IV. Solicitation of Comments on Amendment No. 1 to the Proposed Rule
Change

    Interested persons are invited to submit written data, views, and
arguments concerning whether Amendment No. 1 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 protected]. Please include
File Number SR-NASDAQ-2022-057 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-NASDAQ-2022-057. 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-NASDAQ-2022-057, and should be submitted
on or before February 27, 2023.

V. Accelerated Approval of Proposed Rule Change, as Modified by
Amendment No. 1

    The Commission finds good cause to approve the proposed rule
change, as modified by Amendment No. 1, prior to the thirtieth day
after the date of publication of notice of the filing of Amendment No.
1 in the Federal Register. As discussed above, in Amendment No. 1, the
Exchange revised the proposal to clarify that: (1) the Exchange will
require the public

disclosure of all the material terms of the CVR before listing the CVR;
(2) under the CVR Continued Listing Standards of Proposed Rule
5732(d)(3), the $1 million market value threshold requirement refers to
Publicly Held Shares; (3) to initially list a CVR under Proposed Rule
5732(a)(4), the issuer's common stock must be compliant with the
listing standards of the national securities exchange upon which the
common stock is listed, irrespective of whether listing a Price-Based
or Event-Based CVR; and (4) in Proposed Rule 5732(d)(4), for Event-
Based CVRs, the primary equity security to which the Event-Based CVR is
linked and the issuer's common stock must remain listed.
    The Commission believes that Amendment No. 1 does not raise any
novel regulatory issues from the original proposal, which was subject
to a full notice and comment period during which no comments were
received. Rather, Amendment No. 1 strengthens the original proposal by
requiring the material terms of the CVR to be publicly disclosed prior
to the Exchange listing of a CVR which will increase transparency to
investors in CVRs and potential investors seeking to make an informed
investment decision. In addition, the change to the continued listing
standards to require the market value standard to include only Publicly
Held Shares strengthens the requirements for continued listing in the
original proposal and can help in ensuring adequate liquidity for
continued listing of CVRs. Finally, the changes in Amendment No. 1
applicable to Nasdaq Proposed Rules 5732(a)(4) and (d)(4) provide
additional specificity and clarity regarding the circumstances in which
the Exchange would list and delist a CVR, which will provide additional
protections for potential investors and current investors in CVRs.
Accordingly, the Commission finds good cause, pursuant to Section
19(b)(2) of the Act,\53\ to approve the proposed rule change, as
modified by Amendment No. 1, on an accelerated basis.
---------------------------------------------------------------------------

    \53\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

VI. Conclusion

    For the foregoing reasons, the Commission finds that the proposed
rule change, as modified by Amendment No. 1, is consistent with the Act
and the rules and regulations thereunder applicable to a national
securities exchange.
    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\54\ that the proposed rule change (SR-NASDAQ-2022-57), as modified
by Amendment No. 1, be, and hereby is, approved.
---------------------------------------------------------------------------

    \54\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\55\
---------------------------------------------------------------------------

    \55\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-02357 Filed 2-3-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: April 7, 2010 (Volume 75, Number 66)]
[Notices]
[Page 17820-17822]
[DOCID:fr07ap10-118]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61812; File No. SR-Phlx-2010-49]

Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change by NASDAQ OMX PHLX, Inc. To
Establish $2.50 Strike Price Intervals for Options on the NASDAQ
Internet Index \SM\

March 31, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on March 29, 2010, NASDAQ OMX PHLX, Inc. (``Phlx'' or
``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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is filing with the Commission a proposal to amend:
Phlx Rule 1101A (Terms of Options Contracts) regarding listing options
on the NASDAQ Internet Index \SM\ trading under the symbol QNET at
$2.50 strike-price intervals below $200; and Phlx Rule 1107A (NASDAQ
OMX Group, Inc. Indexes) regarding disclaimer of express or implied
warranties in respect of NASDAQ OMX Group, Inc. (``NASDAQ'') indexes.
    The Exchange requests that the Commission waive the 30-day
operative delay period contained in Exchange Act Rule 19b-
4(f)(6)(iii).\3\
---------------------------------------------------------------------------

    \3\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxphlx.cchwallstreet.com/NASDAQOMXPHLX/
Filings/, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the

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

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

1. Purpose
    The purpose of the proposal is to amend Rule 1101A regarding
listing options on the NASDAQ Internet Index \SM\ trading under the
symbol QNET (the ``Index'') at $2.50 strike-price intervals below $200;
and to amend Rule 1107A regarding disclaimer of express or implied
warranties in respect of NASDAQ Indexes.
    The NASDAQ Internet Index \SM\ has been listed and maintained by
NASDAQ OMX continuously since November 27, 2007.\4\ The Index is
designed to track the performance of the largest and most liquid U.S.-
listed companies engaged in internet-related businesses that are listed
on a U.S. stock exchange. The Index includes companies engaged in a
broad range of internet-related services including, but not limited to
internet software, internet access providers, internet search engines,
web hosting, Web site design, and internet retail commerce. The
Exchange intends to list options on the Index per subsection (b) of
Rule 1009A (Designation of the Index).\5\
---------------------------------------------------------------------------

    \4\ For a description of the Index, Index Methodology, and Index
pricing, see https://indexes.nasdaqomx.com/. An Exchange-Traded Fund
denominated The PowerShares Nasdaq Internet Portfolio (PNQI), which
is based on the Index, was initiated last year.
    \5\ No options are currently traded on the Index. Rule 1009A
establishes generic listing standards for options on narrow-based
and broad-based indexes pursuant to Rule 19b-4(e) of the Act. See
Securities Exchange Act Release No. 40761 (December 8, 1998), 63 FR
70952 (December 22, 1998). The listing standards in Rule 1009A are
similar to those of other options exchanges such as, for example,
Chicago Board Options Exchange, Incorporated (``CBOE'');
International Stock Exchange LLC (``ISE''); and The NASDAQ Stock
Market LLC (``NASDAQ Market'').
---------------------------------------------------------------------------

    Phlx Rule 1101A currently indicates in subsection (a) that the
Exchange shall determine fixed point strike price intervals for index
options at no less than $5.00, provided that for indexes that are
listed in Rule 1101A, the Exchange may determine to list strike prices
at no less than $2.50 intervals if the strike price is less than $200.
The rule provides also that such options may be listed at no less than
$2.50 strike price intervals on indexes delineated in this rule, and in
response to demonstrated customer interest or specialist request.
Demonstrated customer interest includes institutional (firm) corporate
or customer interest expressed directly to the Exchange or through the
customer's floor brokerage unit, but not interest expressed by a
Registered Options Trader (``ROT'') with respect to trading for the
ROT's own account.\6\
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    \6\ Subsection (b) of Rule 1014 states that an ROT is a regular
member or a foreign currency options participant of the Exchange
located on the trading floor who has received permission from the
Exchange to trade in options for his own account, and includes a
Streaming Quote Trader and a Remote Streaming Quote Trader as
defined in Rule 1014.
---------------------------------------------------------------------------

    The proposed rule change adds the NASDAQ Internet Index\SM\ to the
list of indexes in Rule 1101A upon which the Exchange may list options
at $2.50 strike price intervals.\7\
---------------------------------------------------------------------------

    \7\ For recent rule change proposals wherein the Exchange
similarly added other indexes to Rule 1101A, see Securities Exchange
Act Release Nos. 57899 (June 2, 2008), 73 FR 32379 (June 6, 2008)
(SR-Phlx-2008-40) (notice of filing and immediate effectiveness);
and 57515 (March 18, 2008), 73 FR 15554 (March 24, 2008) (SR-Phlx-
2008-21) (notice of filing and immediate effectiveness).
---------------------------------------------------------------------------

    Phlx Rule 1107A currently provides that NASDAQ does not guarantee
the accuracy and/or uninterrupted calculation of the NASDAQ-100
Index[reg] (the ``index'') or any data included therein; makes no
warranty, express or implied, as to results to be obtained by the
Exchange, owners of the options on the index, or any other person or
entity from the use of the index or any data included therein; and
makes no express or implied warranties, and expressly disclaims all
warranties of merchantability or fitness for a particular purpose or
use with respect to the index or any data included therein. The rule
also provides, without limiting any of the foregoing, that in no event
shall NASDAQ have any liability for any lost profits or special,
incidental, punitive, indirect, or consequential damages, even if
notified of the possibility of such damages. In proposing adoption of
Rule 1007A, the Exchange stated that Rule 1107A, being similar in
concept to current Rules 1104A, 1105A, and 1106A, as well as rules of
other options exchanges, should put NASDAQ on similar footing with
other licensors of options on indexes to the Exchange.\8\
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 58194 (July 18,
2008), 73 FR 43275 (July 24, 2008) (SR-Phlx-2003-21) (notice of
filing and immediate effectiveness regarding adoption of Rule
1107A). See also disclaimers and limitation of liability at NYSE
Amex (formerly ``AMEX'') Rule 902C and at CBOE Rule 24.14.
---------------------------------------------------------------------------

    The proposed rule change expands the coverage of Rule 1107A to
include the NASDAQ Internet Index \SM\.
    The Exchange believes that its proposal to modify Rules 1101A and
1107A should encourage listing and trading options on the NASDAQ
Internet Index \SM\ at appropriate strike price intervals and should
encourage maintenance of the index so that overlying options may be
available for listing and trading, thereby expanding investment and
hedging opportunities for investors and other market participants.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \9\ in general, and furthers the objectives of Section
6(b)(5) of the Act \10\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and to remove impediments to and perfect the mechanisms of
a free and open market and a national market system, by encouraging
listing options on the NASDAQ Internet Index \SM\ at appropriate strike
price intervals and encouraging maintenance of the index so that
options overlying the index may be available for trading and hedging.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

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

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

    No written comments were either solicited or received.

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

    The Exchange believes that the foregoing proposed rule change may
take effect upon filing with the Commission pursuant to Section
19(b)(3)(A) \11\ of the Act and Rule 19b-4(f)(6)(iii) thereunder \12\
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.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate 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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-Phlx-2010-49 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-Phlx-2010-49. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the 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
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. 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-2010-49 and should be
submitted on or before April 28, 2010.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-7781 Filed 4-6-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 247 (Friday, December 23, 2016)]
[Notices]
[Pages 94480-94481]
[FR Doc No: 2016-31020]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Twenty Fifth RTCA SC-222 AMS(R)S Systems New Air-Ground Data Link
Technologies Related to SATCOM

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

ACTION: Twenty Fifth RTCA SC-222 AMS(R)S Systems New Air-Ground Data
Link Technologies related to SATCOM.

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

SUMMARY: The FAA is issuing this notice to advise the public of a
meeting of Twenty Fifth RTCA SC-222 AMS(R)S Systems New Air-Ground Data
Link Technologies related to SATCOM.

DATES: The meeting will be held January 23, 2017 09:00 a.m.-05:00 p.m.
and January 24, 09:00 a.m.-12:00 p.m.

ADDRESSES: The meeting will be held virtually. Please contact Karan
Hofman at<EMAIL_ADDRESS>or<PHONE_NUMBER> to register for the meeting
and to receive information on attending.

FOR FURTHER INFORMATION CONTACT: Karan Hofmann at<EMAIL_ADDRESS>or
202-330-0680, or The RTCA Secretariat, 1150 18th Street NW., Suite 910,
Washington, DC 20036, or by telephone at<PHONE_NUMBER>, fax at (202)
833-9434, or Web site at http://www.rtca.org.

SUPPLEMENTARY INFORMATION: Pursuant to section 10(a) (2) of the Federal
Advisory Committee Act (Pub. L. 92-463, 5 U.S.C., App.), notice is
hereby given for a meeting of the Twenty Fifth RTCA SC-222 AMS(R)S
Systems New Air-Ground Data Link Technologies related to SATCOM. The
agenda will include the following:

Monday, January 23, 2017--9:00 a.m.-5:00 p.m. and Tuesday, January 24,
2017--09:00 a.m.-12:00 p.m. (if needed)

All times are Eastern Standard Time (UTC-5)
1. Welcome, Introductions, Administrative Remarks
2. Agenda Overview
3. Review/Approve prior Plenary Meeting Summary--(action item status)
4. Brief Status of Related Efforts (as necessary)
5. Additional Pre-publication Modifications to DO-262C MOPS (HONEYWELL)
6. Information related to the work of SC-228 regarding use of L-Band
SATCOM in UAS application
7. Iridium NEXT/CERTUS Technical Details (IRIDIUM)
8. Potential Work/Impact related to new ATCt Proposal (LIGADO)
9. Other business related to AMS(R)S
10. Establish Agenda, Date and Place
11. Review of Action Items
12. Adjourn--Plenary meeting
    Attendance is open to the interested public but limited to space
availability. With the approval of the chairman, members of the public
may present oral statements at the meeting. Persons wishing to present
statements or obtain information should contact the person listed in
the FOR FURTHER INFORMATION CONTACT section. Members of the public may
present a written statement to the committee at any time.

    Issued in Washington, DC, on December 20, 2016.
Mohannad Dawoud,
Management & Program Analyst, Partnership Contracts Branch, ANG-A17,
NextGen, Procurement Services Division, Federal Aviation
Administration.
[FR Doc. 2016-31020 Filed 12-22-16; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 87, Number 46 (Wednesday, March 9, 2022)]
[Rules and Regulations]
[Pages 13177-13179]
[FR Doc No: 2022-04831]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R04-OAR-2020-0446; FRL-9398-02-R4]

Air Plan Approval; KY; Jefferson County Emissions Statements
Requirements for the 2015 8-Hour Ozone Standard Nonattainment Area

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is finalizing
approval of a State Implementation Plan (SIP) revision to the Jefferson
County portion of the Kentucky SIP submitted by the Commonwealth of
Kentucky through the Kentucky Division for Air Quality (KDAQ) to EPA on
August 12, 2020. The SIP revision was submitted by KDAQ on behalf of
the Louisville Metro Air Pollution Control District (LMAPCD) to address
the emissions statement requirements for the 2015 8-hour ozone national
ambient air quality standards (NAAQS) for the Jefferson County portion
of the Louisville, Kentucky 2015 8-hour ozone nonattainment area
(hereinafter referred to as ``Jefferson County''). Jefferson County is
part of the Kentucky portion of the Louisville, Kentucky-Indiana 2015
8-hour ozone

nonattainment area (hereinafter referred to as ``the Louisville, KY
Area'') which is comprised of Bullitt, Jefferson, and Oldham Counties
in Kentucky. EPA will consider the emissions statement requirements for
the Bullitt and Oldham portions of the Louisville, KY Area in a
separate action. This action is being taken pursuant to the Clean Air
Act (CAA or Act).

DATES: This rule is effective April 8, 2022.

ADDRESSES: EPA has established a docket for this action under Docket
Identification No. EPA-R04-OAR-2020-0446. All documents in the docket
are listed on the www.regulations.gov website. Although listed in the
index, some information may not be publicly available, i.e.,
Confidential Business Information or other information whose disclosure
is restricted by statute. Certain other material, such as copyrighted
material, is not placed on the internet and will be publicly available
only in hard copy form. Publicly available docket materials are
available either electronically through www.regulations.gov or in hard
copy at the Air Regulatory Management Section, Air Planning and
Implementation Branch, Air and Radiation Division, U.S. Environmental
Protection Agency, Region 4, 61 Forsyth Street SW, Atlanta, Georgia
30303-8960. EPA requests that, if possible, you contact the person
listed in the FOR FURTHER INFORMATION CONTACT section to schedule your
inspection. The Regional Office's official hours of business are Monday
through Friday 8:30 a.m. to 4:30 p.m., excluding Federal holidays.

FOR FURTHER INFORMATION CONTACT: Tiereny Bell, Air Regulatory
Management Section, Air Planning and Implementation Branch, Air and
Radiation Division, Region 4, U.S. Environmental Protection Agency, 61
Forsyth Street SW, Atlanta, Georgia 30303-8960. The telephone number is
(404) 562-9088. Ms. Bell can also be reached via electronic mail at
[email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    On October 1, 2015, EPA strengthened the 8-hour ozone NAAQS,
lowering the level of the NAAQS from 0.075 parts per million (ppm) to
0.070ppm. See 80 FR 65292 (October 26, 2015).\1\ On April 30, 2018
(effective August 3, 2018), EPA designated a 5-county area in the
Louisville metropolitan area, including Jefferson County, as a marginal
ozone nonattainment area for the 2015 8-hour ozone NAAQS using 2014-
2016 ambient air quality data.\2\ See 83 FR 25776 (June 4, 2018).
---------------------------------------------------------------------------

    \1\ The 2015 Ozone NAAQS was promulgated on October 1, 2015,
published on October 26, 2015, and effective December 28, 2015.
    \2\ The Louisville, KY-IN nonattainment area for the 2015 8-hour
ozone standard consists of the following counties: Bullitt County,
Jefferson County and Oldham County in Kentucky and Clark County and
Floyd County in Indiana.
---------------------------------------------------------------------------

    Based on the nonattainment designation, Kentucky was required to
develop a SIP revision satisfying, among other things, CAA section
182(a)(3)(B). On August 12, 2020,\3\ the Commonwealth of Kentucky,
through KDAQ on behalf of the LMAPCD submitted a SIP revision
addressing the emissions statement requirements related to the 2015 8-
hour ozone NAAQS for Jefferson County.
---------------------------------------------------------------------------

    \3\ LMAPCD's transmittal letter for the August 12, 2020, SIP
revision was dated August 11, 2020, and submitted to EPA on August
12, 2020.
---------------------------------------------------------------------------

    EPA is approving the SIP revision as meeting the emissions
statement requirement of section 182(a)(3)(B) of the CAA, and meeting
EPA's SIP Requirements Rule.\4\ More information on EPA's analysis of
LMAPCD's August 12, 2020, SIP revision, and how this addresses the
above-mentioned requirements, is provided in EPA's notice of proposed
rulemaking (NPRM) published on January 13, 2022. See 87 FR 2101. EPA
received no public comments on the January 13, 2022, NPRM.
---------------------------------------------------------------------------

    \4\ On December 6, 2018, EPA finalized a rule titled
``Implementation of the 2015 National Ambient Air Quality Standards
for Ozone: Nonattainment Area State Implementation Plan
Requirements'' (SIP Requirements Rule) that establishes the
requirements that state, tribal, and local air quality management
agencies must meet as they develop implementation plans for areas
where air quality exceeds the 2015 8-hour ozone NAAQS. See 83 FR
62998.
---------------------------------------------------------------------------

II. Incorporation by Reference

    In this document, EPA is finalizing regulatory text that includes
incorporation by reference. In accordance with the requirements of 1
CFR 51.5, EPA is finalizing the incorporation by reference of LMAPCD
Regulation 1.06, Stationary Source Self-Monitoring, Emissions Inventory
Development, and Reporting, Version 10, with the exception of Section 5
and references to Section 5, effective on May 20, 2020. EPA has made,
and will continue to make, these materials generally available through
www.regulations.gov and at the EPA Region 4 Office (please contact the
person identified in the FOR FURTHER INFORMATION CONTACT section of
this preamble for more information). Therefore, these materials have
been approved by EPA for inclusion in the State implementation plan,
have been incorporated by reference by EPA into that plan, are fully
federally enforceable under sections 110 and 113 of the CAA as of the
effective date of the final rulemaking of EPA's approval, and will be
incorporated by reference in the next update to the SIP compilation.\5\
---------------------------------------------------------------------------

    \5\ See 62 FR 27968 (May 22, 1997).
---------------------------------------------------------------------------

III. Final Action

    EPA is approving the changes described in the NPRM, see 87 FR 2101
(January 13, 2022), which Kentucky submitted in its August 12, 2020,
SIP revision to address the emissions statements requirements for the
2015 8-hour Ozone NAAQS for the Jefferson County Area. EPA has
determined that the Jefferson County Area emissions statements
requirements SIP meets the requirements for the 2015 ozone NAAQS for
the Jefferson County Area.

IV. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the Act and applicable
Federal regulations. See 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided they meet the criteria of the CAA. This action merely approves
state law as meeting Federal requirements and does not impose
additional requirements beyond those imposed by state law. For that
reason, this action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21, 2011);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);

     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    The SIP is not approved to apply on any Indian reservation land or
in any other area where EPA or an Indian tribe has demonstrated that a
tribe has jurisdiction. In those areas of Indian country, the rule does
not have tribal implications as specified by Executive Order 13175 (65
FR 67249, November 9, 2000), nor will it impose substantial direct
costs on tribal governments or preempt tribal law.
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by May 9, 2022. Filing a petition for
reconsideration by the Administrator of this final rule does not affect
the finality of this action for the purposes of judicial review nor
does it extend the time within which a petition for judicial review may
be filed and shall not postpone the effectiveness of such rule or
action. This action may not be challenged later in proceedings to
enforce its requirements. See section 307(b)(2).

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Intergovernmental relations, Nitrogen dioxide, Ozone,
Reporting and recordkeeping requirements, Volatile organic compounds.

    Dated: February 28, 2022.
Daniel Blackman,
Regional Administrator, Region 4.

    For the reasons stated in the preamble, EPA amends 40 CFR part 52
as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

    Authority:  42 U.S.C. 7401 et seq.

Subpart (S)--Kentucky

0
2. In Sec.  52.920, in paragraph (c), amend table 2 by revising the
entry for Regulation ``1.06'' to read as follows:

Sec.  52.920   Identification of plan.

* * * * *
    (c) * * *

                         Table 2--EPA-Approved Jefferson County Regulations for Kentucky
----------------------------------------------------------------------------------------------------------------
                                         EPA approval     Federal Register      District
       Reg            Title/subject          date              notice        effective date      Explanation
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
1.06.............  Stationary Source          3/9/2022  [Insert citation of       5/20/2020  Except for Section
                    Self-Monitoring,                     publication].                        5 and any
                    Emissions                                                                 references to
                    Inventory                                                                 Section 5 in this
                    Development, and                                                          regulation.
                    Reporting.

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------

* * * * *
[FR Doc. 2022-04831 Filed 3-8-22; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 79, Number 148 (Friday, August 1, 2014)]
[Notices]
[Pages 44779-44780]
[FR Doc No: 2014-18195]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2014-N-0005]

Agency Information Collection Activities; Proposed Collection;
Comment Request; Generic Clearance for the Collection of Qualitative
Data on Tobacco Products and Communications

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The Food and Drug Administration (FDA) is announcing an
opportunity for public comment on the proposed collection of certain
information by the Agency. Under the Paperwork Reduction Act of 1995
(the PRA), Federal Agencies are required to publish notice in the
Federal Register concerning each proposed collection of information and
to allow 60 days for public comment in response to the notice. This
notice solicits comments on Generic Clearance for the Collection of
Qualitative Data on Tobacco Products and Communications.

DATES: Submit either electronic or written comments on the collection
of information by September 30, 2014.

ADDRESSES: Submit electronic comments on the collection of information
to http://www.regulations.gov. Submit written comments on the
collection of information to the Division of Dockets Management (HFA-
305), Food and Drug Administration, 5630 Fishers Lane, Rm. 1061,
Rockville, MD 20852. All comments should be identified with the docket
number found in brackets in the heading of this document.

FOR FURTHER INFORMATION CONTACT: FDA PRA Staff, Office of Operations,
Food and Drug Administration, 8455 Colesville Rd., COLE-14526, Silver
Spring, MD 20993-0002<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
Agencies must obtain approval from the Office of Management and Budget
(OMB) for each collection of information they conduct or sponsor.
``Collection of information'' is defined in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) and includes Agency requests or requirements that members of
the public submit reports, keep records, or provide information to a
third party. Section 3506(c)(2)(A) of the PRA (44 U.S.C. 3506(c)(2)(A))
requires Federal Agencies to provide a 60-day notice in the Federal
Register concerning each proposed collection of information before
submitting the collection to OMB for approval. To comply with this
requirement, FDA is publishing notice of the proposed collection of
information set forth in this document.
    With respect to the following collection of information, FDA
invites comments on these topics: (1) Whether the proposed collection
of information is necessary for the proper performance of FDA's
functions, including whether the information will have practical
utility; (2) the accuracy of FDA's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility, and clarity of the information to be collected; and (4) ways
to minimize the burden of the collection of information on respondents,
including through the use of automated collection techniques, when
appropriate, and other forms of information technology.

Generic Clearance for the Collection of Qualitative Data on Tobacco
Products and Communications (OMB Control Number 0910--NEW)

    Under the Federal Food, Drug, and Cosmetic Act (21 U.S.C.
393(d)(2)(D)), FDA is authorized to conduct educational and public
information programs.
    In conducting studies relating to the regulation and communications
related to tobacco products, FDA will need to employ formative
qualitative research including focus groups and/or in-depth interviews
(IDIs) to assess knowledge and perceptions about tobacco-related topics
with specific target audiences. The information collected will serve
two major purposes. First, formative research will provide critical
knowledge about target audiences. FDA must first understand people's
knowledge and perceptions about tobacco related topics prior to
developing survey/research questions as well as stimuli for
experimental studies. Second, initial testing will allow FDA to assess
consumer understanding of survey/research questions and study stimuli.
Focus groups and/or IDIs with a sample of the target audience will
allow FDA to refine the survey/research questions and

study stimuli while they are still in the developmental stage. FDA will
collect, analyze, and interpret information gathered through this
generic clearance in order to: (1) Better understand characteristics of
the target audience--its perceptions, knowledge, attitudes, beliefs,
and behaviors--and use these in the development of appropriate survey/
research questions, study stimuli or communications; (2) more
efficiently and effectively design survey/research questions and study
stimuli; and (3) more efficiently and effectively design experimental
studies.
    FDA is requesting approval of this new generic for collecting
information through the use of qualitative methods (i.e., individual
interviews, small group discussions and focus groups) for studies
involving all tobacco products regulated by FDA. This information will
be used as a first step to explore concepts of interest and assist in
the development of quantitative study proposals, complementing other
important research efforts in the Agency. This information may also be
used to help identify and develop communication messages, which may be
used in education campaigns. Focus groups play an important role in
gathering information because they allow for an in-depth understanding
of individuals' attitudes, beliefs, motivations, and feelings. Focus
group research serves the narrowly defined need for direct and informal
public opinion on a specific topic.
    FDA estimates the burden of this collection of information as
follows:

                                                     Table 1--Estimated Annual Reporting Burden \1\
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    Number of
                    Activity                        Number of    responses  per   Total  annual            Hours per  response              Total hours
                                                   respondents      respondent      responses
--------------------------------------------------------------------------------------------------------------------------------------------------------
In Person Individual In-Depth Interviews.......             350               1             350  1......................................             350
General Public Focus Group Interviews..........          18,850               1          18,850  1.5....................................          28,275
Telephone Screening Interviews.................           4,800               1           4,800  .08 (5 minutes)........................             384
Telephone Individual In-Depth Interviews.......              50               1              50  1......................................              50
                                                --------------------------------------------------------------------------------------------------------
    Total......................................          24,050  ..............  ..............  .......................................          29,059
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ There are no capital costs or operating and maintenance costs associated with this collection of information.

    The number of respondents to be included in each new pretest may
vary, depending on the nature of the material or message being tested
and the target audience. Table 1 provides examples of the types of
studies that may be administered and estimated burden levels during the
3-year period. Time to read, view, or listen to the message being
tested is built into the ``Hours Per Response'' figures.

    Dated: July 29, 2014.
Leslie Kux,
Assistant Commissioner for Policy.
[FR Doc. 2014-18195 Filed 7-31-14; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register Volume 82, Number 58 (Tuesday, March 28, 2017)]
[Notices]
[Page 15408]
[FR Doc No: 2017-06054]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80297; File No. SR-NYSEArca-2017-06]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change Relating to the Listing and Trading of Shares of the Bitcoin
Investment Trust Under NYSE Arca Equities Rule 8.201

March 22, 2017.
    On January 25, 2017, NYSE Arca, Inc. filed with the Securities and
Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to list and trade shares of
Bitcoin Investment Trust under NYSE Arca Equities Rule 8.201. The
proposed rule change was published for comment in the Federal Register
on February 9, 2017.\3\ The Commission has received three comment
letters on the proposed rule change.\4\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 79955 (Jan. 3,
2017), 82 FR 7891.
    \4\ All comments on the proposed rule change as of March 15,
2017 are available on the Commission's Web site at: https://www.sec.gov/comments/sr-nysearca-2017-06/nysearca201706.htm.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \5\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding, or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for this proposed rule change
is March 26, 2017. The Commission is extending this 45-day time period.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period
within which to take action on the proposed rule change so that it has
sufficient time to consider the proposed rule change. Accordingly, the
Commission, pursuant to Section 19(b)(2) of the Act,\6\ designates May
10, 2017, as the date by which the Commission shall either approve or
disapprove, or institute proceedings to determine whether to
disapprove, the proposed rule change (File No. SR-NYSEArca-2017-06).
---------------------------------------------------------------------------

    \6\ Id.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-06054 Filed 3-27-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 50 (Wednesday, March 14, 2012)]
[Notices]
[Pages 15152-15153]
[FR Doc No: 2012-6293]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66572; File No. SR-BYX-2012-006]

 Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of
Filing of Proposed Rule Change by BATS Y-Exchange, Inc. To Amend BYX
Rule 2.12, Entitled ``BATS Trading, Inc. as Inbound Router''

March 12, 2012.
    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 March 8, 2012, BATS Y-Exchange, Inc. (the ``Exchange'' or ``BYX'')
filed with the Securities and Exchange Commission (``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.
---------------------------------------------------------------------------

    \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 amend Rule 2.12, to make permanent the
existing pilot program that permits the Exchange to receive inbound
routes of equities orders through BATS Trading, Inc. (``BATS
Trading''), the Exchange's routing broker-dealer, from BATS Exchange,
Inc. (``BZX'').
    The text of the proposed rule change is available at the Exchange's
Web site at http://www.batstrading.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 parts of such
statements.

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

1. Purpose
    Currently, BATS Trading is the approved outbound order routing
facility of BZX.\3\ The Exchange has been authorized to receive inbound
routes of equities orders by BATS Trading from BZX.\4\ The Exchange's
authority to receive inbound routes of equities orders by BATS Trading
from BZX is currently subject to a pilot period of twelve months,
ending April 15, 2012. The Exchange hereby seeks permanent approval to
permit the Exchange to accept inbound orders that BATS Trading routes
in its capacity as a facility of BZX. This is reflected in the proposed
amendment to BYX Rule 2.12(b).
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 58375 (August 21,
2008), 73 FR 49498 (August 21, 2008) (Order Approving Application of
BATS Exchange, Inc. for Registration as a National Securities
Exchange).
    \4\ See Securities Exchange Act Release No. 62716 (August 13,
2010), 75 FR 51295 (August 19, 2010) (Order Approving Application of
BATS Y-Exchange, Inc. for Registration as a National Securities
Exchange).
---------------------------------------------------------------------------

    Under the pilot, the Exchange is committed to the following
obligations and conditions:
     The Exchange shall enter into a plan pursuant to Rule 17d-
2 under the Exchange Act with a non-affiliated self-regulatory
organization (``SRO'') to relieve the Exchange of regulatory
responsibilities for BATS Trading with respect to rules that are common
rules between the Exchange and the non-affiliated SRO, and enter into a
regulatory contract (``Regulatory Contract'') with a non-affiliated SRO
to perform regulatory responsibilities for BATS Trading for unique
Exchange rules.
     The Regulatory Contract shall require the Exchange to
provide the non-affiliated SRO with information, in an easily
accessible manner, regarding all exception reports, alerts, complaints,
trading errors, cancellations, investigations, and enforcement matters
(collectively ``Exceptions'') in which BATS Trading is identified as a
participant that has potentially violated Exchange or SEC Rules, and
shall require that the non-affiliated SRO provide a report, at least
quarterly, to the Exchange quantifying all Exceptions in which BATS
Trading is identified as a participant that has potentially violated
Exchange or SEC Rules.
     The Exchange, on behalf of BATS Global Markets, Inc.,
shall establish and maintain procedures and internal controls
reasonably designed to ensure that BATS Trading does not develop or
implement changes to its system on the basis of non-public information
regarding planned changes to Exchange systems, obtained as a result of
its affiliation with the Exchange, until such information is available
generally to similarly situated member organizations of the Exchange in
connection with the provision of inbound order routing to the Exchange.
     The Exchange may furnish to BATS Trading the same
information on the same terms that the Exchange makes available in the
normal course of business to any other member organization.
    The Exchange is in compliance with the above-listed obligations and
conditions. In meeting them, the Exchange has set up mechanisms that
protect the independence of the Exchange's regulatory responsibility
with respect to BATS Trading, as well as demonstrate that BATS Trading
cannot use any information that it may have because of its affiliation
with the Exchange to its advantage. Since the Exchange has met all the
above-listed obligations and conditions, it now seeks permanent
approval of the Exchange and BATS Trading's inbound routing
relationship. Upon approval of the proposed rule change, the Exchange
will continue to comply with the obligations and conditions as set
forth in proposed BYX Rule 2.12.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of Section 6(b) of the Act.\5\ In particular, the
proposal is consistent with Section 6(b)(5) of the Act,\6\ because it
would promote just and equitable principles of trade, remove
impediments to, and perfect the mechanism of, a free and open market
and a national market system.
---------------------------------------------------------------------------

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

    Specifically, the proposed rule change will allow the Exchange to
continue receiving inbound routes of equities orders from BATS Trading
acting in its capacity as a facility of BZX, in a manner consistent
with prior approvals and established protections. The Exchange believes
that meeting the commitments established during the pilot program
demonstrates that the Exchange has mechanisms that protect the
independence of the Exchange's

regulatory responsibility with respect to BATS Trading, as well as
demonstrates that BATS Trading cannot use any information that it may
have because of its affiliation with the Exchange to its advantage.

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

    The Exchange does not believe that the proposed rule change imposes
any burden on competition.

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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will: (a) by order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be 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-BYX-2012-006 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-BYX-2012-006. 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
a.m. and 3 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 publicly available. All
submissions should refer to File Number SR-BYX-2012-006 and should be
submitted on or before April 4, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-6293 Filed 3-12-12; 4:15 pm]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 79 (Monday, April 25, 2016)]
[Notices]
[Pages 24150-24151]
[FR Doc No: 2016-09646]

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SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]

 Order of Suspension of Trading; in the Matter of CelLynx Group,
Inc., Dot VN, Inc., and Global Health Voyager, Inc.

April 21, 2016.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
CelLynx Group, Inc. (CIK No. 1067286), a defaulted Nevada corporation
with its principal place of business listed as Miami, Florida with
stock quoted on OTC Link (previously, ``Pink Sheets'') operated by OTC
Markets Group Inc. (``OTC Link'') under the ticker symbol CYNX, because
it has not filed any periodic reports since the period ended March 31,
2013. On August 19, 2015, a delinquency letter was sent by the Division
of Corporation Finance to CelLynx Group, Inc. requesting compliance
with its periodic filing obligations, but CelLynx Group, Inc. did not
receive the delinquency letter due to its failure to maintain a valid
address on file with the Commission as required by Commission rules
(Rule 301 of Regulation S-T, 17 CFR 232.301 and Section 5.4 of EDGAR
Filer Manual).
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Dot VN, Inc. (CIK No. 1412130), a delinquent Delaware corporation with
its principal place of business listed as San Diego, California with
stock quoted on OTC Link under the ticker symbol DTVI, because it has
not filed any periodic reports since the period ended January 31, 2012.
On November 7, 2013, a delinquency letter was sent by the Division of
Corporation Finance to Dot VN, Inc. requesting compliance with its
periodic filing obligations, and Dot VN, Inc. received the delinquency
letter in November 2013, but failed to cure its delinquencies.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Global Health Voyager, Inc. (CIK No. 318622), a void Delaware
corporation with its principal place of business listed as Los Angeles,
California with stock quoted

on OTC Link under the ticker symbol GLHV, because it has not filed any
periodic reports since the period ended June 30, 2013. On August 19,
2015, a delinquency letter was sent by the Division of Corporation
Finance to Global Health Voyager, Inc. requesting compliance with its
periodic filing obligations, and Global Health Voyager, Inc. received
the delinquency letter on August 24, 2015, but failed to cure its
delinquencies.
    The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed companies.
    Therefore, it is ordered, pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that trading in the securities of the
above-listed companies is suspended for the period from 9:30 a.m. EDT
on April 21, 2016, through 11:59 p.m. EDT on May 4, 2016.

By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2016-09646 Filed 4-21-16; 11:15 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 219 (Tuesday, November 13, 2018)]
[Notices]
[Page 56316]
[FR Doc No: 2018-24670]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER19-288-000]

Supplemental Notice That Initial Market-Based Rate Filing
Includes Request for Blanket Section 204 Authorization: Carson Hybrid
Energy Storage LLC

    This is a supplemental notice in the above-referenced proceeding of
Carson Hybrid Energy Storage LLC's application for market-based rate
authority, with an accompanying rate tariff, noting that such
application includes a request for blanket authorization, under 18 CFR
part 34, of future issuances of securities and assumptions of
liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is November 26, 2018.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE, Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
eSubscription link on the website that enables subscribers to receive
email notification when a document is added to a subscribed docket(s).
For assistance with any FERC Online service, please email
[email protected] or call<PHONE_NUMBER> (toll free). For TTY,
call<PHONE_NUMBER>.

    Dated: November 6, 2018.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2018-24670 Filed 11-9-18; 8:45 am]
 BILLING CODE 6717-01-P