[Federal Register: June 27, 2008 (Volume 73, Number 125)]
[Proposed Rules]
[Page 36484-36485]
[DOCID:fr27jn08-25]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R10-OAR-2007-0998; FRL-8684-2]

Approval and Promulgation of State Implementation Plans:
Washington; Vancouver Air Quality Maintenance Area; Second 10-Year
Carbon Monoxide Maintenance Plan

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: EPA is proposing to approve a State Implementation Plan (SIP)
revision submitted by the State of Washington. The Washington State
Department of Ecology submitted the Vancouver Air Quality Maintenance
Area Second 10-year Carbon Monoxide Maintenance Plan on April 25, 2007.
In accordance with the requirements of the Federal Clean Air Act (the
Act), EPA is proposing to approve Washington's revision because the
State adequately demonstrates that the Vancouver Air Quality
Maintenance Area will maintain air quality standards for carbon
monoxide (CO) through the year 2016.

DATES: Comments must be received on or before July 28, 2008.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R10-
OAR-2007-0998, by any of the following methods:
     http://www.regulations.gov: Follow the on-line
instructions for submitting comments.
     E-mail<EMAIL_ADDRESS>     Mail: Claudia Vergnani Vaupel, U.S. EPA Region 10, Office
of Air, Waste and Toxics (AWT-107), 1200 Sixth Avenue, Suite 900,
Seattle, WA 98101.

     Hand Delivery/Courier: U.S. EPA Region 10, 1200 Sixth
Avenue, Suite 900, Seattle, WA 98101. Attention: Claudia Vergnani
Vaupel, Office of Air, Waste and Toxics, AWT-107. Such deliveries are
only accepted during normal hours of operation, and special
arrangements should be made for deliveries of boxed information.
    Please see the direct final rule which is located in the Rules
section of this Federal Register for detailed instructions on how to
submit comments.

FOR FURTHER INFORMATION CONTACT: Claudia Vergnani Vaupel at telephone
number:<PHONE_NUMBER>, e-mail address<EMAIL_ADDRESS>fax
number:<PHONE_NUMBER>, or Gina Bonifacino at telephone number: (206)
553-2970, e-mail address<EMAIL_ADDRESS>or the above EPA,
Region 10 address.

SUPPLEMENTARY INFORMATION: For further information, please see the
direct final action, of the same title, which is located in the Rules
section of this Federal Register. EPA is approving the State's SIP
revision as a direct final rule without prior proposal because EPA
views this as a noncontroversial SIP revision and anticipates no
adverse comments. A detailed rationale for the approval is set forth in
the preamble to the direct final rule. If EPA receives no adverse
comments, EPA will not take further action on this proposed rule.
    If EPA receives adverse comments, EPA will withdraw the direct
final rule and it will not take effect. EPA will address all public
comments in a subsequent final rule based on this proposed rule. EPA
will not institute a second comment period on this action. Any parties
interested in commenting on this action should do so at this time.
Please note that if we receive adverse comment on an amendment,
paragraph, or section of this rule and if that provision may be severed
from the remainder of the rule, EPA may adopt as final those provisions
of the rule that are not the subject of an adverse comment.

    Dated: June 10, 2008.
Michelle Pirzadeh,
Acting Regional Administrator, EPA Region 10.
[FR Doc. E8-14519 Filed 6-26-08; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 86, Number 72 (Friday, April 16, 2021)]
[Notices]
[Pages 20218-20222]
[FR Doc No: 2021-07787]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91530; File No. SR-CboeBZX-2021-025]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule

April 12, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on April 1, 2021, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.

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

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') is filing
with the Securities and Exchange Commission (``Commission'') a proposed
rule change to amend its Fee Schedule. The text of the proposed rule
change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

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

1. Purpose
    The Exchange proposes to amend its fee schedule for its equity
options platform (``BZX Options'') in connection with its Market Maker
Penny Add Volume Tiers, effective April 1, 2021.
    The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 options venues to which market participants
may direct their order flow. Based on publicly available information,
no single options exchange has more than 15% of the market share and
currently the Exchange represents only approximately 8% of the market
share.\3\ Thus, in such a low-concentrated and highly competitive
market, no single options exchange, including the Exchange, possesses
significant pricing power in the execution of option order flow. The
Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue to reduce use of certain categories of
products, in response to fee changes. Accordingly, competitive forces
constrain the Exchange's transaction fees, and market participants can
readily trade on competing venues if they deem pricing levels at those
other venues to be more favorable. The Exchange's fee schedule sets
forth standard rebates and rates applied per contract, which varies
depending on the Member's Capacity (Customer, Firm, Market Maker,
etc.), whether the order adds or removes liquidity, and whether the
order is in Penny or Non-Penny Pilot Securities. Additionally, in
response to the competitive environment, the Exchange also offers
tiered pricing which provides Members opportunities to qualify for
higher rebates or reduced fees where certain volume criteria and
thresholds are met. Tiered pricing provides an incremental incentive
for Members to strive for higher tier levels, which provides
increasingly higher benefits or discounts for satisfying increasingly
more stringent criteria.
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    \3\ See Cboe Global Markets U.S. Options Market Month-to-Date
Volume Summary (March 25, 2021), available at https://markets.cboe.com/us/options/market_statistics/.
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    For example, the Exchange currently offers 13 Market Maker Penny
Add Volume Tiers under footnote 6 of the Fee Schedule which provide
additional rebates between $0.33 and $0.46 per contract for qualifying
Market Maker orders (i.e., that yield fee code PM or XM) \4\ where a
Member meets certain liquidity thresholds. For example, current Tier 12
offers an enhanced rebate of $0.44 per contract for qualifying orders
where a Member has a Step-Up ADAV \5\ in Market Maker orders from
December 2020 greater or equal to 0.05% of OCV \6\ and is an LMM in at
least 85 LMM Securities on BZX Equities.\7\ The Exchange now proposes
to amend Market Maker Penny Add Volume Tiers by adding a new Tier 7 \8\
and by updating the current criteria in Tier 12.
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    \4\ Orders yielding fee code PM are Market Maker orders that add
liquidity in Penny Program Securities and are offered a rebate of
$0.29, and orders yielding fee code XM are Market Maker orders in
XSP options that add liquidity and are offered a rebate of $0.29.
    \5\ ``ADAV'' means average daily added volume calculated as the
number of contracts added, per day.
    \6\ ``OCC Customer Volume'' or ``OCV'' means the total equity
and ETF options volume that clears in the Customer range at the
Options Clearing Corporation (``OCC'') for the month for which the
fees apply, excluding volume on any day that the Exchange
experiences an Exchange System Disruption and on any day with a
scheduled early market close.
    \7\ Pursuant to BZX Equities Rules, the term ``LMM'' means a
Market Maker registered with the Exchange for a particular LMM
Security that has committed to maintain Minimum Performance
Standards in the LMM Security, and the term ``LMM Security'' means a
Listed Security that has an LMM. See Cboe BZX Exchange, Inc. Rule
11.8(e)(1)(B) and (C).
    \8\ As a result of propose new Tier 7, the proposed rule change
also updated the subsequent tier numbering in current Tiers 8
through 13. The proposed rule change does not alter any of the
current criteria or rebates in the subsequent tiers.
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    The proposed rule change adopts new Tier 7, which offers an
enhanced rebate of $0.42 per contract for qualifying Market Maker
orders (i.e., that yield fee code PM or XM) where a Member has a Step-
Up ADAV in Market Maker orders from March 2021 greater than or equal to
0.15% in average SPY/IWM/QQQ OCV, and is an LMM in at least 85 LMM
Securities on BZX Equities.\9\
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    \9\ Pursuant to BZX Equities Rules, the term ``LMM'' means a
Market Maker registered with the Exchange for a particular LMM
Security that has committed to maintain Minimum Performance
Standards in the LMM Security, and the term ``LMM Security'' means a
Listed Security that has an LMM. See Cboe BZX Exchange, Inc. Rule
11.8(e)(1)(C) and (D).
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    The proposed rule change amends the criteria in Tier 12 (Tier 13,
as proposed) so that a Member must have a Step-Up ADAV in Market Maker
orders from March 2021 that is greater than or equal to 0.25% of
average SPY, IWM, and QQQ OCV in order to meet the first prong of Tier
12 criteria. The proposed rule change does not alter the second prong
of criteria nor the enhanced rebate offered in Tier 12 (new Tier 13).
As amended, Tier 12 (new Tier 13) will provide an additional
opportunity for a Member to receive the same enhanced rebate of $0.44
per contract for qualifying orders.
    The proposed new Tier 7 and the proposed changes to the criteria in
Tier 12 (Tier 13, as proposed) are designed to continue to provide an
incremental incentive for Members to strive for the highest tier
levels, which provide increasingly higher rebates for such
transactions. Also, the Exchange notes that the proposed criteria in
Tier 7 and Tier 12 (new Tier 13) are similar to many of the existing
Market Maker Penny Add Volume Tiers that currently provide criteria in
which a Member must ``step up'' a percentage of ADAV or ADV \10\ from a
certain point in time over OCV or TCV,\11\ and criteria which

measures a Member's participation on the Exchange's equities platform.
Particularly, the proposed changes are designed to incentivize Market
Makers to ``step-up'' their order flow in SPY, IWM, and QQQ from a
recent point in time (March 2021). The Exchange believes that
attracting increased Market Maker (including LMMs) order flow to
multiply-listed options on the Exchange will facilitate tighter
spreads, signaling increased activity from other market participants,
and thus ultimately contributing to deeper and more liquid markets and
providing greater execution opportunities in these classes on the
Exchange to the benefit of all market participants. Additionally, the
proposed criteria regarding LMMs on the Exchange's equities platform
(the same prong of criteria currently in Tier 12) encourages Members to
enroll as LMMs in LMM Securities on the Exchange's equities platform,
which enhances market quality in securities listed on the Exchange's
equity platform. The Exchange notes that LMMs serve a crucial role in
providing quotes and trading opportunities for all market participants,
which can lead to increased volume, enhanced price discovery and
transparency, and more robust markets overall.
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    \10\ ``ADV'' means average daily volume calculated as the number
of contracts added or removed, combined, per day.
    \11\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges to the consolidated transaction
reporting plan for the month for which the fees apply, excluding
volume on any day that the Exchange experiences an Exchange System
Disruption and on any day with a scheduled early market close.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\12\ in general, and
furthers the objectives of Section 6(b)(4),\13\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and issuers and other persons
using its facilities. The Exchange also believes that the proposed rule
change is consistent with the objectives of Section 6(b)(5) \14\
requirements that the rules of an exchange be designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest, and, particularly, is not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \12\ 15 U.S.C. 78f.
    \13\ 15 U.S.C. 78f(b)(4).
    \14\ 15 U.S.C. 78f.(b)(5).
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    As described above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. The proposed rule change
reflects a competitive pricing structure designed to incentivize market
participants to direct their order flow to the Exchange, which the
Exchange believes would enhance market quality to the benefit of all
Members. In particular, the proposed changes to the Market Maker Penny
Volume Tiers are intended to attract order flow in multiply-listed
options to the Exchange, as well as order flow to its equities
platform, by continuing to offer competitive pricing while creating
additional incentives for Market Makers to provide increased liquidity
in such options and to BZX Equities, which the Exchange believes would
enhance market quality across both its options and equities markets to
the benefit of all market participants.
    In particular, the Exchange believes the proposed tiers are
reasonable because they provides an additional opportunity and amends
an existing opportunity for Members to receive an enhanced rebate on
qualifying orders in a manner that incentivizes increased Market Maker
order flow in certain multiply-listed options on the Exchange and
increased LMM participation on the Exchange's equities platform. The
Exchange notes that volume-based incentives and discounts have been
widely adopted by exchanges,\15\ including the Exchange,\16\ and are
reasonable, equitable and non-discriminatory because they are open to
all Members on an equal basis and provide additional benefits or
discounts that are reasonably related to (i) the value to an exchange's
market quality and (ii) associated higher levels of market activity,
such as higher levels of liquidity provision and/or growth patterns.
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    \15\ See e.g., NYSE Arca Options Fee Schedule, Market Maker
Penny and SPY Posting Credit Tiers. NYSE Arca also provides various
discounts for its LMMs throughout its fee schedule; see also Nasdaq
ISE Pricing Schedule, Section 3, Footnote 5, which provides for
tiered rebates for market-maker SPY orders that add liquidity
between $0.05-$0.26 per contract, tiered rebates for market maker
IWM and QCC orders that add liquidity between $0.05 and $0.26 per
contract, and tiered rebates for market maker orders in similar,
single-name options (AMZN, FB, and NVDA) between $0.15 and $0.22.
    \16\ See e.g., BZX Options Fee Schedule, Footnote 6, Market
Maker Penny Add Volume Tiers.
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    The Exchange believes the proposed additional Market Maker Penny
Add Volume Tier 7 and amendment to criteria in current Tier 12 (new
Tier 13) are reasonable means to encourage Market Makers to increase
their order flow to specific multiply-listed options on the Exchange,
as well as their participation in securities on the Exchange's equities
platform. More specifically, the Exchange believes that adopting a new
tier and amending an existing tier offers alternative criteria to the
existing Market Maker Penny Add Volume Tiers that may encourage those
Members who could not previously achieve the criteria under existing
Market Maker Volume Tiers 7 and 8 (which offer the same enhanced rebate
of $0.42 per contract as proposed Tier 7) or the existing criteria
under current Tier 10, 11, or 12 (all of which continue to offer the
same enhanced rebate of $0.44 per contract) to increase their order
flow to multiply-listed options on the Exchange and to BZX Equities.
For example, the proposed criteria in new Tier 7 and Tier 12 (new Tier
13) provide additional rebate opportunities for Market Makers who
increase their ADAV in Market Makers orders in certain products (SPY,
IWM, and QQQ) over OCV by at least 0.15% or 0.25%, respectively, from
March 2021 and participate as an LMM in at least 85 LMM Securities on
BZX Equities (as proposed in new Tier 7 and as is currently the case in
Tier 12), but do not meet any of the different, yet comparable, prongs
of criteria under current Tier 7 or 8, or under current Tier 10, 11, or
12. Overall, the proposed tiers provide alternative opportunities for
Members to receive enhanced rebates, as are thereby reasonably designed
to incentivize Market Makers to grow their volume in specific multiply-
listed options while also increasing their participation on BZX
Equities. The Exchange notes that increased Market Maker activity
(including LMMs), particularly, facilitates tighter spreads and an
increase in overall liquidity provider activity, both of which signal
additional corresponding increase in order flow from other market
participants, contributing towards a robust, well-balanced market
ecosystem, particularly in multiply-listed options on the Exchange and
on the Exchange's equities platform. Indeed, increased overall order
flow benefits investors across both the Exchange's options and equities
platforms by continuing to deepen the Exchange's liquidity pool,
potentially providing even greater execution incentives and
opportunities, offering additional flexibility for all investors to
enjoy cost savings, supporting the quality of price

discovery, promoting market transparency and improving investor
protection.
    The Exchange also believes that proposed enhanced rebate offered
under new Tier 7 is reasonably based on the difficulty of satisfying
the proposed tier's criteria and ensures the proposed rebate and
thresholds appropriately reflect the incremental difficulty in
achieving the existing Market Maker Penny Add Volume Tiers. The
Exchange believes that the proposed enhanced rebate is in line with the
enhanced rebates currently offered under the Exchange's existing Market
Maker Penny Add Volume Tiers. Indeed, the proposed enhanced rebate
amount offered under new Tier 7 ($0.42) is the same amount offered by
surrounding Tier 7 (new Tier 8) and Tier 8 (new Tier 9), which offer
different criteria that the Exchange believes in comparable in
difficulty, and is incrementally higher than Tier 6 ($0.41), which
offers slightly less stringent criteria than proposed Tier 7. The
Exchange again notes that the proposed changes to Tier 12 (new Tier 13)
do not alter the current enhanced rebate amount offered under the tier.
    The Exchange also believes it is reasonable, equitable and not
unfairly discriminatory to adopt pricing specific to certain orders in
SPY, IWM and QQQ as the Exchange already offers product-specific
pricing for certain orders in other products, such as RUT and XSP.\17\
Additionally, and as noted above, other exchanges similarly provide for
product-specific tiered pricing.\18\
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    \17\ See Cboe BZX Options Exchange Fees Schedule, Fee Codes and
Associated Fees.
    \18\ See supra note 15.
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    The Exchange believes that the proposal represents an equitable
allocation of fees and is not unfairly discriminatory because it
applies uniformly to all Market Makers, in that all Market Makers have
the opportunity to compete for and achieve the proposed tiers. The
enhanced rebates (proposed and existing) will apply automatically and
uniformly to all Market Makers that achieve the proposed corresponding
criteria. While the Exchange has no way of knowing whether this
proposed rule change would definitively result in any particular Market
Maker qualifying for the proposed tiers, the Exchange believes that at
least two Market Makers will reasonably be able to compete for and
achieve the proposed criteria in each of proposed Tier 7 and Tier 12.
The Exchange notes, however, that the proposed tiers are open to any
Market-Maker that satisfies the tiers' criteria. As stated, proposed
Tier 7 and amended Tier 12 are designed to provide an incentive for
Members to submit additional liquidity on both BZX Options and Equities
to qualify for the corresponding additional enhanced rebate. To the
extent a Member participates on the Exchange but not on BZX Equities,
the Exchange believes that the proposal is still reasonable, equitably
allocated and non-discriminatory with respect to such Member based on
the overall benefit to the Exchange resulting from the success of BZX
Equities. Particularly, the Exchange believes such success allows the
Exchange to continue to provide and potentially expand its existing
incentive programs to the benefit of all participants on the Exchange,
whether they participate on BZX Equities or not. The proposed pricing
program is also fair and equitable in that membership in BZX Equities
and enrollment as an LMM is available to all market participants, which
would provide them with access to the benefits on BZX Equities provided
by the proposed change, even where a member of BZX Equities is not
necessarily eligible for the proposed enhanced rebates on the Exchange.
    The Exchange lastly notes that it does not believe the proposed
tiers will adversely impact any Member's pricing or ability to qualify
for other tiers. Rather, should a Member not meet the proposed
criteria, the Member will merely not receive the enhanced rebate
corresponding to Tier 7 or Tier 12 (new Tier 13), as applicable. A
Member has 12 alternative choices to aim to achieve under the Market
Maker Penny Add Volume Tiers.

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 intramarket or intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
Rather, as discussed above, the Exchange believes that the proposed
change would encourage the submission of additional liquidity to a
public exchange, thereby promoting market depth, price discovery and
transparency and enhancing order execution opportunities for all
Members. As a result, the Exchange believes that the proposed change
furthers the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.'' \19\
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    \19\ Securities Exchange Act Release No. 51808, 70 FR 37495,
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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    The Exchange believes the proposed rule change does not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Particularly, the proposed
change applies uniformly to all Market Makers (including LMMs on BZX
Equities). As described above, the Exchange believes that Market Makers
(including LMMs) provide key liquidity to certain multiply-listed
options on the Exchange and to the Exchange's equities platforms,
facilitating tighter spreads, signaling additional corresponding
increase in order flow from other market participants, and ultimately
contributing towards a robust, well-balanced market ecosystem across
the Exchange's options and equities platforms. To the extent a Member
participates on the Exchange but not on BZX Equities, the Exchange
notes that the proposed change can provide an overall benefit to the
Exchange resulting from the success of BZX Equities. Such success
enables the Exchange to continue to provide and potentially expand its
existing incentive programs to the benefit of all participants on the
Exchange, whether they participate on BZX Equities or not. The proposed
pricing program is also fair and equitable in that membership in BZX
Equities is available to all market participants and registration as an
LMM is available equally to all BZX Equities members.
    Next, the Exchange believes the proposed rule change does not
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues that they may participate on
and director their order flow, including 15 other options exchanges and
off-exchange venues. Additionally, the Exchange represents a small
percentage of the overall market. Based on publicly available
information, no single options exchange has more than 15% of the market
share.\20\ Therefore, no exchange possesses significant pricing power
in the execution of option order flow. Indeed, participants can readily
choose to send their orders to other exchange and off-exchange venues
if they deem fee levels at those other venues to be more favorable.
Moreover, the

Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. Specifically, in Regulation NMS, the
Commission highlighted the importance of market forces in determining
prices and SRO revenues and, also, recognized that current regulation
of the market system ``has been remarkably successful in promoting
market competition in its broader forms that are most important to
investors and listed companies.'' \21\ The fact that this market is
competitive has also long been recognized by the courts. In
NetCoalition v. Securities and Exchange Commission, the D.C. Circuit
stated as follows: ``[n]o one disputes that competition for order flow
is `fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing agents, have a wide range of choices of
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers' . . . .''.\22\ Accordingly, the
Exchange does not believe its proposed fee change imposes any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
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    \20\ See supra note 3.
    \21\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \22\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

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

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \23\ and paragraph (f) of Rule 19b-4 \24\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \23\ 15 U.S.C. 78s(b)(3)(A).
    \24\ 17 CFR 240.19b-4(f).
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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-CboeBZX-2021-025 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CboeBZX-2021-025. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet 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-CboeBZX-2021-025 and should be submitted
on or before May 7, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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    \25\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-07787 Filed 4-15-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 72 (Wednesday, April 15, 2015)]
[Notices]
[Pages 20216-20217]
[FR Doc No: 2015-08555]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CD15-21-000]

North Gooding Main Hydro LLC; Notice of Preliminary Determination
of a Qualifying Conduit Hydropower Facility and Soliciting Comments and
Motions To Intervene

    On March 24, 2015, the North Gooding Main Hydro LLC filed a notice
of intent to construct a qualifying conduit hydropower facility,
pursuant to section 30 of the Federal Power Act (FPA), as amended by
section 4 of the Hydropower Regulatory Efficiency Act of 2013 (HREA).
The proposed North Gooding Main Hydroelectric Project would have an
installed capacity of 1,220 kilowatts (kW) and would be located on the
existing North Gooding Main Canal, which transports water for
agricultural consumption. The project would be located near the Town of
Gooding in Lincoln County, Idaho.
    Applicant Contact: Nicholas E. Josten, North Gooding Main Hydro
LLC, 2742 St. Charles Ave., Idaho Falls, ID 83404,<PHONE_NUMBER> or
(208) 528-6152
    FERC Contact: Robert Bell, Phone No.<PHONE_NUMBER>, email:
<EMAIL_ADDRESS>    Qualifying Conduit Hydropower Facility Description: The proposed
project would consist of: (1) A proposed intake gate structure; (2) a
proposed 1,600-foot-long, 50-foot-wide, 8-foot-deep feeder canal; (3) a
proposed 1,010-foot-long, 10-foot-diameter steel penstock; (4) a
proposed 35- by 45-foot

powerhouse that contains one turbine-generator unit with a total
installed capacity of 1,220 kW; (5) a proposed 200-foot-long, 50-foot-
wide, 8-foot-deep discharge bay; and (6) appurtenant facilities. The
proposed project would have an estimated annual generating capacity of
4,440 megawatt-hours.
    A qualifying conduit hydropower facility is one that is determined
or deemed to meet all of the criteria shown in the table below.

                          Table 1--Criteria for Qualifying Conduit Hydropower Facility
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           Statutory provision                           Description                      Satisfies (Y/N)
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FPA 30(a)(3)(A), as amended by HREA......  The conduit the facility uses is a      Y
                                            tunnel, canal, pipeline, aqueduct,
                                            flume, ditch, or similar manmade
                                            water conveyance that is operated for
                                            the distribution of water for
                                            agricultural, municipal, or
                                            industrial consumption and not
                                            primarily for the generation of
                                            electricity.
FPA 30(a)(3)(C)(i), as amended by HREA...  The facility is constructed, operated,  Y
                                            or maintained for the generation of
                                            electric power and uses for such
                                            generation only the hydroelectric
                                            potential of a non-federally owned
                                            conduit.
FPA 30(a)(3)(C)(ii), as amended by HREA..  The facility has an installed capacity  Y
                                            that does not exceed 5 megawatts.
FPA 30(a)(3)(C)(iii), as amended by HREA.  On or before August 9, 2013, the        Y
                                            facility is not licensed, or exempted
                                            from the licensing requirements of
                                            Part I of the FPA.
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    Preliminary Determination: Based upon the above criteria,
Commission staff preliminarily determines that the proposal satisfies
the requirements for a qualifying conduit hydropower facility, which is
not required to be licensed or exempted from licensing.
    Comments and Motions to Intervene: Deadline for filing comments
contesting whether the facility meets the qualifying criteria is 45
days from the issuance date of this notice.
    Deadline for filing motions to intervene is 30 days from the
issuance date of this notice.
    Anyone may submit comments or a motion to intervene in accordance
with the requirements of Rules of Practice and Procedure, 18 CFR
385.210 and 385.214. Any motions to intervene must be received on or
before the specified deadline date for the particular proceeding.
    Filing and Service of Responsive Documents: All filings must (1)
bear in all capital letters the ``COMMENTS CONTESTING QUALIFICATION FOR
A CONDUIT HYDROPOWER FACILITY'' or ``MOTION TO INTERVENE,'' as
applicable; (2) state in the heading the name of the applicant and the
project number of the application to which the filing responds; (3)
state the name, address, and telephone number of the person filing; and
(4) otherwise comply with the requirements of sections 385.2001 through
385.2005 of the Commission's regulations.\1\ All comments contesting
Commission staff's preliminary determination that the facility meets
the qualifying criteria must set forth their evidentiary basis.
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    \1\ 18 CFR 385.2001-2005 (2014).
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    The Commission strongly encourages electronic filing. Please file
motions to intervene and comments using the Commission's eFiling system
at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit
brief comments up to 6,000 characters, without prior registration,
using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information at the
end of your comments. For assistance, please contact FERC Online
Support at<EMAIL_ADDRESS>(866) 208-3676 (toll free), or
(202) 502-8659 (TTY). In lieu of electronic filing, please send a paper
copy to: Secretary, Federal Energy Regulatory Commission, 888 First
Street NE., Washington, DC 20426. A copy of all other filings in
reference to this application must be accompanied by proof of service
on all persons listed in the service list prepared by the Commission in
this proceeding, in accordance with 18 CFR 4.34(b) and 385.2010.
    Locations of Notice of Intent: Copies of the notice of intent can
be obtained directly from the applicant or such copies can be viewed
and reproduced at the Commission in its Public Reference Room, Room 2A,
888 First Street NE., Washington, DC 20426. The filing may also be
viewed on the web at http://www.ferc.gov/docs-filing/elibrary.asp using
the ``eLibrary'' link. Enter the docket number (e.g., CD15-21-000) in
the docket number field to access the document. For assistance, call
toll-free 1-866-208-3676 or email<EMAIL_ADDRESS>For TTY,
call<PHONE_NUMBER>.

    Dated: April 6, 2015.
Kimberly D. Bose,
Secretary.
[FR Doc. 2015-08555 Filed 4-14-15; 8:45 am]
 BILLING CODE 6717-01-P