                    UNITED STATES OF AMERICA

            DEPARTMENT OF TRANSPORTATION

                    OFFICE OF THE SECRETARY

                             WASHINGTON, DC

Issued by the Department of Transportation on June 17, 2004

NOTICE OF ACTION TAKEN -- DOCKET OST-1998-3333

_______________________________________________________________________

This serves as notice to the public of the action described below, taken
by the Department official indicated (no additional confirming order
will be issued in this matter).

Application of  US Airways, Inc.  filed  11/20/02  to:

XX  Renew for two years exemption from 49 U.S.C. § 41101 for US Airways
to provide the following service:

Scheduled foreign air transportation of persons, property, and mail
between Charlotte, North Carolina, and London (Gatwick), England.

Applicant rep:  Howard Kass<PHONE_NUMBER>  DOT Analyst:  Sylvia Moore
(202) 366-6519

D I S P O S I T I O N

XX  Granted.

The above action was effective when taken:   June 17, 2004,  through
June 17, 2006

Action taken by:  Paul L. Gretch, Director

		   Office of International Aviation

XX  The authority granted is consistent with the aviation agreement
between the United States and the United Kingdom.

Except to the extent exempted or waived, this authority is subject to
the terms, conditions, and limitations indicated:

XX  Holder’s certificates of public convenience and necessity

		XX  Standard exemption conditions (attached)

Remarks:  The authority for which US Airways requested renewal expired
January 23, 2003, but had been kept in force pursuant to the provisions
of the Administrative Procedure Act, 5 U.S.C. 558(c), as implemented by
14 CFR Part 377, pending action on its timely renewal application.

________________________________________________________________________
___________

On the basis of data officially noticeable under Rule 24(g) of the
Department’s regulations, we found the applicant qualified to provide
the services authorized.

Under authority assigned by the Department in its regulations, 14 CFR
Part 385, we found that (1) our action was consistent with Department
policy; (2) grant of the exemption was consistent with the public
interest; and (3) grant of the authority would not constitute a major
regulatory action under the Energy Policy and Conservation Act of 1975.
To the extent not granted, we denied all requests in the referenced
Docket.  We may amend, modify, or revoke the authority granted in this
Notice at any time without hearing at our discretion.

2

Persons entitled to petition the Department for review of the action set
forth in this Notice under the Department’s regulations, 14 CFR §
385.30, may file their petitions within seven (7) days after the date of
issuance of this Notice.  This action was effective when taken, and the
filing of a petition for review will not alter such effectiveness.

An electronic version of this document is available on the World Wide
Web at:

http://dms.dot.gov//reports/reports_ aviation.asp

U.S. Carrier Exemption Conditions

In the conduct of the operations authorized, the U.S. carrier
applicant(s) shall:

(1)  Hold at all times effective operating authority from the government
of each country served;

(2)  Comply with applicable requirements concerning oversales contained
in 14 CFR 250 (for scheduled operations, if authorized);

(3)  Comply with the requirements for reporting data contained in 14 CFR
241;

(4)  Comply with requirements for minimum insurance coverage, and for
certifying that coverage to the Department, contained in 14 CFR 205;

(5)  Except as specifically exempted or otherwise provided for in a
Department Order, comply with the requirements of 14 CFR 203, concerning
waiver of Warsaw Convention liability limits and defenses;

(6)  Comply with all applicable requirements of the Federal Aviation
Administration and with all applicable U.S. Government requirements
concerning security, including, but not limited to, 49 CFR Part 1544.
To assure compliance with all applicable U.S. Government requirements
concerning security, the holder shall, before commencing any new service
(including charter flights) to or from a foreign airport, contact its
International Principal Security Inspector (IPSI) to advise the IPSI of
its plans and to find out whether the Transportation Security
Administration has determined that security is adequate to allow such
airport(s) to be served; and

(7)  Comply with such other reasonable terms, conditions, and
limitations required by the public interest as may be prescribed by the
Department of Transportation, with all applicable orders and regulations
of other U.S. agencies and courts, and with all applicable laws of the
United States.

The authority granted shall be effective only during the period when the
holder is in compliance with the conditions imposed above.

										  05/2004


11 March 2005 Alan Stout Fuel Emissions Laboratory/ OAR 2565 Plymouth Road Ann Arbor, MI 48105 Subject: Regulation of Nonroad Large Spark Ignited Engines Derived from Diesels Dear Alan,

Below are details of Cummins recommendation for EPA to regulate on highway and nonroad engines consistently when considering spark ignited engines that are derived from diesels. Cummins encourages EPA to make the necessary changes in the technical amendment final rule.

Please let me know if you have any questions or would like additional information.

Sincerely,

Todd R. Hendrickson Product Environmental Management Off Highway Applications Manager Cummins Inc. todd. r. hendrickson@ cummins. com 812 377 4235 Cummins Position on Nonroad Spark Ignited Engines Derived from Diesels 10 March 2005 Recommendation: Cummins recommends that the nonroad CI regulations of 40CFR89 and 40CFR1039 apply to nonroad spark ignited engines ( natural gas and propane) that are derived from diesels. The applicability of these regulations or the provisions of 40CFR1048.620 should be modified accordingly as part of the ongoing technical amendment rulemaking.

Issue: Significant inconsistencies exist in how EPA regulates spark ignited engines that are derived from diesels. On highway applications and nonroad applications may be treated similarly by ARB. In California, nonroad engine certification may follow the same basic applicability guidelines as on highway engines. For EPA, however, this is not the case.

On highway  EPA: For on highway applications, SI engines derived from CI engines are regulated by EPA under the diesel requirements of 40CFR86. SI engines derived from diesels are treated as diesels and SI engines derived from gasoline engines are treated as Otto cycle engines. ARB: ARB also regulates these engines in this manner.

Nonroad  EPA: For nonroad engines, all SI engines are regulated by EPA under the large spark ignited requirements of 40CFR1048. Provisions for these engines to be regulated under the nonroad diesel rule, 40CFR89, exist only for natural gas engines greater than 250kW, as specified in 40CFR1048.620. No other provisions exist for considering these engines under 40CFR89. ARB: ARB also has a nonroad spark ignited rule, but the provisions of the ARB diesel rule allow all spark ignited engines which are derived from diesels to be considered under diesel rule ( references section 2420).

Justification:

The justification for the above recommendation is based on the following:

1. SI engines ( natural gas and propane) derived from diesels compete with diesel engines. The purchasers of these engines require the ruggedness of a diesel and the low emissions of a natural gas or propane engine. Natural gas and propane engines derived from gasoline engines compete with gasoline engines. Therefore, competition between diesel derived and gasoline derived SI natural gas and propane engines is not an issue.

2. The duty cycles of SI engines derived from diesels are similar to their diesel counterparts. The 8 mode test cycle in 40CFR89 is more appropriate for these engines than the 7 mode test cycle specified in 40CFR1048. The 8 mode test cycle has significant weighting at rated speed and intermediate speed, while the 7 mode test primarily considers emissions at intermediate speed. The 7 mode test is not representative of the duty cycles of SI engines derived from diesels. 3. The useful lives of SI engines derived from diesels is similar to their diesel counterparts and not the shorter useful lives of gasoline engines.

4. The applicability of the regulations should be consistent for on highway and nonroad engines.

Conclusion:

Regulating nonroad SI engines that are derived from diesels is not only consistent with the EPA's treatment of on highway engines, but it is also technically justified.

The nonroad regulations should be modified to eliminate the current inconsistency in applying the regulations. This can be accomplished by modifying the applicability of the nonroad CI rules 40CFR89 and 40CFR1039, or by expanding the applicability of 40CFR1048.620 in the LSI rule. 40CFR1048.620 would need to be modified to: a) include both natural gas and propane engines, b) include all ratings regardless of maximum rated power, c) include exemptions for engines certified under 40CFR86


[Federal Register Volume 88, Number 245 (Friday, December 22, 2023)]
[Rules and Regulations]
[Pages 88532-88533]
[FR Doc No: 2023-28200]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2023-1614; Airspace Docket No. 23-ASW-14]
RIN 2120-AA66

Establishment of Class E Airspace; Lajitas, TX

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: This action establishes Class E airspace at Lajitas, TX. The
FAA is taking this action to support new public instrument procedures.

DATES: Effective date 0901 UTC, March 21, 2024. The Director of the
Federal Register approves this incorporation by reference action under
1 CFR part 51, subject to the annual revision of FAA Order JO 7400.11
and publication of conforming amendments.

ADDRESSES: A copy of the Notice of Proposed Rulemaking (NPRM), all
comments received, this final rule, and all background material may be
viewed online at www.regulations.gov using the FAA Docket number.
Electronic retrieval help and guidelines are available on the website.
It is available 24 hours each day, 365 days each year.
    FAA Order JO 7400.11H, Airspace Designations and Reporting Points,
and subsequent amendments can be viewed online at www.faa.gov/air_traffic/publications/. You may also contact the Rules and
Regulations Group, Office of Policy, Federal Aviation Administration,
800 Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

FOR FURTHER INFORMATION CONTACT: Raul Garza Jr., Federal Aviation
Administration, Operations Support Group, Central Service Center, 10101
Hillwood Parkway, Fort Worth, TX 76177; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
the airspace necessary to ensure the safety of aircraft and the
efficient use of airspace. This regulation is within the scope of that
authority as it establishes Class E airspace extending upward from 700
feet above the surface at Lajitas International Airport, Lajitas, TX,
to support instrument flight rule operations at this airport.

History

    The FAA published an NPRM for Docket No. FAA 2023-1614 in the
Federal Register on October 10, 2023 (88 FR 69893), proposing to
establish the Class E airspace at Lajitas, TX. Interested parties were
invited to participate in this rulemaking effort by submitting written
comments on the proposal to the FAA. No comments were received.

Incorporation by Reference

    Class E airspace designations are published in paragraph 6005 of
FAA Order JO 7400.11, Airspace Designations and Reporting Points, which
is incorporated by reference in 14 CFR 71.1 on an annual basis. This
document amends the current version of that order, FAA Order JO
7400.11H, dated August 11, 2023 and effective September 15, 2023. FAA
Order JO 7400.11H is publicly available as listed in the ADDRESSES
section of this document. These amendments will be published in the
next update to FAA Order JO 7400.11.
    FAA Order JO 7400.11H lists Class A, B, C, D, and E airspace areas,
air traffic service routes, and reporting points.

The Rule

    This action amends 14 CFR part 71 by establishing Class E airspace
upward from 700 feet above the surface within a 3.4-mile radius of
Lajitas International Airport, Lajitas, TX.
    This action supports new public instrument procedures.

Regulatory Notices and Analyses

    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore: (1) is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a regulatory evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
only affects air traffic procedures and air navigation, it is certified
that this rule, when promulgated, does not have a significant economic
impact on a substantial number of small entities under the criteria of
the Regulatory Flexibility Act.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1F, ``Environmental Impacts: Policies and
Procedures,'' paragraph 5-6.5.a. This airspace action is not expected
to cause any potentially significant environmental impacts, and no
extraordinary circumstances exist that warrant preparation of an
environmental assessment.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for 14 CFR part 71 continues to read as
follows:

    Authority:  49 U.S.C. 106(f), 106(g), 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p.389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order JO
7400.11H, Airspace Designations and Reporting Points, dated August 11,
2023, and effective September 15, 2023, is amended as follows:

Paragraph 6005 Class E Airspace Areas Extending Upward From 700
Feet or More Above the Surface of the Earth.

* * * * *

ASW TX E5 Lajitas, TX [Establish]

Lajitas International Airport, TX
    (Lat. 29[deg]16'38'' N, long 103[deg]41'09'' W)

    That airspace extending upward from 700 feet above the surface
within a 3.4-mile

radius of the airport beginning at the 226[deg] bearing clockwise to
the 123[deg] bearing, thence to the point of beginning, within 2
miles north and south of the airport's 076[deg] bearing extending to
10.2 miles east, and within 2.2 miles north and 2.1 miles south of
the airport's 265[deg] bearing extending to 7.8 miles west,
excluding that airspace within Mexico and the sensitive bird nesting
area south and east of the airport.
* * * * *

    Issued in Fort Worth, Texas, on December 18, 2023.
Steven Phillips,
Acting Manager, Operations Support Group, ATO Central Service Center.
[FR Doc. 2023-28200 Filed 12-21-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 88, Number 186 (Wednesday, September 27, 2023)]
[Notices]
[Pages 66533-66541]
[FR Doc No: 2023-20960]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-98472; File No. SR-PEARL-2023-45]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX
Pearl Equities Fee Schedule To Adopt the NBBO Setter Plus Program and
Eliminate Certain Other Rebates

September 21, 2023.
    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 September 11, 2023, MIAX PEARL, LLC (``MIAX Pearl'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') a
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 is filing a proposal to amend the fee schedule (the
``Fee Schedule'') applicable to MIAX Pearl Equities, an equities
trading facility of the Exchange.
    The text of the proposed rule change is available on the Exchange's
website at https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings, at MIAX Pearl's principal office, 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 the Fee Schedule to: (i) adopt a new
incentive program called the ``NBBO Setter Plus Program'' (referred to
in this filing as the ``NBBO Program'') that, in general, provides
enhanced rebates for Equity Members' \3\ added displayed liquidity
(``Added Displayed Volume'') in securities priced at or above $1.00 per
share in all Tapes based on increasing volume thresholds and increasing
market quality levels (described below), as well as an additive rebate
applied to orders that set the NBBO \4\ upon entry; (ii) reduce the
standard rebate for executions of orders in securities priced at or
above $1.00 per share for Added Displayed Volume in all Tapes and make
the corresponding changes to the Liquidity Indicator Codes and
Associated Fees table \5\; (iii) eliminate the Add Volume Tiers table
\6\ and associated rebates and make corresponding changes to rename
Section 1)c) to now be titled ``NBBO Setter Plus Program''; (iv)
eliminate the Market Quality Tiers table \7\ and associated rebates;
(v) renumber Section 1)g), Step-Up Added Liquidity Rebate, to now be
Section 1)f), Step-Up Added Liquidity Rebate; and (vi) amend the
Definitions section to include a definition for the term ``NBBO Set
Volume'' (described below). All of the proposed changes relate to the
adoption of the proposed NBBO Program, which incorporates certain
concepts from the current Add Volume Tiers and Market Quality Tiers
programs.
---------------------------------------------------------------------------

    \3\ The term ``Equity Member'' is a Member authorized by the
Exchange to transact business on MIAX Pearl Equities. See Exchange
Rule 1901.
    \4\ With respect to the trading of equity securities, the term
``NBB'' shall mean the national best bid, the term ``NBO'' shall
mean the national best offer, and the term ``NBBO'' shall mean the
national best bid and offer. See Exchange Rule 1901.
    \5\ See Fee Schedule, Section 1)b), Liquidity Indicator Codes
AA, AB and AC.
    \6\ See Fee Schedule, Section 1)c).
    \7\ See Fee Schedule, Section 1)f).
---------------------------------------------------------------------------

    The Exchange originally filed this proposal on August 31, 2023 (SR-
PEARL-2023-42). On September 11, 2023, the Exchange withdrew SR-PEARL-
2023-42 and refiled this proposal.
Background of Current Rebate Programs Impacted by This Proposal
    Section 1)a) of the Fee Schedule sets forth the Exchange's standard
rebates and fees for adding, removing or routing orders (displayed and
non-displayed) in all Tapes. The Exchange provides different rebates
and fees depending on whether (i) the execution is for an order where
the securities are priced at or above $1.00 per share, or (ii) the
execution is for an order where the securities are priced below $1.00
per share. Relevant for the purposes of this proposal, the Exchange
currently provides a standard rebate of ($0.0027) \8\ per share for
executions of orders in securities priced at or above $1.00 per share
for Added Displayed Volume across all Tapes.\9\
---------------------------------------------------------------------------

    \8\ The Exchange indicates rebates in parentheses in the Fee
Schedule. See the General Notes Section of the Fee Schedule.
    \9\ See Fee Schedule, Section 1)a). See also Fee Schedule,
Section 1)b), Liquidity Indicator Codes AA, AB, and AC.
---------------------------------------------------------------------------

    Section 1)b) of the Fee Schedules provides a list of the liquidity
indicator codes and associated rebates or fees that are applied to a
transaction so that each Equity Member that enters an order is able to
understand the fee or rebate that is applied to the execution. Each
side of a trade is assigned a liquidity indicator code in order to
identify the scenario under which the trade occurred.
    Section 1)c) of the Fee Schedule provides a volume-based tier
structure, referred to as the Add Volume Tiers, in

which the Exchange provides enhanced rebates for executions of orders
in securities priced at or above $1.00 per share for Added Displayed
Volume for Equity Members that meet specified volume thresholds on the
Exchange. In particular, an Equity Member that qualifies for Add Volume
Tier 1 will receive an enhanced rebate of ($0.0032) per share for
executions of orders in securities priced at or above $1.00 per share
for Added Displayed Volume across all Tapes by achieving an ADAV \10\
of at least 0.07% of TCV.\11\ An Equity Member that qualifies for Add
Volume Tier 2 will receive an enhanced rebate of ($0.0035) per share
for executions of orders in securities priced at or above $1.00 per
share for Added Displayed Volume across all Tapes by achieving an ADAV
of at least 0.10% of TCV. An Equity Member that qualifies for Add
Volume Tier 3 will receive an enhanced rebate of ($0.0036) per share
for executions of orders in securities priced at or above $1.00 per
share for Added Displayed Volume across all Tapes by achieving an ADAV
of at least 0.30% of TCV. The enhanced rebates provided by the Add
Volume Tiers are provided instead of the standard rebate of ($0.0027)
per share applicable to executions of orders in securities priced at or
above $1.00 per share for Added Displayed Volume across all Tapes.
---------------------------------------------------------------------------

    \10\ The term ``ADAV'' means average daily added volume
calculated as the number of shares added per day and ``ADV'' means
average daily volume calculated as the number of shares added or
removed, combined, per day. ADAV and ADV are calculated on a monthly
basis. The Exchange excludes from its calculation of ADAV and ADV
shares added or removed on any day that the Exchange's system
experiences a disruptions that lasts for more than 60 minutes during
regular trading hours (``Exchange System Disruption''), on any day
with a scheduled early market close, and on the ``Russell
Reconstitution Day'' (typically the last Friday in June). Routed
shares are not included in the ADAV or ADV calculation. See the
Definitions Section of the Fee Schedule.
    \11\ The term ``TCV'' means total consolidated volume calculated
as the volume in shares reported by all exchanges and reporting
facilities to a consolidated transaction reporting plan for the
month for which the fees apply. The Exchange excludes from its
calculation of TCV volume on any given day that the Exchange's
system experiences a disruption that lasts for more than 60 minutes
during Regular Trading Hours. On any day with a scheduled early
market close, and on the ``Russell Reconstitution Day'' (typically
the last Friday in June). See the Definitions Section of the Fee
Schedule.
---------------------------------------------------------------------------

    Section 1)f) of the Fee Schedule sets forth a separate tiered
pricing incentive structure, referred to as the Market Quality Tiers,
which provides enhanced rebates for executions of orders in securities
priced at or above $1.00 per share for Added Displayed Volume for
Equity Members that meet certain minimum quoting requirements across a
specified number of securities. In particular, the Exchange provides an
enhanced rebate of ($0.0032) per share in Market Quality Tier 1 for
executions of orders in securities priced at or above $1.00 per share
for Added Displayed Volume if the Equity Member's Percent Time at NBBO
\12\ is at least 25% in an average of at least 250 securities, at least
50 of which must be Market Quality Securities,\13\ per trading day
during the month. The Exchange also provides an enhanced rebate of
($0.0035) per share in Market Quality Tier 2 for executions of orders
in securities priced at or above $1.00 per share for Added Displayed
Volume if the Equity Member's Percent Time at NBBO is at least 25% in
an average of at least 1,000 securities, at least 100 of which must be
MQ Securities, per trading day during the month. The list of MQ
Securities is published on the Exchange's website.\14\
---------------------------------------------------------------------------

    \12\ The term ``Percent Time at NBBO'' means the aggregate of
the percentage of time during regular trading hours where a Member
has a displayed order of at least one round lot at the national best
bid (``NBB'') or the national best offer (``NBO''). See the
Definitions Section of the Fee Schedule.
    \13\ Pursuant to this proposal, and as described further below,
the Exchange proposes to slightly amend the term ``Market Quality
Securities'' or ``MQ Securities'' as currently defined in the Fee
Schedule in order to account for the changes to the Market Quality
Tiers program and newly proposed NBBO Setter Plus Program.
Currently, the term ``Market Quality Securities'' or ``MQ
Securities'' means a list of securities designated as such, that are
used for the purposes of qualifying for the Market Quality Tiers.
The universe of these securities will be determined by the Exchange
and published on the Exchange's website. See the Definitions Section
of the Fee Schedule. The proposed changes are described below.
    \14\ See https://www.miaxglobal.com/markets/us-equities/pearl-equities/fees (last visited August 21, 2023).
---------------------------------------------------------------------------

Proposal To Adopt the NBBO Setter Plus Program
    The Exchange proposes to adopt a new incentive program called the
``NBBO Setter Plus Program'' (referred to in this filing as the ``NBBO
Program''), which is designed to incentivize market quality and quoting
on the Exchange. Certain elements of the NBBO Program will be similar
to the incentives and volume calculations for the current Add Volume
Tiers and Market Quality Tiers programs. In connection with the
establishment of the NBBO Program, the Exchange proposes to remove the
Add Volume Tiers and Market Quality Tiers sections from the Fee
Schedule (described further below), with Section 1)c) being re-titled
``NBBO Setter Plus Program.''
    The Exchange proposes to add a new table in Section 1)c) of the Fee
Schedule titled ``NBBO Setter Plus Table.'' The NBBO Setter Plus Table
will provide enhanced rebates for executions of orders in securities
priced at or above $1.00 per share for Added Displayed Volume across
all Tapes (applicable to Liquidity Indicator Codes AA, AB and AC).
Conceptually, the NBBO Program provides four volume tiers enhanced by
three market quality levels to provide increasing rebates in this
segment. The four volume tiers are achievable by greater volume from
the best of three alternative methods. The three market quality levels
are achievable by greater NBBO participation in a minimum number of
specific securities. Additionally, there is an additive rebate for
trades the set the NBBO, described further below.
    First, MIAX Pearl Equities will determine the applicable tier based
on three different volume calculation methods. The three volume-based
methods to determine the Equity Member's tier for purposes of the NBBO
Program will be calculated in parallel in each month, and each Equity
Member will receive the highest tier achieved from any of the three
methods each month. All three volume calculation methods will be based
on an Equity Member's respective ADAV or NBBO Set Volume or ADV as a
percent of industry TCV as the denominator.
    Under volume calculation Method 1, the Exchange proposes to provide
tiered rebates based on an Equity Member's ADAV as a percentage of TCV.
In particular, an Equity Member will qualify for the base rebates in
Tier 1 for executions of orders in securities priced at or above $1.00
per share for Added Displayed Volume across all Tapes by achieving an
ADAV of at least 0.00% and less than 0.08% of TCV. An Equity Member
will qualify for the enhanced rebates in Tier 2 for executions of
orders in securities priced at or above $1.00 per share for Added
Displayed Volume across all Tapes by achieving an ADAV of at least
0.08% and less than 0.25% of TCV. An Equity Member will qualify for the
enhanced rebates in Tier 3 for executions of orders in securities
priced at or above $1.00 per share for Added Displayed Volume across
all Tapes by achieving an ADAV of at least 0.25% and less than 0.40% of
TCV. Finally, an Equity Member will qualify for the enhanced rebates in
Tier 4 for executions of orders in securities priced at or above $1.00
per share for Added Displayed Volume across all Tapes by achieving an
ADAV of at least 0.40% of TCV.
    Under volume calculation Method 2, the Exchange proposes to provide
tiered rebates based on an Equity Member's NBBO Set Volume as a
percentage of TCV. In connection with this proposed

volume calculation method, the Exchange proposes to adopt a definition
for the term ``NBBO Set Volume,'' which will be included in the
Definitions section of the Fee Schedule. The Exchange proposes that the
term NBBO Set Volume means the ADAV in all securities of an Equity
Member that sets the NBB or NBO on MIAX Pearl Equities. Pursuant to
proposed Method 2, an Equity Member will qualify for the base rebates
in Tier 1 for executions of orders in securities priced at or above
$1.00 per share for Added Displayed Volume across all Tapes by
achieving an NBBO Set Volume of at least 0.00% and less than 0.02% of
TCV. An Equity Member will qualify for the enhanced rebates in Tier 2
for executions of orders in securities priced at or above $1.00 per
share for Added Displayed Volume across all Tapes by achieving an NBBO
Set Volume of at least 0.02% and less than 0.03% of TCV. An Equity
Member will qualify for the enhanced rebates in Tier 3 for executions
of orders in securities priced at or above $1.00 per share for Added
Displayed Volume across all Tapes by achieving an NBBO Set Volume of at
least 0.03% and less than 0.08% of TCV. An Equity Member will qualify
for the enhanced rebates in Tier 4 for executions of orders in
securities priced at or above $1.00 per share for Added Displayed
Volume across all Tapes by achieving an NBBO Set Volume of at least
0.08% of TCV.
    Under volume calculation Method 3, the Exchange proposes to provide
tiered rebates based on an Equity Member's ADV as a percentage of TCV.
In particular, an Equity Member will qualify for the base rebates in
Tier 1 for executions of orders in securities priced at or above $1.00
per share for Added Displayed Volume across all Tapes by achieving an
ADV of at least 0.00% and less than 0.20% of TCV. An Equity Member will
qualify for the enhanced rebates in Tier 2 for executions of orders in
securities priced at or above $1.00 per share for Added Displayed
Volume across all Tapes by achieving an ADV of at least 0.20% and less
than 0.60% of TCV. An Equity Member will qualify for the enhanced
rebates in Tier 3 for executions of orders in securities priced at or
above $1.00 per share for Added Displayed Volume across all Tapes by
achieving an ADV of at least 0.60% and less than 1.00% of TCV. An
Equity Member will qualify for the enhanced rebates in Tier 4 for
executions of orders in securities priced at or above $1.00 per share
for Added Displayed Volume across all Tapes by achieving an ADV of at
least 1.00% of TCV.
    After the volume calculation is performed to determine highest tier
achieved by the Equity Member, the applicable rebate will be calculated
based on two different measurements based on the Equity Member's
participation at the NBBO on the Exchange in certain securities
(referenced below).
    The Exchange proposes to provide one column of base rebates
(referred to in the NBBO Program table as ``Level A'') and two columns
of enhanced rebates (referred to in the NBBO Program table as ``Level
B'' and ``Level C''), depending on the Equity Member's Percent Time at
NBBO on MIAX Pearl Equities in a certain amount of specified securities
(``Market Quality Securities'' or ``MQ Securities,'' defined below).
The Fee Schedule will specify the percentage of time that the Equity
Member must be at the NBBO on MIAX Pearl Equities in at least 200
symbols out of the full list of 1,000 MQ Securities (which may vary
from time to time based on market conditions). The list of MQ
Securities will be generally based on the top multi-listed 1,000
symbols by ADV across all U.S. securities exchanges. The list of MQ
Securities will be updated monthly by the Exchange and published on the
Exchange's website. The Exchange notes that at least one other
competing exchange provides enhanced rebates for executions of orders
in certain securities priced at or above $1.00 per share submitted by
members that set or join the NBBO on that exchange.\15\
---------------------------------------------------------------------------

    \15\ See Cboe BZX Equities Fee Schedule, NBBO Setter section and
Add/Remove Volume Tiers section, available at https://www.cboe.com/us/equities/membership/fee_schedule/bzx/ (providing an additional
rebate of ($0.0007) per share to the top displayed liquidity tier
rebate of ($0.0031) per share for executions of added displayed
volume in securities priced at or above $1.00 per share that
establish a new Setter NBBO in NBBO Setter Securities on Cboe BZX).
For purposes of the Cboe BZX Fee Schedule, the term ``Setter NBBO''
means a quotation of at least 100 shares that is better than the
NBBO or a quotation of a notional size of at least $10,000.00 that
is better than the NBBO. Further, the term ``NBBO Setter
Securities'' means a list of securities included in the Cboe BZX
NBBO Setter Program, the universe of which will be determined by
Cboe BZX and published in a notice distributed to Cboe BZX members
and on the Cboe BZX website. See id.
---------------------------------------------------------------------------

    The Exchange proposes that, for the purpose of determining
qualification for the rebates described in Level B and Level C of
Market Quality Tier columns in the NBBO Setter Plus Program, the
Exchange will exclude from its calculation: (1) any trading day that
the Exchange's system experiences a disruption that lasts for more than
60 minutes during regular trading hours; (2) any day with a scheduled
early market close; and (3) the ``Russell Reconstitution Day''
(typically the last Friday in June). The Exchange proposes to describe
this exclusion in the General Notes section of the Fee Schedule. The
Exchange believes that these types of Exchange system disruptions could
preclude Equity Members from participating on the Exchange to the
extent that they might have otherwise participated on such days, and
thus, the Exchange believes it is appropriate to exclude such days when
determining whether an Equity Member meets the applicable Percent Time
at NBBO during a month to avoid penalizing Equity Members that might
otherwise have met such requirements.
    Additionally, the Exchange believes that scheduled early market
closures, which typically are the day before, or the day after, a
holiday, may preclude some Equity Members from participating on the
Exchange at the same level that they might otherwise. For similar
reasons, the Exchange believes it is appropriate to exclude the Russell
Reconstitution Day in the same manner, as the Exchange believes that
the Russell Reconstitution Day typically has extraordinarily high, and
abnormally distributed, trading volumes and the Exchange believes this
change to normal activity may affect an Equity Member's ability to meet
the quoting requirement across various MQ Securities on that day. The
Exchange notes that the exclusion of any day during which the
Exchange's system experiences a disruption that lasts for more than 60
minutes during Regular Trading Hours, any day with a scheduled early
market close, and the Russell Reconstitution Day is consistent with the
methodologies used by other exchanges when calculating certain member
trading and other volume metrics for purposes of determining whether
those members qualify for certain pricing incentives, and the Exchange
believes application of this methodology is similarly appropriate for
the proposed Percent Time at NBBO requirements under the proposed NBBO
Program.\16\
---------------------------------------------------------------------------

    \16\ See e.g., Cboe BZX Equities Fee Schedule, available at
https://www.cboe.com/us/equities/membership/fee_schedule/bzx/; Cboe
EDGX Exchange, Inc. (``Cboe EDGX'') Equities Fee Schedule, available
at https://www.cboe.com/us/equities/membership/fee_schedule/edgx/;
and MEMX, LLC (``MEMX'') Fee Schedule, available at https://info.memxtrading.com/fee-schedule/.
---------------------------------------------------------------------------

    The Exchange proposes that the base rebates (``Level A'') will be
as follows: ($0.00240) per share in Tier 1; ($0.00310) per share in
Tier 2; ($0.00345) per share in Tier 3; and ($0.00350) per share in
Tier 4.\17\
---------------------------------------------------------------------------

    \17\ The Exchange notes that the proposed ($0.00240) per share
will be the base standard rebate for executions of orders in
securities priced at or above $1.00 per share for Added Displayed
Volume across all Tapes, which is a decrease from the current
standard rebate of ($0.0027) per share, listed in Section 1)a) of
the Fee Schedule and attributable to Liquidity Indicator Codes AA,
AB and AC. The purpose and rationale for the proposed decrease in
the standard rebate for executions of orders in securities priced at
or above $1.00 per share for Added Displayed Volume across all Tapes
is discussed below.

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

    Under Level B, the Exchange proposes to provide enhanced rebates
for executions of orders in securities priced at or above $1.00 per
share for Added Displayed Volume across all Tapes if the Equity
Member's Percent Time at NBBO is at least 25% and less than 50% in at
least 200 MQ Securities per trading day during the month. The Exchange
proposes that the Level B rebates will be as follows: ($0.00250) per
share in Tier 1; ($0.00315) per share in Tier 2; ($0.00350) per share
in Tier 3; and ($0.00355) per share in Tier 4.
    Under Level C, the Exchange proposes to provide enhanced rebates
for executions of orders in securities priced at or above $1.00 per
share for Added Displayed Volume across all Tapes if the Equity
Member's Percent Time at NBBO is at least 50% in at least 200 MQ
Securities per trading day during the month. The Exchange proposes that
the Level C rebates will be as follows: ($0.00260) per share in Tier 1;
($0.00320) per share in Tier 2; ($0.00355) per share in Tier 3; and
($0.00360) per share in Tier 4.
    The Exchange notes that the introduction of the NBBO Setter Plus
Program will be available to all Equity Members and will provide Equity
Members several different opportunities to receive enhanced rebates
utilizing three different volume calculation methodologies and
different participation levels at the NBBO. The proposed changes are
designed to encourage Equity Members that provide Added Displayed
Volume in securities priced at or above $1.00 per share across all
Tapes to the Exchange to increase such order flow, which would benefit
all Equity Members by providing greater execution opportunities on the
Exchange and contribute to a deeper, more liquid market, to the benefit
of all investors and market participants.
NBBO Setter Additive Rebate
    The Exchange proposes to provide an additional rebate as part of
the NBBO Program, which will be included as a line item at the bottom
of the NBBO Setter Plus table. In particular, the Exchange proposes to
provide an ``NBBO Setter Additive Rebate'' of ($0.0003) per share,
which will be applicable only to executions of orders in securities
priced at or above $1.00 per share for Added Displayed Volume (other
than Retail Orders \18\) that set the NBB or NBO on MIAX Pearl Equities
with a minimum size of a round lot. The purpose of the proposed NBBO
Setter Additive Rebate is to provide an additional incentive for Equity
Members to contribute Added Displayed Volume in securities priced at or
above $1.00 per share that sets the NBBO on MIAX Pearl Equities, which
should benefit all Equity Members by providing greater execution
opportunities on the Exchange and contribute to a deeper, more liquid
market, to the benefit of all investors and market participants.
Additionally, other U.S. equity exchanges have adopted similar pricing
incentives applicable to executions of orders that establish the NBBO,
with the Exchange's proposed top tier rebate, coupled with the NBBO
Setter Additive Rebate, being higher than competing exchanges' top
rebates for similar executions (providing additive rebate of ($0.0003)
per share to the top displayed liquidity tier rebate of ($0.0036) per
share for executions of added displayed volume (other than retail
orders) in securities priced at or above $1.00 per share that establish
the NBBO on the Exchange, for a total ``enhanced'' rebate of ($0.0039)
per share).\19\
---------------------------------------------------------------------------

    \18\ A ``Retail Order'' is an agency or riskless principal order
that meets the criteria of FINRA Rule 5320.03 that originates from a
natural person and is submitted to the Exchange by a Retail Member
Organization, provided that no change is made to the terms of the
order with respect to price or side of market and the order does not
originate from a trading algorithm or any other computerized
methodology. See Exchange Rule 2626(a)(2).
    \19\ See MEMX Fee Schedule, NBBO Setter/Joiner Tiers Section
(providing additional rebate of ($0.0004) per share to the top
displayed liquidity tier rebate of ($0.0033) per share for
executions of added displayed volume (other than retail orders) in
securities priced at or above $1.00 per share that establish the
NBBO or establish a new BBO on MEMX that matches the NBBO first
established on an away market, for a total ``enhanced'' rebate of
($0.0037) per share); and Cboe BZX Fee Schedule, NBBO Setter section
and Add/Remove Volume Tiers section (providing additional rebate of
($0.0007) per share to the top displayed liquidity tier rebate of
($0.0031) per share for executions of added displayed volume in
securities priced at or above $1.00 per share that establish a new
Setter NBBO in NBBO Setter Securities on Cboe BZX, for a total
``enhanced'' rebate of ($0.0038) per share).
---------------------------------------------------------------------------

Corresponding Changes to the Fee Schedule
Proposal To Reduce the Standard Rebate for Executions of Orders in
Securities Priced at or Above $1.00 per Share for Added Displayed
Volume (All Tapes) and Corresponding Changes to Liquidity Indicator
Codes
    In connection with the proposed NBBO Setter Plus Program, the
Exchange proposes to reduce the standard rebate for executions of
orders in securities priced at or above $1.00 per share that add
displayed liquidity to the Exchange across all Tapes (as mentioned
above). Currently, the Exchange provides a standard rebate of ($0.0027)
per share for executions of orders in securities priced at or above
$1.00 per share for Added Displayed Volume in all Tapes. The Exchange
now proposes to reduce the standard rebate from ($0.0027) to ($0.0024)
per share for executions of orders in securities priced at or above
$1.00 per share for Added Displayed Volume across all Tapes.
Accordingly, the Exchange proposes to amend Section 1)a), Standard
Rates, to reflect this proposed change and amend Section 1)b),
Liquidity Indicator Codes and Associated Fees, to reflect the
corresponding changes to the applicable Liquidity Indicator Codes, AA,
AB and AC.
    The purpose of reducing the standard rebate for executions of
orders in securities priced at or above $1.00 per share for Added
Displayed Volume across all Tapes is due to the Exchange's proposal to
adopt the NBBO Program, which provides multiple volume calculation
methods for Equity Members to receive enhanced rebates compared to the
standard rate. The Exchange notes that despite the modest reduction
proposed herein, the proposed standard rebate of ($0.0024) per share
for executions of orders in securities priced at or above $1.00 per
share for Added Displayed Volume across all Tapes remains competitive
with, and higher than, the standard rebates provided by other exchanges
for similar executions.\20\
---------------------------------------------------------------------------

    \20\ See e.g., NYSE Arca Equities Fee Schedule, available at
https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf (providing standard rebates of
$0.0020 per share (Tapes A and C) and $0.0016 per share (Tape B) for
adding displayed liquidity in securities priced at or above $1.00
per share); see also Cboe BZX Equities Fee Schedule, available at
https://www.cboe.com/us/equities/membership/fee_schedule/bzx/
(providing a standard rebate of $0.0016 per share for adding
displayed liquidity in securities priced at or above $1.00 per
share).
---------------------------------------------------------------------------

Proposal To Eliminate the Add Volume Tiers Table and Associated Rebates
    In connection with the NBBO Setter Plus Program, the Exchange
proposes to eliminate the Add Volume Tiers table and associated rebates
in Section 1)c) of the Fee Schedule and rename Section 1)c) as the NBBO
Setter Plus Program. As mentioned above, the Add Volume Tiers provided
enhanced rebates for executions of orders in securities priced at or
above $1.00 per share for Added Displayed Volume so long as the Equity
Member met specified ADAV thresholds on the Exchange. The Exchange
adopted

the Add Volume Tiers rebates for the purpose of encouraging Equity
Members to increase their orders that add liquidity on the Exchange,
thereby improving its market quality with respect to such securities
and contributing to a more robust and well-balanced market ecosystem on
the Exchange to the benefit of all Equity Members.\21\ The Exchange now
proposes to eliminate the Add Volume Tiers table and associated rebates
as the NBBO Program incorporates similar aspects and rebate amounts,
including, under volume calculation Method 1, tiered rebates based on
an Equity Member's ADAV as a percentage of TCV. The Exchange notes that
the NBBO Program does have slightly lower rebates for the corresponding
Add Volume Tier thresholds; however, the Exchange believes that the
benefits of the NBBO Program--three volume calculation methods and two
market quality levels based on participation at the NBBO in order to
obtain enhanced rebates--provides more opportunities for Equity Members
to achieve higher rebates and will encourage the submission of
increased order flow. The Exchange believes this will, in turn benefit
all Equity Members by providing greater execution opportunities on the
Exchange and contribute to a deeper, more liquid market, to the benefit
of all investors and market participants.
---------------------------------------------------------------------------

    \21\ See Securities Exchange Act Release No. 93979 (January 14,
2022), 87 FR 3151 (January 20, 2022) (SR-PEARL-2022-01).
---------------------------------------------------------------------------

Proposal To Eliminate the Market Quality Tiers Table and Associated
Rebates
    In connection with the NBBO Setter Plus Program, the Exchange
proposes to eliminate the Market Quality Tiers table and associated
rebate in Section 1)f) of the Fee Schedule. As mentioned above, the
Market Quality Tiers provided enhanced rebates for Equity Members that
met certain minimum quoting requirements across a specified number of
securities. The Exchange adopted the Market Quality Tiers for the
purpose of encouraging executions of Added Displayed Volume for
qualifying Equity Members as a means of recognizing the value of market
participants that consistently quote at the NBBO in a large number of
securities generally, and in the specified MQ Securities, in
particular.\22\ The Exchange now proposes to eliminate the Market
Quality Tiers table and associated rebates as the NBBO Program
incorporates similar aspects, rebate amounts, and calculation
methodologies based on an Equity Member's Percent Time at NBBO in
certain MQ Securities under Level B and Level C.
---------------------------------------------------------------------------

    \22\ See Securities Exchange Act Release No. 94929 (May 17,
2022), 87 FR 31269 (May 23, 2022) (SR-PEARL-2022-21).
---------------------------------------------------------------------------

Proposal To Renumber Fee Schedule Section 1)g), Step-Up Added Liquidity
Rebate, as Section 1)f)
    As described above, the Exchange proposes to eliminate the Market
Quality Tiers table and associated rebates currently described in
Section 1)f) of the Fee Schedule. Accordingly, the Exchange proposes to
renumber Section 1)g), Step-Up Added Liquidity Rebate, as Section 1)f).
The purpose of this change is to provide consistency and clarity in the
Fee Schedule.
Proposed Changes to the Definitions and General Notes Sections of the
Fee Schedule
    As mentioned above, with the adoption of the NBBO Program, the
Exchange proposes to make several corresponding changes to the
Definitions and General Notes sections of the Fee Schedule. First, the
Exchange proposes to amend the paragraphs describing ``ADAV'' in the
Definition section to include the definition of ``NBBO Set Volume.'' In
particular, the term ``NBBO Set Volume'' will mean the ADAV in all
securities of an Equity Member that sets the NBB or NBO on MIAX Pearl
Equities. Further, the Exchange proposes that an Equity Member's NBBO
Set Volume will be excluded from the calculation of the NBBO Program in
certain instances. The Exchange proposes to amend the second paragraph
related to ADAV in the Definitions section to include NBBO Set Volume
as excluded volume. With the proposed changes, the paragraphs
describing ADAV in the Definitions section will read as follows:

    ``ADAV'' means average daily added volume calculated as the
number of shares added per day and ``ADV'' means average daily
volume calculated as the number of shares added or removed,
combined, per day. ADAV and ADV are calculated on a monthly basis.
NBBO Set Volume means the ADAV in all securities of an Equity Member
that sets the NBB or NBO on MIAX Pearl Equities.
    The Exchange excludes from its calculation of ADAV, ADV, and
NBBO Set Volume shares added or removed on any day that the
Exchange's system experiences a disruption that lasts for more than
60 minutes during regular trading hours, on any day with a scheduled
early market close, and on the ``Russell Reconstitution Day''
(typically the last Friday in June).

    Next, the Exchange proposes to amend the definition for ``Market
Quality Securities'' or ``MQ Securities.'' Since the Exchange proposes
to eliminate the Market Quality Tiers and associated rebates, which are
based on an Equity Member's participation at the NBBO in the currently-
defined MQ Securities, the Exchange will amend this definition to fit
within the NBBO Program. As described above, Level B and Level C
enhanced rebates in the NBBO Program will be partly based on an Equity
Member's Percent Time at NBBO on MIAX Pearl Equities in a certain
amount of MQ Securities. The Exchange proposes to amend the definition
of MQ Securities to reflect the elimination of the Market Quality Tiers
and adoption of the NBBO Program. Accordingly, with the proposed
changes, the definition for Market Quality Securities will be as
follows:

    ``Market Quality Securities'' or ``MQ Securities'' shall mean a
list of securities designated as such, that are used for the
purposes of qualifying for the rebates described in Level B and
Level C of the Market Quality Tier columns in the NBBO Setter Plus
Program. The universe of these securities will be determined by the
Exchange and published on the Exchange's website.

    In connection with the proposed revised definition for MQ
Securities, the Exchange also proposes to amend the corresponding
paragraph in the General Notes section regarding when the Exchange
excludes certain Market Quality security volume. With the proposed
changes, the exclusion paragraph will read as follows:

    For the purpose of determining qualification for the rebates
described in Level B and Level C of Market Quality Tier columns in
the NBBO Setter Plus Program, the Exchange will exclude from its
calculation: (1) any trading day that the Exchange's system
experiences a disruption that lasts for more than 60 minutes during
regular trading hours; (2) any day with a scheduled early market
close; and (3) the ``Russell Reconstitution Day'' (typically the
last Friday in June).

    The purpose of all these changes is to provide consistency and
clarity in the Fee Schedule in light of the proposed adoption of the
NBBO Program and corresponding elimination of other rebate programs.
Implementation
    The proposed changes are immediately effective.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \23\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \24\ in

particular, in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its Equity Members and
issuers and other persons using its facilities. Additionally, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \25\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers or dealers.
---------------------------------------------------------------------------

    \23\ 15 U.S.C. 78f(b).
    \24\ 15 U.S.C. 78f(b)(4).
    \25\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange operates in a highly fragmented and competitive market
in which market participants can readily direct their 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 sixteen registered equities exchanges, and
there are a number of alternative trading systems and other off-
exchange venues, to which market participants may direct their order
flow. As of August 23, 2023, based on publicly available information,
no single registered equities exchange currently has more than
approximately 13-14% of the total market share of executed volume of
equities trading for the month of August 2023.\26\ Thus, in such a low-
concentrated and highly competitive market, no single equities exchange
possesses significant pricing power in the execution of order flow, and
the Exchange currently represents approximately 1.86% of the overall
market share. The Commission and the courts have repeatedly expressed
their preference for competition over regulatory intervention in
determining prices, products, and services in the securities markets.
In Regulation NMS, 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.'' \27\
---------------------------------------------------------------------------

    \26\ See the ``Market Share'' section of the Exchange's website,
available at https://www.miaxglobal.com/ (last visited August 23,
2023).
    \27\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37499 (June 29, 2005).
---------------------------------------------------------------------------

    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 new or different pricing structures being
introduced into the market. Accordingly, competitive forces constrain
the Exchange's transaction fees and rebates, and market participants
can readily trade on competing venues if they deem pricing levels at
those other venues to be more favorable. The Exchange believes the
proposal reflects a reasonable and competitive pricing structure
designed to incentivize market participants to direct their order flow
to the Exchange, which the Exchange believes would enhance liquidity
and market quality in both a broad manner and in a targeted manner with
respect to the MQ Securities and the NBBO Program.
NBBO Setter Plus Program
    The Exchange believes that the proposed NBBO Setter Plus Program,
in general, is a reasonable means to encourage Equity Members to not
only increase their order flow to the Exchange but also to contribute
to price discovery and market quality on the Exchange by submitting
aggressively priced displayed liquidity in securities priced at or
above $1.00 per share. As noted above, aspects of the proposed NBBO
Program are comparable to other volume-based incentives currently in
place at the Exchange and competing exchanges, which have been widely
adopted.\28\ The Exchange believes the proposed NBBO Program is
equitable and not unfairly discriminatory because it is open to all
Equity Members on an equal basis and provides enhanced rebates that are
reasonably related to the value to the Exchange's market quality
associated with greater order flow by Equity Members that set the NBBO,
and the introduction of higher volumes of orders into the price and
volume discovery process. The Exchange believes the proposed NBBO
Program is equitable and not unfairly discriminatory because it is
designed to incentivize the entry of aggressively priced displayed
liquidity that will create tighter spreads, thereby promoting price
discovery and market quality on the Exchange to the benefit of all
Equity Members and public investors.
---------------------------------------------------------------------------

    \28\ See, generally, Fee Schedule, Section 1)c) and Section
1)f); see also Cboe BZX Equities Fee Schedule, NBBO Setter Section
and Add/Remove Volume Tiers Section and MEMX Fee Schedule, NBBO
Setter/Joiner Tiers Section.
---------------------------------------------------------------------------

    The Exchange believes the proposal to have three different volume
calculation methods to determine the Equity Member's tier for purposes
of the NBBO Program is reasonable, equitably allocated, and not
unfairly discriminatory because the three methods will be calculated in
parallel in each month, and each Equity Member will receive the tier
associated with the highest tier achieved each month. This allows
market participants with various trading strategies to participate in
the NBBO Program, including, among others, Equity Members with
liquidity providing strategies, aggressive order adding strategies that
attempt to set the NBBO, as well as Equity Members acting as an agency
for customers.
    The Exchange believes the proposed Market Quality Tiers applicable
to the enhanced rebates in the NBBO Program, which are dependent upon
the Equity Member's Percent Time at NBBO in MQ Securities, are
reasonable, equitably allocated and not unfairly discriminatory. This
is because the Market Quality Tiers of the NBBO Program are intended to
encourage Equity Members to promote price discovery and market quality
by quoting at the NBBO for a significant portion of each day in a large
number of securities generally, and in MQ Securities in particular,
thereby benefiting the Exchange and other investors by providing
improved trading conditions for all market participants through
narrower bid-ask spreads and increasing the depth of liquidity
available at the NBBO in a broad base of highly liquid securities. As
noted above, Cboe BZX provides an enhanced rebate based on increased
member participation in a defined list of securities (called the NBBO
Setter Securities on Cboe BZX) that set the NBBO on that exchange.\29\
---------------------------------------------------------------------------

    \29\ See supra note 15.
---------------------------------------------------------------------------

    The Exchange believes the proposed enhanced rebates in Level B \30\
and Level C \31\ of the Market Quality Tiers of the NBBO Program are
reasonable in that they do not reflect disproportionate increases above
the standard rebates of ($0.00250) per share for Level B and ($0.00260)
per share for Level C, but reflect the value added value to the
Exchange's market quality from Equity Members that meet the required
Percent Time at NBBO in the minimum number of MQ Securities, which
should incentivize the entry of aggressively priced displayed liquidity
that will create tighter spreads, promote price discovery and market
quality on the Exchange to the benefit of all Equity Members and public
investors.
---------------------------------------------------------------------------

    \30\ Proposed tiered rebates ranging from ($0.00250) in Tier 1
to ($0.00355) in Tier 4.
    \31\ Proposed tiered rebates ranging from ($0.00260) in Tier 1
to ($0.00360) in Tier 4.
---------------------------------------------------------------------------

    The Exchange further believes that the proposed criteria to achieve
the enhanced rebates provided in Level B and Level C of the Market
Quality Tiers of the NBBO Program is reasonable and not unfairly
discriminatory because the proposed criteria for Level C rebates is

incrementally more difficult to achieve than that of Level B, and thus
Level C appropriately offers higher rebates commensurate with the
corresponding higher Percent Time at NBBO by Equity Members in the
minimum number of MQ Securities. Therefore, the Exchange believes that
the Market Quality Tiers of the NBBO Program, as proposed, are
consistent with an equitable allocation of fees and rebates, as the
more stringent criteria correlates with the corresponding higher tiers'
enhanced rebates.
    In addition, the Exchange believes that it is reasonable and
consistent with an equitable allocation of fees to pay higher rebates
for executions of orders in securities priced at or above $1.00 per
share for Added Displayed Volume to Equity Members that qualify for one
of the Market Quality Tiers of the NBBO Program because of the
additional commitment to market quality reflected in the associated
Percent Time at NBBO requirements. Such Equity Members benefit all
investors by promoting price discovery and increasing the depth of
liquidity available at the NBBO and benefit the Exchange itself by
enhancing its competitiveness as a market center that attracts
actionable orders. Further, the Exchange notes that the proposed Market
Quality Tiers of the NBBO Program offer incentives on the Exchange that
would apply uniformly to all Equity Members, and any Equity Member may
choose to qualify for one of those tiers by meeting the associated
requirements in any month. The Exchange believes that the requirements
are attainable for many market participants who do actively quote on
the Exchange and are reasonably related to the enhanced market quality
that the NBBO Program is designed to promote.
    The Exchange also believes that including in the proposed Market
Quality Tiers of the NBBO Program a quoting requirement for certain
specified securities (i.e., the MQ Securities), is equitable and not
unfairly discriminatory because the Exchange has identified the MQ
Securities as securities in which it would like to inject additional
quoting competition, which the Exchange believes will generally act to
narrow spreads, increase size at the NBBO, and increase liquidity depth
in such securities, thereby increasing the attractiveness of the
Exchange as a destination venue with respect to such securities.
Accordingly, the Exchange believes that this aspect of the proposal is
reasonable, equitably allocated, and not unfairly discriminatory
because it is consistent with the overall goals of enhancing market
quality.
    As noted above, the proposed Market Quality Tiers of the NBBO
Program are similar in structure and purpose to pricing programs in
place on at least one other exchange that is designed to enhance market
quality.\32\ Specifically, this program provides a higher rebate for
executions of liquidity-adding displayed orders for members that
achieve minimum quoting standards, including minimum quoting at the
NBBO in a large number of securities generally, or certain designated
securities in particular.\33\ The Exchange also notes that the proposed
Market Quality Tiers of the NBBO Program are not dissimilar from
volume-based rebates and fees which have been widely adopted by
exchanges \34\ and are equitable and not unfairly discriminatory
because they are generally open to all Equity Members on an equal basis
and provide higher rebates that are reasonably related to the value of
an exchange's market quality. Much like volume-based tiers are designed
to incentivize higher levels of liquidity provision, the proposed
Market Quality Tiers portion of the NBBO Program is designed to
incentivize enhanced market quality on the Exchange through tighter
spreads, greater size at the NBBO, and greater quoting depth in a large
number of securities generally, and in MQ Securities specifically,
through the provision of an enhanced rebate, where such rebate will in
turn incentivize higher levels of displayed liquidity provision in a
general manner. Accordingly, the Exchange believes that the proposed
NBBO Program, in general, promotes the principles discussed in Sections
6(b)(4) and 6(b)(5) of the Act.\35\
---------------------------------------------------------------------------

    \32\ See supra note 15.
    \33\ Id.
    \34\ Id.
    \35\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

NBBO Setter Additive Rebate
    The Exchange believes the proposed NBBO Setter Additive Rebate is
reasonable, equitably allocated and not unfairly discriminatory because
is available to all Equity Members and is designed to incentivize the
entry of aggressively priced displayed liquidity that will create
tighter spreads, thereby promoting price discovery and market quality
on the Exchange to the benefit of all Equity Members and public
investors. As such, the Exchange believes the NBBO Setter Additive
Rebate for executions of orders in securities priced at or above $1.00
per share for Added Displayed Volume (other than Retail Orders) that
sets the NBB or NBO on the Exchange is reasonably related to the market
quality benefits that such additional enhanced rebate is designed to
promote. Additionally, other U.S. equity exchanges have adopted similar
pricing incentives applicable to executions of orders that establish
the NBBO, with the Exchange's proposed top tier rebate, coupled with
the NBBO Setter Additive Rebate, being higher than competing exchanges'
top rebates for similar executions.\36\
---------------------------------------------------------------------------

    \36\ See MEMX Fee Schedule, NBBO Setter/Joiner Tiers Section
(providing additional rebate of ($0.0004) per share to the top
displayed liquidity tier rebate of ($0.0033) per share for
executions of added displayed volume (other than retail orders) in
securities priced at or above $1.00 per share that establish the
NBBO or establish a new BBO on MEMX that matches the NBBO first
established on an away market, for a total ``enhanced'' rebate of
($0.0037) per share); and Cboe BZX Equities Fee Schedule, NBBO
Setter section and Add/Remove Volume Tiers section (providing
additional rebate of ($0.0007) per share to the top displayed
liquidity tier rebate of ($0.0031) per share for executions of added
displayed volume in securities priced at or above $1.00 per share
that establish a new Setter NBBO in NBBO Setter Securities on Cboe
BZX, for a total ``enhanced'' rebate of ($0.0038) per share).
---------------------------------------------------------------------------

Reduce Standard Rebate for Executions of Orders in Securities Priced at
or Above $1.00 per Share for Added Displayed Volume (All Tapes) and
Corresponding Changes to Liquidity Indicator Codes
    The Exchange believes that the proposal to reduce the standard
rebate from ($0.0027) to ($0.0024) per share for executions of orders
in securities priced at or above $1.00 per share for Added Displayed
Volume is reasonable, equitably allocated and not unfairly
discriminatory because it represents a modest decrease from the current
standard rebate and competitive with, and higher than, the standard
rebates provided by other exchanges for similar executions.\37\ The
Exchange further believes that the proposed reduced standard rebate for
executions of orders in securities priced at or above $1.00 per share
for Added Displayed Volume is equitably allocated and not unfairly
discriminatory because the standard rebate will apply equally to all
Equity Members. The Exchange also believes its proposal to amend
Section 1)b), Liquidity Indicator Codes and Associated Fees, to reflect
the proposed decreased rebate for Added Displayed Volume in the
corresponding Liquidity Indicator Codes AA, AB and AC is reasonable
because it provides uniformity and clarity in the Fee Schedule.
---------------------------------------------------------------------------

    \37\ See supra note 20.

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

Proposal To Eliminate the Add Volume Tiers Table and Associated Rebates
and the Market Quality Tiers Table and Associated Rebates
    The Exchange believes its proposal to eliminate the Add Volume
Tiers table and associated rebates in Section 1)c) of the Fee Schedule
and rename Section 1)c) as the NBBO Setter Plus Program in connection
with the NBBO Program, is reasonable, equitably allocated and not
unfairly discriminatory. The Exchange adopted the Add Volume Tiers
rebates for the purpose of encouraging Equity Members to increase their
orders that add liquidity on the Exchange, thereby improving its market
quality with respect to such securities and contributing to a more
robust and well-balanced market ecosystem on the Exchange to the
benefit of all Equity Members. The Exchange's proposal to eliminate the
Add Volume Tiers table and associated rebates is reasonable because the
NBBO Program incorporates similar aspects and rebate amounts,
including, under volume calculation Method 1, tiered rebates based on
an Equity Member's ADAV as a percentage of TCV. The Exchange notes that
the NBBO Program does have slightly lower rebates for the corresponding
Add Volume Tier thresholds; however, the Exchange believes that the
benefits of the NBBO Program, i.e., several volume calculation methods
to obtain enhanced rebates, provides more opportunities for Equity
Members to achieve higher rebates and will encourage the submission of
increased order flow, which would benefit all Equity Members by
providing greater execution opportunities on the Exchange and
contribute to a deeper, more liquid market, to the benefit of all
investors and market participants.
    Similarly, the Exchange believes its proposal to eliminate the
Market Quality Tiers table and associated rebate in Section 1)f) of the
Fee Schedule is reasonable, equitably allocated and not unfairly
discriminatory. The Exchange adopted the Market Quality Tiers for the
purpose of encouraging executions of Added Displayed Volume for
qualifying Equity Members as a means of recognizing the value of market
participants that consistently quote at the NBBO in a large number of
securities generally, and in the specified MQ Securities, in
particular. The Exchange's proposal to eliminate the Market Quality
Tiers table and associated rebates is reasonable as the NBBO Program
incorporates similar aspects, rebate amounts calculation methodologies
based on an Equity Member's Percent Time at NBBO in certain MQ
Securities under Level B and Level C, which should provide more
opportunities for Equity Members to achieve higher rebates and will
encourage the submission of increased order flow to the benefit of all
Equity Members. This should provide greater execution opportunities on
the Exchange and contribute to a more liquid market, to the benefit of
all investors and market participants.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
Intra-Market Competition
    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
NBBO Program will be eligible to all Equity Members equally in that all
Equity Members have the opportunity to participate and therefore
qualify for the proposed enhanced rebates. Furthermore, the Exchange
believes that the proposed NBBO Program will incentivize Equity Members
to submit additional aggressively priced displayed liquidity to the
Exchange, and to increase their order flow on the Exchange generally,
thereby contributing to a deeper and more liquid market and promoting
price discovery and market quality on the Exchange to the benefit of
all market participants and enhancing the attractiveness of the
Exchange as a trading venue. The Exchange believes that this, in turn,
would continue to encourage market participants to direct additional
order flow to the Exchange. Greater liquidity benefits all Equity
Members by providing more trading opportunities and encourages Equity
Members to send additional orders to the Exchange, thereby contributing
to robust levels of liquidity, which benefits all market participants.
    The proposed decrease to the standard rebate for executions of
orders in securities priced at or above $1.00 per share for Added
Displayed Volume does not impose a burden on intramarket competition
that is not in furtherance of the Act in that the proposed change
applies to all Equity Members equally and the proposed reduced rate is
still competitive with, or higher than, rebates offered by competing
exchanges for similar executions.\38\
---------------------------------------------------------------------------

    \38\ See supra note 20.
---------------------------------------------------------------------------

    The proposed non-substantive changes to the Definitions section of
the Fee Schedule are similarly non-burdensome as they are intended to
provide clear descriptions of the terms applicable to the proposed NBBO
Program.
    In general, the Exchange believes all of the proposed changes are
intended to enhance market quality on the Exchange in a large number of
securities generally, and in the MQ Securities specifically, and to
encourage Equity Members to maintain or increase their order flow on
the Exchange, thereby promoting price discovery and contributing to a
deeper and more liquid market to the benefit of all market
participants. As a result, the Exchange believes the proposal would
enhance its competitiveness as a market that attracts actionable
orders, thereby making it a more desirable destination venue for its
customers. For these reasons, the Exchange believes that the proposal
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.'' \39\
---------------------------------------------------------------------------

    \39\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 47396 (June 29, 2005).
---------------------------------------------------------------------------

Intermarket Competition
    The Exchange believes its proposal will benefit competition, and
the Exchange notes that it operates in a highly competitive market.
Equity Members have numerous alternative venues they may participate on
and direct their order flow to, including fifteen other equities
exchanges and numerous alternative trading systems and other off-
exchange venues. As noted above, no single registered equities exchange
currently has more than 13-14% of the total market share of executed
volume of equities trading.\40\ Thus, in such a low-concentrated and
highly competitive market, no single equities exchange possesses
significant pricing power in the execution of order flow. Moreover, the
Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow in response to new or different pricing structures
being introduced to the market. Accordingly, competitive forces
constrain the Exchange's transaction fees and rebates generally,
including with respect to executions of Added Displayed Volume, and
market participants can readily choose to send their orders to other
exchanges and off-exchange venues if they deem fee levels

at those other venues to be more favorable.
---------------------------------------------------------------------------

    \40\ See supra note 26.
---------------------------------------------------------------------------

    As described above, the proposal is designed to enhance market
quality on the Exchange and to encourage additional order flow and
quoting activity on the Exchange and to promote market quality through
pricing incentives that are comparable to, and competitive with,
pricing programs in place at other exchanges with respect to executions
of Added Displayed Volume.\41\ Accordingly, the Exchange believes the
proposal would not be a burden on, but rather promote, intermarket
competition by enabling the Exchange to better compete with other
exchanges that offer similar incentives to market participants that
enhance market quality and/or achieve certain volume criteria and
thresholds.
---------------------------------------------------------------------------

    \41\ See supra note 19.
---------------------------------------------------------------------------

    Additionally, 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.'' \42\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. Securities and Exchange Commission, the DC
circuit stated: ``[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 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 possess a
monopoly, regulatory or otherwise, in the execution of order flow from
broker dealers' . . .''.\43\ Accordingly, the Exchange does not believe
its proposed pricing changes impose any burden on competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \42\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \43\ 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-NYSE-2006-21)).
---------------------------------------------------------------------------

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

    Written comments were neither solicited nor received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\44\ and Rule 19b-4(f)(2) \45\ 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 shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
---------------------------------------------------------------------------

    \44\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \45\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
file number SR-PEARL-2023-45 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-PEARL-2023-45. 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 (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-PEARL-2023-45 and should be
submitted on or before October 18, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\46\
---------------------------------------------------------------------------

    \46\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-20960 Filed 9-26-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: October 19, 2006 (Volume 71, Number 202)]
[Notices]
[Page 61747]
[DOCID:fr19oc06-62]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER06-1364-000]

International Paper Company; Notice of Issuance of Order

October 13, 2006.
    International Paper Company (IPC) filed an application for market-
based rate authority, with an accompanying rate schedule. The proposed
market-based rate schedule provides for the sale of energy, capacity
and ancillary services at market-based rates. IPC also requested
waivers of various Commission regulations. In particular, IPC requested
that the Commission grant blanket approval under 18 CFR part 34 of all
future issuances of securities and assumptions of liability by IPC.
    On September 19, 2006, pursuant to delegated authority, the
Director, Division of Tariffs and Market Development--West, granted the
requests for blanket approval under part 34. The Director's order also
stated that the Commission would publish a separate notice in the
Federal Register establishing a period of time for the filing of
protests. Accordingly, any person desiring to be heard or to protest
the blanket approvals of issuances of securities or assumptions of
liability by IPC should file a motion to intervene or protest 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, 385.214
(2004).
    Notice is hereby given that the deadline for filing motions to
intervene or protest is November 13, 2006.
    Absent a request to be heard in opposition by the deadline above,
IPC is authorized to issue securities and assume obligations or
liabilities as a guarantor, indorser, surety, or otherwise in respect
of any security of another person; provided that such issuance or
assumption is for some lawful object within the corporate purposes of
IPC, compatible with the public interest, and is reasonably necessary
or appropriate for such purposes.
    The Commission reserves the right to require a further showing that
neither public nor private interests will be adversely affected by
continued approvals of IPC's issuance of securities or assumptions of
liability.
    Copies of the full text of the Director's Order are available from
the Commission's Public Reference Room, 888 First Street, NE.,
Washington, DC 20426. The Order may also be viewed on the Commission's
Web site at http://www.ferc.gov, using the eLibrary link. Enter the

docket number excluding the last three digits in the docket number
filed to access the document. Comments, protests, and interventions may
be filed electronically via the Internet in lieu of paper. See 18 CFR
385.2001(a)(1)(iii) and the instructions on the Commission's Web site
under the ``e-Filing'' link. The Commission strongly encourages
electronic filings.

Magalie R. Salas,
Secretary.
 [FR Doc. E6-17493 Filed 10-18-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 83, Number 35 (Wednesday, February 21, 2018)]
[Rules and Regulations]
[Pages 7365-7366]
[FR Doc No: 2018-03401]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2017-0972; Airspace Docket No. 16-ANM-9]

Establishment of Class E Airspace, Rangely, CO

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: This action establishes Class E airspace extending upward from
700 feet above the surface, at Rangely Airport, Rangely, CO, to
accommodate new area navigation (RNAV) procedures at the airport. This
action ensures the safety and management of instrument flight rules
(IFR) operations within the National Airspace System.

DATES: Effective 0901 UTC, May 24, 2018. The Director of the Federal
Register approves this incorporation by reference action under Title 1,
Code of Federal Regulations, part 51, subject to the annual revision of
FAA Order 7400.11 and publication of conforming amendments.

ADDRESSES: FAA Order 7400.11B, Airspace Designations and Reporting
Points, and subsequent amendments can be viewed online at http://www.faa.gov/air_traffic/publications/. For further information, you can
contact the Airspace Policy Group, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783. The Order is also available for inspection at the National
Archives and Records Administration (NARA). For information on the
availability of this material at NARA, call<PHONE_NUMBER>, or go to
https://www.archives.gov/federal-register/cfr/ibr-locations.html.
    FAA Order 7400.11, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

FOR FURTHER INFORMATION CONTACT: Tom Clark, Federal Aviation
Administration, Operations Support Group, Western Service Center, 2200
S 216th Street, Des Moines, WA 98198; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it establishes Class E airspace extending upward from 700 feet above
the earth at Rangely Airport, Rangely, CO, to support IFR operations at
the airport.

History

    The FAA published a notice of proposed rulemaking in the Federal
Register (82 FR 57554; December 6, 2017) for Docket No. FAA-2017-0972
to establish Class E airspace extending upward from 700 feet above the
surface at Rangely Airport, Rangely, CO. Interested parties were
invited to participate in this rulemaking effort by submitting written
comments on the proposal to the FAA. No comments were received.
    Class E airspace designations are published in paragraph 6005 of
FAA Order 7400.11B, dated August 3, 2017, and effective September 15,
2017, which is incorporated by reference in 14 CFR 71.1. The Class E
airspace designation listed in this document will be published
subsequently in the Order.

Availability and Summary of Documents for Incorporation by Reference

    This document amends FAA Order 7400.11B, Airspace Designations and
Reporting Points, dated August 3, 2017, and effective September 15,
2017. FAA Order 7400.11B is publicly available as listed in the
ADDRESSES section of this document. FAA Order 7400.11B lists Class A,
B, C, D, and E airspace areas, air traffic service routes, and
reporting points.

The Rule

    The FAA is amending Title 14 Code of Federal Regulations (14 CFR)
part 71 by establishing Class E airspace extending upward from 700 feet
above the surface at Rangely Airport, Rangely, CO, within an area
approximately 10 miles wide, from north to south, and extending to
approximately 10 miles east and 12 miles west of the airport.

Regulatory Notices and Analyses

    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current, is
non-controversial and unlikely to result in adverse or negative
comments. It, therefore: (1) Is not a ``significant regulatory action''
under Executive Order 12866; (2) is not a ``significant rule'' under
DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a Regulatory Evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that only affects air traffic procedures and air navigation, it is
certified that this rule, when promulgated, will not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA

Order 1050.1F, ``Environmental Impacts: Policies and Procedures,''
paragraph 5-6.5a. This airspace action is not expected to cause any
potentially significant environmental impacts, and no extraordinary
circumstances exist that warrant preparation of an environmental
assessment.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for part 71 continues to read as follows:

    Authority:  49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1   [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.11B,
Airspace Designations and Reporting Points, dated August 3, 2017, and
effective September 15, 2017, is amended as follows:

Paragraph 6005 Class E Airspace Areas Extending Upward From 700
Feet or More Above the Surface of the Earth.

* * * * *

ANM CO E5 Rangely, CO [New]

Rangely Airport, CO
    (Lat. 40[deg]05'38'' N, long. 108[deg]45'47'' W)

    That airspace extending upward from 700 feet above the surface
of Rangely Airport within the area bounded by lat. 40[deg]04'58'' N,
long. 109[deg]01'51'' W; to lat. 40[deg]12'20'' N, long.
108[deg]35'41'' W; to lat. 40[deg]09'07'' N, long. 108[deg]32'59''
W; to lat. 40[deg]01'42'' N, long. 108[deg]36'14'' W; to lat.
39[deg]59'18'' N, long. 108[deg]45'09'' W; to lat. 40[deg]00'25'' N,
long. 109[deg]01'00'' W; thence to the point of beginning.

    Issued in Seattle, Washington, on February 7, 2018.
B.G. Chew,
Acting Manager, Operations Support Group, Western Service Center.
[FR Doc. 2018-03401 Filed 2-20-18; 8:45 am]
 BILLING CODE 4910-13-P