[Federal Register Volume 82, Number 55 (Thursday, March 23, 2017)]
[Notices]
[Pages 14925-14926]
[FR Doc No: 2017-05740]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80269; File No. SR-ICEEU-2017-003]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing of a Proposed Rule Change, Security-Based Swap Submission or
Advance Notice Relating to the CDS End-of-Day Price Discovery Policy

March 17, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 10, 2017, ICE Clear Europe Limited (``ICE Clear Europe'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change described in Items I, II, and III below, which
Items have been prepared primarily by ICE Clear Europe. 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. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change, Security-Based Swap Submission, or Advance Notice

    The principal purpose of the changes is to modify certain aspects
of ICE Clear Europe's CDS End-of-Day Price Discovery Policy (the ``EOD
Price Discovery Policy'').

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change, Security-Based Swap Submission or
Advance Notice

    In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.

A. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change, Security-Based Swap Submission or
Advance Notice

1. Purpose
    The purpose of the rule change is to incorporate certain
enhancements to the EOD Price Discovery Policy. These revisions do not
require any changes to the ICE Clear Europe Clearing Rules.
    ICE Clear Europe proposes revising its EOD Price Discovery Policy
to implement a new direct price submission process for Clearing
Members. Currently, ICE Clear Europe uses an intermediary agent to
implement functions of its price discovery process. Under the current
process, Clearing Members make required price submissions to the
intermediary agent. These prices are then input into ICE Clear Europe's
price settlement methodology to determine settlement prices. ICE Clear
Europe is proposing to remove the intermediary agent from the price
settlement process. In doing so, ICE Clear Europe will require Clearing
Members to submit prices directly to the clearing house. The prices
will continue to be input into ICE Clear Europe's price settlement
methodology to determine settlement prices. ICE Clear Europe is not
otherwise changing the price settlement methodology itself.
    The proposed revisions to the EOD Price Discovery Policy are
described in detail as follows: Under the revised policy, ICE Clear
Europe requires Clearing Members to establish direct connectivity with
the clearing house and use a FIX API to submit required prices. ICE
Clear Europe is revising the EOD Price Discovery Policy to remove
references to the intermediary agent and the Valuation Service API (and
related message terminology), which will be decommissioned with the
launch of the new Clearing Member direct price submission process. The
revisions also add references to the new FIX API message terminology
which will be utilized under the new Clearing Member direct price
submission process. Such changes are reflected throughout the EOD Price
Discovery Policy. ICE Clear Europe has also updated the EOD Price
Discovery Policy to specify that ICE Clear Europe will send the
unsolicited FIX API messages directly to each Clearing Member.
    Under the new Clearing Member direct price submission process, ICE
Clear Europe will consolidate the price discovery process across index
and single-name CDS. As such, new FIX API messages will include
information for both index and single-name CDS. Previously, the price
discovery process provided files separately for each product type. ICE
Clear Europe has also updated the submission requirements for the
CDX.NA.HY index to note that prices may be submitted in either price or
upfront format; previously, only price format was accepted.
    ICE Clear Europe has updated the EOD Price Discovery Policy to
reflect the replacement of existing firm trade data files with new FIX
API firm trade messages. ICE Clear Europe also made minor changes to
the timings of certain steps in the price settlement process; no
changes were made to the actual settlement submission windows.
    ICE Clear Europe has also updated the process for distribution of
end-of-day prices set forth in the EOD Price Discovery Policy. Under
the new process, ICE Clear Europe will publish separate messages for
Clearing Members, listing end-of-day prices for single-name and index
CDS. The end-of-day prices provided will not change and will continue
to be based on a Clearing Members' cleared positions. ICE Clear Europe
will continue to publish end-of-day prices for every listed risk sub-
factor's most actively traded instrument, and to distribute daily end-
of-day prices for all cleared instruments through Markit.
2. Statutory Basis
    ICE Clear Europe believes that the changes described herein are
consistent with the requirements of Section 17A of the Act \3\ and the
regulations thereunder applicable to it, including the standards under
Rule 17Ad-22,\4\ and are consistent with the prompt and accurate
clearance of and settlement of securities transactions and, to the
extent applicable, derivative agreements,

contracts and transactions, the safeguarding of securities and funds in
the custody or control of ICE Clear Europe or for which it is
responsible and the protection of investors and the public interest,
within the meaning of Section 17A(b)(3)(F) of the Act.\5\ The
amendments are intended to simplify and increase the efficiency of ICE
Clear Europe's price discovery process. In particular, the changes will
decrease external operational risk, as ICE Clear Europe will no longer
rely on the services of an intermediary agent to perform key aspects of
its price discovery process. In ICE Clear Europe's view, the amendments
will generally enhance the end-of-day settlement process, and thus
promote the prompt and accurate clearance and settlement of cleared
contracts, within the meaning of Section 17A(b)(3)(F) of the Act.\6\
The amendments are also consistent with the requirements regarding the
management of operational risk in Rule 17Ad-22(d)(4) \7\ and (as and
when compliance therewith is required) Rule 17Ad-22(e)(17).\8\
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78q-1.
    \4\ 17 CFR 240.17Ad-22.
    \5\ 15 U.S.C. 78q-1(b)(3)(F).
    \6\ 15 U.S.C. 78q-1(b)(3)(F).
    \7\ 17 CFR 240.17Ad-22(d)(4).
    \8\ 17 CFR 240.17Ad-22(e)(17).
---------------------------------------------------------------------------

B. Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed changes to the rules
would have any impact, or impose any burden, on competition not
necessary or appropriate in furtherance of the purpose of the Act. ICE
Clear Europe is adopting the amendments to the EOD Price Discovery
Policy in order to enhance certain aspects of the price discovery
process. The amendments will apply uniformly across all Clearing
Members, and will not change the nature of information to be submitted
by Clearing Members. ICE Clear Europe does not believe the amendments
would materially affect the cost of clearing, adversely affect access
to clearing in CDS Contracts for Clearing Members or their customers,
or otherwise adversely affect competition in clearing services. As a
result, ICE Clear Europe does not believe that the amendments would
impose any impact or burden on competition that is not appropriate in
furtherance of the purpose of the Act.

C. Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others

    Written comments relating to the proposed changes to the rules have
not been solicited or received. ICE Clear Europe will notify the
Commission of any written comments received by ICE Clear Europe.

III. Date of Effectiveness of the Proposed Rule Change, Security-Based
Swap Submission and Advance Notice and Timing for Commission Action

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.
    The proposal shall not take effect until all regulatory actions
required with respect to the proposal are completed.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml) or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-ICEEU-2017-003 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-ICEEU-2017-003. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change, security-
based swap submission or advance notice that are filed with the
Commission, and all written communications relating to the proposed
rule change, security-based swap submission or advance notice between
the Commission and any person, other than those that may be withheld
from the public in accordance with the provisions of 5 U.S.C. 552, will
be available for Web site viewing and printing in the Commission's
Public Reference Room, 100 F Street NE., Washington, DC 20549, on
official business days between the hours of 10:00 a.m. and 3:00 p.m.
Copies of such filings will also be available for inspection and
copying at the principal office of ICE Clear Europe and on ICE Clear
Europe's Web site at https://www.theice.com/clear-europe/regulation#rule-filings.
    All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-ICEEU-2017-003
and should be submitted on or before April 13, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-05740 Filed 3-22-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: August 5, 2010 (Volume 75, Number 150)]
[Rules and Regulations]
[Page 47217-47218]
[DOCID:fr05au10-19]

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

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2010-0702]

Drawbridge Operation Regulations; Newark Bay, NJ, Maintenance

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation from regulations.

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

SUMMARY: The Commander, First Coast Guard District, has issued a
temporary deviation from the regulation governing the operation of the
Lehigh Valley Railroad Bridge across Newark Bay, mile 4.3, at Newark,
New Jersey. This deviation allows the bridge to remain in the closed
position on three Mondays to facilitate scheduled maintenance.

DATES: This rule is effective in the CFR from August 5, 2010 through
through 2 p.m. on August 16, 2010, and with actual notice for purposes
of enforcement from 9 a.m. on August 2, 2010, with actual notice
through 2 p.m. on August 16, 2010.

ADDRESSES: Documents mentioned in this preamble as being available in
the docket are part of docket USCG-2010-0702 and are available online
at http://www.regulations.gov, inserting USCG-2010-0702 in the
``Keyword'' and then clicking ``Search''. They are also available for
inspection or copying at the Docket Management Facility (M-30), U.S.
Department of Transportation, West Building Ground Floor, Room W12-140,
1200 New Jersey Avenue, SE., Washington, DC 20590, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or e-mail Mr. Joe Arca, Project Officer, First Coast Guard
District, telephone<PHONE_NUMBER>. If you have questions on viewing
the docket, call Renee V. Wright, Program Manager, Docket Operations,
telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Lehigh Valley Railroad Bridge, across
Newark Bay at mile 4.3, Newark, New Jersey, has a vertical clearance in
the closed position of 35 feet at mean high water and 39 feet at mean
low water. The drawbridge operation regulations are listed at 33 CFR
117.5.
    The owner of the bridge, Conrail, requested a temporary deviation
from the regulations to facilitate scheduled bridge maintenance, lift
cable replacement.
    Under this temporary deviation the Lehigh Valley Bridge may remain
in the closed position on three Mondays, August 2, 9, and 16, 2010,
between 9 a.m. and 2 p.m. to facilitate lift cable replacement.
    Waterway users were advised of the requested bridge closures and
offered no objection.
    In accordance with 33 CFR 117.35(e), the bridge must return to its
regular operating schedule immediately at the end of the designated
time period. This deviation from the operating regulations is
authorized under 33 CFR 117.35.

    Dated: July 26, 2010.
Gary Kassof,
Bridge Program Manager, First Coast Guard District.
[FR Doc. 2010-19290 Filed 8-4-10; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 79, Number 145 (Tuesday, July 29, 2014)]
[Rules and Regulations]
[Pages 43933-43935]
[FR Doc No: 2014-17833]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 100

[Docket Number USCG-2013-0789]
RIN 1625-AA08

Special Local Regulation; Suncoast Offshore Grand Prix; Gulf of
Mexico, Sarasota, FL

AGENCY: Coast Guard, DHS.

ACTION: Final rule.

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

SUMMARY: The Coast Guard is amending the permanent special local
regulations for the Suncoast Offshore Challenge and the Suncoast
Offshore Grand Prix in the Gulf of Mexico near Sarasota, Florida.
Reflected in the existing permanent special local regulations, these
two races have nearly identical course and time characteristics,
however, one event used to be held annually on the first Saturday of
July and the other event is held annually on the first Sunday of July.
The sponsor has decided to combine the events into a single day, reduce
the length of the racecourse, and modify the time of the event. Due to
recent shoaling north of New Pass, it is necessary to amend the
existing language to close New Pass and open Big Sarasota Pass to
traffic. The changes are necessary to provide for the safety of life on
navigable waters during the event.

DATES: This rule is effective August 28, 2014.

ADDRESSES: Documents mentioned in this preamble are part of docket
USCG-2013-0789. To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov, type the
docket number in the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rulemaking. You may also
visit the Docket Management Facility in Room W12-140 on the ground
floor of the Department of Transportation West Building, 1200 New
Jersey Avenue SE., Washington, DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Marine Science Technician First Class Hector I. Fuentes,
Sector Saint Petersburg Waterways Management Branch, U.S. Coast Guard;
telephone<PHONE_NUMBER>, email<EMAIL_ADDRESS>If you have
questions on viewing or submitting material to the docket, call Cheryl

Collins, Program Manager, Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Table of Acronyms

DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking

A. Regulatory History and Information

    On February 7, 2014, a Notice of Proposed Rulemaking (NPRM)
entitled, ``Special Local Regulations; Suncoast Offshore Grand Prix;
Gulf of Mexico, Sarasota, FL'' was published in the Federal Register
(see 79 FR 7408). We received no comments on the proposed rule. No
public meeting was requested, and none was held.
    The Annual Suncoast Offshore Challenge and Annual Suncoast Offshore
Grand Prix in the Gulf of Mexico near Sarasota, Florida are governed by
permanent regulations at 33 CFR 100.719 and 33 CFR 100.720,
respectively. The marine events are normally held on the first Saturday
and Sunday of July between 10 a.m. and 4 p.m. Event coordinators have
decided to combine the two events to take place annually on the first
Sunday of July between 10 a.m. and 4 p.m. Event coordinators are also
reducing the length of the racecourse so that Big Sarasota Pass channel
may remain open during the event. In recent years, areas north of New
Pass have been subjected to shoaling. To ensure the safety of boaters,
the Coast Guard will also close New Pass during the race because the
north end of the course is close to the channel.

B. Basis and Purpose

    The legal basis for the rule is the Coast Guard's authority to
establish special local regulations: 33 U.S.C. 1233.
    The purpose of the regulation is to consolidate the Annual Suncoast
Offshore Challenge at 33 CFR 100.719 and Annual Suncoast Offshore Grand
Prix 33 CFR 100.720 into a single regulation to provide safety of life
on the navigable waters in the Captain of the Port Saint Petersburg
Zone.

C. Comments, Changes and the Final Rule

    There were no comments related to this event during the comment
period and there was no request for a public meeting made during the
comment period.
    This final rule is necessary to accommodate the rescheduling of the
Annual Suncoast Offshore Challenge to the same date of the Annual
Suncoast Offshore Grand Prix race, to modify the regulated area to
account for changes in the length of the racecourse, and to modify the
passes for inbound and outbound traffic into Sarasota Bay. The final
rule removes 33 CFR 100.719, the existing permanent regulation for the
Annual Suncoast Offshore Challenge scheduled for the first Saturday in
July. That event would be consolidated into existing 33 CFR 100.720,
the Annual Suncoast Offshore Grand Prix race. The event listed in 33
CFR 100.719 is a one-day race event to be held on the already
established Grand Prix race day, annually on the first Sunday of July.
Under the existing special local regulations, New Pass is open to
maritime traffic and Big Sarasota Pass is closed to traffic. Due to
recent shoaling north of New Pass, this final rule closes New Pass and
opens Big Sarasota Pass to inbound and outbound traffic. Additionally,
the coordinates of the regulated area would be modified to reflect a
reduced length in the racecourse.

D. Regulatory Analyses

    We developed this rule after considering numerous statutes and
executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes or executive orders.

1. Regulatory Planning and Review

    This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory Planning and Review, as
supplemented by Executive Order 13563, Improving Regulation and
Regulatory Review, and does not require an assessment of potential
costs and benefits under section 6(a)(3) of Executive Order 12866 or
under section 1 of Executive Order 13563. The Office of Management and
Budget has not reviewed it under those Orders.
    This regulation is not a significant regulatory action because this
change constitutes merging and modification of existing regulations.
This rule may have some impact on the public, but these potential
impacts will be minimized for the following reason: Big Sarasota Pass
is within three miles of New Pass and would allow vessels to continue
to enter and exit Sarasota Bay.

2. Impact on Small Entities

    Under the Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered the impact of this rule on small entities. The Coast Guard
certifies under 5 U.S.C. 605(b) that this rule will not have a
significant economic impact on a substantial number of small entities.
    If you think that your business, organization, or governmental
jurisdiction qualifies as a small entity and that this rule would have
a significant economic impact on it, please submit a comment (see
ADDRESSES) explaining why you think it qualifies and how and to what
degree this rule would economically affect it.

3. Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT,
above. The Coast Guard will not retaliate against small entities that
question or complain about this rule or any policy or action of the
Coast Guard.

4. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

5. Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and determined
that this rule does not have implications for federalism.

6. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the FOR FURTHER
INFORMATION CONTACT section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

7. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule would not result
in such expenditure,

we do discuss the effects of this rule elsewhere in this preamble.

8. Taking of Private Property

    This rule would not cause a taking of private property or otherwise
have taking implications under Executive Order 12630, Governmental
Actions and Interference with Constitutionally Protected Property
Rights.

9. Civil Justice Reform

    This rule meets applicable standards in sections 3(a) and 3(b)(2)
of Executive Order 12988, Civil Justice Reform, to minimize litigation,
eliminate ambiguity, and reduce burden.

10. Protection of Children From Environmental Health Risks

    We have analyzed this rule under Executive Order 13045, Protection
of Children from Environmental Health Risks and Safety Risks. This rule
is not an economically significant rule and would not create an
environmental risk to health or risk to safety that might
disproportionately affect children.

11. Indian Tribal Governments

    This rule does not have tribal implications under Executive Order
13175, Consultation and Coordination with Indian Tribal Governments,
because it would not have a substantial direct effect on one or more
Indian tribes, on the relationship between the Federal Government and
Indian tribes, or on the distribution of power and responsibilities
between the Federal Government and Indian tribes.

12. Energy Effects

    This rule is not a ``significant energy action'' under Executive
Order 13211, Actions Concerning Regulations That Significantly Affect
Energy Supply, Distribution, or Use.

13. Technical Standards

    This rule does not use technical standards. Therefore, we did not
consider the use of voluntary consensus standards.

14. Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.lD, which
guide the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and have made a
preliminary determination that this action is one of a category of
actions that do not individually or cumulatively have a significant
effect on the human environment. This rule is categorically excluded
from further review under paragraph 34(h) of Figure 2-1 of the
Commandant Instruction. An environmental analysis checklist supporting
this determination and a Categorical Exclusion Determination are
available in the docket where indicated under ADDRESSES.

List of Subjects in 33 CFR Part 100

    Marine safety, Navigation (water), Reporting and recordkeeping
requirements, Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 100 as follows:

PART 100--SAFETY OF LIFE ON NAVIGABLE WATERS

0
1. The authority citation for part 100 continues to read as follows:

    Authority:  33 U.S.C. 1233; Department of Homeland Security
Delegation No. 0170.1.

Sec.  100.719  [Removed]

0
2. Remove Sec.  100.719.

0
3. Revise Sec.  100.720 to read as follows:

Sec.  100.720  Annual Suncoast Offshore Grand Prix, Gulf of Mexico,
Sarasota, FL.

    (a) Regulated Area. The regulated area is established by a line
drawn from the start line position 27[deg]18.40' N, 82[deg]35.36' W,
thence to turn 1 position 27[deg]16.74' N, 82[deg]34.92' W, thence to
turn 2 position 27[deg]18.20' N, 82[deg]34.51' W, thence to turn 3
position 27[deg]18.67' N, 82[deg]35.09' W, thence to turn 4 position
27[deg]18.66' N, 82[deg]35.45' W, thence to the finish line position
27[deg]18.64' N, 82[deg]35.00' W. All coordinates referenced use datum:
NAD 1983.
    (b) Special local regulations. (1) Spectator craft will be
permitted to anchor shoreward of the shoreside boundaries, in the
spectator area 500 yards from the regulated area between position
27[deg]18.02' N, 82[deg]34.42' W and position 27[deg]16.85' N,
82[deg]34.67' W.
    (2) Spectator craft will be permitted to anchor seaward of the
seaside boundaries, in the spectator area 500 yards from the regulated
area between position 27[deg]18.54' N, 82[deg]35.56' W and position
27[deg]16.64' N, 82[deg]35.07' W.
    (3) All vessel traffic not involved with the Suncoast Offshore
Grand Prix shall enter and exit Sarasota Bay via Big Sarasota Pass and
stay well clear of the racecourse.
    (4) New Pass will be closed to all inbound and outbound vessel
traffic at the COLREGS Demarcation Line. Vessels are allowed to utilize
New Pass to access all areas inland of the Demarcation Line via
Sarasota Bay. It may be opened at the discretion of the Patrol
Commander.
    (5) Entry into the regulated area shall be in accordance with this
regulation.
    (c) Effective Date. This rule is effective annually during the
first Sunday of July from 10 a.m. to 4 p.m.

    Dated: June 26, 2014.
G.D. Case,
Captain, U.S. Coast Guard, Captain of the Port.
[FR Doc. 2014-17833 Filed 7-28-14; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: October 19, 2006 (Volume 71, Number 202)]
[Notices]
[Page 61738]
[DOCID:fr19oc06-41]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER06-1354-000]

AB Energy, Inc.; Notice of Issuance of Order

October 13, 2006.
    AB Energy, Inc. (AB Energy) 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. AB Energy also requested
waivers of various Commission regulations. In particular, AB Energy
requested that the Commission grant blanket approval under 18 CFR part
34 of all future issuances of securities and assumptions of liability
by AB Energy.
    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 AB Energy 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,
AB Energy 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
AB Energy, 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 AB Energy'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. E6-17491 Filed 10-18-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register: September 16, 2008 (Volume 73, Number 180)]
[Notices]
[Page 53471-53472]
[DOCID:fr16se08-98]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58500; File No. SR-NYSE-2008-57)

Self-Regulatory Organizations; New York Stock Exchange LLC; Order
Approving Proposed Rule Change To Adopt on a Permanent Basis a Pilot
Program Which Allows the Exchange To Adjust the Earnings of Companies
for Purposes of Its Earnings Standard by Reversing the Income Statement
Effects of Changes in Fair Value of Financial Instruments Extinguished
at the Time of Listing

September 9, 2008.

I. Introduction

    On July 23, 2008, the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to enable the Exchange to adjust the earnings of
companies by reversing the income statement effects for all periods of
any changes in fair value of financial instruments classified as a
liability recorded by the company in earnings, provided such financial
instrument is either being redeemed with the proceeds of an offering
occurring in conjunction with the listing or converted into or
exercised for common stock of the company at the time of listing. The
proposed rule change was published for comment in the Federal Register
on August 5, 2008.\3\ The Commission received no comments on the
proposal. This order approves the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 58253 (July 30,
2008), 73 FR 45509.
---------------------------------------------------------------------------

II. Description of the Proposal

    The Exchange proposes to amend the earnings standard of Section
102.01C(I) of the Exchange's Listed Company Manual (``Manual'') to
enable the Exchange to adjust the earnings of companies listing in
conjunction with an initial public offering (``IPO'') by reversing the
income statement effects for all periods of changes in fair value of
financial instruments classified as a liability recorded by the company
in earnings, provided such financial instrument is either being
redeemed with the proceeds of an offering occurring in conjunction with
the listing or converted into or exercised for common stock of the
company at the time of listing. The proposed amendment was originally
implemented for a six-month period as a Pilot Program.\4\ The Pilot
Program expired and was subsequently renewed for an additional three
months, expiring on September 2, 2008.\5\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 56290 (August 20,
2007), 72 FR 49033 (August 27, 2007) (SR-NYSE-2007-75).
    \5\ See Securities Exchange Act Release No. 57905 (June 2,
2008), 73 FR 32613 (June 9, 2008) (SR-NYSE-2008-44).
---------------------------------------------------------------------------

    The Exchange believes that it is appropriate to exclude the effects
of changes in fair value of a financial instrument classified as a
liability from a company's earnings where the financial instrument is
being retired at the time of a company's listing either out of the
proceeds of a concurrent offering or by conversion into common stock at
the time of listing. The Exchange believes that adjusting company
earnings for charges arising out of the changes in fair value of
financial instruments that are retired with the proceeds of an offering
occurring in conjunction with the listing or converted into common
stock at the time of listing is consistent with the adjustments that
are currently permitted under Section 102.01C. Section 102.01C
currently provides for adjustments to earnings for certain nonrecurring
charges to earnings that are included in net income as recorded under
GAAP, such as the exclusion of impairment charges on long-lived assets,
the exclusion of gains and losses on sales of a subsidiary's or
investee's stock and the exclusion of in-process purchased research and
development charges. The Exchange believes that this adjustment is
reasonable given the purpose of the earnings standard, which is to
determine the suitability for listing of companies on a forward-looking
basis.
    The Exchange has stated that, as with all companies listed on the
Exchange, the Financial Compliance staff of NYSE Regulation will
monitor on an ongoing basis the compliance with the Exchange's
continued listing standards of any companies listed in reliance upon
the proposed amendment. The Exchange represents that such companies
will be subject to delisting if they are found at any time to be below
the Exchange's continued listing standards.
    In its proposal, the Exchange stated that as it gains experience in
listing companies in reliance upon the proposed amendment, it will
continue to carefully reevaluate its appropriateness. If the Exchange
becomes aware that companies listed pursuant to the proposed amendment
have difficulty complying with the Exchange's continued listing
standards, it will inform the Commission and discuss with the
Commission the desirability of the continued use of the provision.

III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities exchange
and, in particular, with Section 6(b)(5) of the Act,\6\ which requires,
among other things, that the rules of a national securities exchange be
designed to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of, a free and open market and a national market
system, and, in general, to protect investors and the public
interest.\7\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b)(5).
    \7\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    The Commission believes that the proposed rule change is consistent
with other adjustments the Exchange currently makes for certain
nonrecurring charges to earnings when evaluating applicants on a
forward-looking, post-IPO basis under the existing earnings standard in
Section 102.01C(I) of the Manual and is reasonable given the purpose of
the earnings standard, which is to determine the suitability for
listing of companies on a forward-looking basis. The Commission notes
that in determining a company's eligibility for listing, these changes
will allow the Exchange to reverse the income statement effects for all
periods of changes in fair value of financial instruments classified as
a liability recorded by the company in earnings, provided such
financial instrument is either being redeemed with the proceeds of an
offering occurring in conjunction with the listing or converted into or
exercised for common stock at the time of listing and will not impact
the preparation of financial statements by the company listing on the
Exchange. In addition, the Commission notes that the Exchange will
monitor companies listing using this new adjustment and notes that the
Exchange has agreed to discuss the standard with the Commission should
it prove difficult for such companies to

comply with the Exchange's continued listing standards.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\8\ that the proposed rule change (SR-NYSE-2008-57) be, and hereby
is, approved.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-21544 Filed 9-15-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 85, Number 39 (Thursday, February 27, 2020)]
[Notices]
[Pages 11446-11447]
[FR Doc No: 2020-03961]

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

DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[Docket No. NHTSA-2019-0099; Notice 1]

Toyota Motor North America, Inc., Receipt of Petition for
Decision of Inconsequential Noncompliance

AGENCY: National Highway Traffic Safety Administration (NHTSA),
Department of Transportation (DOT).

ACTION: Receipt of petition.

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

SUMMARY: Toyota Motor North America, Inc., (Toyota) has determined that
certain model year (MY) 2019-2020 Toyota Tundra motor vehicles do not
fully comply with Federal Motor Vehicle Safety Standard (FMVSS) No.
110, Tire Selection and Rims and Motor Home/Recreation Vehicle Trailer
Load Carrying Capacity Information for Motor Vehicles with a GVWR of
4,536 Kilograms (10,000 Pounds) or Less. Toyota filed a noncompliance
report dated September 18, 2019. Toyota subsequently petitioned NHTSA
on October 7, 2019, and later amended its petition on January 3, 2020,
for a decision that the subject noncompliance is inconsequential as it
relates to motor vehicle safety. This document announces receipt of
Toyota's petition.

DATES: Send comments on or before March 30, 2020.

ADDRESSES: Interested persons are invited to submit written data,
views, and arguments on this petition. Comments must refer to the
docket and notice number cited in the title of this notice and may be
submitted by any of the following methods:
     Mail: Send comments by mail addressed to the U.S.
Department of Transportation, Docket Operations, M-30, West Building
Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC
20590.
     Hand Delivery: Deliver comments by hand to the U.S.
Department of Transportation, Docket Operations, M-30, West Building
Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC
20590. The Docket Section is open on weekdays from 10 a.m. to 5 p.m.
except for Federal Holidays.
     Electronically: Submit comments electronically by logging
onto the Federal Docket Management System (FDMS) website at https://www.regulations.gov/. Follow the online instructions for submitting
comments.
     Comments may also be faxed to<PHONE_NUMBER>.
    Comments must be written in the English language, and be no greater
than 15 pages in length, although there is no limit to the length of
necessary attachments to the comments. If comments are submitted in
hard copy form, please ensure that two copies are provided. If you wish
to receive confirmation that comments you have submitted by mail were
received, please enclose a stamped, self-addressed postcard with the
comments. Note that all comments received will be posted without change
to https://www.regulations.gov, including any personal information
provided.
    All comments and supporting materials received before the close of
business on the closing date indicated above will be filed in the
docket and will be considered. All comments and supporting materials
received after the closing date will also be filed and will be
considered to the fullest extent possible.
    When the petition is granted or denied, notice of the decision will
also be published in the Federal Register pursuant to the authority
indicated at the end of this notice.
    All comments, background documentation, and supporting materials
submitted to the docket may be viewed by anyone at the address and
times given above. The documents may also be viewed on the internet at
https://www.regulations.gov by following the online instructions for
accessing the dockets. The docket ID number for this petition is shown
in the heading of this notice.
    DOT's complete Privacy Act Statement is available for review in a
Federal Register notice published on April 11, 2000 (65 FR 19477-78).

SUPPLEMENTARY INFORMATION:
    I. Overview: Toyota has determined that certain MY 2019-2020 Toyota
Tundra motor vehicles do not fully comply with paragraph S4.3(d) of
FMVSS No. 110, Tire Selection and Rims and Motor Home/Recreation
Vehicle Trailer Load Carrying Capacity Information for Motor Vehicles
with a GVWR of 4,536 Kilograms (10,000 Pounds) or Less (49 CFR
571.110). Toyota filed a noncompliance report dated September 18, 2019,
pursuant to 49 CFR part 573, Defect and Noncompliance Responsibility
and Reports. Toyota subsequently petitioned NHTSA on October 7, 2019,
and later amended on January 3, 2020, for an exemption from the
notification and remedy requirements of 49 U.S.C. Chapter 301 on the
basis that this noncompliance is inconsequential as it relates to motor
vehicle safety, pursuant to 49 U.S.C. 30118(d) and 30120(h) and 49 CFR
part 556, Exemption for Inconsequential Defect or Noncompliance.
    This notice of receipt of Toyota's petition is published under 49
U.S.C. 30118 and 30120 and does not represent any Agency decision or
other exercise of judgment concerning the merits of the petition.
    II. Vehicles Involved: Approximately 1,667 MY 2019-2020 Toyota
Tundra motor vehicles, manufactured between March 28, 2019, and August
19, 2019, are potentially involved.
    III. Noncompliance: Toyota explains that the noncompliance is that
the subject vehicles have tire information labels that contain spare
tire size information that does not match the installed spare tire
size.
    IV. Rule Requirements: Paragraph S4.3(d) of FMVSS No. 110 includes
the requirements relevant to this petition. Each vehicle, except for a
trailer or incomplete vehicle, shall show the information specified in
paragraph S4.3(d) Tire size designation, indicated by the headings
``size'' or ``original tire size'' or ``original size,'' and ``spare
tire'' or ``spare,'' for the tires installed at the time of the first
purchase for purposes other than resale. For full-size spare tires, the
statement ``see above'' may, at the manufacturer's option replace the
tire size designation. If no spare tire is provided, the word ``none''
must replace the tire size designation.
    V. Summary of Toyota's Petition: The following views and arguments
presented in this section, V. Summary of Toyota's Petition, are the
views and arguments provided by Toyota. They have not been evaluated by
the Agency and do not reflect the views of the Agency.
    Toyota described the subject noncompliance and stated its belief
that the noncompliance is inconsequential as it relates to motor
vehicle safety. Toyota believes that the noncompliance is
inconsequential to motor vehicle safety for the following reasons:
    1. There is no issue with the spare tire installed on the vehicle;
it is a tire/wheel combination that is designed for this vehicle and
meets all other applicable FMVSS. In addition, the cold tire inflation
pressure specified on the placard is correct and is the recommended
pressure for both spare tire sizes.

    a. The spare tire installed on the vehicle (P255/70R18) meets all
applicable FMVSS. It is the appropriate temporary spare tire that was
designed for the vehicle and meets the vehicle loading requirements.
Only the spare tire size information indicated on the placard is
incorrect and reflects the size of the spare that was used on the
Tundra prior to a production change. All the other information on the
placard is accurate, including the cold tire inflation pressure.
    b. In addition, if the vehicle owner wanted to check the size of
the spare tire that is installed on the vehicle, the information is in
the owner's manual and is also molded into the spare tire sidewall.
    c. Given the intent of FMVSS No. 110, S4.3(d), Toyota believes
that, because the spare tire installed on the vehicle is the
appropriate tire for the vehicle performance and loading requirements,
there is no risk to motor vehicle safety.
    2. There is also no issue if the installed spare tire is replaced
with one of the sizes indicated on the incorrect placard. This would
also be a tire/wheel combination that is designed for this vehicle and
would meet all other applicable FMVSS because the replacement spare
tire would be the same size as the spare tire originally equipped on
the Tundra prior to the production change and would be the same size as
the four main tires on the subject vehicles.
    a. The spare tire size indicated on the incorrect placard was also
designed for the subject vehicles and meets all applicable FMVSS. This
spare tire wheel combination (P275/65R18) is the same size as the four
main tires installed on the subject vehicles. It was used as a spare
tire on the prior model year Tundra and on the 2019MY Tundra prior to
the adoption of the current spare tire size (P255/70R18).
    b. In addition, the recommended spare tire inflation pressure and
wheel size (R18) are the same for the subject vehicles as the prior
model year Tundra.
    c. Because both spare tire sizes are appropriate for the vehicle
loading specifications, were designed for the subject vehicles, meet
all applicable FMVSS, and the wheel size and recommended tire pressure
are the same, Toyota believes there is no risk to occupant safety
should a P275/65R18 tire be used in place of the one equipped on the
vehicle.
    3. Toyota is unaware of any owner complaints, field reports, or
allegations of hazardous circumstances concerning the incorrect spare
tire placard in the subject vehicles. Toyota has searched its records
for reports or other information concerning the tire placard and spare
tire in the subject vehicles. No owner complaints, field reports, or
allegations of hazardous circumstances concerning the placard or tire
were found.
    4. NHTSA has previously granted at least five similar petitions for
inconsequential noncompliance for inaccurate tire placards. A brief
summary of each petition is provided below:
    a. Daimler Chrysler Corporation, 73 FR 11462 (March 3, 2008) Dodge
Dakota pickup trucks had the spare tire size indicated on the placard
that did not match the size of the spare tire installed on the vehicle.
    b. Mercedes-Benz USA, LLC (MBUSA) 78 FR 43967 (July 22, 2013)
Vehicle placard on the affected vehicles incorrectly identified the
tire size designation of the spare tire in the vehicle.
    c. Volkswagen Group of America, Inc., 81 FR 88728 (December 8,
2016) Subject vehicles had a tire placard label that was misprinted
with an incorrect tire size as compared to the tires the vehicle was
equipped with.
    d. Mercedes-Benz USA, LLC, 82 FR 5640 (January 18, 2017) The tire
information placard affixed to the vehicles' B-pillar incorrectly
identified the spare tire size.
    e. General Motors, LLC, 84 FR 25117 (May 30, 2019) Subject vehicles
were equipped tire placards that stated the spare tire size is ``None''
when in fact it should have been ``T125/70R17'' and omitted the cold
tire pressure for the spare tire when it should have read ``420 kPa, 60
psi''.
    Toyota concludes that the subject noncompliance is inconsequential
as it relates to motor vehicle safety and that its petition to be
exempted from providing notification of the noncompliance, as required
by 49 U.S.C. 30118, and a remedy for the noncompliance, as required by
49 U.S.C. 30120, should be granted.
    NHTSA notes that the statutory provisions (49 U.S.C. 30118(d) and
30120(h)) that permit manufacturers to file petitions for a
determination of inconsequentiality allow NHTSA to exempt manufacturers
only from the duties found in sections 30118 and 30120, respectively,
to notify owners, purchasers, and dealers of a defect or noncompliance
and to remedy the defect or noncompliance. Therefore, any decision on
this petition only applies to the subject vehicles that Toyota no
longer controlled at the time it determined that the noncompliance
existed. However, any decision on this petition does not relieve
vehicle distributors and dealers of the prohibitions on the sale, offer
for sale, or introduction or delivery for introduction into interstate
commerce of the noncompliant vehicles under their control after Toyota
notified them that the subject noncompliance existed.

    Authority:  (49 U.S.C. 30118, 30120: delegations of authority at
49 CFR 1.95 and 501.8).

Otto G. Matheke III,
Director, Office of Vehicle Safety Compliance.
[FR Doc. 2020-03961 Filed 2-26-20; 8:45 am]
 BILLING CODE 4910-59-P


UNITED STATES ENVIRONMENTAL PROTECTION AGENCY                 NATIONAL VEHICLE AND FUEL EMISSIONS LABORATORY                              2000 TRAVERWOOD ROAD                            ANN ARBOR, MI  48105-2498

									          	OFFICE OF 										AIR AND RADIATION

January 18, 2011

MEMORANDUM

SUBJECT:	Meeting with the Engine Manufacturers Association (EMA)

FROM:	Angela Cullen

TO:		Docket EPA-HQ-OAR-2010-0162

This memorandum documents a meeting held on Tuesday, January 18, 2011 between EMA, NHTSA and EPA and included the following individuals:

      EMA: Tim Blubaugh - EMA, Andrea Brown  - Navistar, Dave Kayes  -  Daimler, Don Keski-Hynnila-Detroit Diesel, Dan Kieffer  -  PACCAR, Rich Mihelic-Daimler, Josef Tarp  -  PACCAR, Mike Sorrells - Volvo              NHTSA/DOT: Kevin Greene, Coralie Cooper              EPA: Byron Bunker, Cheryl Bynum, Sam Waltzer, Arvon Mitcham, and Angela Cullen

The discussion focused on reference test method for aerodynamic determination and standardized trailers.


[Federal Register Volume 80, Number 196 (Friday, October 9, 2015)]
[Notices]
[Pages 61253-61256]
[FR Doc No: 2015-25697]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76070; File No. SR-BATS-2015-82]

Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Fees for Use of BATS Exchange, Inc.

October 5, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 30, 2015, BATS Exchange,

Inc. (the ``Exchange'' or ``BATS'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I, II, and III below, which Items have been prepared
by the Exchange. The Exchange has designated the proposed rule change
as one establishing or changing a member due, fee, or other charge
imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\
and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule
change effective upon filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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

    The Exchange filed a proposal to amend its fees and rebates
applicable to Members \5\ of the Exchange pursuant to Rule 15.1(a) and
(c) (``Fee Schedule'') applicable to the use of the Exchange's equities
trading platform (``BZX Equities'') to: (i) Adopt a new Step-Up Tier 4
under footnote 2; and (ii) amend the Tape B Volume Tier under footnote
13 to: (A) Adopt a new Tape B Volume Tier to be named ``Tier 1''; and
(B) rename the existing Tape B Volume Tier as ``Tier 2''.
---------------------------------------------------------------------------

    \5\ A Member is defined as ``any registered broker or dealer
that has been admitted to membership in the Exchange.'' See Exchange
Rule 1.5(n).
---------------------------------------------------------------------------

    The text of the proposed rule change is available at the Exchange's
Web site at www.batstrading.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes amend [sic] the BZX Equities Fee Schedule to:
(i) Adopt a new Step-Up Tier 4 under footnote 2; and (ii) amend the
Tape B Volume Tier under footnote 13 to: (A) Adopt a new Tape B Volume
Tier to be named ``Tier 1''; and (B) rename the existing Tape B Volume
Tier as ``Tier 2''. As is the case with any other rebates on the Fee
Schedule, to the extent that a Member qualifies for higher rebates than
those provided under the proposed tiers, the higher rebates shall
apply.
Step-Up Tier 4
    Currently, the Exchange determines the liquidity adding rebate that
it will provide to Members using the Exchange's tiered pricing
structure, which is based on the Member meeting certain volume tiers
based on their ADAV \6\ as a percentage of TCV \7\ or ADV \8\ as a
percentage of TCV. Under such pricing structure, a Member will receive
an adding rebate of anywhere between $0.0020 and $0.0032 per share
executed, depending on the volume tier for which such Member qualifies.
The Exchange also maintains additional Step-Up Tiers in addition to the
volume tiers described above. The Step-Up Tiers provide Members with
additional ways to qualify for enhanced rebates.
---------------------------------------------------------------------------

    \6\ As provided in the Fee Schedule, for purposes of BATS
Equities pricing, ``ADAV'' means average daily added volume
calculated as the number of shares added per day on a monthly basis;
the Exchange excludes from the ADAV calculation routed shares as
well as shares added on any day that the Exchange's system
experiences a disruption 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 last Friday in June
(the ``Russell Reconstitution Day'').
    \7\ As provided in the Fee Schedule, for purposes of BATS
Equities pricing, ``TCV'' means total consolidated volume calculated
as the volume reported by all exchanges and trade reporting
facilities to a consolidated transaction reporting plan for the
month for which the fees apply, excluding volume on any day that the
Exchange experiences an Exchange System Disruption, on any with a
scheduled early market close and the Russell Reconstitution Day.
    \8\ As provided in the fee schedule, for purposes of BATS
Equities pricing, ``ADV'' means average daily volume calculated as
the number of shares added or removed, combined, per day on a
monthly basis; the Exchange excludes from the ADV calculation routed
shares, and shares added on any day that the Exchange's system
experiences an Exchange System Disruption, on any day with a
scheduled early market close and on the Russell Reconstitution Day.
---------------------------------------------------------------------------

    The Exchange currently offers three Step-Up Tiers under footnote 2
of its Fe [sic] Schedule. Under Tier 1, a Members [sic] receives a
rebate of $0.0025 per share where their Step-Up Add TCV \9\ from
January 2014 is equal to or greater than 0.07%. Under Tier 2, a Members
[sic] receives a rebate of $0.0029 per share where their Step-Up Add
TCV from January 2014 is equal to or greater than 0.10%. Lastly, under
Tier 3, a Members [sic] receives a rebate of $0.0030 per share where
their Step-Up Add TCV from January 2014 is equal to or greater than
0.15%. The Exchange proposes to add a fourth tier under footnote 2.
Under proposed Tier 4, a Members [sic] would receive a rebate of
$0.0030 per share where their Step-Up Add TCV from August 2015 is equal
to or greater than 0.08%; and (2) Member's ADAV as a percentage of TCV
is equal to or greater than 0.35%.
---------------------------------------------------------------------------

    \9\ As provided in the fee schedule, for purposes of BATS
Equities pricing, ``Step-Up Add TCV'' means ADAV as a percentage of
TCV in the relevant baseline month subtracted from current ADAV as a
percentage of TCV.
---------------------------------------------------------------------------

Tape B Volume Tiers
    Currently, the Exchange offers a rebate of $0.0020 per share as the
standard rebate for orders with fee code B, which applies to orders
that add liquidity to the Exchange in Tape B securities. The Exchange
also offers a Tape B Volume Tier that provide Members with the
opportunity to earn a higher rebate by meeting certain volume metrics.
Specifically, the Tape B Volume Tier provides a rebate of $0.0027 per
share to a Member's orders with fee code B for which the Member's Tape
B ADAV as a percentage of TCV is equal to or greater than 0.08%. The
Exchange proposes to adopt a new Tape B Volume Tier to be named ``Tier
1'' under footnote 13 and rename the existing Tape B Volume Tier as
``Tier 2''. Under proposed Tier 1, a rebate of $0.0025 per share would
be provided to a Member's orders with a fee code of B for which the
Member's Tape B ADAV as a percentage of TCV is equal to or greater than
0.05%.
Implementation Date
    The Exchange proposes to implement this amendment to its Fee
Schedule on October 1, 2015.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\10\ in general, and
furthers the objectives of Section 6(b)(4),\11\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities. The

Exchange also notes that it operates in a highly-competitive market in
which market participants can readily direct order flow to competing
venues if they deem fee levels at a particular venue to be excessive.
The proposed rule change reflects a competitive pricing structure
designed to incent market participants to direct their order flow to
the Exchange. The Exchange believes that the proposed rates are
equitable and non-discriminatory in that they apply uniformly to all
Members. The Exchange believes the fees and credits remain competitive
with those charged by other venues and therefore continue to be
reasonable and equitably allocated to Members.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    Volume-based rebates and fees such as those proposed herein have
been widely adopted by equities and options exchanges and are equitable
because they are open to all Members on an equal basis and provide
additional benefits or discounts that are reasonably related to the
value to an exchange's market quality associated with higher levels of
market activity, such as higher levels of liquidity provision and/or
growth patterns, and introduction of higher volumes of orders into the
price and volume discovery processes. The Exchange believes that
proposed tiers are a reasonable, fair and equitable, and not unfairly
discriminatory allocation of fees and rebates because they will provide
Members with an additional incentive to reach certain thresholds on the
Exchange.
    Further, the Exchange believes that the proposed tiers will provide
such enhancements in market quality on the Exchange by incentivizing
participation. The Exchange notes that it is not proposing to modify
any of the existing Step-Up Tiers or the Tape B Volume Tier (other than
to rename the existing Tape B Volume Tier as Tier 2), but rather to add
two new tiers that will provide Members with additional ways to receive
higher rebates. Accordingly, under the proposal a Member will receive
either the same or a higher rebate than they would receive today.
Accordingly, the Exchange believes that the proposed additions to the
Exchange's tiered pricing structure and incentives are not unfairly
discriminatory because they will apply uniformly to all Members and are
consistent with the overall goals of enhancing market quality on the
Exchange.
    In particular, the Exchange believes the addition of a second Tape
B Volume Tier is a reasonable means to encourage Members to increase
their liquidity in Tape B securities. The Exchange also believes
providing a rebate of $0.0025 per share where a Member's Tape B ADAV as
a percentage of TCV is equal to or greater than 0.05% is also equitable
and reasonable. The Exchange notes that it currently provides a rebate
of $0.0027 per share to Member's Tape B ADAV as a percentage of TCV is
equal to or greater than 0.08%. Such pricing programs thereby reward a
Member's growth pattern in Tape B securities and such increased volume
increases potential revenue to the Exchange, and will allow the
Exchange to continue to provide and potentially expand the incentive
programs operated by the Exchange. The Exchange also believes that the
rebate amount provided by proposed Tier 1 is equitable and reasonable
as compared to the existing Tape B Volume Tier because it reflects the
lower criteria necessary to achieve the tier.
    The Exchange believes that providing additional financial
incentives to Members that demonstrate an increase over their August
2015 Step-Up Add TCV through the new proposed Step-Up Tier 4 offers
additional, flexible ways to achieve financial incentives from the
Exchange and encourage Members to add liquidity to the Exchange. The
Exchange believes that these incentives are reasonable, fair and
equitable because the liquidity from each of these proposals also
benefits all investors by deepening the Exchange's liquidity pool,
offering additional flexibility for all investors to enjoy cost
savings, supporting the quality of price discovery, promoting market
transparency and improving investor protection. Such pricing programs
thereby reward a Member's growth pattern and such increased volume
increase [sic] potential revenue to the Exchange, and will allow the
Exchange to continue to provide and potentially expand the incentive
programs operated by the Exchange. These pricing programs are also fair
and equitable in that they are available to all Members and will result
in Members receiving either the same or an increased rebate than they
would currently receive.
    The Exchange also believes proposing a baseline eligibility for the
proposed Step-Up Tier 4 is equitable and reasonable. The Exchange notes
that current Tier 3 provides the same rebate as that proposed for Tier
4, $0.0030 per share. However, Tier 3 calculates a Member's Step-Up Add
TCV from a January 2014 baseline, while proposed Tier 4 would calculate
a Member's Step-Up Add TCV from an August 2015 baseline. The primary
objective of differing baseline eligibility criteria for the Step-Up
Tiers is to increase the number of Members who may be eligible to
achieve either the [sic] tier and receives [sic] the same $0.0030 per
share rebate. The choice of baseline criteria will enhance the value of
the Step-Up Tiers to Members whose market participation was higher in
January 2014 than August 2015, thereby encouraging them to increase
their volume on the Exchange over such baseline. It also provides
Members with additional means to achieve the $0.0030 per share rebate
that may not satisfy the current baseline criteria set forth in Tier 3
that is based on a Step-Up Add TCV from January 2014. Such increased
volume would increase potential revenue to the Exchange and allow the
Exchange to spread its administrative and infrastructure costs over a
greater number of shares, which would result in lower per share costs.
The Exchange may then pass on these savings to Members in the form of
reduced fees. The increased liquidity would also benefit all investors
by deepening the Exchange's liquidity pool, offering additional
flexibility for all investors to enjoy cost savings, supporting the
quality of price discovery, promoting market transparency and improving
investor protection.
    Lastly, the Exchange believes that it is reasonable and equitable
to offer an enhanced rebate to Members who satisfy a certain baseline
eligibility because the Exchange believes that such Members are most
likely to provide consistent liquidity during periods of market stress
and to manage their quotes/orders in a coordinated manner that promotes
price discovery and market stability.

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

    The Exchange does not believe its proposed amendments to its Fee
Schedule would impose any burden on competition that is not necessary
or appropriate in furtherance of the purposes of the Act. The Exchange
does not believe that the proposed changes represent a significant
departure from previous pricing offered by the Exchange or pricing
offered by the Exchange's competitors. Additionally, Members may opt to
disfavor the Exchange's pricing if they believe that alternatives offer
them better value. Accordingly, the Exchange does not believe that the
proposed change will impair the ability of Members or competing venues
to maintain their competitive standing in the financial markets.
    The Exchange does not believe that the proposed new tiers would
burden competition, but instead, enhances [sic] competition, as they
are intended to increase the competitiveness of and

draw additional volume to the Exchange. As stated above, the Exchange
notes that it operates in a highly competitive market in which market
participants can readily direct order flow to competing venues if the
deem fee structures to be unreasonable or excessive. The proposed
changes are generally intended to enhance the rebates for liquidity
added to the Exchange, which is intended to draw additional liquidity
to the Exchange. The Exchange does not believe the proposed tiers would
burden intramarket competition as they would apply to all Members
uniformly.

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \12\ and paragraph (f) of Rule 19b-4
thereunder.\13\ 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.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-BATS-2015-82 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BATS-2015-82. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-BATS-2015-82, and should be
submitted on or before October 30, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-25697 Filed 10-8-15; 8:45 am]
BILLING CODE 8011-01-P