[Federal Register Volume 84, Number 158 (Thursday, August 15, 2019)]
[Notices]
[Pages 41761-41769]
[FR Doc No: 2019-17484]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86618; File No. SR-NYSENAT-2019-18]

Self-Regulatory Organizations; NYSE National, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its
Schedule of Fees and Rebates

August 9, 2019.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on August 1, 2019, NYSE National, Inc. (``NYSE National'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.

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

    The Exchange proposes to amend its Schedule of Fees and Rebates
(``Fee Schedule'') to (1) offer one general rate for adding displayed
and non-displayed liquidity; (2) revise the requirements to qualify for
Adding Tier 1, Adding Tier 2 and Adding Tier 3 and the rates available
under those tiers; (3) offer a new Non-Displayed Adding Tier 1 rate;
(4) delete current Adding Tier 4, Step Up Adding Tier 1 and Step Up
Adding Tier 2; (5) revise the requirements to qualify for Taking Tier 1
and Taking Tier 2 and increase the credits available under those tiers
and Taking Tier 3; and (6) make certain non-substantive changes to the
presentation of the Fee Schedule. The Exchange proposes to implement
the rule change on August 1, 2019. The proposed rule change is
available on the Exchange's website at www.nyse.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 self-regulatory organization
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 those 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Fee Schedule to:
    (1) Offer one general rate for adding displayed and non-displayed
liquidity. Specifically, the Exchange proposes to offer a single
general fee of $0.0028 per share for orders executed on the Exchange
that provide liquidity in securities priced at or above $1.00, which
would be applicable regardless of whether an execution results from a
displayed or non-displayed order that provided liquidity. This general
rate would apply unless an ETP Holder qualifies for one of the tiered
rates;
    (2) Revise the requirements to qualify for Adding Tier 1, Adding
Tier 2 and Adding Tier 3 and the rates available under those tiers.
Specifically, an ETP Holder would qualify for Adding Tier 1, Adding
Tier 2, and Adding Tier 3 if its average daily volume (``ADV'') of
shares executed on the Exchange that provide liquidity meet specified
percentage thresholds. An ETP Holder that meets these thresholds would
be charged a revised per share single rate of $0.0020, $0.0024, $0.0026
under Adding Tier 1, Adding Tier 2, and Adding Tier 3, respectively,
for orders that provide displayed liquidity on Tapes A, B and C. The
current separate Adding Tier 1, Adding Tier 2, and Adding Tier 3 fees
for Non-displayed liquidity and BBO setting interest would be
eliminated. The current rate for MPL Orders would remain unchanged;
    (3) Offer a new Non-Displayed Adding Tier 1 rate of $0.0026 for
Tapes A, B and C if an ETP Holder's ADV of shares executed on the
Exchange that provide liquidity meet specified percentage thresholds;
    (4) Delete current Adding Tier 4, Step Up Adding Tier 1 and Step Up
Adding Tier 2 and associated footnotes * and **;
    (5) Revise the requirements to qualify for Taking Tier 1 and Taking
Tier 2, and increase the credits available under those Tiers and Taking
Tier 3. Specifically, an ETP Holder would qualify for Taking Tier 1 and
Taking Tier 2 (which will be renamed as Removing Tiers) based on
whether its ADV of shares executed on the Exchange that remove
liquidity meet specified percentage thresholds. The Exchange proposes
to increase the per share credits that would be available to an ETP
Holder that qualifies under Removing Tier 1, Removing Tier 2, and
Removing Tier 3 to a single rate of $0.0030, $0.00275, and $0.0025
respectively, for orders that remove liquidity from the Exchange. The
credit for MPL Orders that remove liquidity from the Exchange would
remain unchanged; and
    (6) Make certain non-substantive changes to the presentation of the
Fee Schedule by consolidating current text relating to Transaction Fees
under Section I of the Fee Schedule, adding defined terms to provide
for consistent use of terminology, and adding new headings under that
Section of the Fee Schedule.
    The Exchange proposes to implement the rule change on August 1,
2019.
Background
    The Exchange operates in a highly competitive market. 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.'' \4\
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    \4\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (S7-10-04) (Final Rule) (``Regulation
NMS'').
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    As the Commission itself recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\5\ Indeed, equity trading is currently dispersed across 13
exchanges,\6\ 31 alternative trading systems,\7\ and numerous broker-
dealer internalizers and wholesalers. Based on publicly-available
information, no single exchange has more than 18% of the market share
of executed volume of equity trades (whether excluding or including
auction volume).\8\ Therefore, no exchange possesses significant
pricing power in the execution of equity order flow. More specifically,
in June 2019, the Exchange had 1.2% market share of executed volume of
equity trades (excluding auction volume), which was down from 1.5% in
March 2019.\9\
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    \5\ See Securities Exchange Act Release No. 51808, 84 FR 5202,
5253 (February 20, 2019) (File No. S7-05-18) (Transaction Fee Pilot
for NMS Stocks Final Rule) (``Transaction Fee Pilot'').
    \6\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, available at http://markets.cboe.com/us/equities/market_share/. See generally https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html.
    \7\ See FINRA ATS Transparency Data, available at https://otctransparency.finra.org/otctransparency/AtsIssueData. Although 54
alternative trading systems were registered with the Commission as
of July 29, 2019, only 31 are currently trading. A list of
alternative trading systems registered with the Commission is
available at https://www.sec.gov/foia/docs/atslist.htm.
    \8\ See Cboe Global Markets U.S. Equities Market Volume Summary,
available at http://markets.cboe.com/us/equities/market_share/.
    \9\ See id.
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    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 or reduce use of certain products.
While it is not possible to know a firm's reason for shifting order
flow, the Exchange believes that one such reason is because of fee
changes at any of the registered exchanges or non-exchange trading
venues to which a firm routes order flow. These fees vary month to
month, and not all are publicly available. With respect to non-
marketable order flow that would provide liquidity on an

Exchange, ETP Holders can choose from any one of the 13 currently
operating registered exchanges to route such order flow. Accordingly,
competitive forces constrain the Exchange's transaction fees, and
market participants can readily trade on competing venues if they deem
pricing levels at those other venues to be more favorable.
    The Exchange utilizes a ``taker-maker'' or inverted fee model to
attract orders that provide liquidity at the most competitive prices.
Under the taker-maker model, offering rebates for taking liquidity
increases the likelihood that market participants will send orders to
the Exchange to trade with liquidity providers' orders. This increased
taker order flow provides an incentive for market participants to send
orders that provide liquidity. The Exchange charges fees for order flow
that provides liquidity. These fees are reasonable due to the
additional marketable interest (in part attracted by the exchange's
rebate to remove liquidity) with which those order flow providers can
trade.
Proposed Rule Change
    To respond to this competitive environment, the Exchange proposes
to streamline its transaction fees and credits by providing a single
general rate that would be applicable to all adding liquidity that does
not otherwise qualify for a tiered rate and by revising and simplifying
the adding and removing liquidity tiers.
    The Exchange believes that by increasing the credits available for
removing liquidity on the Exchange, more ETP Holders will choose to
route liquidity-removing order flow to the Exchange. The Exchange
further believes ETP Holders that route orders that provide liquidity
will respond to this increased order flow by routing more liquidity-
providing order flow to the Exchange. The Exchange further believes
that offering a single, slightly higher fee for orders that add
liquidity to the Exchange, more ETP Holders will choose to route their
liquidity-providing order flow to the Exchange to qualify for one of
the adding tiers that, as described below, would have lower fees as
compared to the General Rate as the ETP Holder adds more liquidity to
the Exchange.
    Without having a view of ETP Holder's activity on other markets and
off-exchange venues, the Exchange believes that this combination of
revising the quoting and volume requirements and rates available for
each of the adding tiers, offering a separate adding tier for non-
displayed orders, eliminating current Adding Tier 4 and Step Up Adding
Tiers 1 and 2, and revising the requirements and credits available for
the removing tiers would be significant enough to incentivize market
participants to direct their order flow to the Exchange.
Non-Substantive Changes
    The Exchange proposes the following non-substantive changes to
reorganize the presentation of the Fee Schedule in order to enhance its
clarity and transparency, thereby making the Fee Schedule easier to
navigate. Specifically, the Exchange proposes to consolidate all
information applicable only to Transaction Fees under Section I of the
Fee Schedule.
    First, the Exchange would add a new subsection A under Section I
titled ``Transaction Fees'' that would set forth the following seven
definitions applicable to Transaction Fees:
     ``ADV'' would mean average daily volume;
     ``Adding ADV'' would mean an ETP Holder's average daily
volume of shares executed on the Exchange that provided liquidity;
     ``Adding Liquidity'' would mean execution of an ETP
Holder's order on the Exchange that provided liquidity;
     ``CADV'' would mean consolidated average daily volume;
     ``Removing Liquidity'' would mean execution of an ETP
Holder's Aggressing Order, as defined under Rule 7.36(a)(5), or other
orders that removed liquidity;
     ``Removing ADV'' would mean an ETP Holder's average daily
volume of shares executed on the Exchange that removed liquidity; and
     ``US CADV'' would mean the United States consolidated
average daily volume of transactions reported to a securities
information processor (``SIP'').\10\ Transactions that are not reported
to a SIP are not included in the US CADV.
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    \10\ The Exchange proposes to refer to the SIP rather than
Consolidated Tape because the latter term does not encompass Tape C
securities.
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    The Exchange proposes these definitions to use consistent terms
throughout Section I of the Fee Schedule relating to Transaction Fees.
Specifically, the Exchange proposes to use the term ``Adding'' when
referring to an order that when executed, provides liquidity, and to
use the term ``Removing'' when referring to an order that when
executed, takes liquidity. By consolidating definitions used in Section
I of the Fee Schedule, the Exchange would eliminate the need to
separately define these terms within the tables of the Fee Schedule or
in end notes.
    Second, the Exchange proposes to relocate the text in the first
four of the five bullets under the heading ``Fees and Credits
Applicable to Market Participants,'' which set forth general
information applicable to Transaction Fees, to a new subsection B under
Section I titled ``General.'' \11\ In moving this text, the Exchange
proposes to add ``of Section I'' before ``of this Schedule of Fees and
Rebates'' in the beginning of subsection (c) of the third bullet.\12\
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    \11\ The final bullet would remain under the heading ``Fees and
Credits Applicable to Market Participants.''
    \12\ The Exchange also proposes non-substantive grammatical
changes to subsections (a) and (c) of the third bullet to use
``must'' or ``will'' rather than ``shall.''
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    Third, because the Exchange has added two new subsections, the
Exchange proposes that current subsection A (``General Rates'') would
become new subsection C and current subsection B (``Tiered Rates'')
would become new subsection D.
    Fourth, the Exchange proposes to add new subsections D.1 titled
``Rates for Adding Liquidity (Per Share)'' and D.2 titled ``Rates for
Removing Liquidity (Per Share)'' before the Adding Tiers and Removing
Tiers, respectively. The Exchange believes these new subsections will
make the Fee Schedule easier to navigate by separating the tiers for
adding liquidity from the tiers for removing liquidity.
    Fifth, the Exchange proposes to use the term ``rate'' throughout
Section I of the Fee Schedule rather than the term ``Fee'' and
therefore proposes to replace reference to the term ``fees'' in the D.1
heading with the term ``rates'' so that the second column would become
``Adding Rate''. The Exchange proposes to use the more general term
``Rate'' as it would be applicable both to fees charged and credits
provided under the Fee Schedule.
    Sixth, the Exchange proposes that in both the Adding Tiers and
Removing Tiers, the rates for MPL Orders would be separated into their
own columns. The Exchange does not propose any substantive changes to
the rates applicable to MPL Orders.
    Finally, consistent with the proposal to use consistent terminology
described above, under new subsection D.2 (Rates for Removing Liquidity
(Per Share)): (1) References to ``taking'' would be replaced with
``removing'' in four places, including the heading of the third column;
(2) ``Removing'' would be added before ``Rate'' in the second column;
and (3) ``Per share'' would be deleted in six places in the second and
third column since the phrase would

appear in the heading.\13\ The Exchange would also correct a
typographical error to add a zero to the left of the decimal for the
Removing MPL rates.
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    \13\ ``Per share'' would also be deleted in the heading below
new subsection D.1 following ``Adding Rate.''
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General Rates
    Under the current General Rates, for securities priced at or above
$1.00, ETP Holders are charged the following rates for executions that
add liquidity to the Exchange, unless a better tiered credit or fee set
forth in Fee Schedule applies:
     $0.0023 per share for executions on the Exchange of
displayed orders that add liquidity to the Exchange;
     $0.0021 per share for executions on the Exchange of orders
that set a new BBO and that add liquidity to the Exchange;
     $0.0025 per share for executions on the Exchange of non-
displayed orders that add liquidity to the Exchange; and
     $0.0010 per share for executions on the Exchange of MPL
Orders that add liquidity to the Exchange.
    For securities priced at or above $1.00, ETP Holders are charged
$0.0005 per share for executions that remove liquidity from the
Exchange, unless a better tiered credit or fee set forth in Fee
Schedule applies.
    For securities priced below $1.00, the Exchange does not charge a
fee for executions that add or remove liquidity from the Exchange.
    The Exchange proposes to streamline and simplify the general rates
for adding liquidity in securities priced at or above $1.00. The new
general rate for orders that add liquidity would be a single rate of
$0.0028 per share, regardless of whether the order was displayed or
non-displayed, excluding MPL Orders that add liquidity, which have
their own rate. This new general rate would apply unless the ETP Holder
is eligible for one of the tiered rates, described below. The separate
charges described above for executions on the Exchange of orders that
add liquidity and set a new BBO and for executions of non-displayed
orders that add liquidity to the Exchange would be eliminated. The
current charge for MPL Orders that add liquidity to the Exchange would
remain unchanged. Similarly, the current per share charge for
executions that remove liquidity to the Exchange would remain
unchanged. The Exchange would also continue not to charge a fee for
executions that add or remove liquidity from the Exchange for
securities priced below $1.00.
    With this change, the General Rate available for orders that add
liquidity would be a flat $0.0028, rather than the current variable
rates of $0.0023, $0.0021 or $0.0025 that change depending on whether
the order was displayed or non-displayed or set a new BBO.
    The Exchange believes that by offering a single, slightly higher
fee for orders that add liquidity to the Exchange, more ETP Holders
will choose to route their liquidity-providing order flow to the
Exchange to qualify for one of the adding tiers, described below, which
would have lower fees as compared to the General Rate as the ETP Holder
adds more liquidity to the Exchange.
Adding Tiers
    The Exchange currently has six tiers of differentiated pricing for
orders that add liquidity on the Exchange. In addition to six different
qualifications, within each tier, the rates vary depending on whether
the order adds displayed or non-displayed liquidity, sets the BBO, or
whether the order is in a Tape A, B, or C Security. These tiers include
two ``step up'' Adding Tiers that do not have quoting or minimum volume
requirements but require ETP Holders to provide additional incremental
liquidity, thus ``stepping up'' their liquidity provision, in order to
qualify for better pricing based on smaller amounts of liquidity than
are required to qualify for Adding Tiers 1-3.
    As described below, the Exchange proposes to reduce the number of
adding tiers from six to four and revise and simplify both the
qualifications and rates. Adding Tiers 1-3 would be streamlined by (1)
simplifying the qualification for each tier to be a percentage of
Adding ADV as a percentage of the US CADV, and (2) if the ETP Holder
qualifies for the applicable tier, applying a single new rate for
displayed liquidity that adds liquidity, regardless of the Tape. The
Exchange further proposes to add a separate Adding Tier that would be
applicable to orders that provide non-displayed liquidity. Finally,
Adding Tier 4, Step Up Tier 1, and Step Up Tier 2 would be eliminated.
Adding Tier 1
    Under current Adding Tier 1, ETP Holders that add liquidity to the
Exchange in securities with a per share price of $1.00 or more and
that:
    (i) quote at the NBBO \14\ at least 5% of the time in 950 or more
securities on an average daily basis, calculated monthly, and have an
ADV of adding liquidity as a percentage of US consolidated ADV
(``CADV'') of 0.20% or more, or
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    \14\ See footnote ** in the current Fee Schedule, which notes
that ``NBBO'' (among other terms) is defined in in NYSE National
Rule 1.1. As discussed below, the Exchange propose to delete
footnote ** in connection with the elimination of qualifications
based on the NBBO.
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    (ii) quote at the NBBO at least 5% of the time in 2,450 or more
securities on an average daily basis, calculated monthly, and have an
ADV of adding liquidity as a percentage of US CADV of 0.10% or more,
are charged the following fees:
     $0.0008 per share for adding displayed orders in Tape B
and C securities and $0.0011 per share in Tape A securities;
     $0.0008 per share for orders that set a new Exchange BBO
in Tape B and C securities and $0.0011 per share in Tape A securities;
     $0.0010 per share for adding non-displayed orders in Tape
B and C securities and $0.0013 per share in Tape A securities; and
     $0.0005 per share for MPL Orders.
    The Exchange proposes to replace the current requirements to
qualify for Adding Tier 1 with the single requirement that an ETP
Holder execute at least 0.15% or more Adding ADV as a percentage of US
CADV.
    The Exchange also proposes to streamline the Adding Tier 1 fees. A
uniform fee of $0.0020 per share for adding displayed orders in Tapes
A, B and C securities would replace the current distinct fees of
$0.0008 per share for adding displayed orders in Tape B and C
securities and $0.0011 per share for adding displayed orders in Tape A
securities. The fees for Non-displayed liquidity and BBO setting would
be eliminated. The current rate for MPL Orders that add liquidity would
not change.
Adding Tier 2
    Under current Adding Tier 2, ETP Holders that add liquidity to the
Exchange in securities with a per share price of $1.00 or more and that
quote at least 5% of the NBBO in 1,950 or more symbols on an average
daily basis, calculated monthly, and with an ADV of adding liquidity as
a percentage of US CADV of 0.10% or more, are charged the following
fees:
     $0.0012 per share for adding displayed orders in Tape B
and C securities and $0.0015 per share in Tape A securities;
     $0.0012 per share for orders that set a new Exchange BBO
in Tape B and C securities and $0.0015 per share in Tape A securities;

     $0.0014 per share for adding non-displayed orders in Tape
B and C securities and $0.0017 per share in Tape A securities; and
     $0.0005 per share for MPL Orders.
    The Exchange proposes to replace the current requirement to qualify
for Adding Tier 2 with the single requirement that an ETP Holder
execute at least 0.10% or more Adding ADV as a percentage of US CADV.
    The Exchange also proposes to streamline the Adding Tier 2 fees. A
uniform fee of $0.0024 per share for adding displayed orders in Tapes
A, B and C securities would replace the current distinct fees of
$0.0012 per share for adding displayed orders in Tape B and C
securities and $0.0015 per share in Tape A securities. The fees for
Non-displayed liquidity and BBO setting would be eliminated. The
current rate for MPL Orders that add liquidity would not change.
Adding Tier 3
    Under current Adding Tier 3, ETP Holders that add liquidity to the
Exchange in securities with a per share price of $1.00 or more and that
quote at least 5% of the NBBO in 550 or more symbols on an average
daily basis, calculated monthly, are charged the following fees:
     $0.0015 per share for adding displayed orders in Tape B
and C securities and $0.0017 per share in Tape A securities;
     $0.0015 per share for orders that set a new Exchange BBO
in Tape B and C securities and $0.0017 per share in Tape A securities;
     $0.0017 per share for adding non-displayed orders in Tape
B and C securities and $0.0019 per share in Tape A securities; and
     $0.0005 per share for MPL Orders.
    The Exchange proposes to replace the current requirement to qualify
for Adding Tier 3 with the single requirement that an ETP Holder
execute at least 0.05% or more Adding ADV as a percentage of US CADV.
    The Exchange also proposes to streamline the Adding Tier 3 fees. A
uniform fee of $0.0026 per share for adding displayed orders in Tapes
A, B and C securities would replace the current distinct fees of
$0.0015 per share for adding displayed orders in Tape B and C
securities and $0.0017 per share in Tape A securities. The fees for
Non-displayed liquidity and BBO setting would be eliminated. The
current rate for MPL Orders that add liquidity would remain unchanged.
Deletion of Adding Tier 4 and Step Up Adding Tiers 1 and 2
    As noted above, as part of the streamlining of the Exchange's
tiered rates, current Adding Tier 4 \15\ and Step Up Adding Tiers 1 and
2 would be deleted in their entirety.
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    \15\ Footnote * in the current Fee Schedule provides that the
Adding Tier 4 volume requirements are waived. Since the Exchange
proposes to delete Adding Tier 4, the Exchange would delete footnote
* as well.
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Non-Displayed Adding Tier 1
    The separate fees for non-displayed liquidity for ETP Holders
meeting the requirements of Adding Tiers 1-3 would be deleted and
replaced with a new, uniform Non-Displayed Adding Tier 1. To qualify
for this tier, the Exchange proposes that an ETP Holder would need at
least 0.08% or more of Adding ADV as a percentage of US CADV. If an ETP
Holder qualifies for this tier, it would be eligible for a $0.0026 fee
for non-displayed orders in all Tapes, excluding MPL Orders that add
liquidity. Because, as described above, the rates for MPL Orders would
be addressed in Adding Tiers 1-3, the Exchange proposes that the Non-
Displayed Adding Tier rate would not be applicable to MPL Orders that
add liquidity.
Application of the Proposed Changes to the Adding Tiers
    The proposed changes to the Adding Tiers is designed to provide
order flow providers with incentives to route liquidity-providing order
flow to the Exchange. The proposed rates for these Adding Tiers
correlate to the proposed rates for the Removing Tiers, described
below. As described above, ETP Holders with liquidity-providing order
flow have a choice of where to send that order flow.
    For example, if US CADV is 7 billion shares, an ETP Holder would be
eligible for the following fees based on their Adding ADV:
     An adding ADV of 5.25 million shares in the billing month
would be 0.075% of US CADV. That ETP Holder would qualify for Adding
Tier 3 fee of $0.0026 per share for its displayed orders that provide
liquidity and the General Rate of $0.0028 for its non-displayed orders
that provide liquidity.
     An adding ADV of 8.75 million shares in the billing month
would be 0.125% of US CADV. That ETP Holder would qualify for Adding
Tier 2 fee of $0.0024 per share for displayed orders that provide
liquidity and the Non-Displayed Adding tier fee of $0.0026 per share
for non-displayed orders that provide liquidity.
     An adding ADV of 12.25 million shares in the billing month
would be 0.175% of US CADV. That ETP Holder would qualify for Adding
Tier 1 fee of $0.0020 per share for displayed orders that provide
liquidity and the Non-Displayed Adding Tier fee of $0.0026 per share
for non-displayed orders that provide liquidity.
     An adding ADV of less than 3.5 million shares in the
billing month would be less than 0.05% of US CADV. That ETP Holder
would be eligible for the General Rate fee of $0.0028 per share for
both displayed and non-displayed orders that provide liquidity.
    The Exchange believes that simplifying the requirements to qualify
for Adding Tiers 1-3, eliminating three tiers, and establishing a
single, higher rate for displayed orders across all three tapes,
coupled with a single tier for non-displayed orders with simplified
qualification requirements and a higher rate, would make it easier for
ETP Holders to qualify for the tiers and would incent ETP Holders to
route their liquidity-providing order flow to the Exchange. The
Exchange cannot predict with certainty how many ETP Holders would avail
themselves of the opportunities presented by the new Adding Tiers.
However, based on levels of order flow historically routed to the
Exchange, the Exchange believes that as many as four ETP Holders out of
49 ETP Holders on the Exchange could qualify for new Adding Tier 1 if
they so choose; two more ETP Holders could qualify for new Adding Tier
2; six more ETP Holders could qualify for new Adding Tier 3; and four
ETP Holders could qualify for the new Non-Displayed Adding Tier 1.
Additional liquidity-providing order flow benefits all market
participants because it provides greater execution opportunities on the
Exchange.
Removing Tiers \16\
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    \16\ As noted, the Exchange proposes to replace ``taking'' with
``removing'' in the Fee Schedule. Current Taking Tiers 1-3 would
accordingly become Removing Tiers 1-3.
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    The Exchange currently sets forth the rebates it provides in three
Taking Tiers that establish minimum quoting and volume requirements
that an ETP Holder must satisfy in order to be eligible for
corresponding rebate, including a separate ``Taking MPL Rate'' setting
forth the rebate for ETP Holders using MPL Orders to remove liquidity
receive if the quoting and volume requirements are met. As described
above, the Exchange proposes to rename the Taking Tiers as ``Removing
Tiers.''
    The Exchange proposes to revise both the Removing Tier 1 and
Removing Tier

2 qualification requirements and the credits available under those
Tiers, and increase the credit for Removing Tier 3. As noted above, the
Exchange believes that simplifying the qualification requirements and
increasing the credits for removing liquidity will incent more ETP
Holders will choose to route liquidity-removing order flow to the
Exchange.
Removing Tier 1
    Under current Taking Tier 1, ETP Holders that remove liquidity from
the Exchange in securities with a per share price of $1.00 or more and
that have at least (1) 0.0025% Adding ADV as a percentage of US CADV,
or (2) 0.0125% Adding ADV as a percentage of US CADV and 0.032%
Removing ADV as percentage of US CADV, or (3) 0.00125% Adding ADV as a
percentage of US CADV and 0.25% Removing ADV as percentage of US CADV,
would be eligible for the following credits:
     $0.0020 per share for orders; and
     $0.0002 per share for MPL Orders.
    The Exchange proposes to replace the current alternative
requirements to qualify for Removing Tier 1 with the requirement that
ETP Holders have at least 0.10% Removing ADV as a percentage of US CADV
and 250,000 Adding ADV.
    The Exchange also proposes to increase the rebate for qualifying
for Removing Tier 1 from $0.0020 per share to $0.0030 per share. The
current rate for MPL Orders would not change.
Removing Tier 2
    Under current Taking Tier 2, ETP Holders that remove liquidity from
the Exchange in securities with a per share price of $1.00 or more and
that have at least 0.0125% Adding ADV as a percentage of US CADV, would
be eligible for the following credits:
     $0.0018 per share for orders; and
     $0.0002 per share for MPL Orders.
    The Exchange proposes to replace the current requirement to qualify
for Removing Tier 2 with the requirement that ETP Holders have at least
0.04% Removing ADV as a percentage of US CADV and 100,000 Adding ADV.
    The Exchange also proposes to increase the rebate for qualifying
for Removing Tier 1 from $0.0018 per share to $0.00275 per share. The
current rate for MPL Orders would not change.
Removing Tier 3
    Under current Taking Tier 3, ETP Holders that remove liquidity from
the Exchange in securities with a per share price of $1.00 or more and
that have at least 50,000 Adding ADV, would be eligible for the
following credits:
     $0.0010 per share for orders; and
     $0.0002 per share for MPL Orders.
    The Exchange proposes to increase the rebate for qualifying for
Removing Tier 3 from $0.0010 per share to $0.0025 per share. The
current rate for MPL Orders would not change.
Application and Impact of the Proposed Changes to the Removing Tiers
    The proposed change to the Removing Tiers is designed to provide
order flow providers with incentives to route liquidity-removing order
flow to a public exchange, thereby promoting price discovery and
transparency and enhancing order execution opportunities for ETP
Holders.
    For example, an ETP Holder has an Adding ADV of 75,000 shares. That
ETP Holder would qualify for Removing Tier 3 credit of $0.0025 per
share.
    In a month when US CADV was 7 billion shares, an ETP Holder would
be eligible for the following credits:
     A Removing ADV of 3.5 million shares in a billing month
would be 0.05% of US CADV. If that ETP Holder also has an Adding ADV of
125,000 shares, the ETP Holder would qualify for Removing Tier 2 credit
of $0.00275 per share for orders that remove liquidity by exceeding the
requirements.
     A Removing ADV of 8.75 million shares in a billing month
would be 0.125% of US CADV. If the ETP Holder also has an Adding ADV of
300,000 shares, that ETP Holder would qualify for Removing Tier 1
credit of $0.0030 per share for orders that remove liquidity by
exceeding the requirements.
     An ETP Holder with an Adding ADV of less than 50,000
shares would then be eligible for the base fee of $0.0005 per share for
orders that remove liquidity.
    As described above, ETP Holders with liquidity-removing order flow
have a choice of where to send that order flow. The Exchange believes
that by simplifying the requirements to qualify for the two removing
tiers with the highest rebate and increasing the rebate for all three
removing tiers, more ETP Holders will choose to route their liquidity-
removing order flow to the Exchange in order to interact with the
increased liquidity-providing order flow the Exchange anticipates from
its proposed changes to the Adding Tiers.
    The Exchange cannot predict with certainty how many ETP Holders
would avail themselves of the opportunities presented by the revised
removing tiers. Based on prior order flow routed to the Exchange, the
Exchange believes that as many as five ETP Holders of the 49 current
Exchange ETP Holders could qualify for the revised Removing Tier 1 if
they so choose; six more ETP Holders could qualify for the revised
Removing Tier 2; and six more ETP Holders could qualify for the revised
Removing Tier 3. Additional liquidity-providing order flow benefits all
market participants because it provides greater execution opportunities
on the Exchange.
    The proposed changes are not otherwise intended to address any
other issues, and the Exchange is not aware of any problems that ETP
Holders would have in complying with the proposed change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\17\ in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\18\ in
particular, because it provides for the equitable allocation of
reasonable dues, fees, and other charges among its members, issuers and
other persons using its facilities and does not unfairly discriminate
between customers, issuers, brokers or dealers.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(4) & (5).
---------------------------------------------------------------------------

The Proposed Change is Reasonable
    As discussed above, the Exchange operates in a highly fragmented
and competitive market. The Exchange believes that the ever-shifting
market share among the exchanges from month to month demonstrates that
market participants can move order flow, or discontinue or reduce use
of certain categories of products, in response to fee changes. While it
is not possible to know a firm's reason for shifting order flow, the
Exchange believes that one such reason is because of fee changes at any
one of the registered exchanges or non-exchange trading venues that a
firm routes order flow to, which vary month to month, and not all of
which are publicly known about. With respect to non-marketable order
flow that would provide displayed liquidity on an Exchange, ETP Holders
can choose from any one of the 13 currently operating registered
exchanges to route such order flow. Accordingly, competitive forces
constrain exchange transaction fees that relate to orders that would
provide displayed liquidity on an exchange.
    Given the current competitive environment, the proposal represents
a reasonable attempt to attract additional order flow to the Exchange.
Specifically, the Exchange believes that offering a single, higher
General Rate that would be applicable to all adding liquidity that does
not otherwise qualify for a tiered rate is reasonable because a higher
rate

would provide an incentive for ETP Holders to route additional
liquidity-providing orders to the Exchange to qualify for one of the
Adding Tier rates, thereby promoting price discovery and providing
meaningful added levels of liquidity and contributing to the depth and
market quality on the Exchange. Similarly, the Exchange believes that
revising and simplifying the adding liquidity tier rates and which
rates would be available for displayed and non-displayed orders is also
reasonable because the Exchange believes that lower tiered rates,
coupled with simplified qualification requirements that would make it
easier for ETP Holders to qualify for the respective tiers, would
incent more ETP Holders to route their liquidity-providing order flow
to the Exchange, thereby attracting liquidity-providing order flow to
the Exchange.
    In addition, the Exchange believes that the proposed changes to the
removing tiers are reasonable because the proposed changes would
incentivize submission of additional liquidity to a public exchange,
thereby enhancing order execution opportunities for ETP Holders.
Specifically, simplifying the requirements to qualify for the two
removing tiers with the highest rebate and increasing the rebate for
all three removing tiers would incentivize ETP Holders to send
additional liquidity to the Exchange in order to receive a higher
credits and avoid the General Rate fees by meeting the higher liquidity
requirements for a Removing Tier credit.
    As noted, the Exchange's market share of intraday trading has
declined from March 2019 to June 2019. The Exchange believes that the
proposal represents a reasonable attempt to encourage the submission of
additional liquidity to a national securities exchange, thus promoting
price discovery and transparency and enhancing order execution
opportunities for ETP Holders from the substantial amounts of liquidity
present on the Exchange. All ETP Holders would benefit from the greater
amounts of liquidity that will be present on the Exchange, which would
provide greater execution opportunities.
    Finally, the Exchange also believes the proposed non-substantive
changes to consolidate text relating to transaction fees under Section
I of the Fee Schedule and to add a definitions section are reasonable
and would not be inconsistent with the public interest and the
protection of investors because investors will not be harmed and in
fact would benefit from increased clarity and transparency on the Fee
Schedule, thereby reducing potential confusion.
The Proposal is an Equitable Allocation of Fees
    The Exchange believes its proposal equitably allocates its fees
among its market participants. The proposal would continue to encourage
ETP Holders to send orders to the Exchange, thereby contributing to
robust levels of liquidity, which benefits all market participants. The
Exchange believes that, for the reasons discussed above, revising and
simplifying the qualification requirements for adding and removing tier
rates would make it easier for current and new liquidity providers to
qualify for the respective tier fees and credits, thereby encouraging
submission of additional liquidity to the Exchange. The proposed change
will thereby encourage the submission of additional liquidity to a
national securities exchange, thus promoting price discovery and
transparency and enhancing order execution opportunities for ETP
Holders from the substantial amounts of liquidity present on the
Exchange. All ETP Holders would benefit from the greater amounts of
liquidity that will be present on the Exchange, which would provide
greater execution opportunities.
    The Exchange further believes that the proposed uniform higher
general fee of $0.0028 for adding displayed and non-displayed liquidity
is equitable because the magnitude of the uniform rate is not
unreasonably higher than the current separate fees for displayed
($0.0023) and non-displayed ($0.0025) adding liquidity that it would
replace, and in comparison to the general rates charged by other
exchanges with taker-maker fee models for adding liquidity. For
example, Cboe EDGA charges a non-tier fee of $0.0030 per share for
adding liquidity.\19\
---------------------------------------------------------------------------

    \19\ See Cboe EDGA U.S. Equities Exchange Fee Schedule,
available at https://markets.cboe.com/us/equities/membership/fee_schedule/edga/.
---------------------------------------------------------------------------

    The proposed higher fees for adding displayed liquidity in Tape A,
Tape B and Tape C securities in Adding Tier 1 ($0.0020), Adding Tier 2
($0.0024) and Adding Tier 3 ($0.0026) and the single, higher Non-
Displayed Adding Tier 1 charge are equitable because the magnitude of
the uniform rates is not unreasonably higher than the current separate
rates each replaces, and in comparison to the fees charged by other
exchanges for orders that add displayed and non-displayed liquidity.
For example, Cboe EDGA charges a tiered fees of $0.0022 and $0.0026 for
adding liquidity.\20\
---------------------------------------------------------------------------

    \20\ See id.
---------------------------------------------------------------------------

    Finally, the higher proposed credits for Removing Tier 1 ($0.0030),
Removing Tier 2 ($0.00275), and Removing Tier 3 ($0.0025) are similarly
equitable because the magnitude of the uniform rates is not
unreasonably higher than the current separate rates each replaces, and
in comparison to the fees charged by other exchanges for orders that
add displayed and non-displayed liquidity. For example, Cboe EDGA
offers a tiered credit of ($0.0026) per share for removing
liquidity.\21\
---------------------------------------------------------------------------

    \21\ See id.
---------------------------------------------------------------------------

    The number of ETP Holders that could qualify for the General Rate,
each of the Adding Tiers, and the Removing Tiers are noted above.
Without having a view of an ETP Holder's activity on other markets and
off-exchange venues, the Exchange believes the proposed revised
requirements and corresponding higher rates would provide an incentive
for market participants to increase the orders they send to the
Exchange in order to meet the new lower requirement and submit
additional adding liquidity to the Exchange. In addition, based on the
profile of liquidity-providing firms generally, the Exchange believes
that numerous firms could qualify for the Adding Tiers Removing Tiers
if they choose to direct order flow to, as noted earlier, and increase
trading on, the Exchange.
    The Exchange believes the proposed rule change would improve market
quality for all market participants on the Exchange and, as a
consequence, attract more liquidity to the Exchange thereby improving
market-wide quality and price discovery. The proposal neither targets
nor will it have a disparate impact on any particular category of
market participant.
    Specifically, the Exchange believes that the proposal constitutes
an equitable allocation of fees because all similarly situated ETP
Holders and other market participants would be eligible for the same
general and tiered rates and would be eligible for the same fees and
credits. Moreover, the proposed change is equitable because all
qualifying ETP Holders that meet the new requirements for Adding Tiers
1-3 would be eligible for the fee by satisfying the revised
requirements, and because the revised requirements would apply equally
to all similarly situated ETP Holders. Similarly, the proposed change
is equitable because all qualifying ETP Holders that meet the new
requirements for Removing Tiers 1-3 would be eligible for the credits
by satisfying the revised requirements, and because the revised
requirements would apply equally to all similarly situated ETP Holders.

The Proposal is Not Unfairly Discriminatory
    The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, ETP Holders
are free to disfavor the Exchange's pricing if they believe that
alternatives offer them better value.
    The proposal neither targets nor will it have a disparate impact on
any particular category of market participant. The Exchange also
believes that the proposed change is not unfairly discriminatory
because it is reasonably related to the value to the Exchange's market
quality associated with higher volume. The Exchange believes that the
proposal does not permit unfair discrimination because the proposal
would be applied to all similarly situated ETP Holders and other market
participants would be charged the same rates or receive the same
credits.
    The Exchange further believes that the proposal does not permit
unfair discrimination because the Exchange will be making the Adding
Tier and Removing Tier rates available to all ETP Holders on an equal
basis. Accordingly, no ETP Holder already operating on the Exchange
would be disadvantaged by the proposed allocation of fees. For the same
reasons, the Exchange believes that the proposal would not permit
unfair discrimination among ETP Holders. The Exchange believes that the
proposed change is not unfairly discriminatory because all qualifying
ETP Holders that meet the revised requirements would be eligible for
the Adding Tiers 1-3 fees by satisfying the revised thresholds, and
because the revised thresholds would apply equally to all similarly
situated ETP Holders. Similarly, the proposed change is equitable
because all qualifying ETP Holders that meet the new requirements for
Removing Tiers 1-3 would be eligible for the credits by satisfying the
revised requirements, and because the revised requirements would apply
equally to all similarly situated ETP Holders.
    The Exchange further believes that the proposed changes would not
permit unfair discrimination among ETP Holders because the general and
tiered rates are available equally to all ETP Holders. As described
above, in today's competitive marketplace, order flow providers have a
choice of where to direct liquidity-providing order flow, and the
Exchange believes there are additional ETP Holders that could qualify
if they chose to direct their order flow to the Exchange.
    Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
    For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\22\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed changes would encourage the submission of additional
liquidity to a public exchange, thereby promoting market depth, price
discovery and transparency and enhancing order execution opportunities
for ETP Holders. As a result, the Exchange believes that the proposed
change furthers the Commission's goal in adopting Regulation NMS of
fostering competition among orders, which promotes ``more efficient
pricing of individual stocks for all types of orders, large and
small.'' \23\
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78f(b)(8).
    \23\ Regulation NMS, 70 FR at 37498-99.
---------------------------------------------------------------------------

    Intramarket Competition. The proposed change is designed to attract
additional order flow to the Exchange. The Exchange believes that the
proposed increased fees and credits would continue to incentivize
market participants to direct liquidity providing and removing orders
to the Exchange. Greater liquidity benefits all market participants on
the Exchange by providing more trading opportunities and encourages ETP
Holders to send orders, thereby contributing to robust levels of
liquidity, which benefits all market participants. The proposed reduced
requirements for the tiers would be available to all similarly-situated
market participants, and, as such, the proposed change would not impose
a disparate burden on competition among market participants on the
Exchange.
    Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily choose to
send their orders to other exchange and off-exchange venues if they
deem fee levels at those other venues to be more favorable. As noted,
the Exchange's market share of intraday trading (i.e., excluding
auctions) declined from March to June 2019. In such an environment, the
Exchange must continually adjust its fees and rebates to remain
competitive with other exchanges and with off-exchange venues. Because
competitors are free to modify their own fees and credits in response,
and because market participants may readily adjust their order routing
practices, the Exchange does not believe its proposed fee change can
impose any burden on intermarket competition.
    The Exchange believes that the proposed change could promote
competition between the Exchange and other execution venues, including
those that currently offer similar order types and comparable
transaction pricing, by encouraging additional orders to be sent to the
Exchange for execution.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \24\ of the Act and subparagraph (f)(2) of Rule
19b-4 \25\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78s(b)(3)(A).
    \25\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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 under
Section 19(b)(2)(B) \26\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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 protected]. Please include
File Number SR-NYSENAT-2019-18 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-NYSENAT-2019-18. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal offices of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSENAT-2019-18, and should be submitted
on or before September 5, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
---------------------------------------------------------------------------

    \27\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-17484 Filed 8-14-19; 8:45 am]
 BILLING CODE P


[Federal Register: September 18, 2008 (Volume 73, Number 182)]
[Notices]
[Page 54194-54196]
[DOCID:fr18se08-94]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58502; File No. SR-NYSEArca-2008-93]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Order Granting Accelerated Approval of Proposed Rule Change
Relating to the Listing of the iShares Lehman Agency Bond Fund

September 10, 2008.
    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 August 25, 2008, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II 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 and approves the proposed rule change on an accelerated basis.
---------------------------------------------------------------------------

    \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, through its wholly-owned subsidiary NYSE Arca
Equities, Inc. (``NYSE Arca Equities''), proposes to list and trade
shares (``Shares'') of the following fund of iShares Lehman Agency Bond
Fund. The text of the proposed rule change is available on the
Exchange's Web site at http://www.nyse.com, at the Exchange'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 III 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 list and trade the Shares of the following
fund under NYSE Arca Equities Rule 5.2(j)(3), the Exchange's listing
standards for Investment Company Units (``ICUs''): \3\ iShares Lehman
Agency Bond Fund (the ``Fund''), a series of the iShares Trust
(``Trust'').
---------------------------------------------------------------------------

    \3\ An Investment Company Unit is a security that represents an
interest in a registered investment company that holds securities
comprising, or otherwise based on or representing an interest in, an
index or portfolio of securities (or holds securities in another
registered investment company that holds securities comprising, or
otherwise based on or representing an interest in, an index or
portfolio of securities). See NYSE Arca Equities Rule 5.2(j)(3)(A).
---------------------------------------------------------------------------

    The Fund seeks investment results that correspond generally to the
price and yield, before fees and expenses, of the agency sector of the
U.S. government bond market as defined by the Lehman Brothers U.S.
Agency Index (``Index''). The Index measures the performance of the
agency sector of the U.S. government bond market and is comprised of
investment grade U.S. dollar-denominated debentures issued by
government and government-related agencies.
    The Exchange is submitting this proposed rule change because the
Index for the Fund does not meet all of the ``generic'' listing
requirements of Commentary .02 to NYSE Arca Equities Rule 5.2(j)(3)
applicable to listing of ICUs based on Fixed Income Securities.\4\ The
Index meets all such requirements except for those set forth in
Commentary .02(a)(5).\5\ The Exchange represents that: (1) Except for
the requirement under Commentary .02(a)(5) to NYSE Arca Equities Rule
5.2(j)(3) that an underlying index or portfolio (excluding one
consisting entirely of exempted securities) must include a minimum of
13 non-affiliated issuers, the Shares of the Fund currently satisfy all
of the applicable generic listing standards under NYSE Arca Equities
Rule 5.2(j)(3); (2) the continued listing standards under NYSE Arca
Equities Rules 5.2(j)(3) and 5.5(g)(2) applicable to ICUs shall apply
to the Shares; and (3) the Trust is required to comply with Rule 10A-3
\6\ under the Act for the initial and continued listing of the Shares.
In addition, the Exchange represents that the Shares will comply with
all other requirements applicable to ICUs including, but not limited
to, requirements relating to the dissemination of key information such
as the Index value and Intraday Indicative Value, rules governing the
trading of equity securities, trading hours, trading halts,
surveillance, firewalls and Information Bulletin to ETP Holders, as set
forth in prior Commission orders approving the generic listing rules
applicable to the listing and trading of ICUs.\7\
---------------------------------------------------------------------------

    \4\ Fixed Income Securities are described in NYSE Arca Equities
Rule 5.2(j)(3), Commentary .02 as debt securities that are notes,
bonds, debentures or evidence of indebtedness that include, but are
not limited to, U.S. Department of Treasury securities, government-
sponsored entity securities, municipal securities, trust preferred
securities, supranational debt and debt of a foreign country or a
subdivision thereof.
    \5\ The Exchange states that, as of August 8, 2008, the Index
included securities of 10 non-affiliated issuers. Approximately
0.59% of the Index weight consisted of non-exempted securities. The
Exchange notes that all 10 non-affiliated issuers of issues in the
Index are U.S. government or government-related agencies. The
Exchange believes that, under these circumstances, having 10 non-
affiliated issuers rather than 13 non-affiliated issuers, as
required by Commentary .02(a)(5) to NYSE Arca Equities Rule
5.2(j)(3), will have no negative impact on investor protection or on
competition among market participants. E-mail from Tim Malinowski,
Director, NYSE Euronext, Exchange, to Edward Cho, Special Counsel,
Division of Trading and Markets, Commission, dated September 3,
2008.
    \6\ 17 CFR 240.10A-3.
    \7\ See, e.g., Securities Exchange Act Release No. 55783 (May
17, 2007), 72 FR 29194 (May 24, 2007) (SR-NYSEArca-2007-36) (order
approving generic listing standards for ICUs based on fixed income
indexes); Securities Exchange Act Release No. 44551 (July 12, 2001),
66 FR 37716 (July 19, 2001) (SR-PCX-2001-14) (order approving
generic listing standards for ICUs and Portfolio Depositary
Receipts); Securities Exchange Act Release No. 41983 (October 6,
1999), 64 FR 56008 (October 15, 1999) (SR-PCX-98-29) (order
approving rules for listing and trading of ICUs).
---------------------------------------------------------------------------

    Detailed descriptions of the Fund, the Index, procedures for
creating and redeeming Shares, transaction fees and expenses,
dividends, distributions, taxes, and reports to be distributed to
beneficial owners of the Shares can be found in the Trust's
Registration Statement \8\ or on the Web site for the Fund (http://
www.ishares.com), as applicable.
---------------------------------------------------------------------------

    \8\ See the Trust's Registration Statement on Form N-1A, dated
July 16, 2008 (File Nos. 333-92935 and 811-09729).
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \9\ of the
Act, in general, and furthers the objectives of Section 6(b)(5),\10\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanisms of a free and open
market and a national market system. The Exchange believes that the
proposed rule change will facilitate the listing and trading of an
additional type of exchange-traded product that will enhance
competition among market participants, to the benefit of investors and
the marketplace.
---------------------------------------------------------------------------

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

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

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

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

    No written comments were solicited or received with respect to the
proposed rule change.

III. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File No. SR-NYSEArca-2008-93 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-NYSEArca-2008-93. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the

Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for inspection and copying in the
Commission's Public Reference Room, 100 F Street, NE., Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such filing also will be available for inspection and
copying at the principal office of the Exchange. All comments received
will be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2008-93 and should be submitted
on or before October 9, 2008.

IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change

    After careful consideration, 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.\11\ In particular, the Commission believes that the proposal
is consistent with Section 6(b)(5) of the Act,\12\ which requires,
among other things, that the rules of a national securities exchange be
designed to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and in general, to protect investors and the
public interest.
---------------------------------------------------------------------------

    \11\ In approving this rule change, the Commission notes that it
has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
    \12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Although NYSE Arca Equities Rule 5.2(j)(3) permits the Exchange to
list ICUs based on Fixed Income Securities pursuant to Rule 19b-4(e)
under the Act,\13\ the Index for the Fund does not meet all of the
generic listing requirements applicable to ICUs based on Fixed Income
Securities. Specifically, the Index does not satisfy Commentary
.02(a)(5) to NYSE Arca Equities Rule 5.2(j)(3), which requires that an
underlying index or portfolio (excluding one consisting entirely of
exempted securities) include a minimum of 13 non-affiliated issuers.
According to the Exchange, as of August 8, 2008, the Index included
securities of only 10 non-affiliated issuers, all of which are U.S.
government or government-related agencies. The Exchange has noted that
approximately 0.59% of the weight of the Index consists of non-exempted
securities.\14\
---------------------------------------------------------------------------

    \13\ See 17 CFR 240.19b-4(e). See also Commentary .02 to NYSE
Arca Equities Rule 5.2(j)(3).
    \14\ See supra note 5.
---------------------------------------------------------------------------

    The Commission believes that the listing and trading of the Shares
is consistent with the Act. The Commission notes that all of the
issuers of the Fixed Income Securities comprising the Index are either
U.S. government or other government-related agencies. In addition, the
Commission notes that, based on the Exchange's representations: (1) the
Shares will meet all of the applicable generic listing standards under
NYSE Arca Equities Rule 5.2(j)(3), except for the requirement under
Commentary .02(a)(5) thereto that the Index include a minimum of 13
non-affiliated issuers; (2) the Shares will be subject to all of the
continued listing standards under NYSE Arca Equities Rules 5.2(j)(3)
and 5.5(g)(2) applicable to ICUs; and (3) the Trust is required to
comply with Rule 10A-3 under the Act.\15\ The Commission also notes
that Shares of the Fund will comply with all other requirements of NYSE
Arca Equities Rule 5.2(j)(3), applicable to ICUs including, but not
limited to, requirements relating to the dissemination of key
information such as the Index value and Intraday Indicative Value and
rules governing the trading of equity securities, trading hours,
trading halts, surveillance, firewalls, and Information Bulletins to
ETP Holders, as set forth in prior Commission orders approving the
generic listing rules applicable to the listing and trading of
ICUs.\16\
---------------------------------------------------------------------------

    \15\ See 17 CFR 240.10A-3.
    \16?\ See, e.g., Securities Exchange Act Release Nos. 41983
(October 6, 1999), 64 FR 56008 (October 15, 1999) (SR-PCX-98-29)
(approving the adoption of rules governing the listing and trading
of ICUs); 44551 (July 12, 2001), 66 FR 37716 (July 19, 2001) (SR-
PCX-2001-14) (approving generic listing standards for ICUs and
portfolio depositary receipts); 55783 (May 17, 2007), 72 FR 29194
(May 24, 2007) (SR-NYSEArca-2007-36) (approving generic listing
standards for ICUs based on fixed income indexes); and 56625
(October 5, 2007), 72 FR 58144 (October 12, 2007) (SR-NYSEArca-2007-
73) (approving a proposal relating to extended hours trading for
ICUs and portfolio depository receipts).
---------------------------------------------------------------------------

    The Commission finds good cause, pursuant to Section 19(b)(2) of
the Act,\17\ for approving the proposal prior to the thirtieth day
after the date of publication of the Notice in the Federal Register.
The Commission notes that, because the Shares comply with all of NYSE
Arca Equities' generic listing standards for ICUs based on Fixed Income
Securities (except for the requirement relating to the minimum number
of non-affiliated issuers), the listing and trading of the Shares by
the Exchange does not appear to present any novel or significant
regulatory issues, significantly affect the protection of investors or
the public interest, or impose any significant burden on competition.
The Commission further notes that it has previously approved the
listing and trading of derivative securities products based on
underlying assets that did not meet certain quantitative generic
listing criteria \18\ and, more specifically, the listing and trading
of an exchange-traded fund based on an underlying index of Fixed Income
Securities, which similarly did not satisfy the generic listing
requirement relating to minimum number of non-affiliated issuers.\19\
The Commission believes that accelerating approval of this proposal
should benefit investors by creating, without undue delay, additional
competition in the market for ICUs. Therefore, the Commission finds
good cause, consistent with Section 19(b)(2) of the Act, to approve the
proposed rule change on an accelerated basis. This order is based on
the Exchange's representations.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(2).
    \18\ See, e.g., Securities Exchange Act Release Nos. 58437
(August 28, 2008), 73 FR 51684 (September 4, 2008) (SR-NYSEArca-
2008-77); 57349 (February 19, 2008), 73 FR 10084 (February 25, 2008)
(SR-NYSEArca-2008-22); 55953 (June 25, 2007), 72 FR 36084 (July 2,
2007) (SR-NYSE-2007-46); and 56695 (October 24, 2007), 72 FR 61413
(October 30, 2007) (SR-NYSEArca-2007-111).
    \19\ See Securities Exchange Act Release No. 57356 (February 20,
2008), 73 FR 10314 (February 26, 2008) (SR-Amex-2007-115) (approving
the listing and trading of shares of the SPDR[supreg] Barclays
Capital Global Inflation Linked Exchange-Traded Fund).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\20\ that the proposed rule change (SR-NYSEArca-2008-93) be, and it
hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
---------------------------------------------------------------------------

    \21\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-21758 Filed 9-17-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 78, Number 158 (Thursday, August 15, 2013)]
[Rules and Regulations]
[Pages 49662-49663]
[FR Doc No: 2013-19816]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2013-0472; Directorate Identifier 98-CE-097-AD;
Amendment 39-17538; AD 99-07-10 R1]
RIN 2120-AA64

Airworthiness Directives; PIAGGIO AERO INDUSTRIES S.p.A Airplanes

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

ACTION: Final rule; rescission.

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SUMMARY: We are rescinding an airworthiness directive (AD) for PIAGGIO
AERO INDUSTRIES S.p.A. Model P-180 airplanes. The rescinded AD resulted
from mandatory continuing airworthiness information (MCAI) originated
by an aviation authority of another country to identify and correct an
unsafe condition on an aviation product. The MCAI describes the unsafe
condition as partial detachment of the inner protective film of the
composite nacelles. Since issuance of the rescinded AD, we have
determined that the unsafe condition does not exist or is not likely to
develop on affected type design airplanes.

DATES: This AD is effective September 19, 2013.

ADDRESSES: You may examine the AD docket on the Internet at http://www.regulations.gov; or in person at the Docket Management Facility
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains this proposed AD, the regulatory
evaluation, any comments received, and other information. The street
address for the Docket Office (telephone<PHONE_NUMBER>) is in the
ADDRESSES section.

FOR FURTHER INFORMATION CONTACT: Mike Kiesov, Aerospace Engineer, FAA,
Small Airplane Directorate, 901 Locust, Room 301, Kansas City, Missouri
64106; telephone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Discussion

    We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR
part 39 by rescinding AD 99-07-10 (64 FR 14824, March 29, 1999) that
applied to the specified products. The NPRM was published in the
Federal Register on May 30, 2013 (78 FR 32363).
    On March 18, 1999, we issued AD 99-07-10, Amendment 39-11095 (64 FR
14824, March 29, 1999), with an effective date of May 10, 1999. The AD
required actions intended to address an unsafe condition on the
products listed above.
    Since we issued AD 99-07-10, Amendment 39-11095 (64 FR 14824, March
29, 1999), the European Aviation Safety Agency (EASA), which is the
Technical Agent for the Member States of the European Community, has
issued AD Cancellation Notice No.: 2013-0085-CN, dated April 8, 2013,
which cancelled Ente Nazionale per l'Aviazione Civile (ENAC) (the
airworthiness authority for Italy) AD No. 98-208, dated June 9, 1998.
Italian AD No. 98-208 required the inspections and corrective actions
of Piaggio Service Bulletin (Mandatory) No.: SB-80-0101, Original
Issue: May 6, 1998. AD 99-07-10, Amendment 39-11095 (64 FR 14824, March
29, 1999), is the result of mandatory continuing airworthiness
information (MCAI) issued by ENAC.
    We have been notified that since 2000, all nacelles for PIAGGIO
AERO INDUSTRIES S.p.A Model P-180 airplanes have been manufactured by a
different supplier, and no new occurrences of film detachment have been
reported on earlier manufactured airplanes. Therefore, nacelle inner
panel

protective film detachment is no longer considered probable.
Consequently, PIAGGIO AERO INDUSTRIES S.p.A. issued Mandatory Service
Bulletin No. SB 80-0101, Rev. N. ZZ, dated February 19, 2013, to cancel
the previous revision of this service bulletin.
    Refer to MCAI European Aviation Safety Agency (EASA) AD No.: AD
Cancellation Notice No.: 2013-0085-CN, dated April 8, 2013, and Ente
Nazionale per l'Aviazione Civile (ENAC) AD No. 98-208, dated June 9,
1998, for related information; both may be found in the AD docket on
the Internet at http://www.regulations.gov. You may also refer to
Piaggio Service Bulletin (Mandatory) No.: SB 80 0101, Original Issue:
May 6, 1998, for related information. For service information related
to this AD, contact Piaggio Aero Industries S.p.A Airworthiness Office;
Via Luigi Cibrario, 4-16154 Genova-Italy; telephone: +39<PHONE_NUMBER>;
fax: +39<PHONE_NUMBER>; email<EMAIL_ADDRESS>Internet:
www.piaggioaero.com/#/en/after-sales/service-support. You may review
copies of the referenced service information at the FAA, Small Airplane
Directorate, 901 Locust, Kansas City, Missouri 64106. For information
on the availability of this material at the FAA, call<PHONE_NUMBER>.

Comments

    We gave the public the opportunity to participate in developing
this AD. We received no comments on the NPRM (78 FR 32363, May 30,
2013).

Conclusion

    We reviewed the relevant data and determined that rescinding the AD
will not affect air safety and will reduce the burden on the public. We
will rescind the AD as proposed except for minor editorial changes. We
have determined that these minor changes:
     Are consistent with the intent that was proposed in the
NPRM (78 FR 32363, May 30, 2013) for correcting the unsafe condition;
and
     Do not add any additional burden upon the public than was
already proposed in the NPRM (78 FR 32363, May 30, 2013).

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. 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.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this AD will not have federalism implications
under Executive Order 13132. This AD will not have 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.
    For the reasons discussed above, I certify this regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979),
    (3) Will not affect intrastate aviation in Alaska, and
    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

Adoption of the Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by removing AD 99-07-10, Amendment 39-
11095 (64 FR 14824, March 29, 1999), and adding the following new AD:

AD 99-07-10 R1 PIAGGIO AERO INDUSTRIES S.p.A: Amendment 39-17538;
Docket No. FAA-2013-0472; Directorate Identifier 98-CE-097-AD.

(a) Effective Date

    This airworthiness directive (AD) becomes effective September
19, 2013.

(b) Affected ADs

    This AD rescinds AD 99-07-10, Amendment 39-11095 (64 FR 14824,
March 29, 1999).

(c) Applicability

    This AD applies to PIAGGIO AERO INDUSTRIES S.p.A Model P-180
airplanes, all serial numbers, certificated in any category.

(d) Subject

    Joint Aircraft System Component (JASC)/Air Transport Association
(ATA) of America Code 54; Nacelles/Pylons.

    Issued in Kansas City, Missouri, on July 25, 2013.
Earl Lawrence,
Manager, Small Airplane Directorate, Aircraft Certification Service.
[FR Doc. 2013-19816 Filed 8-14-13; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 87, Number 104 (Tuesday, May 31, 2022)]
[Notices]
[Pages 32408-32409]
[FR Doc No: 2022-11624]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #1

    Take notice that the Commission received the following exempt
wholesale generator filings:

    Docket Numbers: EG22-130-000.
    Applicants: Madison Fields Solar Project, LLC.
    Description: Madison Fields Solar Project, LLC submits Notice of
Self-Certification of Exempt Wholesale Generator Status.
    Filed Date: 5/24/22.
    Accession Number: 20220524-5088.
    Comment Date: 5 p.m. ET 6/14/22.

    Docket Numbers: EG22-131-000.
    Applicants: Marion County Solar Project, LLC.
    Description: Marion County Solar Project, LLC submits Notice of
Self-Certification of Exempt Wholesale Generator Status.
    Filed Date: 5/24/22.
    Accession Number: 20220524-5091.
    Comment Date: 5 p.m. ET 6/14/22.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER10-2474-025; ER10-2475-026; ER10-3246-019; ER13-
1266-037; ER15-2211-034; ER10-2984-054.
    Applicants: Merrill Lynch Commodities, Inc., MidAmerican Energy
Services, LLC, CalEnergy, LLC, PacifiCorp, Nevada Power Company, Sierra
Pacific Power Company.
    Description: Supplement to March 3, 2022 Notice of Non-Material
Change in Status of Sierra Pacific Power Company, et al.
    Filed Date: 5/19/22.
    Accession Number: 20220519-5173.
    Comment Date: 5 p.m. ET 6/9/22.

    Docket Numbers: ER22-108-002.
    Applicants: Southwest Power Pool, Inc.
    Description: Compliance filing: Compliance Filing--Modify Minimum
Capitalization Requirements to be effective 4/30/2022.
    Filed Date: 5/24/22.
    Accession Number: 20220524-5090.
    Comment Date: 5 p.m. ET 6/14/22.

    Docket Numbers: ER22-1945-000.
    Applicants: Bracewell LLP, Powells Creek Farm Solar, LLC.
    Description: Baseline eTariff Filing: Bracewell LLP submits tariff
filing per 35.12: Application for Market-Based Rate Authorization,
Request for Related Waivers to be effective 8/1/2022.
    Filed Date: 5/23/22.
    Accession Number: 20220523-5163.
    Comment Date: 5 p.m. ET 6/13/22.

    Docket Numbers: ER22-1946-000.
    Applicants: Southwest Power Pool, Inc.
    Description: Sec.  205(d) Rate Filing: 3951 Kiowa County Solar
Project GIA to be effective 4/28/2022.
    Filed Date: 5/24/22.

    Accession Number: 20220524-5065.
    Comment Date: 5 p.m. ET 6/14/22.

    Docket Numbers: ER22-1947-000.
    Applicants: Switched On, LLC.
    Description: Tariff Amendment: Cancellation entire tariff to be
effective 5/25/2022.
    Filed Date: 5/24/22.
    Accession Number: 20220524-5095.
    Comment Date: 5 p.m. ET 6/14/22.

    Take notice that the Commission received the following public
utility holding company filings:

    Docket Numbers: PH22-14-000.
    Applicants: Macquarie Infrastructure Holdings, LLC.
    Description: Macquarie Infrastructure Holdings, LLC submits FERC
65-A Exemption Notification.
    Filed Date: 5/24/22.
    Accession Number: 20220524-5106.
    Comment Date: 5 p.m. ET 6/14/22.

    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: May 24, 2022.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2022-11624 Filed 5-27-22; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 233 (Wednesday, December 8, 2021)]
[Notices]
[Pages 69652-69653]
[FR Doc No: 2021-26453]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2021-D-1140]

Investigational New Drug Application Submissions for
Individualized Antisense Oligonucleotide Drug Products for Severely
Debilitating or Life-Threatening Diseases: Clinical Recommendations;
Draft Guidance for Sponsor-Investigators; Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of availability.

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

SUMMARY: The Food and Drug Administration (FDA or Agency) is announcing
the availability of a draft guidance for sponsor-investigators entitled
``IND Submissions for Individualized Antisense Oligonucleotide Drug
Products for Severely Debilitating or Life-Threatening Diseases:
Clinical Recommendations.'' FDA is publishing this draft guidance to
provide sponsor-investigators (hereafter referred to as sponsors) who
are interested in developing individualized antisense oligonucleotide
(ASO) drug products for a rapidly progressive, severely debilitating,
or life-threatening (SDLT) genetic disease (caused by a unique genetic
variant or variants), with clinical recommendations for submission of
investigational new drug applications (INDs). These recommendations
specifically address the following clinical considerations: Ethical and
human subject protection, diagnostic and genetic, dosing,
administration, safety, and assessment of clinical response to
treatment.

DATES: Submit either electronic or written comments on the draft
guidance by February 7, 2022 to ensure that the Agency considers your
comment on this draft guidance before it begins work on the final
version of the guidance.

ADDRESSES: You may submit comments on any guidance at any time as
follows:

Electronic Submissions

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

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand delivery/Courier (for written/paper
submissions): Dockets Management Staff (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Dockets
Management Staff, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2021-D-1140 for ``IND Submissions for Individualized Antisense
Oligonucleotide Drug Products for Severely Debilitating or Life-
Threatening Diseases: Clinical Recommendations.'' Received comments
will be placed in the docket and, except for those submitted as
``Confidential Submissions,'' publicly viewable at https://www.regulations.gov or at the Dockets Management Staff between 9 a.m.
and 4 p.m., Monday through Friday,<PHONE_NUMBER>.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states
``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on https://www.regulations.gov.
Submit both copies to the Dockets Management Staff. If you do not wish
your name and contact information to be made publicly available, you
can provide this information on the cover sheet and not in the body of
your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: https://www.govinfo.gov/content/pkg/FR-2015-09-18/pdf/2015-23389.pdf.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to https://www.regulations.gov and insert the docket number, found in brackets in
the

heading of this document, into the ``Search'' box and follow the
prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane,
Rm. 1061, Rockville, MD 20852,<PHONE_NUMBER>.
    You may submit comments on any guidance at any time (see 21 CFR
10.115(g)(5)).
    Submit written requests for single copies of the draft guidance to
the Division of Drug Information, Center for Drug Evaluation and
Research, Food and Drug Administration, 10001 New Hampshire Ave.,
Hillandale Building, 4th Floor, Silver Spring, MD 20993-0002. Send one
self-addressed adhesive label to assist that office in processing your
requests. See the SUPPLEMENTARY INFORMATION section for electronic
access to the draft guidance document.

FOR FURTHER INFORMATION CONTACT: Hobart Rogers, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Avenue, Bldg. 51, Rm 3114, Silver Spring, MD 20903-0002, 301-
796-2213.

SUPPLEMENTARY INFORMATION:

I. Background

    FDA is announcing the availability of a draft guidance for sponsor-
investigators entitled ``IND Submissions for Individualized Antisense
Oligonucleotide Drug Products for Severely Debilitating or Life-
Threatening Diseases: Clinical Recommendations.'' FDA is publishing
this draft guidance to provide sponsor-investigators (hereafter
referred to as sponsors) who are interested in developing
individualized ASO drug products for a rapidly progressive SDLT genetic
disease (caused by a unique genetic variant or variants), with clinical
recommendations for submission of INDs. These recommendations
specifically address the following clinical considerations: Ethical and
human subject protection, diagnostic and genetic, dosing,
administration, safety, and assessment of clinical response to
treatment.
    This draft guidance describes clinical considerations and, when
applicable, important information to include in IND submissions for
such ASO drug products for a small number of participants (typically
one to two) with SDTL diseases. In general, ASO drug products referred
to in this draft guidance belong to a well-characterized chemical class
and for which there is considerable nonclinical and clinical experience
that is publicly available or to which the sponsor has a right of
reference. The draft guidance discusses considerations and information
to submit in an IND regarding: (1) Confirmation of the participant's
genetic diagnosis and genetic variant(s) targeted by the ASO drug
product, (2) the requirements and procedures for informed consent of
the participant, (3) appropriate and safe dosing and administration
procedures that are detailed and supported by relevant nonclinical
evidence, (4) the nature and schedule of the specific safety
assessments (adverse events and laboratory testing) to be conducted,
and (5) methods for continuous clinical monitoring (e.g., via clinical
outcome assessments, pharmacodynamic biomarkers) of the participant to
evaluate and document their clinical response(s) and to allow for an
informed benefit-risk determination. This draft guidance is expected to
facilitate the preparation of adequate and complete IND submissions for
investigational ASO drug products for participants with SDLT diseases
targeted by the specified ASO drug product.
    This draft guidance represents one guidance in a series of
guidances that FDA intends to publish to advise and help sponsors
planning to use individualized ASO drug products for SDLT diseases
caused by unique genetic variant(s) and for whom there are no
alternative therapies available to treat their disease.
    This draft guidance is being issued consistent with FDA's good
guidance practices regulation (21 CFR 10.115). The draft guidance, when
finalized, will represent the current thinking of FDA on ``IND
Submissions for Individualized Antisense Oligonucleotide Drug Products
for Severely Debilitating or Life-Threatening Diseases: Clinical
Recommendations.'' It does not establish any rights for any person and
is not binding on FDA or the public. You can use an alternative
approach if it satisfies the requirements of the applicable statutes
and regulations.

II. Paperwork Reduction Act of 1995

    While this guidance contains no new collection of information, it
does refer to previously approved FDA collections of information.
Therefore, clearance by the Office of Management and Budget (OMB) under
the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501-3521) is not
required for this guidance. The previously approved collections of
information are subject to review by OMB under the PRA. The collections
of information in 21 CFR part 312 have been approved under OMB control
number 0910-0014. The collections of information in 21 CFR parts 50 and
56 for obtaining informed consent for prospective patients have been
approved under OMB control number 0910-0130.

III. Electronic Access

    Persons with access to the internet may obtain the draft guidance
at either https://www.fda.gov/drugs/guidance-compliance-regulatory-information/guidances-drugs, https://www.fda.gov/regulatory-information/search-fda-guidance-documents, or https://www.regulations.gov.

    Dated: December 1, 2021.
Lauren K. Roth,
Associate Commissioner for Policy.
[FR Doc. 2021-26453 Filed 12-7-21; 8:45 am]
BILLING CODE 4164-01-P