[Federal Register Volume 86, Number 218 (Tuesday, November 16, 2021)]
[Notices]
[Pages 63371-63372]
[FR Doc No: 2021-24986]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: RP22-193-000.
    Applicants: Equitrans, L.P.
    Description: Compliance filing: Compliance Filing--Order No. 587-Z
to be effective 6/1/2022.
    Filed Date: 11/8/21.
    Accession Number: 20211108-5049.
    Comment Date: 5 p.m. ET 11/22/21.

    Docket Numbers: RP22-194-000.
    Applicants: Rager Mountain Storage Company LLC.
    Description: Compliance filing: Compliance Filing--Order No. 587-Z
to be effective 6/1/2022.
    Filed Date: 11/8/21.
    Accession Number: 20211108-5050.
    Comment Date: 5 p.m. ET 11/22/21.

    Docket Numbers: RP22-195-000.
    Applicants: USG Pipeline Company, LLC.
    Description: Compliance filing: Order No. 587-Z Compliance Filing
to be effective 6/1/2022.
    Filed Date: 11/8/21.
    Accession Number: 20211108-5069.
    Comment Date: 5 p.m. ET 11/22/21.

    Docket Numbers: RP22-196-000.
    Applicants: Equitrans, L.P.
    Description: Sec.  4(d) Rate Filing: Negotiated Rate Agreement
Effective 11/1/2021 to be effective 11/1/2021.
    Filed Date: 11/8/21.
    Accession Number: 20211108-5164.
    Comment Date: 5 p.m. ET 11/22/21.

    Docket Numbers: RP22-197-000.
    Applicants: KO Transmission Company.
    Description: Compliance filing: KO--Order No. 587-Z Compliance
Filing to be effective 6/1/2022.
    Filed Date: 11/8/21.
    Accession Number: 20211108-5210.
    Comment Date: 5 p.m. ET 11/22/21.

    Docket Numbers: RP22-198-000.
    Applicants: Panhandle Eastern Pipe Line Company, LP.
    Description: Compliance filing: NAESB 3.2 Compliance to be
effective 6/1/2022.
    Filed Date: 11/9/21.
    Accession Number: 20211109-5067.
    Comment Date: 5 p.m. ET 11/22/21.

    Docket Numbers: RP22-199-000.
    Applicants: Trunkline Gas Company, LLC.
    Description: Compliance filing: NAESB 3.2 Compliance to be
effective 6/1/2022.
    Filed Date: 11/9/21.
    Accession Number: 20211109-5070.
    Comment Date: 5 p.m. ET 11/22/21.

    Docket Numbers: RP22-200-000.
    Applicants: Rover Pipeline LLC.
    Description: Compliance filing: NAESB 3.2 Compliance to be
effective 6/1/2022.
    Filed Date: 11/9/21.
    Accession Number: 20211109-5071.
    Comment Date: 5 p.m. ET 11/22/21.

    Docket Numbers: RP22-201-000.
    Applicants: Sea Robin Pipeline Company, LLC.
    Description: Compliance filing: NAESB 3.2 Compliance to be
effective 6/1/2022.
    Filed Date: 11/9/21.
    Accession Number: 20211109-5074.
    Comment Date: 5 p.m. ET 11/22/21.

    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.

Filings in Existing Proceedings

    Docket Numbers: RP21-1023-001.
    Applicants: Pine Prairie Energy Center, LLC.
    Description: Compliance filing: MBR Authority Info Notice,
Compliance Dkt. No. RP21-1023-000 to be effective N/A.
    Filed Date: 11/8/21.
    Accession Number: 20211108-5000.
    Comment Date: 5 p.m. ET 11/22/21.

    Docket Numbers: RP21-1024-001
    Applicants: SG Resources Mississippi, L.L.C.
    Description: Compliance filing: MBR Authority Info Notice,
Compliance Dkt. No. RP21-1024-000 to be effective N/A.
    Filed Date: 11/8/21.
    Accession Number: 20211108-5001.
    Comment Date: 5 p.m. ET 11/22/21.

    Docket Numbers: RP21-1025-001.
    Applicants: Cadeville Gas Storage LLC.
    Description: Compliance filing: MBR Authority Info Notice,
Compliance Dkt. No. RP21-1025-000 to be effective N/A.
    Filed Date: 11/5/21.
    Accession Number: 20211105-5187.
    Comment Date: 5 p.m. ET 11/17/21.

    Docket Numbers: RP21-1026-001.
    Applicants: Monroe Gas Storage Company, LLC.
    Description: Compliance filing: MBR Authority Info Notice,
Compliance Dkt. No. RP21-1026-000 to be effective N/A.
    Filed Date: 11/5/21.
    Accession Number: 20211105-5199.
    Comment Date: 5 p.m. ET 11/17/21.

    Docket Numbers: RP21-1027-001.
    Applicants: Perryville Gas Storage LLC.
    Description: Compliance filing: MBR Authority Info Notice,
Compliance Dkt. No. RP21-1027-000 to be effective N/A.
    Filed Date: 11/5/21.
    Accession Number: 20211105-5202.
    Comment Date: 5 p.m. ET 11/17/21.

    Docket Numbers: RP21-1126-000.
    Applicants: Portland Natural Gas Transmission System.
    Description: Report Filing: CP20-16-000--WXP Notification of
Commencement November 1, 2021 to be effective N/A.
    Filed Date: 11/5/21.
    Accession Number: 20211105-5108.
    Comment Date: 5 p.m. ET 11/17/21.

    Any person desiring to protest in any the above proceedings must
file in accordance with Rule 211 of the Commission's Regulations (18
CFR 385.211) on or before 5:00 p.m. Eastern time on the specified
comment date.
    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    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: November 09, 2021.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2021-24986 Filed 11-15-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 232 (Monday, December 3, 2012)]
[Rules and Regulations]
[Pages 71489-71491]
[FR Doc No: 2012-28821]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2012-1007; Directorate Identifier 2012-CE-031-AD;
Amendment 39-17274; AD 2012-24-04]
RIN 2120-AA64

Airworthiness Directives; GA 8 Airvan (Pty) Ltd Airplanes

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

ACTION: Final rule.

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SUMMARY: We are adopting a new airworthiness directive (AD) for GA 8
Airvan (Pty) Ltd Models GA8 and GA8-TC320 Airplanes. This AD results
from mandatory continuing airworthiness information (MCAI) issued 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 burnt electrical connectors leading to the left-hand
wingtip pitot heater, which may result in loss of airspeed indication.
We are issuing this AD to require actions to address the unsafe
condition on these products.

DATES: This AD is effective January 7, 2013.
    The Director of the Federal Register approved the incorporation by
reference of a certain publication listed in the AD as of January 7,
2013.

ADDRESSES: You may examine the AD docket on the Internet at http://www.regulations.gov or in person at Document Management Facility, U.S.
Department of Transportation, Docket Operations, M-30, West Building
Ground Floor, Room W12-140, 1200 New Jersey Avenue SE., Washington, DC
20590.
    For service information identified in this AD, contact Gippsland
Aeronautics, Attn: Technical Services, P.O. Box 881, Morwell Victoria
3840, Australia; telephone: + 61 03 5172 1200; fax: + 61 03 5172 1201;
Internet: http://www.gippsaero.com/customer-support/technical-publications.aspx. 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>.

FOR FURTHER INFORMATION CONTACT: Doug Rudolph, 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 to include an AD that would apply to the specified products.
That NPRM was published in the Federal Register on September 19, 2012
(77 FR 58052). That NPRM proposed to correct an unsafe condition for
the specified products. The MCAI states:

    CASA has received a number of Service Difficulty Reports
regarding the pitot probe heater connector. The loss of pitot heat
in Instrument Meteorological Condition (IMC) may lead to the loss of
airspeed indication. This may lead to the loss of control of the

aeroplane. Remedial action is to replace the connector with a
terminal block.

Comments

    We gave the public the opportunity to participate in developing
this AD. We received no comments on the NPRM or on the determination of
the cost to the public.

Conclusion

    We reviewed the relevant data and determined that air safety and
the public interest require adopting 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 (77 FR 58052, September 19, 2012) for correcting the unsafe
condition; and
     Do not add any additional burden upon the public than was
already proposed in the NPRM.

Costs of Compliance

    We estimate that this AD will affect 29 products of U.S. registry.
We also estimate that it would take about 4 work-hours per product to
comply with the basic requirements of this AD. The average labor rate
is $85 per work-hour. Required parts would cost about $100 per product.
    Based on these figures, we estimate the cost of the AD on U.S.
operators to be $12,760, or $440 per product.
    According to the manufacturer, all of the costs of this AD may be
covered under warranty, thereby reducing the cost impact on affected
individuals. We do not control warranty coverage for affected
individuals. As a result, we have included all costs in our cost
estimate.

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 AD:
    (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.

Examining the AD Docket

    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 the NPRM, the regulatory evaluation,
any comments received, and other information. The street address for
the Docket Office (telephone<PHONE_NUMBER>) is in the ADDRESSES
section. Comments will be available in the AD docket shortly after
receipt.

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 amends 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 adding the following new AD:

2012-24-04 GA 8 Airvan (Pty) Ltd: Amendment 39-17274; Docket No.
FAA-2012-1007; Directorate Identifier 2012-CE-031-AD.

(a) Effective Date

    This airworthiness directive (AD) becomes effective January 7,
2013.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to GA 8 Airvan (Pty) Ltd Models GA8 and GA8-
TC320 airplanes, all serial numbers, certificated in any category.

(d) Subject

    Air Transport Association of America (ATA) Code 30, Ice and Rain
Protection.

(e) Reason

    This AD was prompted by burnt electrical connectors leading to
the left-hand wingtip pitot heater, which may result in loss of
airspeed indication. We are issuing this AD to modify the pitot heat
wiring on the left-hand wingtip with a terminal block to prevent
loss of heating to the pitot system, which could result in loss of
airspeed indication.

 (f) Actions and Compliance

    Unless already done, within the next 100 hours time-in-service
after January 7, 2013 (the effective date of this AD) or at the next
annual inspection after January 7, 2013 (the effective date of this
AD), whichever occurs later, modify the pitot heat wiring connector
at the left wingtip, following GippsAero Mandatory Service Bulletin
SB-GA8-2012-77, Issue 3, dated March 23, 2012.

(g) Other FAA AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
Standards Office, FAA, has the authority to approve AMOCs for this
AD, if requested using the procedures found in 14 CFR 39.19. Send
information to ATTN: Doug Rudolph, Aerospace Engineer, FAA, Small
Airplane Directorate, 901 Locust, Room 301, Kansas City, Missouri
64106; telephone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>Before using any approved AMOC on any airplane
to which the AMOC applies, notify your appropriate principal
inspector (PI) in the FAA Flight Standards District Office (FSDO),
or lacking a PI, your local FSDO.
    (2) Airworthy Product: For any requirement in this AD to obtain
corrective actions from a manufacturer or other source, use these
actions if they are FAA-approved. Corrective actions are considered
FAA-approved if they are approved by the State of Design Authority
(or their delegated agent). You are required to assure the product
is airworthy before it is returned to service.
    (3) Reporting Requirements: For any reporting requirement in
this AD, a federal agency may not conduct or sponsor, and a person
is not required to respond to, nor shall a person be subject to a
penalty for failure to comply with a collection of information
subject to the requirements of the Paperwork Reduction Act unless
that collection of information displays a current valid OMB Control
Number. The OMB Control Number for this information collection is
2120-0056. Public reporting for

this collection of information is estimated to be approximately 5
minutes per response, including the time for reviewing instructions,
completing and reviewing the collection of information. All
responses to this collection of information are mandatory. Comments
concerning the accuracy of this burden and suggestions for reducing
the burden should be directed to the FAA at: 800 Independence Ave.
SW., Washington, DC 20591, Attn: Information Collection Clearance
Officer, AES-200.

(h) Related Information

    Refer to MCAI Civil Aviation Safety Authority AD/GA8/6, dated
August 6, 2012; and GippsAero Mandatory Service Bulletin SB-GA8-
2012-77, Issue 3, dated March 23, 2012, for related information. For
service information related to this AD, contact Gippsland
Aeronautics, Attn: Technical Services, P.O. Box 881, Morwell
Victoria 3840, Australia; telephone: +61 03 5172 1200; fax: +61 03
5172 1201; Internet: http://www.gippsaero.com/customer-support/technical-publications.aspx. 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>.

(i) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless the AD specifies otherwise.
    (i) GippsAero Mandatory Service Bulletin SB-GA8-2012-77, Issue
3, dated March 23, 2012;
    (ii) Reserved.
    (3) For GippsAero service information identified in this AD,
contact Gippsland Aeronautics, Attn: Technical Services, P.O. Box
881, Morwell Victoria 3840, Australia; telephone: +61 03 5172 1200;
fax: +61 03 5172 1201; Internet: http://www.gippsaero.com/customer-support/technical-publications.aspx.
    (4) 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>.
    (5) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, call<PHONE_NUMBER>, or go to: http://www.archives.gov/federal-register/cfr/index.html.

    Issued in Kansas City, Missouri, on November 21, 2012.
Earl Lawrence,
Manager, Small Airplane Directorate, Aircraft Certification Service.
[FR Doc. 2012-28821 Filed 11-30-12; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 85, Number 235 (Monday, December 7, 2020)]
[Notices]
[Pages 78904-78909]
[FR Doc No: 2020-26786]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90544; File No. SR-FICC-2020-014]

Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change,
as Modified by Amendment No. 1, To Modify the Clearance Maintenance
Fee, Reduce the End of Day Position Fee of the Government Securities
Division, and Describe the Current Rebate Policy

December 1, 2020.
    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 November 16, 2020, Fixed Income Clearing Corporation (``FICC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change. On November 30, 2020, FICC filed Amendment No. 1
to the proposed rule change, which revised a portion of the rule text
and corresponding description in the notice relating to FICC's current
policy regarding the issuance of rebates to its members. FICC filed the
proposed rule change, as modified by Amendment No. 1, pursuant to
Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(2) thereunder.\4\
The proposed rule change, as modified by Amendment No. 1 is hereinafter
referred to as the ``Proposed Rule Change.'' The Proposed Rule Change
is described in Items I, II, and III below, which Items have been
prepared primarily by FICC. The Commission is publishing this notice to
solicit comments on the Proposed Rule Change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The Proposed Rule Change consists of modifications to FICC's
Mortgage-Backed Securities Division (``MBSD'') Clearing Rules (``MBSD
Rules'') and Government Securities Division (``GSD'') Rulebook (``GSD
Rules'' and together with the MBSD Rules, the ``Rules'') in order to
(i) modify the respective Clearing Fund Maintenance Fee (``Maintenance
Fee'') of GSD and MBSD, (ii) reduce the end of day position fee of GSD,
and (iii) include a description of FICC's current policy regarding the
issuance of rebates to GSD Members and MBSD Clearing Members, as
described in greater detail below.\5\
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    \5\ Capitalized terms not defined herein are defined in the GSD
Rules and the MBSD Rules, as applicable, available at http://www.dtcc.com/legal/rules-and-procedures.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

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

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

1. Purpose
    FICC is proposing to amend the MBSD Rules and the GSD Rules in
order to (i) modify the respective Maintenance Fee of GSD and MBSD,
(ii) reduce the end of day position fee of GSD, and (iii) include a
description of FICC's current policy regarding the issuance of rebates
to GSD Members and MBSD Clearing Members, as described in greater
detail below.

(i) Background
    FICC operates a cost plus low margin pricing model and has in place
procedures to control costs and to regularly review pricing levels
against costs of operation. It reviews pricing levels against its costs
of operation typically during the annual budget process. The budget is
approved annually by the Board. FICC's fees are cost-based plus a
markup as approved by the Board or management (pursuant to authority
delegated by the Board), as applicable. This markup or ``low margin''
is applied to recover development costs and operating expenses and to
accumulate capital sufficient to meet regulatory and economic
requirements.
a. Maintenance Fee
    FICC implemented the Maintenance Fee in 2016 in order to (i)
diversify FICC's revenue sources, mitigating its dependence on revenues
driven by settlement volumes, and (ii) add a stable revenue source that
would contribute to FICC's operating margin by offsetting increasing
costs and expenses.\6\ The Maintenance Fees for MBSD and GSD are
effectively the same and charged to MBSD Clearing Members and GSD
Netting Members (collectively, ``Members'') in proportion to the
Member's deposit in their respective MBSD or GSD Clearing Fund
(collectively, ``Clearing Fund''), as described below.
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    \6\ Securities Exchange Act Release No. 78529 (August 10, 2016),
81 FR 54626 (August 16, 2016) (SR-FICC-2016-004).
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    The Maintenance Fee is calculated monthly, in arrears, as the
product of (A) 0.25 percent and (B) the average of the Member's cash
deposit balance in the Clearing Fund as of the end of each day, for the
month, multiplied by the number of days in that month and divided by
360. However, by its terms, the fee is waived if the monthly rate of
return on FICC's investment of the cash deposit balance of the Clearing
Fund is less than 0.25 percent for the month (``Waiver Provision'').
    The Waiver Provision was included for the benefit of Members. FICC
believed that if its monthly rate of return on the investment of the
cash deposit balance in the Clearing Fund was less than 0.25 percent,
then Members would likely be experiencing similarly low interest income
on their deposits, including excess reserves, if applicable; in which
case, FICC would waive the fee. Although this approach exposed FICC to
the risk of not receiving revenue from the Maintenance Fee, FICC did
not believe that such an exposure would be common, significant, or
long-term.
b. End of Day Position Fee
    Currently, the Fee Structure of the GSD Rules includes the end of
day position fee, which is a position management fee. FICC implemented
the end of day position fee in 2018.\7\ The current end of day position
fee is $0.115 per million par value. This end of day position fee is
calculated for a GSD Member each Business Day based on the end of day
gross position of the GSD Member (including positions of any GSD Non-
Member that the GSD Member is clearing for) that Business Day. FICC
determines the end of day gross position of a GSD Member by netting the
par value of all compared buy/sell transactions, Repo Transactions, and
unsettled obligations of the GSD Member (including any such activity
submitted by the GSD Member for a GSD Non-Member that the GSD Member is
clearing for) at the end of the Business Day by CUSIP Number and taking
the sum of the absolute par value of each such CUSIP Number.
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    \7\ Securities Exchange Act Release No. 83401 (June 8, 2018), 83
FR 27812 (June 14, 2018) (SR-FICC-2018-003).
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    The end of day position fee aims to align pricing with the costs of
services provided by FICC because the end of day position fee is driven
by position management. The end of day position fee aims to reflect the
costs associated with end of day processing, overnight position
management, and various risk and operational activities required to
assure the ability of FICC to continue to provide a dependable, stable
and efficient clearing and settlement service for GSD Members.
c. Rebate
    FICC is also proposing to amend Section XII of the Fee Structure of
the GSD Rules, the Important Note under Section I of the FICC MBSD
Schedule of Charges Broker Account Group (``Schedule of Charges Broker
Account Group'') of the MBSD Rules and Section I of the FICC MSBD
Schedule of Charges Dealer Account Group (``Schedule of Charges Dealer
Account Group'') of the MBSD Rules. The Proposed Rule Change would
replace a current description of FICC's policy on providing GSD Members
and MBSD Clearing Members with a discount or surcharge with a
description of its current policy regarding the issuance of rebates to
GSD Members and MBSD Clearing Members. In connection with this change,
the Proposed Rule Change would also change the title of Section XII of
the Fee Structure of the GSD Rules from ``Capital Base, Pricing and
Rebate Policy'' to ``Rebate Policy'' to better describe the policy
described in this section.
(ii) Proposed Changes
a. Proposed Modification to the Maintenance Fee
    Due to the coronavirus global pandemic and overall reaction by the
financial markets, the rate of return on FICC's investment of the cash
deposit balance in the Clearing Fund has fallen below 0.25 percent,
triggering the Waiver Provision. However, application of the Waiver
Provision in this instance has proven to be longer and more significant
than what FICC originally contemplated when drafting the provision,
resulting in a drop in FICC's revenues. If unaddressed, FICC's revenue
could continue to deteriorate and negatively impact FICC's long-term
financial health.
    To address this issue, FICC is removing the Waiver Provision so
that FICC would be able to generate revenue from the Maintenance Fee
even if FICC's monthly rate of return on the investment of the cash
deposit balance in the Clearing Fund is less than 0.25 percent. The
ability to generate such revenue under such circumstances is important
in helping FICC offset its costs and expenses in many economic
environments. Additionally, the Proposed Rule Change would help provide
consistent pricing between FICC and its affiliate clearing agencies,
National Securities Clearing Corporation (``NSCC'') and The Depository
Trust Company (``DTC''),\8\ as both NSCC and DTC have filed proposed
rule changes concurrently with this filing that would result in the
same calculation of their respective Maintenance Fee.\9\
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    \8\ The Depository Trust & Clearing Corporation (``DTCC'') is
the parent company of DTC, NSCC, and FICC. DTCC operates on a shared
services model for DTC, NSCC, and FICC. Most corporate functions are
established and managed on an enterprise-wide basis pursuant to
intercompany agreements under which it is generally DTCC that
provides a relevant service to DTC, NSCC, or FICC.
    \9\ See File No. SR-DTC-2020-014 and File No. SR-NSCC-2020-018
available at https://www.dtcc.com/legal/sec-rule-filings.
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    To effectuate the proposed change described above, the Waiver
Provision would be removed from (i) the Maintenance Fee in Section I
(Fees) of the Schedule of Charges Broker Account Group in the MBSD
Rules, (ii) the Maintenance Fee of Section 1(Fees) of the Schedule of
Charges Dealer Account Group in the MBSD Rules, and (iii) Section XIII
(Clearing Fund

Maintenance Fee) of the Fee Structure in the GSD Rules.
b. Proposed Reduction of End of Day Position Fee
    FICC is proposing to reduce the end of day position fee from $0.115
per million par value to $0.105 per million par value.
    FICC believes that this proposed reduction in the end of day
position fee would be consistent with FICC's cost plus low-margin
pricing model. As described above, FICC regularly reviews pricing
levels against its costs of operation typically during the annual
budget process. FICC determined during the 2020 annual budget process
that the proposed reduction in the end of day position fee would help
better align costs to revenue and be consistent with its cost plus low-
margin pricing model. In addition, FICC believes a proposed reduction
in one fee (rather than in a number of fees) is a more simple and clear
way for FICC to continue to generate sufficient revenues to cover its
operating costs plus generate a low net income operating margin (i.e.,
to be consistent with its pricing model).
    Furthermore, FICC believes that, with the proposed reduction in the
end of day position fee, all GSD Members would benefit from a lower end
of day position fee while, as described above, still enabling FICC to
continue to generate sufficient revenues to cover its operating costs
plus generate a low net income operating margin. As described above,
because the end of day position fee is calculated based on the gross
position of the GSD Members, GSD Members that generate higher levels of
activity and make greater use of FICC's services would generally be
subject to a higher overall amount in terms of the end of day position
fee (similar to the Maintenance Fee described above). Conversely, GSD
Members that generate lower levels of activity and use FICC's services
less would generally be subject to smaller overall amount in terms of
their end of day position fee. Therefore, some GSD Members may see a
greater reduction in the overall amount of the fee given that it is
based on the level of their activity. The described change would not
adjust that allocation.
    To effectuate the proposed change described above, FICC would
revise the end of day position fee from $0.115 per million par value to
$0.105 per million par value in Section II.B of the Fee Structure of
the GSD Rules.
c. Proposed Changes to the Rebate Policy
    FICC is also proposing to amend Section XII of the Fee Structure of
the GSD Rules, the Important Note under Section I of the Schedule of
Charges Broker Account Group of the MBSD Rules and the Important Note
under Section I of the Schedule of Charges Dealer Account Group of the
MBSD Rules. The Proposed Rule Change would replace a current
description of FICC's policy on providing GSD Members and MBSD Clearing
Members with a discount or surcharge with a description of its current
policy regarding the issuance of rebates to GSD Members and MBSD
Clearing Members.
    Currently, Section XII of the Fee Structure of the GSD Rules, the
Important Note under Section I of the Schedule of Charges Broker
Account Group of the MBSD Rules and the Important Note under Section I
of the Schedule of Charges Dealer Account Group of the MBSD Rules all
include an outdated description of FICC's policy to adjust GSD Members'
and MBSD Clearing Members' invoices based on FICC's revenues. This
description states that FICC may adjust invoices down in the form of a
discount or up in the form of a surcharge, based on its revenues. FICC
did historically provide GSD Members and MBSD Clearing Members with a
discount on their invoices, but it does not have any record of
adjusting invoices up, in the form of a surcharge, in the past.
    FICC views its practice of providing a rebate to GSD Members and
MBSD Clearing Members as a corporate function, and not related to its
operation as a self-regulatory organization. An FICC rebate is
essentially a return of the revenue that FICC collects through the fees
it charges GSD Members and MBSD Clearing Members for its services (as
set forth in the Fee Structure of the GSD Rules, the Schedule of
Charges Broker Account Group of the MBSD Rules and Schedule of Charges
Dealer Account Group of the MBSD Rules). Rebates are not related to the
amounts GSD Members and MBSD Clearing Members deposit with FICC as
their Required Fund Deposits, which are made up of risk-based margin
charges. The determination to provide a rebate is made at the
corporation-level, based on a number of factors and considerations, as
described below, and is not a separate determination made for each
individual GSD Member and MBSD Clearing Member.
    Following the financial recession of 2008, FICC ceased providing
such discounts in connection with the implementation of a financial
strategy to strengthen its financial position and health. As a result
of that strategy and improved financial markets, in 2019, FICC
determined to reinstitute its practice of discounting GSD Members' and
MBSD Clearing Members' invoices, in the form of a rebate, based on its
financial performance. In connection with this decision, FICC is
proposing to replace the language regarding adjustment of invoices in
Section XII of the Fee Structure of the GSD Rules, the Important Note
under Section I of the Schedule of Charges Broker Account Group of the
MBSD Rules and the Important Note under Section I of the Schedule of
Charges Dealer Account Group of the MBSD Rules to describe its current
rebate practice. This proposed change would not change FICC's current
rebate practice but would provide GSD Members and MBSD Clearing Members
with transparency into this practice and the governance around rebates.
    First, the Proposed Rule Change would change the title of Section
XII of the Fee Structure of the GSD Rules from ``Capital Base, Pricing
and Rebate Policy'' to ``Rebate Policy'' to better describe the policy
described in this section.
    Second, the proposed language would describe that FICC may provide
GSD Members and MBSD Clearing Members with a rebate of excess net
income, and would define excess net income as income of either FICC or
related to one business line of FICC after application of expenses,
capitalization costs, and applicable regulatory requirements. The
language would also state that a rebate is discretionary, to make it
clear that FICC is not obligated to provide a rebate.
    Third, the proposed language would state that a rebate would be
approved by the Board. The proposed language would also state that, in
determining whether a rebate is appropriate, the Board would consider
one or more of the following, as appropriate: FICC's regulatory capital
requirements,\10\ anticipated expenses, investment needs, anticipated
future expenses with respect to improvement or maintenance of FICC's
operations, cash balances, financial projections, and appropriate level
of shareholders' equity.
---------------------------------------------------------------------------

    \10\ FICC manages its general business risk by holding
sufficient liquid net assets funded by equity to cover potential
general business losses so it can continue operations and services
as going concerns if those losses materialize, in compliance with
the requirements of Rule 17Ad-22(e)(15). 17 CFR 240.17Ad-22(e)(15).
FICC maintains a Clearing Agency Policy on Capital Requirements
which defines the amount of capital it must maintain for this
purpose and sets forth the manner in which this amount is
calculated. See Securities Exchange Act Release No. 89363 (July 21,
2020), 85 FR 45276 (July 27, 2020) (SR-FICC-2020-008) (amending
original filing).
---------------------------------------------------------------------------

    Fourth, the proposed language would state that, if the Board
determined to

issue a rebate, it would set a rebate period and a rebate payment date,
both of which are used to determine which GSD Members and MBSD Clearing
Members are eligible for a rebate. The proposed language would state
that GSD Members and MBSD Clearing Members that maintain their
membership during all or a portion of the rebate period and on the
rebate payment date are eligible for a rebate.
    Finally, the proposed language would describe how rebates are
applied to the invoices of eligible GSD Members and MBSD Clearing
Members. The proposed language would state that rebates are applied to
all eligible GSD Members and MBSD Clearing Members on a pro-rata basis
based on such GSD Members' and MBSD Clearing Members' gross fees paid
to FICC within the applicable rebate period, excluding pass-through
fees and interest earned on cash deposits to the Clearing Fund. The
proposed language would also state that rebates are applied to eligible
Members' invoices on the rebate payment date as either a reduction in
fees owed or, if fees owed are lower than the allocated rebate amount,
a payment of such difference. The proposed language would also note
that rebate amounts may be adjusted for miscellaneous charges and
discounts.
(iii) Expected Member Impact
    The Proposed Rule Change is expected to increase FICC's annual
revenue by approximately $14.5 million.
    In general, FICC anticipates that the proposal would result in fee
decreases for approximately 27% of impacted affiliated family of
Members and fee increases for approximately 73% of impacted affiliated
family of Members. Of the impacted affiliated family of Members that
may have their fees decrease, 100% of those affiliated family of
Members would have a decrease between $1,000 and $100,000 per year. Of
the impacted affiliated family of Members that may have their fees
increase, approximately 2% of those impacted affiliated family of
Members would have an increase of less than $1,000 per year,
approximately 60% of those impacted affiliated family of Members would
have an increase of $1,000 to $100,000 per year, approximately 32% of
those impacted affiliated family of members would have an increase of
$100,000 to $1 million per year, and approximately 6% of those impacted
affiliated family of Members would have an increase of $1 million or
greater per year.
(iv) Member Outreach
    FICC has conducted ongoing outreach to each Member in order to
provide them with notice of the proposed changes and the anticipated
impact for the Member. As of the date of this filing, no written
comments relating to the proposed changes have been received in
response to this outreach. The Commission will be notified of any
written comments received.
Implementation Timeframe
    FICC would implement this proposal on January 1, 2021. As proposed,
a legend would be added to the Fee Structure of the GSD Rules, the
Schedule of Charges Broker Account Group of the MBSD Rules and the
Schedule of Charges Dealer Account Group of the MBSD Rules, as
appropriate, stating there are changes that became effective upon
filing with the Commission but have not yet been implemented. The
proposed legend would include the date on which such changes would be
implemented and the file number of this proposal, and state that once
this proposal is implemented, the legend would automatically be
removed.
2. Statutory Basis
    FICC believes this proposal is consistent with the requirements of
the Act, and the rules and regulations thereunder applicable to a
registered clearing agency. Specifically, FICC believes the proposed
changes to (i) modify the respective Maintenance Fee of GSD and MBSD
and (ii) reduce the end of day position fee of GSD are consistent with
Section 17A(b)(3)(D) of the Act \11\ and the Proposed Rule Change to
include a description of FICC's current policy regarding the issuance
of rebates to GSD Members and MBSD Clearing Members is consistent with
Rule 17Ad-22(e)(23)(ii),\12\ as promulgated under the Act, for the
reasons described below.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78q-1(b)(3)(D).
    \12\ 17 CFR.17Ad-22(e)(23)(ii).
---------------------------------------------------------------------------

    Section 17A(b)(3)(D) of the Act requires that the rules of a
clearing agency, such as FICC, provide for the equitable allocation of
reasonable dues, fees, and other charges among its participants.\13\
FICC believes that the proposed changes to the Maintenance Fee and the
end of day position fee are consistent with this provision of the
Act.\14\
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78q-1(b)(3)(D).
    \14\ Id.
---------------------------------------------------------------------------

    As described above, the proposal would modify the Maintenance Fee
to remove the Waiver Provision. Because the proposed change would not
alter how the Maintenance Fee is currently allocated (i.e., charged) to
Members, FICC believes the fee would continue to be equitably
allocated. More specifically, as mentioned above, the Maintenance Fee
is and would continue to be charged to all Members in proportion to the
Member's cash deposit balance in the Clearing Fund. As such, and as is
currently the case, Members that make greater use of FICC's services
would generally be subject to a larger Maintenance Fee because such
Member would typically be required to maintain a larger Clearing Fund
deposit pursuant to the respective MBSD Rules or GSD Rules.\15\
Conversely, Members that use FICC's services less would generally be
subject to a smaller Maintenance Fee because such Members would
typically be required to maintain a smaller Clearing Fund deposit
pursuant to the respective MBSD Rules or GSD Rules.\16\ The described
change would not adjust that allocation. For this reason, FICC believes
the Maintenance Fee would continue to be equitably allocated among
Members.
---------------------------------------------------------------------------

    \15\ See Rule 4, GSD Rules and Rule 4, MBSD Rules, supra note 5.
    \16\ Id.
---------------------------------------------------------------------------

    Similarly, FICC believes that the Maintenance Fee would continue to
be a reasonable fee under the proposed change described above. Although
removal of the Waiver Provision means that Members could be assessed a
Maintenance Fee at times when they may not otherwise have been assessed
the fee, the removal of the provision would enable FICC to collect
needed revenue from the fee even in a difficult economic environment.
Additionally, the proposed change would help establish consistent
pricing between FICC and its affiliates, NSCC and DTC, regarding each
of their respective Maintenance Fees, as concurrent proposals by NSCC
and DTC would result in the same calculation.\17\ For this reason, FICC
believes the Maintenance Fee would continue to be reasonable.
---------------------------------------------------------------------------

    \17\ See supra note 9.
---------------------------------------------------------------------------

    In addition, FICC believes the proposed change to reduce the end of
day position fee in the GSD Rules is consistent with Section
17A(b)(3)(D).\18\ The proposal would provide for the equitable
allocation of fees among participants because the proposal would apply
to all participants, such that all Members would be subject to this
proposed reduction of the end of the day position fee following the
implementation of the proposed change. The end of day position fee is
and

would continue to be charged to all GSD Members.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78q-1(b)(3)(D).
---------------------------------------------------------------------------

    Because these proposed changes would not alter how the end of day
position fee is currently allocated (i.e., charged) to Members, FICC
believes these fees would continue to be equitably allocated. More
specifically, as mentioned above, the end of day position fee is and
would continue to be charged to all GSD Members based on their end of
day gross positions. As such, and is currently the case, GSD Members
that have more activity and make greater use of FICC's services would
generally be subject to a greater overall amount in terms of their end
of day position fee. Conversely, GSD Members that generate lower levels
of activity and use FICC's services less would generally be subject to
smaller overall amount in terms of their end of day position fee. For
this reason, FICC believes the end of day position fee would continue
to be equitably allocated among GSD Members.
    Similarly, FICC believes that the end of day position fee would
continue to be a reasonable fee under the proposed change described
above. The proposed reduction of the end of the day position fee would
be consistent with FICC's cost plus low-margin pricing model. With the
proposed reduction of the end of day position fee, FICC believes it
would still be able to continue to generate sufficient revenues to
cover its operating costs plus generate a low net income operating
margin while also enabling all GSD Members to benefit from a lower end
of day position fee. For this reason, FICC believes the end of day
position fee would continue to be reasonable.
    Based on the forgoing, FICC believes the Proposed Rule Change is
consistent with Section 17A(b)(3)(D).\19\
---------------------------------------------------------------------------

    \19\ Id.
---------------------------------------------------------------------------

    Rule 17Ad-22(e)(23)(ii) under the Act requires that FICC establish,
implement, maintain and enforce written policies and procedures
reasonably designed to provide sufficient information to enable
participants to identify and evaluate the risks, fees, and other
material costs they incur by participating in the covered clearing
agency.\20\ The Proposed Rule Change would replace an outdated
description of FICC's past practice of adjusting GSD Members' and MBSD
Clearing Members' invoices, with an updated description of its current
rebate practice, which, when applicable, results in a reduction to the
amount of fees a GSD Member and MBSD Clearing Member owes to FICC. By
updating Section XII of the Fee Structure of the GSD Rules, the
Important Note under Section I of the Schedule of Charges Broker
Account Group of the MBSD Rules and the Important Note under Section I
of the Schedule of Charges Dealer Account Group of the MBSD Rules with
a clear, transparent description of FICC's current rebate practice, the
Proposed Rule Change would provide GSD Members and MBSD Clearing
Members with sufficient information to evaluate the fees they may incur
by participating in FICC. Therefore, FICC believes the Proposed Rule
Change would be consistent with the requirements of Rule 17Ad-
22(e)(23)(ii).\21\
---------------------------------------------------------------------------

    \20\ 17 CFR 240.17Ad-22(e)(23)(ii).
    \21\ Id.
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    FICC does not believe that the Proposed Rule Changes to (i) modify
the Maintenance Fee of GSD and MBSD and (ii) update and enhance the
transparency of FICC's policy regarding the issuance of rebates to GSD
Members and MBSD Clearing Members in the GSD Rules and MBSD Rules would
have any impact, or impose any burden, on competition among its Members
for the reasons described below. FICC believes that the proposed change
to reduce the end of day position fee could promote competition among
GSD Members for the reasons described below.
    FICC does not believe that the proposed change to the Maintenance
Fee would have an impact on competition among its Members. As described
above, the Maintenance Fee is charged ratably based on Members' use of
FICC's services, as reflected in Members' cash deposit balances to the
Clearing Fund. Thus, the fee is designed to be reflective of each
Member's individual activity at FICC. Nevertheless, if removal of the
Waiver Provision, and the resulting imposition of the Maintenance Fee
at a time when a Member would not have otherwise been assessed the fee,
would create a competitive burden for a Member, FICC believes such a
burden would not be significant, given that the amount assessed would
be the same but for application of the Waiver Provision. Moreover, FICC
believes that any such burden would be necessary and appropriate in
furtherance of the purposes of the Act, as permitted by Section
17A(b)(3)(I) of the Act.\22\
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78q-1(b)(3)(I).
---------------------------------------------------------------------------

    The burden would be necessary because it is essential that FICC
offset some of its costs and expenses with stable revenue generated
from the Maintenance Fee, regardless of the economic environment. As
described above, not doing so could adversely affect FICC's financial
health. The burden would be appropriate because, as described above,
the Maintenance Fee is calculated, using a balanced formula, to assess
a fee that is reflective of the Member's use of FICC's services, so
that FICC can defray some of its costs and expenses in providing those
services.
    FICC believes that the proposed reduction of the end of day
position fee could promote competition among GSD Members by potentially
reducing GSD Members' operating costs. As described above, the proposed
reduction of the end of day position fee would apply equally to all GSD
Members.
    In addition, FICC does not believe the Proposed Rule Change to
describe its current rebate practice would have any impact, or impose
any burden, on competition among its Members. As described above, this
Proposed Rule Change would replace information currently in Section XII
of the Fee Structure of the GSD Rules, the Important Note under Section
I of the Schedule of Charges Broker Account Group of the MBSD Rules and
Section I of the Schedule of Charges Dealer Account Group of the MBSD
Rules, with a description of FICC's current rebate practice. As
described in the proposed language, under its current practice, rebates
are allocated to eligible Members on a pro-rata basis based on such
Members' gross fees paid to FICC within the applicable rebate period.
Therefore, the current practice is applied equally to all eligible
Members. The Proposed Rule Change to provide Members with transparency
into this practice would not cause any increase or decrease in the
rebates Members may receive. Therefore, this Proposed Rule Change would
not have any impact, or impose any burden, on competition among
Members.

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

    FICC has not received or solicited any written comments relating to
this proposal. FICC will notify the Commission of any written comments
received by FICC.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) \23\ of the Act and paragraph

(f) \24\ of Rule 19b-4 thereunder. At any time within 60 days of the
filing of the Proposed Rule Change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act.
---------------------------------------------------------------------------

    \23\ 15 U.S.C. 78s(b)(3)(A).
    \24\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-FICC-2020-014 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-FICC-2020-014. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the Proposed Rule Change that are filed with
the Commission, and all written communications relating to the Proposed
Rule Change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of FICC and on DTCC's website
(http://dtcc.com/legal/sec-rule-filings.aspx). 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-FICC-2020-014 and should be submitted on
or before December 28, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
---------------------------------------------------------------------------

    \25\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-26786 Filed 12-4-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 81 (Monday, April 27, 2020)]
[Notices]
[Pages 23408-23411]
[FR Doc No: 2020-08813]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88715; File No. SR-CboeBZX-2020-021]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To List
and Trade Shares of the Agility Shares Managed Risk Equity ETF, a
Series of the Northern Lights Fund Trust, Under Rule 14.11(i)

April 21, 2020.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on April 15, 2020, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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

    The Exchange proposes a rule change to list and trade shares of the
Agility Shares Managed Risk Equity ETF (the ``Fund''), a series of the
Northern Lights Fund Trust (the ``Trust''), under Rule 14.11(i)
(``Managed Fund Shares''). The shares of the Fund are referred to
herein as the ``Shares.''
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to list and trade the Shares under Rule
14.11(i), which governs the listing and trading of Managed Fund Shares
on the Exchange.\5\ The Fund will be an actively managed exchange-
traded fund that seeks to provide income and long-term growth of
capital. A secondary objective of the Fund is to limit risk during
unfavorable market conditions. The Exchange submits this proposal in
order to allow the Fund to hold listed derivatives, in particular
options and futures on the S&P 500 Index, in a manner that does not
comply with Rule 14.11(i)(4)(C)(iv)(b).\6\ The Exchange notes that this
proposal is very similar to a previously approved proposal to list and
trade a series of Managed Fund Shares on the Exchange with similar
exposures to a single underlying reference asset and U.S. exchange-
listed equity securities.\7\ Otherwise, the Fund will comply with all
other listing requirements on an initial and continued listing basis
under Rule 14.11(i).
---------------------------------------------------------------------------

    \5\ The Commission originally approved BZX Rule 14.11(i) in
Securities Exchange Act Release No. 65225 (August 30, 2011), 76 FR
55148 (September 6, 2011) (SR-BATS-2011-018) and subsequently
approved generic listing standards for Managed Fund Shares under
Rule 14.11(i) in Securities Exchange Act Release No. 78396 (July 22,
2016), 81 FR 49698 (July 28, 2016) (SR-BATS-2015-100).
    \6\ Rule 14.11(i)(4)(C)(iv)(b) provides that ``the aggregate
gross notional value of listed derivatives based on any five or
fewer underlying reference assets shall not exceed 65% of the weight
of the portfolio (including gross notional exposures), and the
aggregate gross notional value of listed derivatives based on any
single underlying reference asset shall not exceed 30% of the weight
of the portfolio (including gross notional exposures).'' The
Exchange is proposing that the Fund be exempt from both the 30% and
65% requirements of Rule 14.11(i)(4)(C)(iv)(b).
    \7\ The Exchange notes that this proposal is very similar to
several previously submitted proposals to list and trade a series of
Index Fund Shares and Managed Fund Shares with similar exposures to
a single underlying reference asset, especially S&P 500 Index
derivatives, and U.S. exchange-listed equity securities that were
either approved by the Commission or effective upon filing. See
Securities Exchange Act Release Nos. 83146 (May 1, 2018), 83 FR
20103 (May 7, 2018) (SR-CboeBZX-2018-029); 83679 (July 20, 2018), 83
FR 35505 (July 26, 2018); 82906 (March 20, 2018), 83 FR 12992 (March
26, 2018) (SR-CboeBZX-2017-012); 77045 (February 3, 2016), 81 FR
6916 (February 9, 2016) (SR-NYSEArca-2015-113) (the ``Amendment'');
and 74675 (April 8, 2015), 80 FR 20038 (April 14, 2015) (SR-
NYSEArca-2015-05) (collectively, with the Amendment, the ``Arca
Filing'').
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    The Shares will be offered by the Trust, which was established as a
Delaware statutory trust on January 19, 2005. The Trust is registered
with the Commission as an open-end investment company and has filed a
registration statement on behalf of the Fund on Form N-1A
(``Registration Statement'') with the Commission.\8\ The Fund's
adviser, Toews Corporation (the ``Adviser''), is not registered as a
broker-dealer and is not affiliated with a broker-dealer. Adviser
personnel who make decisions regarding the Fund's portfolio are subject
to procedures designed to prevent the use and dissemination of material
nonpublic information regarding the Fund's portfolio. In the event that
(a) the Adviser becomes registered as a broker-dealer or newly
affiliated with a broker-dealer; or (b) any new adviser or sub-adviser
is a registered broker-dealer or becomes affiliated with a broker-
dealer, it will implement and maintain a fire wall with respect to its
relevant personnel or such broker-dealer affiliate, as applicable,
regarding access to information concerning the composition and/or
changes to the portfolio, and will be subject to procedures designed to
prevent the use and dissemination of material non-public information
regarding such portfolio.
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    \8\ The Trust filed a post-effective amendment to the
Registration Statement on December 18, 2017. See Registration
Statement on Form N-1A for the Trust (File Nos. 333-179562 and 811-
22668). The descriptions of the Fund and the Shares contained herein
are based, in part, on information included in the Registration
Statement. The Commission has issued an order granting exemptive
relief to the Trust under the Investment Company Act of 1940 (15
U.S.C. 80a-1) applicable to the activities of the Fund. See
Investment Company Act Release No. 32777 (August 8, 2017) (File No.
812-14787).
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    The Fund intends to qualify each year as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Agility Shares Managed Risk Equity ETF
    In order to achieve its investment objective of seeking to provide
income and long-term growth of capital, while limiting risk, under
Normal Market Conditions,\9\ the Fund will generally invest at least
80% of its net assets in S&P 500 Derivatives (as defined below),

options on ETFs,\10\ U.S. Component Stocks,\11\ and U.S. exchange-
listed ETFs that principally invest in U.S. Component Stocks (``U.S.
ETFs'' and, collectively, with U.S. Component Stocks ``U.S.
Equities''). The Fund generally will invest in U.S. Component Stocks in
order to gain exposure to large cap U.S. equity securities. The
Exchange notes that each of S&P 500 Index futures and options, options
on S&P 500 Index futures, and options on ETFs are U.S. exchange-listed.
Under Normal Market Conditions, the Fund may also invest its remaining
assets in fixed income securities (including ETFs that primarily invest
in fixed income securities), cash, and Cash Equivalents \12\ and such
holdings will meet the requirements applicable under Rules
14.11(i)(4)(C)(ii) and (iii).
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    \9\ As defined in Rule 14.11(i)(3)(E), the term ``Normal Market
Conditions'' includes, but is not limited to, the absence of trading
halts in the applicable financial markets generally; operational
issues causing dissemination of inaccurate market information or
system failures; or force majeure type events such as natural or
man-made disaster, act of God, armed conflict, act of terrorism,
riot or labor disruption, or any similar intervening circumstance.
    \10\ For purposes of this proposal, the term ETF means Portfolio
Depositary Receipts, Index Fund Shares, and Managed Fund Shares as
defined in Rule 14.11(b), 14.11(c), and 14.11(i), respectively, and
their equivalents on other national securities exchanges as well as
ETFs operating in reliance on Rule 6c-11 of the Investment Company
Act of 1940.
    \11\ Pursuant to BZX Rule 14.11(c)(1)(D), the term ``U.S.
Component Stock'' shall mean an equity security that is registered
under Sections 12(b) or 12(g) of the Act, or an American Depositary
Receipt, the underlying equity security of which is registered under
Sections 12(b) or 12(g) of the Act.
    \12\ As defined in Rule 14.11(i)(4)(C)(iii), Cash Equivalents
are short-term instruments with maturities of less than three months
that are: (i) U.S. Government securities, including bills, notes,
and bonds differing as to maturity and rates of interest, which are
either issued or guaranteed by the U.S. Treasury or by U.S.
Government agencies or instrumentalities; (ii) certificates of
deposit issued against funds deposited in a bank or savings and loan
association; (iii) bankers acceptances, which are short-term credit
instruments used to finance commercial transactions; (iv) repurchase
agreements and reverse repurchase agreements; (v) bank time
deposits, which are monies kept on deposit with banks or savings and
loan associations for a stated period of time at a fixed rate of
interest; (vi) commercial paper, which are short-term unsecured
promissory notes; and (vii) money market funds.
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    As noted above, Rule 14.11(i)(4)(C)(iv)(b) does not allow the
aggregate gross notional value of the Fund's holdings in listed
derivatives based on any five or fewer underlying reference assets to
exceed 65% of the weight of the portfolio (including gross notional
exposures), and the aggregate gross notional value of listed
derivatives based on any single underlying reference asset to exceed
30% of the weight of its portfolio (including gross notional
exposures).\13\ The Exchange is proposing to allow the Fund to hold up
to 100% of the weight of its portfolio (including gross notional
exposures) in listed derivatives based on the S&P 500 Index,
specifically futures traded on the Chicago Mercantile Exchange (``S&P
500 Futures'') and options traded on Cboe Exchange, Inc. (``S&P 500
Options,''), as well as options on S&P 500 Futures (``Options on S&P
500 Futures'' and, collectively with S&P 500 Futures and S&P 500
Options, ``S&P 500 Derivatives'').\14\ The Fund primarily expects to
utilize S&P 500 Derivatives to implement its strategy. The Fund will
utilize short or long S&P 500 Derivatives to the extent needed to
reduce or augment, respectively, the Fund's exposure relative to the
exposure resulting from investments in the U.S. Equities described
above in order to achieve the desired net exposure. S&P 500 Derivatives
are an efficient means for reducing or augmenting exposure to U.S.
Equities, as described above. Allowing the Fund to hold a greater
portion of its portfolio in S&P 500 Derivatives would mitigate the
Fund's dependency on holding over-the-counter (``OTC'') instruments,
which would reduce the Fund's operational burden by allowing the Fund
to use listed futures and options contracts to achieve its investment
objective and would further reduce counter-party risk associated with
holding OTC instruments. The Exchange notes that the Fund may also hold
certain fixed income securities, cash and Cash Equivalents, and ETFs
that primarily invest in fixed income securities in compliance with
Rules 14.11(i)(4)(C)(ii), (iii), and (i), respectively, as part of its
strategy and in order to collateralize its S&P 500 Derivatives
positions.
---------------------------------------------------------------------------

    \13\ The Exchange notes that the 80% and 20% investment numbers
above are based on the Fund's net assets, while Rule
14.11(i)(4)(C)(iv)(b) is calculated on the basis of aggregate gross
notional value.
    \14\ While the Adviser does not anticipate the gross notional
exposure of its holdings in S&P 500 Derivatives to approach 100% of
the weight of the Fund's portfolio, the Adviser would like to have
the flexibility to do so in the event that the Adviser determines
that it is in the best interest of the Fund. The Exchange also notes
that while the Fund may invest in options on ETFs, such holdings
will be in compliance with Rule 14.11(i)(4)(C)(iv)(b).
---------------------------------------------------------------------------

    The combination of U.S. Equities, fixed income securities, cash,
Cash Equivalents, and the cash value of derivatives positions will
constitute the entirety of the Fund's holdings and the cash value of
these holdings will be used to form the basis for any calculation that
is based on net assets. The Exchange notes that this is different than
the calculation used to measure the Fund's holdings in S&P 500
Derivatives as it relates to the Fund holding up to 100% of the weight
of its portfolio, which, as noted above, is calculated using gross
notional exposures gained through the S&P 500 Derivatives in both the
numerator and denominator, which is consistent with the derivatives
exposure calculation under Rule 14.11(i)(4)(C)(iv). The Exchange
represents that, except for the 30% and 65% limitations in Rule
14.11(i)(4)(C)(iv)(b) related to S&P 500 Derivatives, the Fund's
proposed investments will satisfy, on an initial and continued listing
basis, all of the generic listing standards under BZX Rule
14.11(i)(4)(C) and all other applicable requirements for Managed Fund
Shares under Rule 14.11(i).
    The Trust is required to comply with Rule 10A-3 under the Act for
the initial and continued listing of the Shares of the Fund. In
addition, the Exchange represents that the Shares of the Fund will
comply with all other requirements applicable to Managed Fund Shares,
which includes the dissemination of key information such as the
Disclosed Portfolio,\15\ Net Asset Value,\16\ and the Intraday
Indicative Value,\17\ suspension of trading or removal,\18\ trading
halts,\19\ surveillance,\20\ minimum price variation for quoting and
order entry,\21\ the information circular,\22\ and firewalls \23\ as
set forth in Exchange rules applicable to Managed Fund Shares and the
orders approving such rules. Moreover, all of the exchange-listed
instruments held by the Fund, including S&P 500 Futures, S&P 500
Options, Options on S&P 500 Futures, U.S. Equities, options on ETFs,
and ETFs that primarily invest in fixed income instruments will trade
on markets that are a member of Intermarket Surveillance Group
(``ISG'') or affiliated with a member of ISG or with which the Exchange
has in place a comprehensive surveillance sharing agreement.\24\ All
statements and representations made in this filing regarding the
description of the portfolio or reference assets, limitations on
portfolio holdings or reference assets, dissemination and availability
of reference asset and intraday indicative values (as applicable), or
the applicability of Exchange listing rules specified in this filing
shall constitute continued listing requirements for the securities
listed on the Exchange. The issuer has represented to the Exchange that
it will advise the Exchange of any

failure by the Fund or Shares to comply with the continued listing
requirements, and, pursuant to its obligations under Section 19(g)(1)
of the Act, the Exchange will surveil for compliance with the continued
listing requirements. If the Fund or Shares are not in compliance with
the applicable listing requirements, then, with respect to such Fund or
Shares, the Exchange will commence delisting procedures under Exchange
Rule 14.12. FINRA conducts certain cross-market surveillances on behalf
of the Exchange pursuant to a regulatory services agreement. The
Exchange is responsible for FINRA's performance under this regulatory
services agreement. If the Fund is not in compliance with the
applicable listing requirements, the Exchange will commence delisting
procedures with respect to such Fund under Exchange Rule 14.12.
---------------------------------------------------------------------------

    \15\ See Rule 14.11(i)(4)(A)(ii) and 14.11(i)(4)(B)(ii).
    \16\ See Rule 14.11(i)(4)(A)(ii).
    \17\ See Rule 14.11(i)(4)(B)(i).
    \18\ See Rule 14.11(i)(4)(B)(iii).
    \19\ See Rule 14.11(i)(4)(B)(iv).
    \20\ See Rule 14.11(i)(2)(C).
    \21\ See Rule 14.11(i)(2)(B).
    \22\ See Rule 14.11(i)(6).
    \23\ See Rule 14.11(i)(7).
    \24\ For a list of the current members and affiliate members of
ISG, see www.isgportal.com. The Exchange notes that not all
components of the Disclosed Portfolio for the Fund may trade on
markets that are members of ISG or with which the Exchange has in
place a comprehensive surveillance sharing agreement.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act \25\ in general and Section 6(b)(5) of the Act \26\ 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, 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 in that the Shares will meet each of the initial and
continued listing criteria in BZX Rule 14.11(i) with the exception Rule
14.11(i)(4)(C)(iv)(b), which requires that the aggregate gross notional
value of listed derivatives based on any five or fewer underlying
reference assets shall not exceed 65% of the weight of the portfolio
(including gross notional exposures), and the aggregate gross notional
value of listed derivatives based on any single underlying reference
asset shall not exceed 30% of the weight of the portfolio (including
gross notional exposures).\27\ The Exchange believes that the liquidity
in the S&P 500 Futures, S&P 500 Options, and Options on S&P 500 Futures
markets mitigates the concerns that Rule 14.11(i)(4)(C)(iv)(b) is
intended to address and that such liquidity would prevent the Shares
from being susceptible to manipulation.\28\ Further, allowing the Fund
to hold a greater portion of its portfolio in S&P 500 Derivatives would
mitigate the Fund's dependency on holding OTC instruments, which would
reduce the Fund's operational burden by allowing the Fund to primarily
use listed futures and options contracts to achieve its investment
objective and would further reduce counter-party risk associated with
holding OTC instruments. The Exchange further believes that the
diversity, liquidity, and market cap of the securities underlying the
S&P 500 Index are sufficient to protect against market manipulation of
both the Fund's holdings and the Shares as it relates to the S&P 500
Derivatives holdings.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78f.
    \26\ 15 U.S.C. 78f(b)(5).
    \27\ As noted above, the Exchange is proposing that the Fund be
exempt from the requirement of Rule 14.11(i)(4)(C)(iv)(b) that
prevents aggregate gross notional value of listed derivatives based
on any five or fewer underlying reference assets from exceeding 65%
of the weight of the portfolio (including gross notional exposures),
and the aggregate gross notional value of listed derivatives based
on any single underlying reference asset from exceeding 30% of the
weight of the portfolio (including gross notional exposures). The
Exchange is proposing to allow the Fund to hold up to 100% of the
weight of its portfolio (including gross notional exposures) in S&P
500 Derivatives.
    \28\ The Exchange notes that there was an average of more than
$3 billion in notional volume traded on a daily basis in S&P 500
Options in 2019. S&P 500 Futures generally trade over one million
contracts per day in the front month contract. More than 1,000,000
Options on S&P 500 Futures contracts traded per day in February
2020.
---------------------------------------------------------------------------

    The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of the Shares on the Exchange during
all trading sessions and to deter and detect violations of Exchange
rules and the applicable federal securities laws. All of the futures
contracts, options, ETFs, and component stocks held by the Fund will
trade on markets that are a member of ISG or affiliated with a member
of ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement. The Exchange may obtain information
regarding trading in the Shares and the underlying futures contracts,
options, component stocks, and other ETFs held by the Fund via the ISG
from other exchanges who are members or affiliates of the ISG or with
which the Exchange has entered into a comprehensive surveillance
sharing agreement.\29\ The Exchange further notes that the Fund will
meet and be subject to all other requirements of the generic listing
rules and other applicable continued listing requirements for Managed
Fund Shares under Rule 14.11(i), including those requirements regarding
the dissemination of key information such as the Disclosed Portfolio,
Net Asset Value, and the Intraday Indicative Value, suspension of
trading or removal, trading halts, surveillance, minimum price
variation for quoting and order entry, the information circular, and
firewalls as set forth in Exchange rules applicable to Managed Fund
Shares.
---------------------------------------------------------------------------

    \29\ See note 21, supra [sic].
---------------------------------------------------------------------------

    For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.

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 purpose of the Act. The Exchange notes that the
proposed rule change, rather will facilitate the listing and trading of
an additional actively-managed exchange-traded product that will
enhance competition among both market participants and listing venues,
to the benefit of investors and the marketplace.

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

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

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

    Because the proposed rule change does not: (i) Significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \30\ and Rule 19b-4(f)(6) thereunder.\31\
---------------------------------------------------------------------------

    \30\ 15 U.S.C. 78s(b)(3)(A).
    \31\ 17 CFR 240.19b-4(f)(6). In addition, Rule19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \32\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \33\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission to waive the 30-day operative delay
so that the

proposal may become operative upon filing.
---------------------------------------------------------------------------

    \32\ 17 CFR 240.19b-4(f)(6).
    \33\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    The Exchange states that, while the proposal seeks to allow the
Fund to hold listed derivatives, in particular options and futures on
the S&P 500 Index, in a manner that does not comply with BZX Rule
14.11(i)(4)(C)(iv)(b), the proposal is similar to another previously
approved proposal to list and trade a series of Managed Fund Shares
with similar exposures to a single underlying reference asset and U.S.
exchange-listed equity securities.\34\ The Exchange represents that,
except for the 30% and 65% limitations in BZX Rule
14.11(i)(4)(C)(iv)(b) related to S&P 500 Derivatives, the Fund's
proposed investments will satisfy, on an initial and continued listing
basis, all of the generic listing standards under BZX Rule
14.11(i)(4)(C) and all other applicable requirements for Managed Fund
Shares under BZX Rule 14.11(i).\35\ In addition, the Exchange further
represents that all of the exchange-listed instruments held by the
Fund, including S&P 500 Futures, S&P 500 Options, Options on S&P 500
Futures, U.S. Equities, options on ETFs, and ETFs that primarily invest
in fixed income instruments will trade on markets that are a member of
ISG or affiliated with a member of ISG or with which the Exchange has
in place a comprehensive surveillance sharing agreement. The Commission
believes that the proposal raises no novel or unique regulatory issues
and that waiver of the 30-day operative delay is consistent with the
protection of investors and the public interest. Therefore, the
Commission hereby waives the operative delay and designates the
proposed rule change operative upon filing.\36\
---------------------------------------------------------------------------

    \34\ See supra note 7.
    \35\ In addition, the Exchange represents that the Shares of the
Fund will comply with all other requirements applicable to Managed
Fund Shares, which includes the dissemination of key information
such as the Disclosed Portfolio, Net Asset Value, and the Intraday
Indicative Value, suspension of trading or removal, trading halts,
surveillance, minimum price variation for quoting and order entry,
the information circular, and firewalls, as set forth in Exchange
rules applicable to Managed Fund Shares and the orders approving
such rules. See supra notes 15-23 and accompanying text.
    \36\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-CboeBZX-2020-021 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CboeBZX-2020-021. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeBZX-2020-021 and should be submitted
on or before May 18, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
---------------------------------------------------------------------------

    \37\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-08813 Filed 4-24-20; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: February 8, 2006 (Volume 71, Number 26)]
[Notices]
[Page 6469-6470]
[DOCID:fr08fe06-81]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2157-167]

Snohomish County Public Utility District No. 1 and City of
Everett; Notice of Intent To File License Application, Filing of Pre-
Application Document, Commencement of Licensing Proceeding, Scoping
Meetings, Solicitation of Comments on the PAD and Scoping Document, and
Identification of Issues and Associated Study Requests

January 30, 2006.
    a. Type of Filing: Notice of Intent to File License Application for
a New License and Pre-Application Document; Commencing Licensing
Proceeding.
    b. Project No.: 2157-167.
    c. Dated Filed: December 1, 2005.
    d. Submitted By: Snohomish County Public Utility District (PUD) No.
1 and City of Everett (co-licensees).
    e. Name of Project: Henry M. Jackson Hydroelectric Project.
    f. Location: The Henry M. Jackson Hydroelectric Project is located
on the Sultan River in Snohomish County, Washington. The project
occupies lands of the Mt. Baker-Snoqualmie National Forest.
    g. Filed Pursuant to: 18 CFR Part 5 of the Commission's
Regulations.
    h. Potential Applicant Contact: Glen Mixdorf, Relicensing Team
Lead, Snohomish County PUD No. 1, 2320 California St, Everett, WA,
98201,<PHONE_NUMBER> or via e-mail at<EMAIL_ADDRESS>    i. FERC Contact: Linda Lehman Stewart<PHONE_NUMBER> or via e-mail
at<EMAIL_ADDRESS>    j. The Snohomish County PUD No. 1 and City of Everett filed a Pre-
Application Document (PAD), including a proposed process plan and
schedule, with the Commission pursuant to 18 CFR 5.6 of the
Commission's regulations.
    k. With this notice, we are initiating informal consultation with:
(a) the U.S. Fish and Wildlife Service and NOAA Fisheries under section
7 of the Endangered Species Act and the joint agency regulations at 50
CFR, Part 402; (b) NOAA Fisheries under section 305(b) of the Magnuson-
Stevens Fishery Conservation and Management Act and implementing
regulations at 50 CFR 600.920; and (c) the State Historic Preservation
Officer, as required by section 106, National Historical Preservation
Act, and the implementing regulations of the Advisory Council on
Historic Preservation at 36 CFR 800.2.
    l. With this notice, we are designating the Snohomish County PUD
No. 1 and City of Everett as the Commission's non-federal
representative for carrying out informal consultation, pursuant to
section 7 of the Endangered Species Act, section 305 of the Magnuson-
Stevens Fishery Conservation and Management Act, and section 106 of the
National Historic Preservation Act.
    m. Copies of the PAD and Scoping Document 1 (SD1) are available for
review at the Commission in the Public Reference Room or may be viewed
on the Commission's Web site (http://www.ferc.gov), using the

``eLibrary'' link. Enter the docket number, excluding the last three
digits in the docket number field to access the document. For
assistance, contact FERC Online Support at<EMAIL_ADDRESS>or toll free at 1-866-208-3676, of for TTY,<PHONE_NUMBER>. A copy is
also available for inspection and reproduction at the address in
paragraph h.
    Register online at http://ferc.gov/esubscribenow.htm to be notified

via e-mail of new filing and issuances related to this or other pending
projects. For assistance, contact FERC Online Support.
    n. With this notice, we are soliciting comments on the PAD and SD1
as well as study requests. All comments on the PAD and SD1, and study
requests should be sent to the address above in paragraph h. In
addition, all comments on the PAD and SD1, study requests, requests for
cooperating agency status, and all communications to Commission staff
related to the merits of the potential application (original and eight
copies) must be filed with the Commission at the following address:
Magalie R. Salas, Secretary, Federal Energy Regulatory Commission, 888
First Street, NE., Washington, DC 20426. All filings with the
Commission must include on the first page, the project name (Henry M.
Jackson Hydroelectric Project) and number (P-2157-167), and bear the
appropriate descriptive heading ``Comments on Pre-Application
Document,'' ``Study Requests,'' ``Comments on Scoping Document 1,''
``Request for Cooperating Agency Status,'' or ``Communications to and
from Commission Staff.'' Any

individual or entity interested in submitting study requests,
commenting on the PAD or SD1, and any agency requesting cooperating
status must do so by March 31, 2006.
    Comments on the PAD and SD1, study requests, requests for
cooperating agency status, and other permissible forms of
communications with the Commission may be filed electronically via the
Internet in lieu of paper. The Commission strongly encourages
electronic filings. See 18 CFR 385.2001(a)(1)(iii) and the instructions
on the Commission's Web site (http://www.ferc.gov) under the ``e-

filing'' link.
    o. At this time, Commission staff intends to prepare an
Environmental Assessment (EA) for the project, in accordance with the
National Environmental Policy Act (NEPA).

Scoping Meetings

    We will hold two scoping meetings at the times and places noted
below. The daytime meeting will focus on resource agency, Indian
tribes, and non-governmental organization concerns, while the evening
meeting is primarily for receiving input from the public. We invite all
interested individuals, organizations, and agencies to attend one or
both of the meetings, and to assist staff in identifying particular
study needs, as well as the scope of environmental issues to be
addressed in the environmental document. The times and locations of
these meetings are as follows:

Evening Scoping Meeting

    Date and Time: Monday, February 27, 2006, 7 p.m. (p.s.t.).
    Location: PUD Electric Building Headquarters, 2320 California
Street, Everett, Washington.
    Directions: Arriving from Interstate 5, southbound: Take Exit 194,
follow City Center signs onto Everett Avenue, westbound (right). Turn
left at Virginia Avenue. Turn right at California Street.
    Arriving from Interstate 5, northbound: Take Exit 193, turn left
onto Pacific Avenue. Turn right at Cedar, and then left onto Hewitt
Avenue. Turn right at Virginia Avenue.
    For additional information: Please contact Ms. Dawn Presler,
Relicensing Information Coordinator, Snohomish County PUD No. 1, (425)
783-1709 or<EMAIL_ADDRESS>
Daytime Scoping Meeting

    Date and Time: Tuesday, February 28, 2006, 10 a.m. (p.s.t.).
    Location: Washington State Department of Ecology, Headquarters/
Southwest Regional Office, 300 Desmond Drive, Lacey, Washington.
    Directions: Arriving from Interstate 5, southbound: Take Martin Way
Exit 109, turn left onto Martin Way. At the third traffic light turn
right onto Desmond Drive. Head uphill and at the intersection turn left
and proceed along the front of the Headquarters building. Proceed past
a stop sign at the main entrance and find the visitors parking lot on
the left.
    Arriving from Interstate 5, northbound: Take Martin Way Exit 109,
turn right onto Martin Way. At the second traffic light turn right onto
Desmond Drive. Head uphill and at the intersection turn left and
proceed along the front of the Headquarters building. Proceed past a
stop sign at the main entrance and find the visitors parking lot on the
left.
    Please note that parking is limited and carpools are encouraged. If
the visitors parking lots are full, retrace your route to Desmond Drive
and take a left at the stop sign onto Desmond Drive. Continue around
and park at the U.S. Fish and Wildlife Service building (510 Desmond
Drive) and walk across the field to the Washington State Department of
Ecology building.
    Please check in at the front desk upon arriving at the Washington
State Department of Ecology office building.
    SD1, which outlines the subject areas to be addressed in the
environmental document, has been mailed to the individuals and entities
on the Commission's mailing list. Copies of SD1 will be available at
the scoping meetings, or may be viewed on the web at http://www.ferc.gov
, using the ``eLibrary'' link. Follow the directions for

accessing information in paragraph m. Depending on the extent of
comments received, a Scoping Document 2 (SD2) may or may not be issued.

Site Visit

    A site visit is typically held in conjunction with the scoping
meeting. However, anticipating that access to some project facilities
would be limited by winter weather, the co-licensees hosted a project
site visit on October 17, 2005. The site visit was noticed by the
Commission on September 20, 2005 and attended by Commission staff on
October 17, 2005. For these reasons, the Commission will not host its
own site visit in conjunction with its NEPA scoping meeting.

Scoping Meeting Objectives

    At the scoping meetings, staff will: (1) Present the proposed list
of issues to be addressed in the EA; (2) review and discuss existing
conditions and resource agency management objectives; (3) review and
discuss existing information and identify preliminary information and
study needs; (4) review and discuss the process plan and schedule for
pre-filing activity that incorporates the time frames provided for in
Part 5 of the Commission's regulations and, to the extent possible,
maximizes coordination of federal, state, and tribal permitting and
certification processes; and (5) discuss requests by any Federal or
state agency or Indian tribe acting as a cooperating agency for
development of an environmental document.
    Meeting participants should come prepared to discuss their issues
and/or concerns. Please review the Pre-Application Document in
preparation for the scoping meetings. Directions on how to obtain a
copy of the PAD and SD1 are included in paragraph m of this document.

Scoping Meeting Procedures

    The scoping meetings will be recorded by a stenographer and will
become part of the formal Commission record on the project.

Magalie R. Salas,
Secretary.
[FR Doc. E6-1657 Filed 2-7-06; 8:45 am]

BILLING CODE 6717-01-P