[Federal Register Volume 76, Number 231 (Thursday, December 1, 2011)]
[Rules and Regulations]
[Pages 74717-74720]
[FR Doc No: 2011-30909]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

44 CFR Part 64

[Docket ID FEMA-2011-0002; Internal Agency Docket No. FEMA-8207]

Suspension of Community Eligibility

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Final rule.

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SUMMARY: This rule identifies communities where the sale of flood
insurance has been authorized under the National Flood Insurance
Program (NFIP) that are scheduled for suspension on the effective dates
listed within this rule because of noncompliance with the floodplain
management requirements of the program. If the Federal Emergency
Management Agency (FEMA) receives documentation that the community has
adopted the required floodplain management measures prior to the
effective suspension date given in this rule, the suspension will not
occur and a notice of this will be provided by publication in the
Federal Register on a subsequent date.

DATES: Effective Dates: The effective date of each community's
scheduled suspension is the third date (``Susp.'') listed in the third
column of the following tables.

FOR FURTHER INFORMATION CONTACT: If you want to determine whether a
particular community was suspended on the suspension date or for
further information, contact David Stearrett, Mitigation Directorate,
Federal Emergency Management Agency, 500 C Street SW., Washington, DC
20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The NFIP enables property owners to purchase
Federal flood insurance that is not otherwise generally available from
private insurers. In return, communities agree to adopt and administer
local floodplain management aimed at protecting lives and new
construction from future flooding. Section 1315 of the National Flood
Insurance Act of 1968, as amended, 42 U.S.C. 4022, prohibits the sale
of NFIP flood insurance unless an appropriate public body adopts
adequate floodplain management measures with effective enforcement
measures. The communities listed in this document no longer meet that
statutory requirement for compliance with program regulations, 44 CFR
part 59. Accordingly, the communities will be suspended on the
effective date in the third column. As of that date, flood insurance
will no longer be available in the community. We recognize that some of
these communities may adopt and submit the required documentation of
legally enforceable floodplain management measures after this rule is
published but prior to the actual suspension date. These communities
will not be suspended and will continue their eligibility for the sale
of insurance. A notice withdrawing the suspension of the communities
will be published in the Federal Register.
    In addition, FEMA publishes a Flood Insurance Rate Map (FIRM) that
identifies the Special Flood Hazard Areas (SFHAs) in these communities.
The date of the FIRM, if one has been published, is indicated in the
fourth column of the table. No direct Federal financial assistance
(except assistance pursuant to the Robert T. Stafford Disaster Relief
and Emergency Assistance Act not in connection with a flood) may be
provided for construction or acquisition of buildings in identified
SFHAs for communities not participating in the NFIP and identified for
more than a year on FEMA's initial FIRM for the community as having
flood-prone areas (section 202(a) of the Flood Disaster Protection Act
of 1973, 42 U.S.C. 4106(a), as amended). This prohibition against
certain types of Federal assistance becomes effective for the
communities listed on the date shown in the last column. The
Administrator finds that notice and public comment under 5 U.S.C.
553(b) are impracticable and unnecessary because communities listed in
this final rule have been adequately notified.
    Each community receives 6-month, 90-day, and 30-day notification
letters addressed to the Chief Executive Officer stating that the
community will be suspended unless the required floodplain management
measures are met prior to the effective suspension date. Since these
notifications were made, this final rule may take effect within less
than 30 days.
    National Environmental Policy Act. This rule is categorically
excluded from the requirements of 44 CFR part 10, Environmental
Considerations. No environmental impact assessment has been prepared.
    Regulatory Flexibility Act. The Administrator has determined that
this rule is exempt from the requirements of the Regulatory Flexibility
Act because the National Flood Insurance Act of 1968, as amended, 42
U.S.C. 4022, prohibits flood insurance coverage unless an appropriate
public body adopts adequate floodplain management measures with
effective enforcement measures. The communities listed no longer comply
with the statutory requirements, and after the effective date, flood
insurance will no longer be available in the communities unless
remedial action takes place.
    Regulatory Classification. This final rule is not a significant
regulatory action under the criteria of section 3(f) of Executive Order
12866 of September 30, 1993, Regulatory Planning and Review, 58 FR
51735.
    Executive Order 13132, Federalism. This rule involves no policies
that have

federalism implications under Executive Order 13132.
    Executive Order 12988, Civil Justice Reform. This rule meets the
applicable standards of Executive Order 12988.
    Paperwork Reduction Act. This rule does not involve any collection
of information for purposes of the Paperwork Reduction Act, 44 U.S.C.
3501 et seq.

List of Subjects in 44 CFR Part 64

    Flood insurance, Floodplains.

    Accordingly, 44 CFR part 64 is amended as follows:

PART 64--[AMENDED]

0
1. The authority citation for part 64 continues to read as follows:

    Authority:  42 U.S.C. 4001 et seq.; Reorganization Plan No. 3 of
1978, 3 CFR, 1978 Comp.; p. 329; E.O. 12127, 44 FR 19367, 3 CFR,
1979 Comp.; p. 376.

Sec.  64.6  [Amended]

0
2. The tables published under the authority of Sec.  64.6 are amended
as follows:

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                                               Effective date
                                               authorization/
                                  Community    cancellation of   Current effective map     Date certain Federal
      State and location             No.        sale of flood             date             assistance no longer
                                                insurance in                                available in SFHAs
                                                  community
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          Region III

Pennsylvania:
    Ashland, Township of,             422361  December 27,      Dec. 2, 2011...........  Dec. 2, 2011.
     Clarion County.                           1979, Emerg;
                                               January 17,
                                               1985, Reg;
                                               December 2,
                                               2011, Susp.
    Beaver, Township of,              422362  October 26,       ......do...............   Do.
     Clarion County.                           1979, Emerg;
                                               January 17,
                                               1985, Reg;
                                               December 2,
                                               2011, Susp.
    Clarion, Borough of,              421500  October 3, 1975,  ......do...............   Do.
     Clarion County.                           Emerg; November
                                               1, 1986, Reg;
                                               December 2,
                                               2011, Susp.
    Clarion, Township of,             421507  January 20,       ......do...............   Do.
     Clarion County.                           1976, Emerg;
                                               November 1,
                                               1986, Reg;
                                               December 2,
                                               2011, Susp.
    East Brady, Borough of,           421501  December 10,      ......do...............   Do.
     Clarion County.                           1974, Emerg;
                                               June 30, 1976,
                                               Reg; December
                                               2, 2011, Susp.
    Elk, Township of, Clarion         422365  February 11,      ......do...............   Do.
     County.                                   1976, Emerg;
                                               July 3, 1985,
                                               Reg; December
                                               2, 2011, Susp.
    Farmington, Township of,          422366  August 21, 1975,  ......do...............   Do.
     Clarion County.                           Emerg; July 3,
                                               1985, Reg;
                                               December 2,
                                               2011, Susp.
    Foxburg, Borough of,              421502  February 28,      ......do...............   Do.
     Clarion County.                           1977, Emerg;
                                               September 30,
                                               1987, Reg;
                                               December 2,
                                               2011, Susp.
    Hawthorn, Borough of,             421503  October 13,       ......do...............   Do.
     Clarion County.                           1976, Emerg;
                                               May 1, 1986,
                                               Reg; December
                                               2, 2011, Susp.
    Highland, Township of,            421508  September 16,     ......do...............   Do.
     Clarion County.                           1975, Emerg;
                                               May 1, 1986,
                                               Reg; December
                                               2, 2011, Susp.
    Knox, Township of, Clarion        422367  June 15, 1976,    ......do...............   Do.
     County.                                   Emerg; January
                                               3, 1985, Reg;
                                               December 2,
                                               2011, Susp.
    Licking, Township of,             422368  June 8, 1977,     ......do...............   Do.
     Clarion County.                           Emerg; January
                                               3, 1985, Reg;
                                               December 2,
                                               2011, Susp.
    Limestone, Township of,           422369  October 31,       ......do...............   Do.
     Clarion County.                           1975, Emerg;
                                               January 3,
                                               1985, Reg;
                                               December 2,
                                               2011, Susp.
    Madison, Township of,             422370  January 16,       ......do...............   Do.
     Clarion County.                           1976, Emerg;
                                               September 30,
                                               1987, Reg;
                                               December 2,
                                               2011, Susp.
    Millcreek, Township of,           422371  May 19, 1978,     ......do...............   Do.
     Clarion County.                           Emerg; January
                                               3, 1985, Reg;
                                               December 2,
                                               2011, Susp.
    Monroe, Township of,              422372  March 1, 1976,    ......do...............   Do.
     Clarion County.                           Emerg; May 1,
                                               1986, Reg;
                                               December 2,
                                               2011, Susp.
    New Bethlehem, Borough of,        420296  December 26,      ......do...............   Do.
     Clarion County.                           1974, Emerg;
                                               August 15,
                                               1990, Reg;
                                               December 2,
                                               2011, Susp.
    Paint, Township of,               422373  March 26, 1976,   ......do...............   Do.
     Clarion County.                           Emerg; January
                                               3, 1985, Reg;
                                               December 2,
                                               2011, Susp.
    Perry, Township of,               421509  March 12, 1976,   ......do...............   Do.
     Clarion County.                           Emerg; May 1,
                                               1986, Reg;
                                               December 2,
                                               2011, Susp.
    Piney, Township of,               422374  February 18,      ......do...............   Do.
     Clarion County.                           1976, Emerg;
                                               January 3,
                                               1985, Reg;
                                               December 2,
                                               2011, Susp.
    Porter, Township of,              421510  January 21,       ......do...............   Do.
     Clarion County.                           1976, Emerg;
                                               October 1,
                                               1986, Reg;
                                               December 2,
                                               2011, Susp.
    Redbank, Township of,             421511  April 2, 1975,    ......do...............   Do.
     Clarion County.                           Emerg; May 1,
                                               1986, Reg;
                                               December 2,
                                               2011, Susp.
    Richland, Township of,            422375  May 4, 1979,      ......do...............   Do.
     Clarion County.                           Emerg; October
                                               1, 1986, Reg;
                                               December 2,
                                               2011, Susp.
    Salem, Township of,               422376  April 8, 1977,    ......do...............   Do.
     Clarion County.                           Emerg; January
                                               3, 1985, Reg;
                                               December 2,
                                               2011, Susp.
    Sligo, Borough of, Clarion        421506  March 25, 1976,   ......do...............   Do.
     County.                                   Emerg; August
                                               15, 1990, Reg;
                                               December 2,
                                               2011, Susp.
    Toby, Township of, Clarion        422377  April 28, 1976,   ......do...............   Do.
     County.                                   Emerg; January
                                               3, 1985, Reg;
                                               December 2,
                                               2011, Susp.
    Washington, Township of,          422378  January 14,       ......do...............   Do.
     Clarion County.                           1980, Emerg;
                                               February 1,
                                               1985, Reg;
                                               December 2,
                                               2011, Susp.

           Region IV

Alabama:
    Brundidge, City of, Pike          010347  April 13, 1990,   ......do...............   Do.
     County.                                   Emerg; June 1,
                                               1994, Reg;
                                               December 2,
                                               2011, Susp.
    Goshen, Town of, Pike             010284  October 8, 1976,  ......do...............   Do.
     County.                                   Emerg; April 2,
                                               1986, Reg;
                                               December 2,
                                               2011, Susp.
    Pike County,                      010286  May 18, 1977,     ......do...............   Do.
     Unincorporated Areas.                     Emerg; August
                                               1, 1987, Reg;
                                               December 2,
                                               2011, Susp.
    Troy, City of, Pike County        010285  December 17,      ......do...............   Do.
                                               1974, Emerg;
                                               September 18,
                                               1985, Reg;
                                               December 2,
                                               2011, Susp.

           Region V

Illinois:
    Hardin County,                    171002  N/A, Emerg; N/A,  Nov. 2, 2011...........  Nov. 2, 2011.
     Unincorporated Areas.                     Reg; November
                                               2, 2011, Susp.
    Gallatin County,                  170900  July 29, 1975,    Dec. 2, 2011...........  Dec. 2, 2011.
     Unincorporated Areas.                     Emerg; February
                                               1, 1984, Reg;
                                               December 2,
                                               2011, Susp.
    Junction, Village of,             170245  May 21, 1975,     ......do...............   Do.
     Gallatin County.                          Emerg; January
                                               5, 1984, Reg;
                                               December 2,
                                               2011, Susp.
    New Haven, Village,               170246  October 1, 1975,  ......do...............   Do.
     Gallatin County.                          Emerg; August
                                               5, 1986, Reg;
                                               December 2,
                                               2011, Susp.
    Omaha, Village of,                170248  August 1, 1975,   ......do...............   Do.
     Gallatin County.                          Emerg;
                                               September 18,
                                               1985, Reg;
                                               December 2,
                                               2011, Susp.
    Ridgway, Village of,              170249  July 29, 1975,    ......do...............   Do.
     Gallatin County.                          Emerg; July 18,
                                               1985, Reg;
                                               December 2,
                                               2011, Susp.
Indiana:
    Clinton County,                   180029  February 13,      ......do...............   Do.
     Unincorporated Areas.                     1976, Emerg;
                                               September 1,
                                               1988, Reg;
                                               December 2,
                                               2011, Susp.
    Frankfort, City of,               180030  June 18, 1975,    ......do...............   Do.
     Clinton County.                           Emerg; June 11,
                                               1976, Reg;
                                               December 2,
                                               2011, Susp.
Minnesota:
    Apple Valley, City of,            270050  April 14, 2006,   ......do...............   Do.
     Dakota County.                            Emerg; May 1,
                                               2008, Reg;
                                               December 2,
                                               2011, Susp.
    Burnsville, City of,              270102  February 9,       ......do...............   Do.
     Dakota County.                            1973, Emerg;
                                               September 1,
                                               1977, Reg;
                                               December 2,
                                               2011, Susp.
    Dakota County,                    270101  March 4, 1974,    ......do...............   Do.
     Unincorporated Areas.                     Emerg; April 1,
                                               1981, Reg;
                                               December 2,
                                               2011, Susp.
    Eagan, City of, Dakota            270103  July 1, 1975,     ......do...............   Do.
     County.                                   Emerg; August
                                               11, 1978, Reg;
                                               December 2,
                                               2011, Susp.
    Farmington, City of,              270104  July 22, 1975,    ......do...............   Do.
     Dakota County.                            Emerg; March 1,
                                               1979, Reg;
                                               December 2,
                                               2011, Susp.
    Hastings, City of, Dakota         270105  March 9, 1973,    ......do...............   Do.
     County.                                   Emerg; July 16,
                                               1980, Reg;
                                               December 2,
                                               2011, Susp.
    Inver Grove Heights, City         270106  April 9, 1974,    ......do...............   Do.
     of, Dakota County.                        Emerg; August
                                               1, 1980, Reg;
                                               December 2,
                                               2011, Susp.
    Lakeville, City of, Dakota        270107  February 12,      ......do...............   Do.
     County.                                   1974, Emerg;
                                               May 1, 1979,
                                               Reg; December
                                               2, 2011, Susp.
    Lilydale, City of, Dakota         275241  April 9, 1971,    ......do...............   Do.
     County.                                   Emerg; February
                                               9, 1973, Reg;
                                               December 2,
                                               2011, Susp.
    Mendota, City of, Dakota          270109  April 20, 1979,   ......do...............   Do.
     County.                                   Emerg; April
                                               15, 1985, Reg;
                                               December 2,
                                               2011, Susp.
    Mendota Heights, City of,         270110  July 14, 1978,    ......do...............   Do.
     Dakota County.                            Emerg; June 22,
                                               1984, Reg;
                                               December 2,
                                               2011, Susp.
    Miesville, City of, Dakota        270111  December 21,      ......do...............   Do.
     County.                                   1978, Emerg;
                                               December 21,
                                               1978, Reg;
                                               December 2,
                                               2011, Susp.
    Northfield, City of,              270406  April 10, 1974,   ......do...............   Do.
     Dakota County.                            Emerg;
                                               September 2,
                                               1981, Reg;
                                               December 2,
                                               2011, Susp.
    Randolph, City of, Dakota         270112  June 5, 1975,     ......do...............   Do.
     County.                                   Emerg; July 16,
                                               1980, Reg;
                                               December 2,
                                               2011, Susp.
    Rosemount, City of, Dakota        270113  August 14, 1975,  ......do...............   Do.
     County.                                   Emerg; July 16,
                                               1980, Reg;
                                               December 2,
                                               2011, Susp.
    South St. Paul, City of,          270114  May 30, 1974,     ......do...............   Do.
     Dakota County.                            Emerg; June 18,
                                               1980, Reg;
                                               December 2,
                                               2011, Susp.
    Vermillion, City of,              270115  October 6, 1975,  ......do...............   Do.
     Dakota County.                            Emerg; November
                                               1, 1979, Reg;
                                               December 2,
                                               2011, Susp.
    Medford, City of, Steele          270462  August 15, 1975,  ......do...............   Do.
     County.                                   Emerg;
                                               September 2,
                                               1981, Reg;
                                               December 2,
                                               2011, Susp.
    Owatonna, City of, Steele         270463  May 16, 1974,     ......do...............   Do.
     County.                                   Emerg; November
                                               4, 1981, Reg;
                                               December 2,
                                               2011, Susp.

    Steele County,                    270635  April 30, 1974,   ......do...............   Do.
     Unincorporated Areas.                     Emerg; November
                                               4, 1981, Reg;
                                               December 2,
                                               2011, Susp.
Wisconsin:
    Boyceville, Village of,           550119  June 23, 1975,    ......do...............   Do.
     Dunn County.                              Emerg; November
                                               19, 1986, Reg;
                                               December 2,
                                               2011, Susp.
    Colfax, Village of, Dunn          550120  July 21, 1975,    ......do...............   Do.
     County.                                   Emerg; August
                                               16, 1988, Reg;
                                               December 2,
                                               2011, Susp.
    Downing, Village of, Dunn         550121  April 6, 1976,    ......do...............   Do.
     County.                                   Emerg;
                                               September 4,
                                               1986, Reg;
                                               December 2,
                                               2011, Susp.
    Dunn County,                      550118  March 26, 1971,   ......do...............   Do.
     Unincorporated Areas.                     Emerg; October
                                               15, 1981, Reg;
                                               December 2,
                                               2011, Susp.
    Menomonie, City of, Dunn          550123  January 7, 1976,  ......do...............   Do.
     County.                                   Emerg; January
                                               3, 1990, Reg;
                                               December 2,
                                               2011, Susp.
    Wheeler, Village of, Dunn         550124  January 15,       ......do...............   Do.
     County.                                   1976, Emerg;
                                               March 15, 1984,
                                               Reg; December
                                               2, 2011, Susp.

           Region VI

Louisiana:
    Iberia Parish,                    220078  April 27, 1973,   ......do...............   Do.
     Unincorporated Areas.                     Emerg; July 3,
                                               1978, Reg;
                                               December 2,
                                               2011, Susp.
    Loreauville, Village of,          220081  May 10, 1973,     ......do...............   Do.
     Iberia Parish.                            Emerg; May 25,
                                               1978, Reg;
                                               December 2,
                                               2011, Susp.
    New Iberia, City of,              220082  April 27, 1973,   ......do...............   Do.
     Iberia Parish.                            Emerg; August
                                               22, 1978, Reg;
                                               December 2,
                                               2011, Susp.

           Region IX

Arizona:
    Nogales, City of, Santa           040091  April 14, 1975,   ......do...............   Do.
     Cruz County.                              Emerg; April
                                               15, 1981, Reg;
                                               December 2,
                                               2011, Susp.
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*......do = Ditto.
Code for reading third column: Emerg.--Emergency; Reg.--Regular; Susp.--Suspension.

David L. Miller,
Associate Administrator, Federal Insurance and Mitigation
Administration, Department of Homeland Security, Federal Emergency
Management Agency.
[FR Doc. 2011-30909 Filed 11-30-11; 8:45 am]
BILLING CODE 9111-12-P


[Federal Register Volume 80, Number 29 (Thursday, February 12, 2015)]
[Notices]
[Pages 7862-7863]
[FR Doc No: 2015-02932]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. PF15-1-000]

PennEast Pipeline Company, LLC; Notice of Revised Public Scoping
Meetings for the Penneast Pipeline Project

    On January 13, 2015, the Federal Energy Regulatory Commission (FERC
or Commission) issued a Notice of Intent to Prepare an Environmental
Impact Statement for the Planned PennEast Pipeline Project, Requests
for Comments on Environmental Issues, and Notice of Public Scoping
Meetings (NOI). On January 23 and 26, 2015, we issued notices to
postpone the January 27 and 28, 2015 public scoping meetings listed in
the NOI. The revised dates for the scoping meetings are:

When: Wednesday, February 25, 2015.
Time: 6 p.m.
Where: West Trenton Ballroom, 40 W. Upper Ferry Road, West Trenton, New
Jersey 08628.

When: Thursday, February 26, 2015.
Time: 6 p.m.

Where: The Grand Colonial, 86 Route 173 West, Hampton, New Jersey
08827.

    These public meetings will be posted on the Commission calendar
located at www.ferc.gov/EventCalendar/EventsList.aspx along with other
related information. Additional information about the project is
available from the Commission's Office of External Affairs, at (866)
208-FERC, or on the FERC Web site at www.ferc.gov using the
``eLibrary'' link and the project docket number (i.e., PF15-1).

    Dated: February 5, 2015.
Kimberly D. Bose,
Secretary.
[FR Doc. 2015-02932 Filed 2-11-15; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 197 (Friday, October 13, 2017)]
[Notices]
[Pages 47784-47787]
[FR Doc No: 2017-22160]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81838; File No. SR-NASDAQ-2017-100]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Reduce the Fees for Certain Investment Management Entities and Eligible
Portfolio Companies

October 6, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on September 26, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to reduce the fees for certain Investment
Management Entities and Eligible Portfolio Companies.
    While these amendments are effective upon filing, the Exchange has
designated the proposed amendments to be operative on January 1, 2018.
    The text of the proposed rule change is set forth below. Proposed
new language is italicized; deleted text is in brackets.
* * * * *

5910. The Nasdaq Global Market (Including the Nasdaq Global Select
Market)

* * * * *

IM-5910-1. All-Inclusive Annual Listing Fee

    (a)-(c) No change.
    (d) The All-Inclusive Annual Listing Fee will be calculated on
total shares outstanding according to the following schedules:
    (1)-(3) No change.
    (4) Limited Partnerships [(effective January 1, 2017)]:

Up to 75 million shares $37,500
75+ to 100 million shares $50,000
100+ to 125 million shares $62,500
125+ to 150 million shares $67,500
Over 150 million shares $77,500

    (5) Investment Management Entities and Eligible Portfolio Companies
(effective January 1, 2018):
    Nasdaq will apply a 50% fee discount to the annual fee otherwise
owed under paragraph (d)(1) of this rule for Eligible Portfolio
Companies and Investment Management Entities that have one or more
Eligible Portfolio Companies. For purposes of this rule, an
``Investment Management Entity'' is a company listed on Nasdaq or
another national securities exchange that manages private investment
vehicles not registered under the Investment Company Act. An ``Eligible
Portfolio Company'' of an Investment Management Entity is a Nasdaq-
listed Company in which an Investment Management Entity has owned at
least 20% of the common stock on a continuous basis since prior to that
company's initial listing.
    In order to qualify for this discount in any calendar year, a
Company, other than a new listing, must submit satisfactory proof to
Nasdaq no later than December 31st of the prior year that it satisfies
the requirements specified above. A new listing that satisfies these
requirements is eligible for the discount upon listing.

    Notwithstanding the foregoing, if an Investment Management Entity
or Eligible Portfolio Company would otherwise be subject to an All-
Inclusive Annual Fee that is lower than the fee provided for in this
paragraph (5), then the alternative fee schedule shall apply.
    (e) No change.
* * * * *

5920. The Nasdaq Capital Market

* * * * *

IM-5920-1. All-Inclusive Annual Listing Fee

    (a)-(c) No change.
    (d) The All-Inclusive Annual Listing Fee will be calculated on
total shares outstanding according to the following schedules:
    (1)-(3) No change.
    (4) Limited Partnerships [(effective January 1, 2017)]:
Up to 75 million shares $30,000
Over 75 million shares $37,500

    (5) Investment Management Entities and Eligible Portfolio Companies
(effective January 1, 2018):
    Nasdaq will apply a 50% fee discount to the annual fee otherwise
owed under paragraph (d)(1) of this rule for Eligible Portfolio
Companies and Investment Management Entities that have one or more
Eligible Portfolio Companies. For purposes of this rule, an
``Investment Management Entity'' is a company listed on Nasdaq or
another national securities exchange that manages private investment
vehicles not registered under the Investment Company Act. An ``Eligible
Portfolio Company'' of an Investment Management Entity is a Nasdaq-
listed Company in which an Investment Management Entity has owned at
least 20% of the common stock on a continuous basis since prior to that
company's initial listing.
    In order to qualify for this discount in any calendar year, a
Company, other than a new listing, must submit satisfactory proof to
Nasdaq no later than December 31st of the prior year that it satisfies
the requirements specified above. A new listing that satisfies these
requirements is eligible for the discount upon listing.
    Notwithstanding the foregoing, if an Investment Management Entity
or Eligible Portfolio Company would otherwise be subject to an All-
Inclusive Annual Fee that is lower than the fee provided for in this
paragraph (5), then the alternative fee schedule shall apply.
    (e) No change.
* * * * *

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
    Nasdaq proposes to reduce the fees for certain Investment
Management Entities and Eligible Portfolio Companies. An Investment
Management Entity for purposes of this provision would be defined as a
company listed on Nasdaq or another national securities exchange which
manages private investment vehicles that are not registered under the
Investment Company Act. There are a small number of such companies that
engage in the business of managing such private equity funds. Through
these private equity funds, Investment Management Entities invest in
private companies. An ``Eligible Portfolio Company'' of an Investment
Management Entity is a Nasdaq-listed company in which the Investment
Management Entity has owned at least 20% of the common stock on a
continuous basis since prior to that company's initial listing.
    Investment Management Entities typically provide significant
managerial and advisory assistance to their portfolio companies, in
part, based on their familiarity, as a public company listed on a
national securities exchange, with the requirements for an exchange
listing. An Investment Management Entity will frequently seek to exit
its funds' investment in a privately-held portfolio company by
conducting an initial public offering (IPO) on behalf of that portfolio
company. The Investment Management Entity does not typically sell
shares in the IPO but, rather, shares not sold in the IPO are gradually
sold off over a period of years in the public market. While these
Investment Management Entities have control or influence over the
decision making of their portfolio companies in both their pre- and
post-public phases, the decision as to where to list is typically made
jointly by the portfolio company's senior management team and the
Investment Management Entity. Nasdaq benefits from its ongoing
relationships with these Investment Management Entities (and members of
the management teams that had previously dealt with Nasdaq) when
competing for the listing of their portfolio companies. In addition,
Nasdaq benefits from the efficiencies in dealing with portfolio
companies that are benefiting from the guidance and experience of the
Investment Management Entities to which they are related.
    Nasdaq incurs substantial costs in connection with its marketing to
companies choosing a listing venue for their IPO. In those cases where
the Exchange has a longstanding relationship with the Investment
Management Entity controlling a listing applicant, Nasdaq's costs of
marketing to the prospect company can be much lower than usual because
of the Investment Management Entity's prior experience with Nasdaq.
Typically, when pitching for the listing of a company that is choosing
a listing venue for its IPO, Nasdaq incurs significant expense,
including the time spent by its CEO and other senior management in
preparing for and traveling to meetings with the prospect company,
travel costs, the cost of developing pitching strategies and the cost
of producing marketing materials. In addition, it has been the
Exchange's experience that an Investment Management Entity puts high-
quality and experienced management teams in place at its portfolio
companies prior to listing and that the Investment Management Entity
continues to provide significant support to those companies after
listing. Consequently, those companies require lower levels of support
from Nasdaq's business and regulation departments to assist them in
navigating the initial and continued listing process and Nasdaq devotes
significantly smaller staff resources to those companies on average
than to the typical newly-listed company that is not controlled prior
to listing by an Investment Management Entity.
    Nasdaq believes that these cost savings attributable to its
relationship with an Investment Management Entity allow for a reduction
in continued listing fees to the Investment Management Entities that
are significant shareholders in other Nasdaq-listed companies, as well
as to those portfolio companies that have listed on Nasdaq as a
consequence of those relationships. Nasdaq also believes that the
proposed fee reduction would provide an incentive to Investment
Management

Entities to list on Nasdaq (or remain listed) themselves, as well as to
list additional portfolio companies on Nasdaq. Accordingly, Nasdaq
proposes to offer Eligible Portfolio Companies and Investment
Management Entities that have one or more Eligible Portfolio Companies
listed on Nasdaq a 50% discount to the annual fee otherwise owed by
issuers of equity securities.
    A new listing that satisfies these requirements will be eligible
for the discount upon listing based upon Nasdaq's review of public
filings disclosing ownership. In order to qualify for this discount in
any subsequent calendar year, an issuer must submit satisfactory proof
to Nasdaq no later than December 31st of the prior year that it is
eligible for the discount.\3\ Investment Management Entities that do
not have Eligible Portfolio Companies listed on Nasdaq, are not
eligible to receive the discount and will be billed on the same fee
schedule as other equity securities.
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    \3\ Nasdaq will also review public filings to determine if a
company remains eligible to receive a discount.
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    The proposed amendment will affect the All-Inclusive Annual Listing
Fee schedule \4\ on the Nasdaq Global Market, the Nasdaq Global Select
Market and the Nasdaq Capital Market.\5\ In 2014, when Nasdaq adopted
the All-Inclusive Annual Listing Fee schedule, Nasdaq considered
various factors that distinguish companies, including market tier,
shares outstanding and security type, as well as the perceived use of
various Nasdaq regulatory and support services by companies of various
characteristics.\6\ Due to the relatively few Investment Management
Entities and Eligible Portfolio Companies listed on the Exchange at
that time, Nasdaq's analysis did not focus on the special
characteristics of such companies. Upon further consideration, Nasdaq
now believes that the cost savings attributable to its relationship
with Investment Management Entities and generally lower levels of
support required for Eligible Portfolio Companies and Investment
Management Entities with listed Eligible Portfolio Companies warrant a
reduced fee.
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    \4\ In 2014, Nasdaq adopted an All-Inclusive Annual Listing Fee
schedule. Securities Exchange Act Release No. 73647 (November 19,
2014), 79 FR 70232 (November 25, 2014) (SR-NASDAQ-2014-87). Since
then, newly listed companies have been subject to the All-Inclusive
fee structure and other listed companies could have elected to be on
the All-Inclusive fee structure. All companies will be subject to
the All-Inclusive fee structure effective January 1, 2018.
    \5\ Listing Rule 5910 provides that fee schedules for the Nasdaq
Global Select Market are the same fee schedules as for the Nasdaq
Global Market.
    \6\ See Securities Exchange Act Release No. 73647, supra note 4.
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    Nasdaq notes that American Depositary Receipts (ADRs), closed-end
funds and limited partnerships also have different fee schedules than
other listed equity securities. Nasdaq believes that the
characteristics of ADRs, closed-end funds and limited partnerships are
different than the characteristics of Investment Management Entities
and Eligible Portfolio Companies and that it is therefore appropriate
to apply a different fee schedule for Investment Management Entities
and Eligible Portfolio Companies. If an Eligible Portfolio Company or
an Investment Management Entity with listed Eligible Portfolio
Companies lists ADRs, or is a closed-end fund or a limited partnership,
its All-Inclusive fee will be the lower of: (i) The fee applicable to
ADRs, closed-end funds or limited partnerships, as applicable, or (ii)
the 50% fee discount to the fee applicable to other equity securities
listed on the same tier.
    Nasdaq notes that no other company will be required to pay higher
fees as a result of the proposed amendments and represents that the
proposed fee change will have no impact on the resources available for
its regulatory programs.
    The proposed fee change will be operative January 1, 2018.\7\
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    \7\ Nasdaq also proposes to delete an old effective date from
IM-5910-1(d)(4) and IM-5920-1(d)(4).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\8\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\9\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees, and other
charges among members and issuers and other persons using any facility
or system which the Exchange operates or controls, and is not designed
to permit unfair discrimination between customers, issuers, brokers, or
dealers.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    As a preliminary matter, Nasdaq competes for listings with other
national securities exchanges and companies can easily choose to list
on, or transfer to, those alternative venues. As a result, the fees
Nasdaq can charge listed companies are constrained by the fees charged
by its competitors and Nasdaq cannot charge prices in a manner that
would be unreasonable, inequitable, or unfairly discriminatory.
    Nasdaq believes that the proposed fee change reducing the fee paid
by Eligible Portfolio Companies and Investment Management Entities with
listed Eligible Portfolio Companies is reasonable and not unfairly
discriminatory because it recognizes the reduced regulatory and
business costs Nasdaq incurs for listing these Investment Management
Entities and Eligible Portfolio Companies. Specifically, Nasdaq
benefits from significant cost and resource-utilization savings when
listing portfolio companies of Investment Management Entities as it
does not have to engage in significant marketing efforts because the
decision makers at the Investment Management Entity are already
familiar with Nasdaq. Typically when pitching for the listing of a
company that is choosing a listing venue for its IPO, Nasdaq incurs
significant expense, including: The time spent by its CEO and other
senior management in preparing for and traveling to meetings with the
prospect company, travel costs, the cost of developing pitching
strategies and the cost of producing marketing materials. As Nasdaq
saves much of this expense when pitching to a portfolio company of an
Investment Management Entity with which Nasdaq has an established
relationship, Nasdaq believes that it is reasonable to share some of
those savings with listed Investment Management Entities and their
Eligible Portfolio Companies. In addition, Nasdaq typically has lower
costs and resource utilization in connection with the initial and
continued listing of Eligible Portfolio Companies than with other new
listings, as the Exchange benefits from dealing with the high-quality
and experienced management teams Investment Management Entities put in
place at portfolio companies prior to listing and the ongoing
relationship those companies maintain with staff at the Investment
Management Entity, who can share their experience as a public company
listed on a national securities exchange. Nasdaq also believes that the
proposed discount is reasonable in that it will create a reasonable
commercial incentive for Investment Management Entities and the
management of their portfolio companies to consider listing on Nasdaq
and to remain listed.
    Nasdaq believes that it is not unfairly discriminatory to discount
continued listing fees as a means of recognizing its cost savings
related to the listing of an Investment Management Entity and its
Eligible Portfolio Companies. This is because a significant portion of
the Exchange's savings arise from the efficiencies it experiences on an
ongoing basis in dealing with Eligible Portfolio Companies for such
time as the Investment Management Entity retains a

significant investment and is thereby motivated to provide ongoing
advice and assistance. These reduced costs are a non-discriminatory
reason to charge an Investment Management Entity and its Eligible
Portfolio Companies a lower All-Inclusive Annual Listing Fee.
    Currently, ADRs, closed-end funds and limited partnerships also pay
lower All-Inclusive Annual Listing Fees than other issuers of equity
securities. Nasdaq believes it is appropriate to apply a fee schedule
to Investment Management Entities and Eligible Portfolio Companies that
is different from those applicable to either ADRs, closed-end funds or
limited partnerships due to their differing characteristics.
Specifically, Nasdaq charges lower listing fees for ADRs because, among
other differences, the U.S. listing is not typically the issuer of an
ADR's primary listing.\10\ Similarly, Nasdaq charges lower listing fees
for closed-end funds because they are particularly sensitive to the
expenses they incur, given that they compete for investment dollars
based on return.\11\ Finally, Nasdaq charges lower listing fees for
limited partnerships because they are not subject to most corporate
governance requirements.\12\ As a result, offering a different discount
to Investment Management Entities and their Eligible Portfolio
Companies on the All-Inclusive Annual Fee schedule than to ADRs,
closed-end funds and limited partnerships is not inequitable or
unfairly discriminatory.
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    \10\ See Securities Exchange Act Release No. 73647, supra note
4.
    \11\ Id.
    \12\ See Securities Exchange Act Release No. 79770 (January 10,
2017), 82 FR 4947 (January 17, 2017) (SR-NASDAQ-2016-173).
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    While the proposed fee reduction only applies to Investment
Management Entities and their Eligible Portfolio Companies on the All-
Inclusive Annual Fee schedule, Nasdaq notes that all companies will
transition to that fee schedule in 2018 at the same time that this fee
change will become effective.
    Finally, Nasdaq believes that the proposed fees are consistent with
the investor protection objectives of Section 6(b)(5) of the Act \13\
in that they are designed to promote just and equitable principles of
trade, to remove impediments to a free and open market and national
market system, and in general to protect investors and the public
interest. Specifically, the amount of revenue forgone by allowing an
Investment Management Entity and its Eligible Portfolio Companies to
pay lower fees is not substantial, and the reduced fees may result in
more Investment Management Entities and their Eligible Portfolio
Companies listing on Nasdaq, thereby increasing the resources available
for Nasdaq's listing compliance program, which helps to assure that
listing standards are properly enforced and investors are protected.
Consequently, Nasdaq believes that the potential loss of revenue from
the reduction of fees for Investment Management Entities and their
Eligible Portfolio Companies, as proposed, will not hinder its ability
to fulfill its regulatory responsibilities.
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    \13\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended. The market for
listing services is extremely competitive and listed companies may
freely choose alternative venues based on the aggregate fees assessed,
and the value provided by each listing. This rule proposal does not
burden competition with other listing venues, which are similarly free
to set their fees. For these reasons, Nasdaq does not believe that the
proposed rule change will result in any burden on competition for
listings.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\14\
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    \14\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

    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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

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-NASDAQ-2017-100 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2017-100. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2017-100, and should
be submitted on or before November 3, 2017.
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    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-22160 Filed 10-12-17; 8:45 am]
 BILLING CODE 8011-01-P