[Federal Register Volume 87, Number 244 (Wednesday, December 21, 2022)]
[Notices]
[Pages 78122-78123]
[FR Doc No: 2022-27746]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2022-0002; Internal Agency Docket No. FEMA-B-2296]

Proposed Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, Department of Homeland
Security.

ACTION: Notice.

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SUMMARY: Comments are requested on proposed flood hazard
determinations, which may include additions or modifications of any
Base Flood Elevation (BFE), base flood depth, Special Flood Hazard Area
(SFHA) boundary or zone designation, or regulatory floodway on the
Flood Insurance Rate Maps (FIRMs), and where applicable, in the
supporting Flood Insurance Study (FIS) reports for the communities
listed in the table below. The purpose of this notice is to seek
general information and comment regarding the preliminary FIRM, and
where applicable, the FIS report that the Federal Emergency Management
Agency (FEMA) has provided to the affected communities. The FIRM and
FIS report are the basis of the floodplain management measures that the
community is required either to adopt or to show evidence of having in
effect in order to qualify or remain qualified for participation in the
National Flood Insurance Program (NFIP).

DATES: Comments are to be submitted on or before March 21, 2023.

ADDRESSES: The Preliminary FIRM, and where applicable, the FIS report
for each community are available for inspection at both the online
location https://hazards.fema.gov/femaportal/prelimdownload and the
respective Community Map Repository address listed in the tables below.
Additionally, the current effective FIRM and FIS report for each
community are accessible online through the FEMA Map Service Center at
https://msc.fema.gov for comparison.
    You may submit comments, identified by Docket No. FEMA-B-2296, to
Rick Sacbibit, Chief, Engineering Services Branch, Federal Insurance
and Mitigation Administration, FEMA, 400 C Street SW, Washington, DC
20472,<PHONE_NUMBER>, or (email) [email protected].

FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW, Washington, DC 20472,<PHONE_NUMBER>, or (email)
[email protected]; or visit the FEMA Mapping and Insurance
eXchange (FMIX) online at https://www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: FEMA proposes to make flood hazard
determinations for each community listed below, in accordance with
section 110 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4104, and 44 CFR 67.4(a).
    These proposed flood hazard determinations, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own or pursuant to policies
established by other Federal, State, or regional entities. These flood
hazard determinations are used to meet the floodplain management
requirements of the NFIP.
    The communities affected by the flood hazard determinations are
provided in the tables below. Any request for reconsideration of the
revised flood hazard information shown on the Preliminary FIRM and FIS
report that satisfies the data requirements outlined in 44 CFR 67.6(b)
is considered an appeal. Comments unrelated to the flood hazard
determinations also will be considered before the FIRM and FIS report
become effective.
    Use of a Scientific Resolution Panel (SRP) is available to
communities in support of the appeal resolution process. SRPs are
independent panels of experts in hydrology, hydraulics, and other
pertinent sciences established to review conflicting scientific and
technical data and provide recommendations for resolution. Use of the
SRP only may be exercised after FEMA and local communities have been
engaged in a collaborative consultation process for at least 60 days
without a mutually acceptable resolution of an appeal. Additional
information regarding the SRP process can be found online at https://www.floodsrp.org/pdfs/srp_overview.pdf.
    The watersheds and/or communities affected are listed in the tables
below. The Preliminary FIRM, and where applicable, FIS report for each
community are available for inspection at both the online location
https://hazards.fema.gov/femaportal/prelimdownload and the respective
Community Map Repository address listed in the tables. For communities
with multiple ongoing Preliminary studies, the studies can be
identified by the unique project number and Preliminary FIRM date
listed in the tables. Additionally, the current effective FIRM and FIS
report for each community are accessible online through the FEMA Map
Service Center at https://msc.fema.gov for comparison.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

Michael M. Grimm,
Assistant Administrator for Risk Management, Federal Emergency
Management Agency, Department of Homeland Security.

------------------------------------------------------------------------
                                             Community map repository
               Community                             address
------------------------------------------------------------------------
             Maricopa County, Arizona and Incorporated Areas
 Project: 17-09-0411S Preliminary Dates: October 4, 2021 and August 26,
                                  2022
------------------------------------------------------------------------
City of Buckeye........................  City Hall, 530 East Monroe
                                          Avenue, Buckeye, AZ 85326.
City of Goodyear.......................  Development Counter, 1900 North
                                          Civic Square, Goodyear, AZ
                                          85395.
Town of Gila Bend......................  Town Hall, 644 West Pima
                                          Street, Gila Bend, AZ 85337.
Unincorporated Areas of Maricopa County  Flood Control District of
                                          Maricopa County, 2801 West
                                          Durango Street, Phoenix, AZ
                                          85009.
------------------------------------------------------------------------
           Riverside County, California and Incorporated Areas
          Project: 19-09-0025S Preliminary Date: May 25, 2022.
------------------------------------------------------------------------
City of Corona.........................  City Hall, 400 South Vicentia
                                          Avenue, Corona, CA 92882.

City of Eastvale.......................  City Hall, Public Works
                                          Department, 12363 Limonite
                                          Avenue, Suite 910, Eastvale,
                                          CA 91752.
City of Jurupa Valley..................  City Hall, 8930 Limonite
                                          Avenue, Jurupa Valley, CA
                                          92509.
City of Norco..........................  City Hall, 2870 Clark Avenue,
                                          Norco, CA 92860.
City of Riverside......................  Public Works, 3900 Main Street,
                                          4th Floor, Riverside, CA
                                          92522.
Unincorporated Areas of Riverside        Riverside County Flood Control
 County.                                  and Water Conservation
                                          District, 1995 Market Street,
                                          Riverside, CA 92501.
------------------------------------------------------------------------
        San Bernardino County, California and Incorporated Areas
          Project: 19-09-0025S Preliminary Date: May 25, 2022.
------------------------------------------------------------------------
City of Chino..........................  City Hall, 13220 Central
                                          Avenue, Chino, CA 91710.
City of Chino Hills....................  City Hall, 14000 City Center
                                          Drive, Chino Hills, CA 91709.
City of Colton.........................  Colton Corporate Yard, 160
                                          South 10th Street, Colton, CA
                                          92324.
City of Rialto.........................  City Hall, 150 South Palm
                                          Avenue, Rialto, CA 92376.
Unincorporated Areas of San Bernardino   San Bernardino County
 County.                                  Department of Public Works,
                                          825 East 3rd Street, Water
                                          Resources Department--Room
                                          101, San Bernardino, CA 92415.
------------------------------------------------------------------------
            Ventura County, California and Incorporated Areas
  Project: 10-09-0024S Preliminary Dates: July 31, 2020 and August 19,
                                  2022.
------------------------------------------------------------------------
City of Santa Paula....................  City Hall, 970 Ventura Street,
                                          Santa Paula, CA 93060.
Unincorporated Areas of Ventura County.  Ventura County Government
                                          Center Hall of Administration,
                                          800 South Victoria Avenue,
                                          Ventura, CA 93009.
------------------------------------------------------------------------
         Hutchinson County, South Dakota and Incorporated Areas
         Project: 18-08-0013S Preliminary Date: August 15, 2022.
------------------------------------------------------------------------
City of Freeman........................  City Hall, 185 East 3rd Street,
                                          Freeman, SD 57029.
City of Menno..........................  City Hall, 236 South 5th
                                          Street, Menno, SD 57045.
City of Parkston.......................  City Hall, 207 West Main
                                          Street, Parkston, SD 57366.
Town of Olivet.........................  Town Hall, 125 South 3rd
                                          Street, Olivet, SD 57052.
Unincorporated Areas of Hutchinson       Hutchinson County Courthouse,
 County.                                  201 West Mentor Street,
                                          Olivet, SD 57052.
------------------------------------------------------------------------

[FR Doc. 2022-27746 Filed 12-20-22; 8:45 am]
BILLING CODE 9110-12-P


[Federal Register Volume 79, Number 157 (Thursday, August 14, 2014)]
[Notices]
[Page 47636]
[FR Doc No: 2014-19273]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9915-22-OA]

National Environmental Education Advisory Council Meetings

AGENCY: Environmental Protection Agency.

ACTION: Notice of cancellation and reschedule of teleconference
meeting.

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SUMMARY: The Environmental Protection Agency (EPA or Agency) Office of
External Affairs and Environmental Education (OEAEE) is issuing this
notice to cancel the August 8, 2014 NEEAC Teleconference and reschedule
it for August 21, 2014 from 3:00 p.m.-4:00 p.m. Eastern Time. Notice of
the August 8, 2014 meeting was previously published on July 1, 2014: FR
Doc 2014-15397 Filed 6-30-2014. The purpose of these teleconference(s),
is to discuss specific topics of relevance for consideration by the
council in order to provide advice and insights to the Agency on
environmental education.

DATES: The National Environmental Education Advisory Council will hold
a public meeting (teleconference) on Thursday August 21, 2014 from 3:00
p.m.-4:00 p.m. (Eastern Time).

FOR FURTHER INFORMATION CONTACT: For information regarding this
cancellation and rescheduling of the meeting, please contact Mr. Javier
Araujo, Designated Federal Officer (DFO), EPA National Environmental
Education Advisory Council, at<PHONE_NUMBER> or email at:
<EMAIL_ADDRESS>
    Dated: August 6, 2014.
Javier Araujo,
Designated Federal Officer.
[FR Doc. 2014-19273 Filed 8-13-14; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: November 6, 2009 (Volume 74, Number 214)]
[Notices]
[Page 57540-57541]
[DOCID:fr06no09-104]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.

Extension:
    Form N-8B-2; SEC File No. 270-186; OMB Control No. 3235-0186.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (the ``Commission'') is soliciting comments on the
collection of information summarized below. The Commission plans to
submit this existing collection of information to the Office of
Management and Budget for extension and approval.
    Form N-8B-2 (17 CFR 274.12) is the form used by unit investment
trusts (``UITs'') other than separate accounts that are currently
issuing securities, including UITs that are issuers of periodic payment
plan certificates and UITs of which a management investment company is
the sponsor or depositor, to comply with the filing and disclosure
requirements imposed by section 8(b) of the Investment Company Act of
1940 (15 U.S.C. 80a-8(b)). Form N-8B-2 requires disclosure about the
organization of a UIT, its securities, the personnel and affiliated
persons of the depositor, the distribution and redemption of
securities, the trustee or custodian, and financial statements. The
Commission uses the information provided in the collection of
information to determine compliance with section 8(b) of the Investment
Company Act.
    Based on the Commission's industry statistics, the Commission
estimates that there would be approximately two initial filings on Form
N-8B-2 and 14 post-effective amendment filings to the Form annually.
The Commission estimates that each registrant filing an initial Form N-
8B-2 would spend 44 hours in preparing and filing the Form and that the
total hour burden for all initial Form N-8B-2 filings would be 88
hours. Also, the Commission estimates that each UIT filing a post-
effective amendment to Form N-8B-2 would spend 16 hours in preparing
and filing the amendment and that the total hour burden for all post-
effective amendments to the Form would be 224 hours. By combining the
total hour burdens estimated for initial Form N-8B-2 filings and post-
effective amendments filings to the Form, the Commission estimates that
the total annual burden hours for all registrants on Form N-8B-2 would
be 312. Estimates of the burden hours are made solely for the purposes
of the PRA, and are not derived from a comprehensive or even a
representative survey or study of the costs of SEC rules and forms.
    The information provided on Form N-8B-2 is mandatory. The
information provided on Form N-8B-2 will not be kept confidential. An
Agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a currently
valid OMB control number.
    Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper

performance of the functions of the agency, including whether the
information will have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology.
Consideration will be given to comments and suggestions submitted in
writing within 60 days of this publication.
    Please direct your written comments to Charles Boucher, Director/
CIO, Securities and Exchange Commission, c/o Shirley Martinson, 6432
General Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_
<EMAIL_ADDRESS>
    Dated: October 29, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-26752 Filed 11-5-09; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 220 (Wednesday, November 14, 2018)]
[Rules and Regulations]
[Pages 56702-56704]
[FR Doc No: 2018-24683]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2018-0758; Product Identifier 2018-NM-093-AD; Amendment
39-19493; AD 2018-23-07]
RIN 2120-AA64

Airworthiness Directives; Airbus SAS 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 certain
Airbus SAS Model A350-941 airplanes. This AD was prompted by a review
of the Airbus A350 structure design principles database for type
definition that revealed that the balancer fitting part, installed on
the tail cone, on a certain frame (FR) has several corrosion-resistant
stainless steel nuts that do not meet the requirements for protection
against corrosion. This AD requires application of a new additional
overcoat sealant and elastic varnish on the affected nuts and
fasteners. We are issuing this AD to address the unsafe condition on
these products.

DATES: This AD is effective December 19, 2018.
    The Director of the Federal Register approved the incorporation by
reference of a certain publication listed in this AD as of December 19,
2018.

ADDRESSES: For service information identified in this final rule,
contact Airbus SAS, Airworthiness Office--EAL, Rond-Point Emile
Dewoitine No: 2, 31700 Blagnac Cedex, France; telephone +33 5 61 93 36
96; fax +33 5 61 93 45 80; email [email protected]; internet http://www.airbus.com. You may
view this service information at the FAA, Transport Standards Branch,
2200 South 216th St., Des Moines, WA. For information on the
availability of this material at the FAA, call<PHONE_NUMBER>. It is also
available on the internet at http://www.regulations.gov by searching
for and locating Docket No. FAA-2018-0758.

Examining the AD Docket

    You may examine the AD docket on the internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2018-
0758; or in person at Docket Operations between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays. The AD docket contains
this final rule, the regulatory evaluation, any comments received, and
other information. The address for Docket Operations (phone: 800-647-
5527) is 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 FURTHER INFORMATION CONTACT: Kathleen Arrigotti, Aerospace
Engineer, International Section, Transport Standards Branch, FAA, 2200
South 216th St., Des Moines, WA 98198; telephone and fax<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Discussion

    We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR
part 39 by adding an AD that would apply to certain Airbus SAS Model
A350-941 airplanes. The NPRM published in the Federal Register on
August 16, 2018 (83 FR 40708). The NPRM was prompted by a review of the
Airbus A350 structure design principles database for type definition
that revealed that the balancer fitting part, installed on the tail
cone, on a certain FR has several corrosion-resistant stainless steel
nuts that do not meet the requirements for protection against
corrosion. The NPRM proposed to require application of a new additional
overcoat sealant and elastic varnish on the affected nuts and
fasteners.
    We are issuing this AD to address several corrosion-resistant
stainless steel nuts installed on elementary aluminum parts, which do
not meet the requirements for protection against corrosion, and if not
corrected, could reduce the structural integrity of the airplane.
    The European Aviation Safety Agency (EASA), which is the Technical
Agent for the Member States of the European Union, has issued EASA AD
2018-0123, dated June 4, 2018 (referred to after this as the Mandatory
Continuing Airworthiness Information, or ``the MCAI''), to correct an
unsafe condition for certain Airbus SAS Model A350-941 airplanes. The
MCAI states:

    Following a complete review of the Airbus A350 structure design
principles database for type definition, it was revealed that the
balancer fitting part, installed on the tail cone, lower section of
Frame (FR) 103, has several corrosion resistant stainless steel nuts
installed on elementary aluminium parts, which does not meet the
requirements for protection against corrosion.
    This condition, if not corrected, could reduce the structural
integrity of the aeroplane.
    To address this unsafe condition, Airbus developed production
mod 110319 to improve protection against corrosion, and issued the
SB [Airbus Service Bulletin A350-53-P024] to provide modification
instructions for in-service pre-mod aeroplanes. At the same time the
production mod 110348 is equivalent to in-service solution.
    For the reasons described above, this [EASA] AD requires a
modification, adding new additional overcoat sealant and elastic
varnish on the affected nuts and fastener heads.

    You may examine the MCAI in the AD docket on the internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2018-
0758.

Comments

    We gave the public the opportunity to participate in developing
this final rule. The following presents the comments received on the
NPRM and the FAA's response to each comment.

Support for the NPRM

    The Air Line Pilots Association, International (ALPA) indicated
their support for the NPRM.

Request To Clarify the Proposed AD's Applicability

    The commenter Mary Dunn inquired about the proposed AD's effect on
similar airplanes and if the actions proposed in the NPRM are proactive
or retroactive.
    We acknowledge the comment and note that this AD will only affect
certain Airbus SAS Model A350-941 airplanes, not airplanes similar to
Airbus SAS Model A350-941 airplanes. The unsafe condition has only been
identified to affect Airbus SAS Model A350-941 airplanes, not other
models, so no action is needed on other airplane models. This AD does
have both proactive and retroactive components, in that this AD applies
to existing Airbus SAS Model A350-941 airplanes, as specified in
paragraph (c) of this AD, while the actions required by paragraph (g)
of this AD will be embodied on future Airbus SAS Model A350-941
airplanes in production. No change to this AD has been made in this
regard.

Conclusion

    We reviewed the relevant data, considered the comments received,
and determined that air safety and the public interest require adopting
this final rule 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 for addressing the unsafe condition; and
     Do not add any additional burden upon the public than was
already proposed in the NPRM.

Related Service Information Under 1 CFR Part 51

    Airbus has issued Service Bulletin A350-53-P024, dated April 3,
2018. This service information describes procedures for application of
a new additional overcoat sealant and elastic varnish on the affected
nuts and fasteners. This service information is reasonably available
because the interested parties have access to it through their normal
course of business or by the means identified in the ADDRESSES section.

Costs of Compliance

    We estimate that this AD affects 7 airplanes of U.S. registry. We
estimate the following costs to comply with this AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per       Cost on U.S.
                          Labor cost                              Parts cost        product         operators
----------------------------------------------------------------------------------------------------------------
2 work-hours x $85 per hour = $170...........................            $500             $670           $4,690
----------------------------------------------------------------------------------------------------------------

    According to the manufacturer, some or 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 known 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.
    This AD is issued in accordance with authority delegated by the
Executive Director, Aircraft Certification Service, as authorized by
FAA Order 8000.51C. In accordance with that order, issuance of ADs is
normally a function of the Compliance and Airworthiness Division, but
during this transition period, the Executive Director has delegated the
authority to issue ADs applicable to transport category airplanes and
associated appliances to the Director of the System Oversight Division.

Regulatory Findings

    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 that 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.

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 airworthiness
directive (AD):

2018-23-07 Airbus SAS: Amendment 39-19493; Docket No. FAA-2018-0758;
Product Identifier 2018-NM-093-AD.

(a) Effective Date

    This AD is effective December 19, 2018.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Airbus SAS Model A350-941 airplanes,
certificated in any category, except those on which Airbus
modification 110319 or Airbus modification 110348 has been embodied
in production.

(d) Subject

    Air Transport Association (ATA) of America Code 53, Fuselage.

(e) Reason

    This AD was prompted by a review of the Airbus A350 structure
design principles database for type definition that revealed that
the balancer fitting part, installed on the tail cone, lower section
of frame (FR) 103, has several corrosion-resistant stainless steel
nuts installed on elementary aluminum parts, and this configuration
does not meet the requirements for protection against corrosion. We
are issuing this AD to address this condition, which if not
corrected, could reduce the structural integrity of the airplane.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Required Action

    Within 72 months since the date of issuance of the original
airworthiness certificate or the date of issuance of the original
export certificate of airworthiness, apply additional overcoat
sealant and elastic varnish to the fastener heads and the anchor
nuts of the balancer fitting at FR 103, in accordance with the
Accomplishment Instructions of Airbus Service Bulletin A350-53-P024,
dated April 3, 2018.

(h) Other FAA AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
International Section, Transport Standards Branch, FAA, has the
authority to approve AMOCs for this AD, if requested using the
procedures found in 14 CFR 39.19. In accordance with 14 CFR 39.19,
send your request to your principal inspector or local Flight
Standards District Office, as appropriate. If sending information
directly to the International Section, send it to the attention of
the person identified in paragraph (i)(2) of this AD. Information
may be emailed to: [email protected]. Before using any
approved AMOC, notify your appropriate principal inspector, or
lacking a principal inspector, the manager of the local flight
standards district office/certificate holding district office.
    (2) Contacting the Manufacturer: For any requirement in this AD
to obtain corrective actions from a manufacturer, the action must be
accomplished using a method approved by the Manager, International
Section, Transport Standards Branch, FAA; or the European Aviation
Safety Agency (EASA); or Airbus SAS's EASA Design Organization
Approval (DOA). If approved by the DOA, the approval must include
the DOA-authorized signature.
    (3) Required for Compliance (RC): If any service information
contains procedures or tests that are identified as RC, those
procedures and tests must be done to comply with this AD; any
procedures or tests that are not identified as RC are recommended.
Those procedures and tests that are not identified as RC may be
deviated from using accepted methods in accordance with the
operator's maintenance or inspection program without obtaining
approval of an AMOC, provided the procedures and tests identified as
RC can be done and the airplane can be put back in an airworthy
condition. Any substitutions or changes to procedures or tests
identified as RC require approval of an AMOC.

(i) Related Information

    (1) Refer to Mandatory Continuing Airworthiness Information
(MCAI) EASA AD 2018-0123, dated June 4, 2018, for related
information. This MCAI may be found in the AD docket on the internet
at http://www.regulations.gov by searching for and locating Docket
No. FAA-2018-0758.
    (2) For more information about this AD, contact Kathleen
Arrigotti, Aerospace Engineer, International Section, Transport
Standards Branch, FAA, 2200 South 216th St., Des Moines, WA 98198;
telephone and fax<PHONE_NUMBER>.

(j) 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 this AD specifies otherwise.
    (i) Airbus Service Bulletin A350-53-P024, dated April 3, 2018.
    (ii) [Reserved]
    (3) For service information identified in this AD, contact
Airbus SAS, Airworthiness Office--EAL, Rond-Point Emile Dewoitine
No: 2, 31700 Blagnac Cedex, France; telephone +33 5 61 93 36 96; fax
+33 5 61 93 45 80; email [email protected];
internet http://www.airbus.com.
    (4) You may view this service information at the FAA, Transport
Standards Branch, 2200 South 216th St., Des Moines, WA. For
information on the availability of this material at the FAA, call
206-231-3195.
    (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/ibr-locations.html.

    Issued in Des Moines, Washington, on November 2, 2018.
Jeffrey E. Duven,
Director, System Oversight Division, Aircraft Certification Service.
[FR Doc. 2018-24683 Filed 11-13-18; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 88, Number 103 (Tuesday, May 30, 2023)]
[Notices]
[Pages 34550-34556]
[FR Doc No: 2023-11356]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97547; File No. SR-CboeEDGX-2023-036]

Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Fee Schedule

May 23, 2023.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 10, 2023, Cboe EDGX Exchange, Inc. (``Exchange'' or ``EDGX'')
filed with the Securities and Exchange Commission (the ``Commission'')
the proposed rule change as described in Items I, II, and III below,
which Items have been prepared by the Exchange. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') proposes to
amend its Fee Schedule. The text of the proposed rule change is
provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/options/regulation/rule_filings/edgx/), 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 amend its Fee Schedule applicable to its
equities trading platform (``EDGX Equities'') as follows: (1) by
modifying and introducing certain Add/Remove Volume Tiers; (2) by
eliminating certain Growth Tiers; (3) by modifying the criteria of the
Non-Displayed Add Volume Tiers; (4) by eliminating certain Non-
Displayed Step-Up Tiers; (5) by eliminating certain Retail Growth
Tiers; and (6) by introducing new fee code DX and modifying the
description and fee associated with fee code DQ. The Exchange proposes
to implement these changes effective May 1, 2023.\3\
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    \3\ The Exchange initially filed the proposed fee changes on May
1, 2023 (SR-CboeEDGX-2023-034). On May 10, 2023, the Exchange
withdrew that filing and submitted this proposal.
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    The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues
that do not have similar self-regulatory responsibilities under the
Securities Exchange Act of 1934 (the ``Act''), to which market
participants may direct their order flow. Based on publicly available
information,\4\ no single registered equities exchange has more than
16% of the market share. Thus, in such a low-concentrated and highly
competitive market, no single equities exchange possesses significant
pricing power in the execution of order flow. The Exchange in
particular operates a ``Maker-Taker'' model whereby it pays rebates to
members that add liquidity and assesses fees to those that remove
liquidity. The Exchange's Fee Schedule sets forth the standard rebates
and rates applied per share for orders that provide and remove
liquidity, respectively. Currently, for orders in securities priced at
or above $1.00, the Exchange provides a standard rebate of $0.00160 per
share for orders that add liquidity and assesses a fee of $0.0030 per
share

for orders that remove liquidity.\5\ For orders in securities priced
below $1.00, the Exchange provides a standard rebate of $0.00009 per
share for orders that add liquidity and assesses a fee of 0.30% of the
total dollar value for orders that remove liquidity.\6\ Additionally,
in response to the competitive environment, the Exchange also offers
tiered pricing which provides Members opportunities to qualify for
higher rebates or reduced fees where certain volume criteria and
thresholds are met. Tiered pricing provides an incremental incentive
for Members to strive for higher tier levels, which provides
increasingly higher benefits or discounts for satisfying increasingly
more stringent criteria.
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    \4\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (April 21, 2023), available at https://www.cboe.com/us/equities/market_statistics/.
    \5\ See EDGX Equities Fee Schedule, Standard Rates.
    \6\ Id.
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Add/Remove Volume Tiers
    Under footnote 1 of the Fee Schedule, the Exchange currently offers
various Add/Remove Volume Tiers. In particular, the Exchange offers
three Add Volume Tiers that each provide an enhanced rebate for
Members' qualifying orders yielding fee codes B,\7\ V,\8\ Y,\9\ 3,\10\
and 4,\11\ where a Member reaches certain add volume-based criteria.
First, the Exchange is proposing to introduce a new Add Volume Tier 2
and a new Add Volume Tier 5 to provide Members an additional manner in
which they could receive an enhanced rebate if certain criteria is met.
The proposed criteria for proposed Add Volume Tier 2 is as follows:
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    \7\ Fee code B is appended to orders adding liquidity to EDGX in
Tape B securities.
    \8\ Fee code V is appended to orders adding liquidity to EDGX in
Tape A securities.
    \9\ Fee code Y is appended to orders adding liquidity to EDGX in
Tape C securities.
    \10\ Fee code 3 is appended to orders adding liquidity to EDGX
in the pre and post market in Tapes A or C securities.
    \11\ Fee code 4 is appended to orders adding liquidity to EDGX
in the pre and post market in Tape B securities.
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     Add Volume Tier 2 provides a rebate of $0.0025 per share
for securities priced above $1.00 to qualifying orders (i.e., orders
yielding fee B, V, Y, 3, or 4) where Member adds an ADV \12\ (excluding
fee codes ZA \13\ or ZO \14\) >=0.18% of the TCV \15\ or Members adds
an ADV (excluding fee codes ZA or ZO) >=20,000,000.
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    \12\ ``ADV'' means average daily volume calculated as the number
of shares added to, removed from, or routed by, the Exchange, or any
combination or subset thereof, per day. ADV is calculated on a
monthly basis.
    \13\ Fee code ZA is appended to Retail Orders that add
liquidity.
    \14\ Fee code ZO is appended to Retail orders that adds
liquidity during the pre- and post-market.
    \15\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
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    The criteria for proposed Add Volume Tier 5 is as follows:
     Add Volume Tier 5 provides a rebate of $0.0029 per share
for securities priced above $1.00 to qualifying orders (i.e., orders
yielding fee codes B, V, Y, 3, or 4) where Member adds a Retail Order
ADV (i.e., yielding fee codes ZA or ZO) >=0.45% of the TCV.
    The Exchange believes proposed Add Volume Tier 2 and proposed Add
Volume Tier 5 provide rebates commensurate with the difficulty of
meeting the criteria associated with the proposed tiers.
    Second, the Exchange proposes to modify the criteria of existing
Add Volume Tier 1. Currently, the criteria for Add Volume Tier 1 is as
follows:
     Add Volume Tier 1 provides a rebate of $0.0020 per share
for securities priced above $1.00 to qualifying orders (i.e., orders
yielding fee B, V, Y, 3, or 4) where Member adds an ADV >=0.20% of the
TCV.
    Now, the Exchange proposes to exclude retail orders from the
calculation of ADV, lower the TCV threshold, and add an additional
prong of criteria that Members may satisfy to achieve the enhanced
rebate. The proposed criteria is as follows:
     Add Volume Tier 1 provides a rebate of $0.0020 per share
for securities priced above $1.00 to qualifying orders (i.e., orders
yielding fee B, V, Y, 3, or 4) where Member adds an ADV (excluding fee
codes ZA and ZO) >=0.15% of the TCV or Member adds an ADV (excluding
fee codes ZA and ZO) >=16,000,000.
    Third, the Exchange proposes to renumber current Add Volume Tiers 2
and 3 and modify the criteria of proposed Add Volume Tiers 3 and 4
(current Add Volume Tiers 2 and 3). Currently, Add Volume Tiers 2 and 3
(proposed Add Volume Tiers 3 and 4) read as follows:
     Add Volume Tier 2 provides a rebate of $0.0027 per share
to qualifying orders (i.e., orders yielding fee codes B, V, Y, 3, or 4)
where (1) Member adds an ADV >=0.22% of the TCV; or (2) Member adds an
ADV >=25,000,000.
     Add Volume Tier 3 provides a rebate of $0.0029 per share
to qualifying orders (i.e., orders yielding fee codes B, V, Y, 3, or 4)
where Member adds an ADV >=0.65% of the TCV.
    Now, the Exchange proposes to exclude retail orders from the
calculation of ADV. The proposed criteria for current Add Volume Tiers
2 and 3 (proposed Add Volume Tiers 3 and 4) is as follows:
     Proposed Add Volume Tier 3 provides a rebate of $0.0027
per share to qualifying orders (i.e., orders yielding fee codes B, V,
Y, 3, or 4) where (1) Member adds an ADV (excluding fee codes ZA and
ZO) >=0.22% of the TCV; or (2) Member adds an ADV (excluding fee codes
ZA and ZO) >=25,000,000.
     Proposed Add Volume Tier 4 provides a rebate of $0.0029
per share to qualifying orders (i.e., orders yielding fee codes B, V,
Y, 3, or 4) where Member adds an ADV (excluding fee codes ZA and ZO)
>=0.65% of the TCV.
    The proposed modifications to current Add Volume Tier 1 and
proposed Add Volume Tiers 3 and 4 removes retail orders from the
calculation of ADV. By removing retail orders from the calculation of
ADV, the Exchange is limiting the amount of orders that qualify for
ADV. However, in Add Volume Tier 1 the Exchange has also proposed to
lower the TCV percentage and provided additional criteria by which
Members may receive an enhanced rebate. The Exchange has also proposed
to introduce a new Add Volume Tier 2, which offers a slightly higher
rebate for achieving criteria that is slightly more difficult than Add
Volume Tier 1. The Exchange believes that by introducing proposed Add
Volume Tier 2, decreasing the difficulty of the criteria under Add
Volume Tier 1, and removing retail orders from the calculation of ADV
in proposed Add Volume Tiers 3 and 4, Members are still incentivized to
add volume on the Exchange, thereby contributing to a deeper and more
liquid market, which benefits all market participants and provides
greater execution opportunities on the Exchange.
Growth Tiers
    In addition to the Add/Remove Volume Tiers offered under footnote
1, the Exchange also offers Growth Tiers that each provide an enhanced
rebate for Members' qualifying orders yielding fee codes B, V, Y, 3,
and 4, where a Member reaches certain add volume-based criteria,
including ``growing'' its volume over a certain baseline month. The
Exchange now proposes to discontinue Growth Tiers 1-3, as no Members
have satisfied the criteria within the past six months and the Exchange
no longer wishes to, nor is required to, maintain such tiers.\16\ More

specifically, the proposed change removes these tiers as the Exchange
would rather redirect future resources and funding into other programs
and tiers intended to incentivize increased order flow. The Exchange
notes that it proposed a new Growth Tier 1 in its April 2023 fee filing
(the ``April Filing'') \17\ and the tier proposed in the April Filing
shall remain in effect following the suspension of its March 2023
proposed fees. As a result of the Notice, existing Growth Tiers 1 and
2, which were proposed in the Exchange's March Filing, shall revert
back to Growth Tiers 4 and 5 as they originally appeared in February
2023, prior to the Exchange's March Filing.\18\
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    \16\ On April 28, 2023, the Commission issued Securities
Exchange Act Release No. 97406 (the ``Notice''), which temporarily
suspended File Number SR-CboeEDGX-2023-016 (the ``March Filing'').
As a result of the Notice, the Exchange's proposed changes to its
fee schedule as detailed in SR-CboeEDGX-2023-016 have been
temporarily suspended, and all proposed changes to the Growth Tiers
mentioned in this paragraph refer to the Growth Tiers as they
appeared on the Exchange's fee schedule on February 28, 2023.
    \17\ See Securities Exchange Act Release No. 97393 (April 27,
2023); SR-CboeEDGX-2023-030 (April 17, 2023) (``Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change to Amend its Fee
Schedule'').
    \18\ Id.
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Non-Displayed Add Volume Tiers
    In addition to the Add/Remove Volume Tiers and Growth Tiers offered
under footnote 1, the Exchange also offers Non-Displayed Add Volume
Tiers that each provide an enhanced rebate for Members' qualifying
orders yielding fee codes DM,\19\ HA,\20\ MM,\21\ and RP,\22\ where a
Member reaches certain volume-based criteria offered in each tier. The
Exchange now proposes to amend the criteria of current Non-Displayed
Add Volume Tiers 1-3. Currently, the criteria for Non-Displayed Add
Volume Tiers 1-3 is as follows:
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    \19\ Fee code DM is appended to orders that add liquidity using
MidPoint Discretionary Order within discretionary range.
    \20\ Fee code HA is appended to non-displayed orders that add
liquidity.
    \21\ Fee code MM is appended to non-displayed orders that add
liquidity using Mid-Point Peg.
    \22\ Fee code RP is appended to non-displayed orders that add
liquidity using Supplemental Peg.
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     Non-Displayed Add Volume Tier 1 provides a rebate of
$0.0015 per share to qualifying orders (i.e., orders yielding fee code
DM, HA, MM, or RP) where (1) Member has an ADAV \23\ >=0.05% of TCV for
Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP; or (2)
Member has an ADAV >=4,000,000 for Non-Displayed orders that yield fee
codes DM, HA, HI, MM or RP.
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    \23\ ``ADAV'' means average daily added volume calculated as the
number of shares added per day. ADAV is calculated on a monthly
basis.
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     Non-Displayed Add Volume Tier 2 provides a rebate of
$0.0020 per share to qualifying orders (i.e., orders yielding fee code
DM, HA, MM, or RP) where (1) Member has an ADAV >=0.08% of TCV for Non-
Displayed orders that yield fee codes DM, HA, HI, MM or RP; or (2)
Member has an ADAV >=7,000,000 for Non-Displayed orders that yield fee
codes DM, HA, HI, MM or RP.
     Non-Displayed Add Volume Tier 3 provides a rebate of
$0.0025 per share to qualifying orders (i.e., orders yielding fee code
DM, HA, MM, or RP) where (1) Member has an ADAV >=0.10% of TCV for Non-
Displayed orders that yield fee codes DM, HA, HI, MM or RP; or (2)
Member has an ADAV >=9,000,000 for Non-Displayed orders that yield fee
codes DM, HA, HI, MM or RP.
    Now, the Exchange proposes to revise the second prong of criteria
in Non-Displayed Add Volume Tiers 1-3. The proposed criteria for Non-
Displayed Add Volume Tiers 1-3 is as follows:
     Non-Displayed Add Volume Tier 1 provides a rebate of
$0.0015 per share to qualifying orders (i.e., orders yielding fee code
DM, HA, MM, or RP) where (1) Member has an ADAV \24\ >=0.05% of TCV for
Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP; or (2)
Member has an ADAV >=5,000,000 for Non-Displayed orders that yield fee
codes DM, HA, HI, MM or RP.
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    \24\ ``ADAV'' means average daily added volume calculated as the
number of shares added per day. ADAV is calculated on a monthly
basis.
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     Non-Displayed Add Volume Tier 2 provides a rebate of
$0.0020 per share to qualifying orders (i.e., orders yielding fee code
DM, HA, MM, or RP) where (1) Member has an ADAV >=0.08% of TCV for Non-
Displayed orders that yield fee codes DM, HA, HI, MM or RP; or (2)
Member has an ADAV >=8,000,000 for Non-Displayed orders that yield fee
codes DM, HA, HI, MM or RP.
     Non-Displayed Add Volume Tier 3 provides a rebate of
$0.0025 per share to qualifying orders (i.e., orders yielding fee code
DM, HA, MM, or RP) where (1) Member has an ADAV >=0.10% of TCV for Non-
Displayed orders that yield fee codes DM, HA, HI, MM or RP; or (2)
Member has an ADAV >=10,000,000 for Non-Displayed orders that yield fee
codes DM, HA, HI, MM or RP.
    The proposed modifications to Non-Displayed Add Volume Tiers 1-3 is
intended to incentivize Members to add non-displayed retail volume on
the Exchange by slightly increasing the difficulty of the criteria that
must be achieved in order to receive an enhanced rebate. By increasing
the difficulty of a criteria while keeping the enhanced rebate the
same, the proposed criteria slightly increases the difficulty required
for Members to meet the applicable tier threshold while continuing to
encourage Members to add non-displayed liquidity to the Exchange,
thereby contributing to a deeper and more liquid market, which benefits
all market participants and provides greater execution opportunities on
the Exchange.
Non-Displayed Step-Up Tiers
    In addition to the Add/Remove Volume Tiers, Growth Tiers, and the
Non-Displayed Add Volume Tiers under footnote 1, the Exchange also
offers Non-Displayed Step-Up Volume Tiers that each provide an enhanced
rebate for Members' qualifying orders yielding fee codes DM, HA, MM,
and RP, where a Member reaches certain volume-based criteria, including
``growing'' its volume over a certain baseline month. The Exchange now
proposes to discontinue Non-Displayed Step-Up Tiers 1 and 2, as no
Members have satisfied the criteria within the past six months and the
Exchange no longer wishes to, nor is required to, maintain such
tiers.\25\ More specifically, the proposed change removes these tiers
as the Exchange would rather redirect future resources and funding into
other programs and tiers intended to incentivize increased order flow.
As a result of the Notice, existing Non-Displayed Step-Up Volume Tier
1, which was proposed in the Exchange's March Filing, shall revert back
to Non-Displayed Step-Up Volume Tier 3 as it originally appeared in
February 2023, prior to the Exchange's March Filing.\26\
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    \25\ Pursuant to the Notice issued by the Commission on April
28, 2023 (supra note 16), the Exchange's proposed changes to its fee
schedule as detailed in SR-CboeEDGX-2023-016 have been temporarily
suspended, and all proposed changes to the Non-Displayed Step-Up
Tiers mentioned in this paragraph refer to the Non-Displayed Step-Up
Tiers as they appeared on the Exchange's fee schedule on February
28, 2023. The Exchange notes that current Non-Displayed Step-Up Tier
1 (as of April 1, 2023) will be renumbered back to Non-Displayed
Step-Up Tier 3 as the Notice stays the implementation of the fees as
described in SR-CboeEDGX-2023-016.
    \26\ Supra note 16.

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Retail Growth Tiers
    Pursuant to footnote 2 of the Fee Schedule, the Exchange offers
Retail Volume Tiers which provide Retail Member Organizations
(``RMOs'') \27\ an opportunity to receive an enhanced rebate from the
standard rebate for Retail Orders \28\ that add liquidity (i.e.,
yielding fee code ZA or ZO). Currently, the Retail Volume Tiers offer
three Retail Growth Tiers, where a Member is eligible for an enhanced
rebate for qualifying orders (i.e., yielding fee code ZA or ZO) meeting
certain add volume-based criteria, including ``growing'' its volume
over a certain baseline month. The Exchange now proposes to eliminate
Retail Growth Tiers 1 and 2, as Members have not consistently satisfied
the criteria of these tiers over the past six months and the Exchange
no longer wishes to, nor is required to, maintain such tiers. More
specifically, the proposed change removes these tiers as the Exchange
would rather redirect future resources and funding into other programs
and tiers intended to incentivize increased order flow.
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    \27\ See EDGX Rule 11.21(a)(1). A ``Retail Member Organization''
or ``RMO'' is a Member (or a division thereof) that has been
approved by the Exchange under this Rule to submit Retail Orders.
    \28\ See EDGX Rule 11.21(a)(2). A ``Retail Order'' is an agency
or riskless principal order that meets the criteria of FINRA Rule
5320.03 that originates from a natural person and is submitted to
the Exchange by a Retail Member Organization, provided that no
change is made to the terms of the order with respect to price or
side of market and the order does not originate from a trading
algorithm or any other computerized methodology.
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Fee Codes DQ and DX
    In the Exchange's March Filing, the Exchange proposed an amendment
to fee code DQ, which is appended to Midpoint Discretionary Orders
(``MDOs'') \29\ entered with a Quote Depletion Protection (``QDP'')
\30\ order instruction. QDP is designed to provide enhanced protections
to MDOs by tracking significant executions that constitute the best bid
or offer on the EDGX Book \31\ and enabling Users to avoid potentially
unfavorable executions by preventing MDOs entered with the optional QDP
instruction from exercising discretion to trade at more aggressive
prices when QDP has been triggered.\32\ The Exchange proposed amending
fee code DQ to be appended to MDOs entered with a QDP instruction that
added liquidity to the Exchange. There was no proposed change to the
fee associated with fee code DQ. At the time of the March Filing, MDOs
entered with the QDP instruction were appended fee code DQ and assessed
a flat fee of $0.00040 per share in securities at or above $1.00 and
0.30% of dollar value for securities priced below $1.00. Also in its
March Filing, the Exchange proposed to introduce fee code DX, which
would be appended to MDOs with a QDP instruction that remove liquidity
from the Exchange. Orders appended with fee code DX would be assessed a
fee of $0.00100 per share in securities at or above $1.00 and 0.30% of
dollar value for securities priced below $1.00. As a result of the
Notice issued by the Commission on April 28, 2023, the Exchange's March
Filing was temporarily suspended and all proposed changes to fee codes
DX and DQ mentioned in this paragraph refer to the fee codes as they
appeared on the Exchange's fee schedule on February 28, 2023.\33\
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    \29\ See Exchange Rule 11.8(g).
    \30\ See Exchange Rule 11.8(g)(10).
    \31\ See Exchange Rule 1.5(d).
    \32\ See Securities Exchange Act Release No. 89007 (June 4,
2020), 85 FR 35454 (June 10, 2020) (SR-CboeEDGX-2020-010) (``Notice
of Filing of Amendment No. 1 and Order Granting Accelerated Approval
of a Proposed Rule Change, as Modified by Amendment No. 1, to Amend
the Rule Relating to MidPoint Discretionary Orders to Allow Optional
Offset or Quote Depletion Protection Instructions'').
    \33\ Supra note 16.
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    As a result of the reversion back to the February 28, 2023, fee
schedule, the Exchange now proposes to amend fee code DQ to be appended
to MDOs entered with a QDP instruction that add liquidity to the
Exchange. There would be no change to the fee associated with fee code
DQ. Also as a result of the reversion back to the February 28, 2023,
fee schedule, the Exchange also now proposes to introduce fee code DX,
which would be appended to MDOs with a QDP instruction that remove
liquidity from the Exchange. Orders appended with fee code DX would be
assessed a fee of $0.0010 per share in securities at or above $1.00 and
0.30% of dollar value for securities priced below $1.00.\34\ While the
Exchange notes the difference between the fees assessed for fee codes
DX and DQ, the Exchange believes that charging a lower fee for MDOs
entered with a QDP instruction that add liquidity to the Exchange under
fee code DQ will incentivize Users to submit liquidity-adding MDOs
containing a QDP instruction, thereby contributing to a deeper and more
liquid market, which benefits all market participants and provides
greater execution opportunities on the Exchange.
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    \34\ The Exchange notes that its April Filing proposed an
amendment of the rate associated with fee code DX from $0.00060 to
$0.0010. The rate of $0.0010 proposed above is in-line with the rate
of $0.0010 proposed in the April Filing and the Exchange is merely
re-introducing the proposed rate of $0.0010 as a result of the
Notice and subsequent suspension of the proposed changes contained
within its March Filing.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\35\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \36\ requirements that the rules
of an exchange be 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 regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \37\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers as well as Section 6(b)(4) \38\
as it is designed to provide for the equitable allocation of reasonable
dues, fees and other charges among its Members and other persons using
its facilities.
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    \35\ 15 U.S.C. 78f(b).
    \36\ 15 U.S.C. 78f(b)(5).
    \37\ Id.
    \38\ 15 U.S.C. 78f(b)(4).
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    As described above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. The Exchange believes that
its proposal to: (1) introduce new Add Volume Tiers 2 and 5 and modify
current Add Volume Tiers 1, 2, and 3; and (2) modify Non-Displayed Add
Volume Tiers 1-3 reflects a competitive pricing structure designed to
incentivize market participants to direct their order flow to the
Exchange, which the Exchange believes would enhance market quality to
the benefit of all Members. Additionally, the Exchange notes that
relative volume-based incentives and discounts have been widely adopted
by exchanges,\39\ including the Exchange,\40\ and are reasonable,
equitable and non-discriminatory because they are open to

all Members on an equal basis and provide additional benefits or
discounts that are reasonably related to (i) the value to an exchange's
market quality and (ii) associated higher levels of market activity,
such as higher levels of liquidity provision and/or growth patterns.
Competing equity exchanges offer similar tiered pricing structures,
including schedules of rebates and fees that apply based upon members
achieving certain volume and/or growth thresholds, as well as assess
similar fees or rebates for similar types of orders, to that of the
Exchange.
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    \39\ See e.g., BZX Equities Fee Schedule, Footnote 1, Add/Remove
Volume Tiers.
    \40\ See e.g., EDGX Equities Fee Schedule, Footnote 1, Add/
Remove Volume Tiers.
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    In particular, the Exchange believes its proposal to: (1) introduce
new Add Volume Tiers 2 and 5 and modify current Add Volume Tiers 1, 2,
and 3; and (2) modify Non-Displayed Add Volume Tiers 1-3 is reasonable
because the revised tiers will be available to all Members and provide
all Members with an additional opportunity to receive an enhanced
rebate or a reduced fee. The Exchange further believes the proposed
modifications to its Add/Remove Volume Tiers and Non-Displayed Add
Volume Tiers will provide a reasonable means to encourage liquidity
adding displayed orders and liquidity adding non-displayed orders,
respectively, in Members' order flow to the Exchange and to incentivize
Members to continue to provide liquidity adding volume to the Exchange
by offering them an additional opportunity to receive an enhanced
rebate or reduced fee on qualifying orders. An overall increase in
activity would deepen the Exchange's liquidity pool, offers additional
cost savings, support the quality of price discovery, promote market
transparency and improve market quality, for all investors.
    The Exchange believes that its proposal to eliminate Growth Tiers
1-3,\41\ Non-Displayed Step-Up Volume Tiers 1 and 2,\42\ and Retail
Growth Tiers 1 and 2 is reasonable because the Exchange is not required
to maintain these tiers or provide Members an opportunity to receive
enhanced rebates. The Exchange believes the proposal to eliminate these
tiers is also equitable and not unfairly discriminatory because it
applies to all Members (i.e., the tiers will not be available for any
Member). The Exchange notes that Members have not consistently
satisfied the criteria over the past six months. The Exchange also
notes that the proposed rule change to remove these tiers merely
results in Members not receiving an enhanced rebate, which, as noted
above, the Exchange is not required to offer or maintain. Furthermore,
the proposed rule change to eliminate Growth Tiers 1-3, Non-Displayed
Step-Up Volume Tiers 1 and 2, and Retail Growth Tiers 1 and 2 enables
the Exchange to redirect resources and funding into other programs and
tiers intended to incentivize increased order flow.
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    \41\ Supra note 16.
    \42\ Supra note 25.
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    The Exchange believes the proposed addition of fee code DX and the
revised applicability of fee code DQ are reasonable as the Exchange
offers many other fee codes that are specifically designed for orders
that add liquidity to the Exchange or remove liquidity from the
Exchange.\43\ While the fee assessed for orders appended with fee code
DX will be slightly higher than the fee assessed for orders appended
with fee code DQ, the Exchange believes that promoting liquidity-adding
MDOs containing a QDP instruction represents an equitable allocation of
fees and rebates and is not unfairly discriminatory because the fees
will apply to all Members who add or remove liquidity utilizing an MDO
with a QDP instruction, equally. Furthermore, the Exchange believes
that assessing a lower fee under fee code DQ will promote a reasonable
means to encourage liquidity adding volume to the Exchange for MDOs
utilizing a QDP instruction. While Members are assessed a small fee to
utilize MDOs with a QDP instruction, the Exchange believes that
promoting liquidity adding activity would help deepen the Exchange's
liquidity pool, support the quality of price discovery, and improve
market quality, for all investors.
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    \43\ See e.g., EDGX Equities Fee Schedule, Fee Codes 3 and 6.
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    The Exchange believes that the proposed changes to its Add/Remove
Volume Tiers and Non-Displayed Add Volume Tiers are reasonable as they
do not represent a significant departure from the criteria currently
offered in the Fee Schedule. The Exchange also believes that the
proposal represents an equitable allocation of fees and rebates and is
not unfairly discriminatory because all Members will be eligible for
the proposed new tiers and have the opportunity to meet the tiers'
criteria and receive the corresponding enhanced rebate if such criteria
is met. Without having a view of activity on other markets and off-
exchange venues, the Exchange has no way of knowing whether this
proposed rule change would definitely result in any Members qualifying
the new proposed tiers. While the Exchange has no way of predicting
with certainty how the proposed changes will impact Member activity,
based on the prior months volume, the Exchange anticipates that at
least one Member will be able to satisfy proposed Add Volume Tier 1, at
least two Members will be able to satisfy proposed Add Volume Tier 2,
at least two Members will be able to satisfy proposed Add Volume Tier
3, at least one Member will be able to satisfy proposed Add Volume Tier
4, at least 1 Member will be able to satisfy proposed Add Volume Tier
5, at least two Members will be able to satisfy proposed Non-Displayed
Add Volume Tier 1, at least two Members will be able to satisfy
proposed Non-Displayed Add Volume Tier 2, and at least one Member will
be able to satisfy proposed Non-Displayed Add Volume Tier 3. The
Exchange also notes that proposed changes will not adversely impact any
Member's ability to qualify for enhanced rebates offered under other
tiers. Should a Member not meet the proposed new criteria, the Member
will merely not receive that corresponding enhanced rebate.
Furthermore, the proposed rule change to eliminate Growth Tiers 1-3,
Non-Displayed Step-Up Volume Tiers 1 and 2, and Retail Growth Tiers 1
and 2 enables the Exchange to redirect resources and funding into other
programs and tiers intended to incentivize increased order flow.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Rather, as discussed above,
the Exchange believes that the proposed changes would encourage the
submission of additional order flow to a public exchange, thereby
promoting market depth, execution incentives and enhanced execution
opportunities, as well as price discovery and transparency for all
Members. As a result, the Exchange believes that the proposed changes
further the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.''
    The Exchange believes the proposed rule changes do not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Particularly, the proposed
changes to the Exchange's Add/Remove Volume Tiers and Non-Displayed Add
Volume Tiers will apply to all Members equally in that all Members are
eligible for each of the Tiers, have a reasonable opportunity to

meet the Tiers' criteria and will receive the enhanced rebate on their
qualifying orders if such criteria is met. In addition, the Exchange
proposal to eliminate Growth Tiers 1-3, Non-Displayed Step-Up Volume
Tiers 1 and 2, and Retail Growth Tiers 1 and 2 will not impose any
burden on intramarket competition because it applies to all Members
uniformly, as in, the tiers will no longer be available to any Member.
The Exchange does not believe the proposed changes burden competition,
but rather, enhances competition as it is intended to increase the
competitiveness of EDGX by amending an existing pricing incentive and
adopting pricing incentives in order to attract order flow and
incentivize participants to increase their participation on the
Exchange, providing for additional execution opportunities for market
participants and improved price transparency. Greater overall order
flow, trading opportunities, and pricing transparency benefits all
market participants on the Exchange by enhancing market quality and
continuing to encourage Members to send orders, thereby contributing
towards a robust and well-balanced market ecosystem.
    The Exchange believes the proposal to introduce the DX fee code
does not impose a burden on intramarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act. The
proposed fees associated with fee code DX would apply to all Members
equally in that all Members would be subject to the same flat fee for
the execution of an MDO with a QDP instruction that removes liquidity
from the Exchange. Although MDOs entered with the QDP instruction would
be subject to the pricing described in this proposed rule change, the
Exchange does not believe that pricing would impose any significant
burden on intramarket competition as this fee would be applied in the
same manner to the execution of any MDO entered with a QDP instruction
that removes liquidity from the Exchange. Both MDO and the associated
QDP instruction are available to all Members on an equal and non-
discriminatory basis. As a result, any Member can decide to use (or not
use) the QDP instruction based on the benefits provided by that
instruction in potentially avoiding unfavorable executions, and the
associated charge that the Exchange proposes to introduce. As
discussed, any firm that chooses to use the QDP instruction with an MDO
that removes liquidity would be charged the same flat fee for the
execution of orders that are entered with this instruction. The
proposal to modify fee code DQ to apply only to MDO orders using the
QDP instruction that add liquidity to the Exchange similarly does not
impose a burden on intramarket competition in that the applicability of
the fee code will apply equally to all Members in that all Members
would be subject to the same flat fee for the execution of an MDO with
a QDP instruction that adds liquidity to the Exchange and the Exchange
does not propose a change to the existing fee.
    Next, the Exchange believes the proposed rule changes does not
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues that they may participate on
and direct their order flow, including other equities exchanges, off-
exchange venues, and alternative trading systems. Additionally, the
Exchange represents a small percentage of the overall market. Based on
publicly available information, no single equities exchange has more
than 16% of the market share.\44\ Therefore, no exchange possesses
significant pricing power in the execution of order flow. Indeed,
participants can readily choose to send their orders to other exchange
and off-exchange venues if they deem fee levels at those other venues
to be more favorable. Moreover, the Commission has repeatedly expressed
its preference for competition over regulatory intervention in
determining prices, products, and services in the securities markets.
Specifically, in Regulation NMS, the Commission highlighted the
importance of market forces in determining prices and SRO revenues and,
also, recognized that current regulation of the market system ``has
been remarkably successful in promoting market competition in its
broader forms that are most important to investors and listed
companies.'' \45\ The fact that this market is competitive has also
long been recognized by the courts. In NetCoalition v. Securities and
Exchange Commission, the D.C. Circuit stated as follows: ``[n]o one
disputes that competition for order flow is `fierce.' . . . As the SEC
explained, `[i]n the U.S. national market system, buyers and sellers of
securities, and the broker-dealers that act as their order-routing
agents, have a wide range of choices of where to route orders for
execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . . .'' \46\ Accordingly, the Exchange does not believe its
proposed fee change imposes any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
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    \44\ Supra note 3.
    \45\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \46\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

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

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \47\ and paragraph (f) of Rule 19b-4 \48\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \47\ 15 U.S.C. 78s(b)(3)(A).
    \48\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-CboeEDGX-2023-036 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-CboeEDGX-2023-036. 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. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to File Number SR-CboeEDGX-2023-036, and should be
submitted on or before June 20, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\49\
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    \49\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-11356 Filed 5-26-23; 8:45 am]
BILLING CODE 8011-01-P