[Federal Register Volume 87, Number 56 (Wednesday, March 23, 2022)]
[Notices]
[Pages 16515-16518]
[FR Doc No: 2022-06089]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94448; File No. SR-IEX-2022-01]

Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Extend
the Pilot Period for the Market Wide Circuit Breaker to April 18, 2022

March 17, 2022.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on March 16, 2022, the Investors Exchange LLC (``IEX'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II below, which Items have been prepared by the self-regulatory
organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    Pursuant to the provisions of Section 19(b)(1) under the Act,\4\
and Rule 19b-4 thereunder,\5\ the Exchange is filing with the
Commission a proposed rule change to amend IEX Rule 11.280 to extend
the pilot period for the market-wide circuit breaker to the close of
business on April 18, 2022. IEX has designated this rule change as
``non-controversial'' under Section 19(b)(3)(A) of the Act \6\ and
provided the Commission with the notice required by Rule 19b-4(f)(6)
thereunder.\7\
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(1).
    \5\ 17 CFR 240.19b-4.
    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statement may be examined at
the places specified in Item IV below. The self-regulatory organization
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 Market-Wide Circuit Breaker (``MWCB'') rules, including
paragraphs (a) through (d) and (f) of IEX Rule 11.280, provide an
important, automatic mechanism that is invoked to promote stability and
investor confidence during periods of significant stress when cash
equities securities experience extreme market-wide declines. The MWCB
rules are designed to slow the effects of extreme price declines
through coordinated trading halts across both cash equity and equity
options securities markets.
    The cash equities rules governing MWCBs were first adopted in 1988
and, in 2012, all U.S. cash equity exchanges and FINRA amended their
cash equities

uniform rules on a pilot basis \8\ (the ``Pilot Rules,'' i.e., for IEX,
Rule 11.280(a)-(d) and (f) \9\). The Pilot Rules currently provide for
trading halts in all cash equity securities during a severe market
decline as measured by a single-day decline in the S&P 500 Index
(``SPX'').\10\ Under the Pilot Rules, a market-wide trading halt will
be triggered if SPX declines in price by specified percentages from the
prior day's closing price of that index. The triggers are set at three
circuit breaker thresholds: 7% (Level 1), 13% (Level 2), and 20% (Level
3). A market decline that triggers a Level 1 or Level 2 halt after 9:30
a.m. and before 3:25 p.m. would halt market-wide trading for 15
minutes, while a similar market decline at or after 3:25 p.m. would not
halt market-wide trading. (Level 1 and Level 2 halts may occur only
once a day.) A market decline that triggers a Level 3 halt at any time
during the trading day would halt market-wide trading for the remainder
of the trading day.
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 67090 (May 31,
2012), 77 FR 33531 (June 6, 2012) (SR-BATS-2011-038; SR-BYX-2011-
025; SR-BX-2011-068; SR-CBOE-2011-087; SR-C2-2011-024; SR-CHX-2011-
30; SR-EDGA-2011-31; SR-EDGX-2011-30; SR-FINRA-2011-054; SR-ISE-
2011-61; SR-NASDAQ-2011-131; SR-NSX-2011-11; SR-NYSE-2011-48; SR-
NYSEAmex-2011-73; SR-NYSEArca-2011-68; SR-Phlx-2011-129).
    \9\ IEX's Pilot Rule has been effective since its approval for
registration as a national securities exchange in 2016. See
Securities Exchange Act Release No. 78101 (June 17, 2016), 81 FR
41142 (June 23, 2016) (File No. 10-222).
    \10\ The rules of the equity options exchanges similarly provide
for a halt in trading if the cash equity exchanges invoke a MWCB
Halt. See, e.g., NYSE Arca Rule 6.65-O(d)(4).
---------------------------------------------------------------------------

    The Commission approved the Pilot Rules, the term of which was to
coincide with the pilot period for the Plan to Address Extraordinary
Market Volatility Pursuant to Rule 608 of Regulation NMS (the ``LULD
Plan''),\11\ including any extensions to the pilot period for the LULD
Plan.\12\ In April 2019, the Commission approved an amendment to the
LULD Plan for it to operate on a permanent, rather than pilot,
basis.\13\ In conjunction with the proposal to make the LULD Plan
permanent, the Exchange amended IEX Rule 11.280 to extend the Pilot
Rules' effectiveness to the close of business on October 18, 2019.\14\
The Exchange subsequently amended IEX Rule 11.280 to untie the Pilot
Rules' effectiveness from that of the LULD Plan and extended the Pilot
Rules' effectiveness several times: (i) From October 18, 2019 to
October 18, 2020; \15\ from October 18, 2020 to October 18, 2021; \16\
and from October 18, 2021 to March 18, 2022.\17\
---------------------------------------------------------------------------

    \11\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012). An amendment to the LULD Plan
adding IEX as a Participant was filed with the Commission on August
11, 2016, and became effective upon filing pursuant to Rule
608(b)(3)(iii) of the Act. See Securities Exchange Act Release No.
78703 (August 26, 2016), 81 FR 60397 (September 1, 2016) (File No.
4-631). The LULD Plan provides a mechanism to address extraordinary
market volatility in individual securities.
    \12\ See, e.g., Securities Exchange Act Release No. 78703
(August 26, 2016), 81 FR 60397 (September 1, 2016) (File No. 4-631)
(describing the several extensions of the LULD Plan pilot period).
    \13\ See Securities Exchange Act Release No. 85623 (April 11,
2019), 84 FR 16086 (April 17, 2019).
    \14\ See Securities Exchange Act Release No. 85576 (April 9,
2019), 84 FR 15237 (April 15, 2019) (SR-IEX-2019-04).
    \15\ See Securities Exchange Act Release No. 87298 (October 15,
2019), 84 FR 56255 (October 21, 2019) (SR-IEX-2019-11).
    \16\ See Securities Exchange Act Release No. 90128 (October 8,
2020), 85 FR 65127 (October 14, 2020) (SR-IEX-2020-17).
    \17\ See Securities Exchange Act Release No. 93323 (October 14,
2021), 86 FR 58125 (October 20, 2021) (SR-IEX-2021-12).
---------------------------------------------------------------------------

    The Exchange now proposes to amend IEX Rule 11.280 to extend the
pilot one more month, to the close of business on April 18, 2022. This
filing does not propose any substantive or additional changes to IEX
Rule 11.280.
The MWCB Task Force and the March 2020 MWCB Events
    In late 2019, Commission staff requested the formation of a MWCB
Task Force (``Task Force'') to evaluate the operation and design of the
MWCB mechanism. The Task Force included representatives from the SROs,
the Commission, CME, the Commodity Futures Trading Commission
(``CFTC''), and the securities industry and conducted several
organizational meetings in December 2019 and January 2020.
    In Spring 2020, the MWCB mechanism proved itself to be an effective
tool for protecting markets through turbulent times. In March 2020, at
the outset of the worldwide COVID-19 pandemic, U.S. equities markets
experienced four MWCB Level 1 halts, on March 9, 12, 16, and 18, 2020.
In each instance, the markets halted as intended upon a 7% drop in the
S&P 500 Index, and resumed as intended 15 minutes later.
    In response to these events, in the Spring and Summer of 2020, the
Task Force held ten meetings that were attended by Commission staff,
with the goal of performing an expedited review of the March 2020 halts
and identifying any areas where the MWCB mechanism had not worked
properly. Given the risk of unintended consequences, the Task Force did
not recommend changes that were not rooted in a noted deficiency. The
Task Force recommended creating a process for a backup reference price
in the event that SPX were to become unavailable, and enhancing
functional MWCB testing. The Task Force also asked CME to consider
modifying its rules to enter into a limit-down state in the futures
pre-market after a 7% decline instead of 5%. CME made the requested
change, which became effective on October 12, 2020.\18\
---------------------------------------------------------------------------

    \18\ See https://www.cmegroup.com/content/dam/cmegroup/market-regulation/rule-filings/2020/9/20-392_1.pdf; https://www.cmegroup.com/market-regulation/rule-filings/2020/9/20-392_2.pdf.
---------------------------------------------------------------------------

The MWCB Working Group's Study
    On September 17, 2020, the Director of the Commission's Division of
Trading and Markets asked the SROs to conduct a more complete study of
the design and operation of the Pilot Rules and the LULD Plan during
the period of volatility in the Spring of 2020.
    In response to the request, the SROs created a MWCB ``Working
Group'' composed of SRO representatives and industry advisers that
included members of the advisory committees to both the LULD Plan and
the NMS Plans governing the collection, consolidation, and
dissemination of last-sale transaction reports and quotations in NMS
Stocks. The Working Group met regularly from September 2020 through
March 2021 to consider the Commission's request, review data, and
compile its study. The Working Group's efforts in this respect
incorporated and built on the work of an MWCB Task Force.
    The Working Group submitted its study to the Commission on March
31, 2021 (the ``Study'').\19\ In addition to a timeline of the MWCB
events in March 2020, the Study includes a summary of the analysis and
recommendations of the MWCB Task Force; an evaluation of the operation
of the Pilot Rules during the March 2020 events; an evaluation of the
design of the current MWCB system; and the Working Group's conclusions
and recommendations.
---------------------------------------------------------------------------

    \19\ See Report of the Market-Wide Circuit Breaker (``MWCB'')
Working Group Regarding the March 2020 MWCB Events, submitted March
31, 2021 (the ``Study''), available at https://www.nyse.com/publicdocs/nyse/markets/nyse/Report_of_the_Market-Wide_Circuit_Breaker_Working_Group.pdf.
---------------------------------------------------------------------------

    In the Study, the Working Group concluded: (1) The MWCB mechanism
set out in the Pilot Rules worked as intended during the March 2020
events; (2) the MWCB halts triggered in March 2020 appear to have had
the intended effect of calming volatility in the market, without
causing harm; (3) the design of the MWCB mechanism with respect to
reference value (SPX), trigger levels (7%/13%/20%), and halt times (15
minutes) is appropriate; (4) the change implemented in Amendment 10

to the Plan to Address Extraordinary Market Volatility (the ``LULD
Plan'') did not likely have any negative impact on MWCB functionality;
and (5) no changes should be made to the mechanism to prevent the
market from halting shortly after the opening of regular trading hours
at 9:30 a.m.
    In light of the foregoing conclusions, the Working Group also made
several recommendations, including that the Pilot Rules should be
permanent without any changes.\20\
---------------------------------------------------------------------------

    \20\ See id. at 46.
---------------------------------------------------------------------------

Proposal To Extend the Operation of the Pilot Rules Pending the
Commission's Consideration of the Exchange's Filing To Make the Pilot
Rules Permanent
    On July 16, 2021, the New York Stock Exchange (``NYSE'') proposed a
rule change to make the Pilot Rules permanent, consistent with the
Working Group's recommendations.\21\ On August 27, 2021, the Commission
extended its time to consider the proposed rule change to October 20,
2021; \22\ on September 30, 2021, the Commission initiated proceedings
to determine whether to approve or disapprove of the filing; \23\ and
on January 7, 2022, the Commission again extended the review period for
the NYSE filing to make the Pilot Rules permanent, designating March
19, 2022, as the date by which the Commission will either approve or
disapprove of the filing.\24\
---------------------------------------------------------------------------

    \21\ See Securities Exchange Act Release No. 92428 (July 16,
2021), 86 FR 38776 (July 22, 2021) (SR-NYSE-2021-40).
    \22\ See Securities Exchange Act Release No. 92785A (August 27,
2021), 86 FR 50202 (September 7, 2021) (SR-NYSE-2021-40).
    \23\ See Securities Exchange Act Release No. 93212 (September
30, 2021), 86 FR 55066 (October 5, 2021) (SR-NYSE-2021-40).
    \24\ See Securities Exchange Act Release No. 93933 (January 7,
2022), 87 FR 2189 (January 13, 2022) (SR-NYSE-2021-40).
---------------------------------------------------------------------------

    To allow time for the Commission to make its final decision on the
NYSE MWCB filing, the Exchange proposes to extend the expiration date
of the Pilot Rules to the end of business on April 18, 2022.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with the
requirements of Sections 6(b) \25\ and 6(b)(5) of the Act,\26\ in
particular, in that it is designed to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in general
to protect investors and the public interest. The MWCB mechanism under
Rule 11.280 is an important, automatic mechanism that is invoked to
promote stability and investor confidence during periods of significant
stress when securities markets experience extreme broad-based declines.
Extending the MWCB pilot for an additional month would ensure the
continued, uninterrupted operation of a consistent mechanism to halt
trading across the U.S. equity markets while the Commission reviews
NYSE's proposed rule change to make the Pilot Rules permanent.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78f(b).
    \26\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange also believes that the proposed rule change promotes
just and equitable principles of trade in that it promotes transparency
and uniformity across markets concerning when and how to halt trading
in all stocks as a result of extraordinary market volatility. Based on
the foregoing, the Exchange believes the benefits to market
participants from the MWCB under Rule 11.280(a) through (d) and (f)
should continue on a pilot basis because the MWCB will promote fair and
orderly markets, and protect investors and the public interest.

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

    IEX does not believe that the proposed rule change implicates any
competitive issues because the proposal would ensure the continued,
uninterrupted operation of a consistent mechanism to halt trading
across the U.S. markets while the Commission reviews NYSE's proposed
rule change to make the Pilot Rules permanent.
    Further, IEX understands that the other SROs will file proposals to
extend their rules regarding the MWCB pilot. Thus, the proposed rule
change will help to ensure consistency across market centers without
implicating any competitive issues.

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

    Written comments were neither solicited nor received.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \27\ and Rule 19b-4(f)(6) thereunder.\28\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \29\ and Rule 19b-
4(f)(6)(iii) thereunder.\30\
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \28\ 17 CFR 240.19b-4(f)(6).
    \29\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \30\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4 requires a
self-regulatory organization to give the Commission written notice
of its intent to file a proposed rule change under that subsection
at least five business days prior to the date of filing, or such
shorter time as designated by the Commission. The Exchange has
satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \31\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\32\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange asked
that the Commission waive the 30 day operative delay so that the
proposal may become operative immediately upon filing. Extending the
Pilot Rules' effectiveness to the close of business on April 18, 2022
will extend the protections provided by the Pilot Rules, which would
otherwise expire in less than 30 days. Waiver of the operative delay
would therefore permit uninterrupted continuation of the MWCB pilot
while the Commission reviews the NYSE's proposed rule change to make
the Pilot Rules permanent. Therefore, the Commission hereby waives the
30-day operative delay and designates the proposed rule change as
operative upon filing.\33\
---------------------------------------------------------------------------

    \31\ 17 CFR 240.19b-4(f)(6).
    \32\ 17 CFR 240.19b-4(f)(6)(iii).
    \33\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \34\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \34\ 15 U.S.C. 78s(b)(2)(B).

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-IEX-2022-01 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-IEX-2022-01. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
    Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly.
    All submissions should refer to File Number SR-IEX-2022-01 and
should be submitted on or before April 13, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
---------------------------------------------------------------------------

    \35\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06089 Filed 3-22-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 198 (Thursday, October 13, 2016)]
[Notices]
[Page 70673]
[FR Doc No: 2016-24762]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Effectiveness of Exempt Wholesale Generator Status

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

------------------------------------------------------------------------
McHenry Battery Storage, LLC..........  EG16-126-000
East Pecos Solar, LLC.................  EG16-127-000
Solverde 1, LLC.......................  EG16-128-000
Antelope DSR 1, LLC...................  EG16-129-000
Cimarron Bend Wind Project I, LLC.....  EG16-130-000
------------------------------------------------------------------------

    Take notice that during the month of September 2016, the status of
the above-captioned entities as Exempt Wholesale Generators became
effective by operation of the Commission's regulations. 18 CFR
366.7(a).

    Dated: October 5, 2016.
 Nathaniel J. Davis, Sr.,
 Deputy Secretary.
[FR Doc. 2016-24762 Filed 10-12-16; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 249 (Tuesday, December 30, 2014)]
[Notices]
[Page 78531]
[FR Doc No: 2014-30439]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73913; File No. SR-NYSEMKT-2014-95]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change Amending Rule 13--Equities and Related Rules Governing Order
Types and Modifiers, as modified by Partial Amendment No. 1

December 22, 2014.
    On October 31, 2014, NYSE MKT LLC (``Exchange'') filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change to amend Exchange
Rule 13--Equities and other Exchange rules governing order types and
order modifiers. The proposed rule change was published in the Federal
Register on November 20, 2014.\3\ On November 14, 2014, the Exchange
submitted Partial Amendment No. 1 to the Commission and filed the
Partial Amendment No. 1 to the public comment file.\4\ The Commission
has received no other comment on the proposal.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 73595 (November 14,
2014), 79 FR 69153.
    \4\ See letter from Sudhir Bhattacharyya, Vice President, New
York Stock Exchange, to Kevin M. O'Neill, Deputy Secretary,
Commission, dated November 14, 2014.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \5\ provides that, within 45 days of
the publication of the notice of the filing of a proposed rule change,
or within such longer period up to 90 days as the Commission may
designate if it finds such longer period to be appropriate and
publishes its reasons for so finding or as to which the self-regulatory
organization consents, the Commission shall either approve the proposed
rule change, disapprove the proposed rule change, or institute
proceedings to determine whether the proposed rule change should be
disapproved. The Commission is extending this 45-day time period.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds that it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
it has sufficient time to consider the proposed rule change, as
modified by Partial Amendment No. 1. Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,\6\ designates February 18,
2015, as the date by which the Commission should either approve or
disapprove or institute proceedings to determine whether to disapprove
the proposed rule change (File Number SR-NYSEMKT-2014-95).
---------------------------------------------------------------------------

    \6\ Id.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2014-30439 Filed 12-29-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 200 (Tuesday, October 16, 2012)]
[Notices]
[Page 63361]
[FR Doc No: 2012-25497]

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

SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meetings

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold a Closed Meeting on Thursday, October
18, 2012 at 2:00 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters also may be
present.
    The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the
scheduled matters at the Closed Meeting.
    Commissioner Paredes, as duty officer, voted to consider the items
listed for the Closed Meeting in a closed session.
    The subject matter of the Closed Meeting scheduled for Thursday,
October 18, 2012 will be:
    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings;
    An adjudicatory matter; and
    Other matters relating to enforcement proceedings.
    At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact: The Office of the
Secretary at<PHONE_NUMBER>.

    Dated: October 11, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-25497 Filed 10-12-12; 11:15 am]
BILLING CODE P


[Federal Register Volume 78, Number 142 (Wednesday, July 24, 2013)]
[Proposed Rules]
[Pages 44484-44485]
[FR Doc No: 2013-17805]

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

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Part 1140

[Docket No. FDA-2013-N-0521]

Menthol in Cigarettes, Tobacco Products; Request for Comments

AGENCY: Food and Drug Administration, HHS.

ACTION: Advance notice of proposed rulemaking.

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

SUMMARY: The Food and Drug Administration (FDA) is issuing this advance
notice of proposed rulemaking (ANPRM) to obtain information related to
the potential regulation of menthol in cigarettes. FDA is also making
available its preliminary scientific evaluation of public health issues
related to the use of menthol in cigarettes. The preliminary scientific
evaluation indicates there is likely a public health impact of menthol
in cigarettes. This ANPRM is seeking comments, including comments on
FDA's preliminary evaluation, and data, research, or other information
that may inform regulatory actions FDA might take with respect to
menthol in cigarettes.

DATES: Submit either electronic or written comments by September 23,
2013.

ADDRESSES: You may submit comments, identified by Docket No. FDA-2013-
N-0521, by any of the following methods:

Electronic Submissions

    Submit electronic comments in the following way:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.

Written Submissions

    Submit written submissions in the following ways:
     Mail/Hand delivery/Courier (for paper or CD-ROM
submissions): Division of Dockets Management (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, rm. 1061, Rockville, MD 20852.
    Instructions: All submissions received must include the Agency name
and Docket No. FDA-2013-N-0521 for this rulemaking. All comments
received may be posted without change to http://www.regulations.gov,
including any personal information provided. For additional information
on submitting comments, see the ``Comments'' heading of the
SUPPLEMENTARY INFORMATION section of this document.
    Docket: For access to the docket to read background documents or
comments received, go to http://www.regulations.gov and insert the
docket number, found in brackets in the heading of this document, into
the ``Search'' box and follow the prompts and/or go to the Division of
Dockets Management, 5630 Fishers Lane, rm. 1061, Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT: Annette L. Marthaler, Center for
Tobacco Products, Food and Drug Administration, 9200 Corporate Blvd.,
Rockville, MD 20850-3229,<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background

    The Family Smoking Prevention and Tobacco Control Act, enacted on
June 22, 2009, amends the Federal Food, Drug, and Cosmetic Act (the
FD&C Act) and provides FDA with the authority to regulate tobacco
products (Pub. L. 111-31, 123 Stat. 1776). Among other things, section
907(e) of the FD&C Act (21 U.S.C 387g(e)) requires FDA's Tobacco
Products Scientific Advisory Committee (TPSAC) to submit a report and
recommendations to the Secretary of Health and Human Services (the
Secretary of HHS) on the impact of the use of menthol in cigarettes on
the public health, including use among children, African Americans,
Hispanics, and other racial/ethnic minorities.
    TPSAC has submitted the report to HHS, available at http://www.fda.gov/downloads/AdvisoryCommittees/CommitteesMeetingMaterials/TobaccoProductsScientificAdvisoryCommittee/UCM269697.pdf. In addition,
the nonvoting industry representatives of TPSAC submitted a separate
document reflecting the industry perspective, available at http://www.fda.gov/downloads/AdvisoryCommittees/CommitteesMeetingMaterials/TobaccoProductsScientificAdvisoryCommittee/UCM249320.pdf. Two cigarette
manufacturers have challenged FDA's ability to rely on TPSAC's menthol
report, and that case is currently pending (Lorillard, Inc. v. FDA, No.
11-440 (D.D.C.)).
    Experts within FDA's Center for Tobacco Products (CTP) also
initiated an independent evaluation of the available science related to
the impact of the use of menthol in cigarettes on public health
including peer-reviewed literature, secondary data analyses, and
independent CTP analyses of relevant large data sets. This preliminary
independent evaluation is entitled ``Preliminary Scientific Evaluation
of the Possible Public Health Effects of Menthol Versus Nonmenthol
Cigarettes'' (the evaluation) (Ref. 1). The evaluation has been peer
reviewed, and the peer review report is available on FDA's Web site at
http://www.fda.gov/ScienceResearch/SpecialTopics/PeerReviewofScientificInformationandAssessments/ucm079120.htm. FDA is
also making available an addendum with articles published since the
evaluation was submitted for peer review in 2011 (Ref. 2).
    As discussed previously, the FD&C Act provides FDA with authority
to regulate tobacco products. This includes authority to adopt a
tobacco product standard under section 907 of the FD&C Act if the
Secretary of HHS finds that a tobacco product standard is appropriate
for the protection of public health and includes authority to amend an
existing product standard. In making such a finding, the Secretary of
HHS must consider scientific evidence concerning: (1) The risks and
benefits to the population as a whole, including users and nonusers of
tobacco products, of the product standard; (2) the increased or
decreased likelihood that existing users of tobacco products will stop
using such products; and (3) the increased or decreased likelihood that
those who do not use tobacco products will start using such products.
The FD&C Act also provides FDA with authority to, by

regulation, require restrictions on the sale and distribution of a
tobacco product (section 906(d)(1) of the FD&C Act (21 U.S.C.
387f(d)(1))). The restrictions on sale and distribution of a tobacco
product may include restrictions on the access to, and the advertising
and promotion of, the tobacco product, if the Secretary of HHS
determines such regulation would be appropriate for the public health.
    FDA intends to use the information submitted in response to this
Federal Register document, FDA's preliminary independent scientific
evaluation, and other appropriate information to inform its thinking
about options for regulating menthol in cigarettes.

II. Request for Comments and Information

    FDA is seeking comments, including comments on its preliminary
evaluation, and data, research (e.g., published or unpublished studies,
case studies), and any other information related to the following
questions. Please explain your responses and provide any evidence or
other information supporting your responses to the following questions:

A. Tobacco Product Standards

    1. Should FDA consider establishing a tobacco product standard for
menthol in menthol cigarettes? If so, what allowable level of menthol
(e.g., maximum or minimum) would be appropriate for the protection of
the public health?
    2. Rather than a tobacco product standard for menthol in menthol
cigarettes, should FDA consider a tobacco product standard for any
additive, constituent, artificial or natural flavor, or other
ingredient that produces a characterizing flavor of menthol in the
tobacco product or its smoke?
    3. If a tobacco product standard for menthol in menthol cigarettes
were to be established, should FDA consider issuing regulations to
address menthol in other tobacco products besides cigarettes? If so,
what other tobacco products with menthol should be regulated: All
tobacco products, just all combusted tobacco products, or some other
category or group of tobacco products? If not, what distinctions should
be made between products?
    4. If a product standard prohibiting or limiting menthol were to be
established, what length of time should manufacturers be provided to
achieve compliance with the standard? If a product standard prohibiting
or limiting menthol were to be established, would a stepped approach in
which the level of menthol was gradually reduced be appropriate for the
protection of the public health?
    5. If a product standard limiting menthol were to be established,
are there alternatives that could be substituted by manufacturers to
maintain the effect or appeal of menthol to menthol cigarette smokers
and potential initiators? If so, what are these substitutes? Should
they be regulated if menthol is regulated; and if so, how should they
be regulated? If not, what distinctions should be made between menthol
and potential substitutes?

B. Sale and Distribution Restrictions

    1. Should FDA consider establishing restrictions on the sale and/or
distribution of menthol cigarettes? If so, what restrictions would be
appropriate and what would be the impact on youth or adult smoking
behavior, initiation, and cessation?
    2. Should FDA consider establishing restrictions on the advertising
and promotion of menthol cigarettes? If so, what restrictions would be
appropriate and what would be the impact on youth or adult smoking
behavior, initiation, and cessation?

C. Other Actions and Considerations

    1. Are there other tobacco product standards, regulatory, or other
actions that FDA could implement that would more effectively reduce the
harms caused by menthol cigarette smoking and better protect the public
health than the tobacco product standards or regulatory actions
discussed in the preceding questions?
    2. To the extent that you have identified a tobacco product
standard or other regulatory action in response to the prior questions,
please provide additional information and comments on:
    2.1 Is compliance with the tobacco product standard or other
regulatory action you identified technically achievable?
    2.2 How FDA would structure a corresponding rule to maximize
compliance, facilitate enforcement, and otherwise maximize public
health benefits?
    3. If menthol cigarettes could no longer be legally sold, is there
evidence that illicit trade in menthol cigarettes would become a
significant problem? If so what would be the impact of any such illicit
trade on public health? How would any such illicit trade compare to the
existing illicit trade in cigarettes?
    4. What additional information and research beyond that described
in the evaluation is there on the potential impact of sale and
distribution restrictions of menthol cigarettes on specific
subpopulations, such as those based on racial, ethnic, socioeconomic
status, and sexuality/gender identity?
    5. To what extent are you aware of current (within the past 5
years) advertising and/or promotion of menthol cigarettes that have
targeted specific communities, subpopulations, and locations, beyond
that described in the evaluation?
    6. Might any current advertising or other marketing or public
statements concerning menthol cigarettes, or menthol in other tobacco
products, constitute reduced risk claims?

III. Comments

    Interested persons may submit either electronic comments regarding
this document to http://www.regulations.gov or written comments to the
Division of Dockets Management (see ADDRESSES). It is only necessary to
send one set of comments. Identify comments with the docket number
found in brackets in the heading of this document. Received comments
may be seen in the Division of Dockets Management between 9 a.m. and 4
p.m., Monday through Friday, and will be posted to the docket at http://www.regulations.gov.

IV. References

    The following references have been placed on display in the
Division of Dockets Management (see ADDRESSES) and may be seen by
interested persons between 9 a.m. and 4 p.m., Monday through Friday,
and are available electronically at http://www.regulations.gov.
1. CTP, Preliminary Scientific Evaluation of the Possible Public
Health Effects of Menthol Versus Nonmenthol Cigarettes.
2. CTP, Reference Addendum to the ``Preliminary Scientific
Evaluation of the Possible Public Health Effects of Menthol versus
Nonmenthol Cigarettes, 2013.''

    Dated: July 19, 2013.
Leslie Kux,
Assistant Commissioner for Policy.
[FR Doc. 2013-17805 Filed 7-23-13; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register: July 8, 2010 (Volume 75, Number 130)]
[Notices]
[Page 39250-39251]
[DOCID:fr08jy10-82]

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

ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OAR-2010-0050, FRL-9173-2]

Agency Information Collection Activities; Submission to OMB for
Review and Approval; Comment Request; Implementation of Ambient Air
Protocol Gas Verification Program; EPA ICR No. 2375.01, OMB Control
Number 2060-NEW

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: In compliance with the Paperwork Reduction Act (PRA)(44 U.S.C.
3501 et seq.), this document announces that an Information Collection
Request (ICR) has been forwarded to the Office of Management and Budget
(OMB) for review and approval. This is a request for a new collection.
The ICR, which is abstracted below, describes the nature of the
information collection and its estimated burden and cost.

DATES: Additional comments may be submitted on or before August 9,
2010.

ADDRESSES: Submit your comments, referencing Docket ID No. EPA-HQ-OAR-
2010-0050, to (1) EPA online using www.regulations.gov (our preferred
method), by e-mail to<EMAIL_ADDRESS>or by mail to: EPA Air
Docket Center, Environmental Protection Agency, Mail Code 28221T, 1200
Pennsylvania Ave., NW., Washington, DC 20460, and (2) OMB by mail to:
Office of Information and Regulatory Affairs, Office of Management and
Budget (OMB), Attention: Desk Officer for EPA, 725 17th Street, NW.,
Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Mr. Michael Papp, Air Quality
Assessment Division, Office of Air Quality Planning and Standards, U.S.
Environmental Protection Agency, Mail Code C304-06, Research Triangle
Park, NC 27711; telephone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; e-mail:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: EPA has submitted the following ICR to OMB
for review and approval according to the procedures prescribed in 5 CFR
1320.12. On March 2, 2010 (40 FR 9407), EPA sought comments on this ICR
pursuant to 5 CFR 1320.8(d). EPA received no comments during the
comment period. Any additional comments on this ICR should be submitted
to EPA and OMB within 30 days of this notice.
    EPA has established a public docket for this ICR under Docket ID
No. EPA-HQ-OAR-2010-0050 which is available for online viewing at
http://www.regulations.gov, or in person viewing at the Air Docket in
the EPA Docket Center (EPA/DC), EPA West, Room 3334, 1301 Constitution
Ave., NW., Washington, DC. The EPA/DC Public Reading Room is open from
8:30 a.m. to 4:30 p.m., Monday through Friday, excluding legal
holidays. The telephone number for the Reading Room is<PHONE_NUMBER>,
and the telephone number for the Air Docket is<PHONE_NUMBER>.
    Use EPA's electronic docket and comment system at http://
www.regulations.gov, to submit or view public comments, access the
index listing of the contents of the docket, and to access those
documents in the docket that are available electronically. Once in the
system, select ``docket search,'' then key in the docket ID number
identified above. Please note that EPA's policy is that public
comments, whether submitted electronically or in paper, will be made
available for public viewing at http://www.regulations.gov as EPA
receives them and without change, unless the comment contains
copyrighted material, confidential business information (CBI), or other
information whose public disclosure is restricted by statute. For
further information about the electronic docket, go to http://
www.regulations.gov.
    Title: Implementation of Ambient Air Protocol Gas Verification
Program.
    ICR numbers: EPA ICR No. 2375.01, OMB Control No. 2060-NEW.
    ICR Status: This ICR is for a new information collection activity.
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. The OMB control numbers for EPA's regulations
in title 40 of the CFR, after appearing in the Federal Register when
approved, are listed in 40 CFR part 9 and are displayed either by
publication in the Federal Register or by other appropriate means, such
as on the related collection instrument or form, if applicable. The
display of OMB control numbers in certain EPA regulations is
consolidated in 40 CFR part 9.
    Abstract: This ICR includes ambient air monitoring data reporting
and recordkeeping activities associated with the 40 CFR part 58,
appendix A, Ambient Air Quality Surveillance Quality Assurance
Regulations. These data and information are collected by state, local,
and tribal air quality management agencies and reported to the EPA.
    The EPA Ambient Air Quality Monitoring Program's quality assurance
requirements in 40 CFR part 58, appendix A, require: ``2.6 Gaseous and
Flow Rate Audit Standards. Gaseous pollutant concentration standards
(permeation devices or cylinders of compressed gas) used to obtain test
concentrations for CO, SO2, NO, and NO2 must be
traceable to either a National Institute of Standards and Technology
(NIST) Traceable Reference Material (NTRM), NIST Standard Reference
Materials (SRM), and Netherlands Measurement Institute (NMI) Primary
Reference Materials (valid as covered by Joint Declaration of
Equivalence) or a NIST-certified Gas Manufacturer's Internal Standard
(GMIS), certified in accordance with one of the procedures given in
reference 4 of this appendix. Vendors advertising certification with
the procedures provided in reference 4 of this appendix and
distributing gases as ``EPA Protocol Gas'' must participate in the EPA
Protocol Gas Verification Program or not use ``EPA'' in any form of
advertising.''
    These requirements give assurance to end users that all specialty
gas producers selling EPA Protocol Gases are participants in a program
that provides an independent assessment of the accuracy of their gases'
certified concentrations. In 2010, EPA will develop an Ambient Air
Protocol Gas Verification Program (AA-PGVP) that will provide end users
with information about participating producers and verification
results.
    Each year, EPA will attempt to compare gas cylinders from every
specialty gas producer being used by ambient air monitoring
organizations. EPA Regions 2 and 7 have agreed to provide analytical
services for verification of 40 cylinders/lab or 80 cylinders total/
year. Cylinders will be verified at a pre-determined time each quarter.
    In order to make the appropriate selection, EPA needs to know what
specialty gas producers are being used by the monitoring organizations.
Therefore, EPA needs information from each primary quality assurance
organization every year on specialty gas producers being used and
whether the monitoring organization would like to participate in the
verification for the upcoming calendar year.
    Burden Statement: The annual public reporting and recordkeeping
burden for this collection of information is estimated to average 20
minutes per response. Burden means the total time, effort, or financial
resources expended by persons to generate, maintain, retain, or
disclose or provide information to or

for a Federal agency. This includes the time needed to review
instructions; develop, acquire, install, and utilize technology and
systems for the purposes of collecting, validating, and verifying
information, processing and maintaining information, and disclosing and
providing information; adjust the existing ways to comply with any
previously applicable instructions and requirements which have
subsequently changed; train personnel to be able to respond to a
collection of information; search data sources; complete and review the
collection of information; and transmit or otherwise disclose the
information.
    Respondents/Affected Entities: These data and information are
collected by State, local, and Tribal air quality management agencies.
    Estimated Number of Respondents: 211.
    Frequency of Response: Annual.
    Estimated Total Annual Hour Burden: 70.
    Estimated Total Annual Cost: $4,582 in labor costs.

    Dated: July 1, 2010.
John Moses,
Director, Collection Strategies Division.
[FR Doc. 2010-16694 Filed 7-7-10; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: February 27, 2006 (Volume 71, Number 38)]
[Notices]
[Page 9807]
[DOCID:fr27fe06-41]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP06-31-001]

ANR Pipeline Company; Notice of Compliance Filing

February 17, 2006.
    Take notice that on February 13, 2006, ANR Pipeline Company (ANR),
tendered for filing as part of its FERC Gas Tariff, Original Volume No.
2, and Second Revised Volume No. 1. ANR requests that the tariff sheets
be made effective February 1, 2006:

Original Volume No. 2
Twelfth Revised Sheet No. 5,
First Revised Sheet No. 1060.

Second Revised Volume No. 1
First Revised Sheet No. 2F.

    ANR states that the tariff sheets are submitted in compliance with
the Commission's Order Approving Abandonment issued February 1, 2006,
in Docket No. CP06-31-000.
    Any person desiring to protest this filing must file in accordance
with Rule 211 of the Commission's Rules of Practice and Procedure (18
CFR 385.211). Protests to this filing will be considered by the
Commission in determining the appropriate action to be taken, but will
not serve to make protestants parties to the proceeding. Such protests
must be filed on or before the date as indicated below. Anyone filing a
protest must serve a copy of that document on all the parties to the
proceeding.
    The Commission encourages electronic submission of protests in lieu
of paper using the ``eFiling'' link at http://www.ferc.gov. Persons

unable to file electronically should submit an original and 14 copies
of the protest to the Federal Energy Regulatory Commission, 888 First
Street, NE., Washington, DC 20426.
    This filing is accessible online at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on March 6, 2006.

Magalie R. Salas,
Secretary.
[FR Doc. E6-2707 Filed 2-24-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 165 (Tuesday, August 26, 2014)]
[Notices]
[Pages 50975-50977]
[FR Doc No: 2014-20207]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72881; File No. SR-BYX-2014-016]

Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to Rule
11.9(f) of BATS Y-Exchange, Inc.

August 20, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 11, 2014, BATS Y-Exchange, Inc. (the ``Exchange'' or
``BYX'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange filed a proposal to amend Rule 11.9(f) to adopt a new
Match Trade Prevention Modifier (``MTP'') called Cancel Smallest. The
Exchange has designated this proposal as non-controversial and provided
the Commission with the notice required by Rule 19b-4(f)(6)(iii) under
the Act.\3\ The Exchange requests that the Commission waive the 30-day
pre-operative waiting period contained in Rule 19b-4(f)(6)(iii) under
the Act.\4\ If such waiver is granted by the Commission, the Exchange
shall implement this rule proposal on or about August 22, 2014.
---------------------------------------------------------------------------

    \3\ 17 CFR 240.19b-4(f)(6)(iii).
    \4\ Id.
---------------------------------------------------------------------------

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

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

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

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

1. Purpose
    Earlier this year, the Exchange and its affiliate BATS Exchange,
Inc. (``BZX'') received approval to affect a merger (the ``Merger'') of
the Exchange's parent company, BATS Global Markets, Inc., with Direct
Edge Holdings LLC, the indirect parent of EDGX Exchange, Inc.
(``EDGX'') and EDGA Exchange, Inc. (``EDGA'', and together with BZX,
BYX and EDGX, the ``BGM Affiliated Exchanges'').\5\ In the context of
the Merger, the BGM Affiliated Exchanges are working to align certain
system functionality, retaining only intended differences between the
BGM Affiliated Exchanges. Thus, the proposal set forth below is
intended to add certain system functionality currently offered by EDGA
and EDGX in order to provide a consistent technology offering for users
of the BGM Affiliated Exchanges.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 71375 (January 23,
2014), 79 FR 4771 (January 29, 2014) (SR-BATS-2013-059; SR-BYX-2013-
039).
---------------------------------------------------------------------------

    Like EDGA and EDGX,\6\ the Exchange currently offers various MTP
modifiers under BYX Rule 11.9(f) which are designed to prevent two
orders with the same Unique Identifier (as defined below) from
executing against each other. The MTP modifiers can be set at the
market participant identifier (``MPID''), the Exchange Member
identifier or the Exchange Sponsored Participant identifier level (any
such identifier, a ``Unique Identifier'').\7\ To align its MTP
functionality with EDGA and EDGX, the Exchange now proposes add a new
MTP modifier called Cancel Smallest (``MCS'') under BYX Rule 11.9(f).
An incoming order marked with the proposed MCS modifier will not
execute against opposite side resting interest marked with any MTP
modifier originating from the same Unique Identifier. If both orders
are equivalent in size, both orders will be cancelled back to the
originating User.\8\ If the

orders are not equivalent in size, the smaller of the two orders will
be cancelled back to the originating User and the larger order will
remain on the Book. The Exchange notes that the proposed rule text is
substantively identical to the rules of EDGA and EDGX.\9\
---------------------------------------------------------------------------

    \6\ See EDGA Rule 11.9(f); EDGX Rule 11.9(f).
    \7\ Any Exchange Member that has an MPID issued by FINRA is
identified in the Exchange's internal systems by that MPID. Each
Exchange Member that does not already have an MPID and each
Sponsored Participant is issued an identifier that is specific to
the Exchange and allows the Exchange to determine the User for each
order and trade.
    \8\ The term ``User'' is defined under Exchange Rule 11.5(cc) as
``any Member or Sponsored Participant who is authorized to obtain
access to the System pursuant to Rule 11.3.''
    \9\ See EDGA Rule 11.9(f)(5); EDGX Rule 11.9(f)(5).
---------------------------------------------------------------------------

    The Exchange believes its MTP functionality allows certain firms to
better internalize their agency order flow, which in turn may decrease
costs to customers of such firms. The Exchange notes that MTP modifiers
do not alleviate, or otherwise exempt, broker-dealers from their best
execution obligations. As such, broker-dealers using MTP modifiers are
obligated to internally cross agency orders at the same price, or a
better price than they would have received had the orders been executed
on the Exchange. Additionally, MTP modifiers assist market participants
in complying with certain rules and regulations of the Employee
Retirement Income Security Act (``ERISA'') that preclude and/or limit
managing broker-dealers of such accounts from trading as principal with
orders generated for those accounts. Finally, the Exchange notes that
offering the MTP modifiers may streamline certain regulatory functions
by reducing false positive results that may occur on Exchange generated
wash trading surveillance reports when orders are executed under the
same Unique Identifier. For these reasons, the Exchange believes the
MTP modifiers offer users enhanced order processing functionality that
may prevent potentially undesirable executions without negatively
impacting broker-dealer best execution obligations.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the ``Act'')
\10\ and further the objectives of Section 6(b)(5) of the Act \11\
because it is designed to promote just and equitable principles of
trade, to remove impediments to and perfect the mechanism of a free and
open market and a national market system, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and, in general, to protect investors and the public
interest. Specifically, the proposed MCS functionality would allow
firms to better manage order flow and prevent undesirable executions
against themselves, and the proposed change described herein enhances
the choices available to such firms in how they do so. The proposed
rule change also is designed to support the principles of Section
11A(a)(1) \12\ of the Act in that it seeks to assure fair competition
among brokers and dealers and among exchange markets.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
    \12\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------

    The proposed rule change is generally intended to add certain
system functionality currently offered by EDGA and EDGX in order to
provide a consistent technology offering for the BGM Affiliated
Exchanges. A consistent technology offering, in turn, will simplify the
technology implementation, changes and maintenance by Users of the
Exchange that are also participants on BZX, EDGA and/or EDGX. The
proposed rule change would also provide Users with access to
functionality that may result in the efficient execution of such orders
and will provide additional flexibility as well as increased
functionality to the Exchange's System and its Users.

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

    The Exchange 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. The Exchange
reiterates that the proposed rule change is being proposed in the
context of the technology integration of the BGM Affiliated Exchanges.
Thus, the Exchange believes this proposed rule change is necessary to
permit fair competition among national securities exchanges. In
addition, the Exchange believes the proposed rule change will benefit
Exchange participants in that it is one of several changes necessary to
achieve a consistent technology offering by the BGM Affiliated
Exchanges.

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

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

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6) thereunder.\14\
Because the foregoing proposed rule change does not: (i) Significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
30 days from the date on which it is filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder.\15\
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \16\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \17\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing, noting that
a waiver of the operative delay will allow the Exchange to align its
MTP functionality across the BGM Affiliated Exchanges in a timely
manner, thereby simplifying the technology implementation, changes and
maintenance by Users of the Exchange that are also participants on
other BGM Affiliated Exchanges. The Exchange also states that waiver of
the operative delay is consistent with the protection of investors and
the public interest because it will allow the Exchange to continue to
strive towards a complete technology integration of the BGM Affiliated
Exchanges, with gradual roll-outs of new functionality to ensure
stability of the System. The Commission believes that waiving the 30-
day operative delay is consistent with the protection of investors and
the public interest. Therefore, the Commission hereby waives the
operative delay and designates the proposed rule change operative upon
filing.\18\
---------------------------------------------------------------------------

    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6)(iii).
    \18\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

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

Commission takes such action, the Commission 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-BYX-2014-016 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-BYX-2014-016. 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 at 100 F Street NE.,
Washington, DC 20549-1090 on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-BYX-2014-016, and should be
submitted on or before September 16, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-20207 Filed 8-25-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 178 (Monday, September 15, 2014)]
[Rules and Regulations]
[Pages 54905-54906]
[FR Doc No: 2014-21979]

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

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 100

[Docket No. USCG-2012-0714]
RIN 1625-AA08

Special Local Regulation; Frogtown Races, Maumee River; Toledo,
OH

AGENCY: Coast Guard, DHS.

ACTION: Notice of enforcement of regulation.

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

SUMMARY: The Coast Guard will enforce the special local regulation
regulating vessel movement in all U.S. navigable waters of the Maumee
River, Toledo, OH, from the Norfolk and Southern Railway Bridge at
River Mile 1.80 to the Anthony Wayne Bridge at River Mile 5.16. This
special local regulated area is necessary to ensure the safety of life
and property on navigable waters immediately prior to, during, and
immediately after the Frogtown Races. During the aforementioned period,
the Coast Guard will enforce restrictions upon, and control movement
of, vessels in a portion of the Captain of the Port Detroit zone.

DATES: The regulations in 33 CFR 100.928 will be enforced from 5 a.m.
to 7 p.m. on September 27, 2014.

FOR FURTHER INFORMATION CONTACT: If you have questions on this notice,
call or email MST2 Daniel O'Leary, Marine Safety Unit Toledo, 420
Madison Ave. Suite 700, Toledo, OH, 43604; telephone<PHONE_NUMBER>;
email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Coast Guard will enforce the special
local regulations listed in 33 CFR 100.928 Special Local Regulation;
Frogtown Races, Maumee River, Toledo, OH. This special local regulation
will be enforced from 5 a.m. until 7 p.m. on September 27, 2014. This
special local regulation will encompass all navigable waters of the
United States on the Maumee River, Toledo, OH, from the Norfolk and
Southern Railway Bridge at River Mile 1.80 to the Anthony Wayne Bridge
at River Mile 5.16.
    Under the provisions of 33 CFR 100.928, vessels transiting within
the regulated area shall travel at a no-wake speed and remain vigilant
for event participants and safety craft. Frogtown participants and
event safety vessels will yield right of way to commercial

vessel traffic and shall follow directions given by the Coast Guard's
on-scene representative or by event representatives during the event.
The ``on-scene representative'' of the Captain of the Port Detroit is
any Coast Guard commissioned, warrant, or petty officer or a Federal,
State, or local law enforcement officer designated by or assisting the
Captain of the Port to act on his behalf. The on-scene representative
of the Captain of the Port Detroit will be aboard either a Coast Guard
or Coast Guard Auxiliary vessel. The Captain of the Port, Sector
Detroit or his on scene representative may be contacted via VHF Channel
16.

    Dated: August 22, 2014.
R. Negron,
Commander, U.S. Coast Guard, Acting Captain of the Port Detroit.
[FR Doc. 2014-21979 Filed 9-12-14; 8:45 am]
BILLING CODE 9110-04-P