[Federal Register Volume 87, Number 35 (Tuesday, February 22, 2022)]
[Notices]
[Pages 9729-9733]
[FR Doc No: 2022-03650]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94253; File No. SR-CBOE-2021-068]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Order
Granting Approval of a Proposed Rule Change To Adopt a Modified Trading
Schedule for Holidays

February 15, 2022.

I. Introduction

    On November 15, 2021, Cboe Exchange, Inc. (``Exchange'' or
``CBOE'') 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 adopt a modified trading schedule for holidays.
The proposed rule change was published for comment in the Federal
Register on December 3, 2021.\3\ On January 12, 2022, the Commission
designated a longer period for Commission action on the proposed rule
change, until March 3, 2022.\4\ The Commission has received no comment
letters on the proposal. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 93677 (November 29,
2021), 86 FR 68703 (``Notice'').
    \4\ See Securities Exchange Act Release No. 93955, 87 FR 2971
(January 19, 2022).
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II. Description of the Proposed Rule Change

    The Exchange proposes to adopt a modified trading schedule for
holidays observed by the Exchange and amend and conform various rules
relating to the proposed holiday trading sessions, as described more
fully below. Particularly, the Exchange proposes to (i) adopt an
additional Global Trading Hours (``GTH'') \5\ trading session that
would immediately precede domestic holidays and (ii) start the GTH
session that immediately follows a holiday at 8:15 p.m. on the
holiday.\6\
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    \5\ The Exchange's rules provide that the Exchange may designate
as eligible for trading during GTH any exclusively listed index
option designated for trading under Chapter 4, Section B. If the
Exchange designates a class of index options as eligible for trading
during GTH, FLEX Options with the same underlying index are also
deemed eligible for trading during GTH. Currently, only SPX, VIX and
XSP are approved for trading during GTH. Although eligible, XSP is
not currently listed for trading during GTH.
    \6\ If the holiday is observed on a Friday, GTH currently begins
(and would continue to begin) at 8:15 p.m. on the following Sunday.
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    The Exchange currently offers two trading sessions.\7\ Regular
Trading Hours (``RTH'') and GTH. CBOE Rule 5.1 currently sets forth the
trading hours for the Exchange's RTH and GTH trading sessions, as well
as the trading schedule for holidays observed by the Exchange. RTH for
transactions in index options are from 9:30 a.m. to 4:15 p.m., subject
to certain exceptions.\8\ Currently, the GTH session begins at 8:15
p.m. (previous day) and end at 9:15 a.m. on Monday through Friday.\9\
Any GTH session that follows a holiday listed under Rule 5.1(d) begins
at 12:00 a.m. on the calendar day immediately following the day the
holiday is observed and ends at 9:15 a.m., unless the holiday is
observed on a Friday, in which case the subsequent GTH session will
begin at 8:15 p.m. (Sunday) and will end at 9:15 a.m. (Monday).\10\
Transactions effected during the GTH session have the same trade date
as the RTH session that immediately follows it.\11\
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    \7\ The term ``trading session'' means the hours during which
the Exchange is open for trading for Regular Trading Hours or Global
Trading Hours (each of which may be referred to as a trading
session). Unless otherwise specified in the Rules or the context
otherwise indicates, all Rules apply in the same manner during each
trading session. See CBOE Rule 1.1 (Definitions).
    \8\ See CBOE Rule 5.1(b)(2).
    \9\ See also Securities Exchange Act Release No. 93403 (October
22, 2021), 86 FR 59824 (October 28, 2021) (SR-CBOE-2021-061).
    \10\ Id.
    \11\ For example, any transactions effected during the GTH
session that begins at 8:15 p.m. on Tuesday, November 23 will be
considered to have the trade date of Wednesday, November 24
regardless of whether the trades were effected between 8:15 p.m. and
11:59 p.m. on Tuesday, November 23 or between 12:00 a.m. and 9:15
a.m. on Wednesday November 24.
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    Additionally, there are several holidays on which the Exchange is
currently not open for business.\12\ For any holiday observed by the
Exchange that falls on a Saturday, the Exchange is not open for
business on the preceding Friday, and when any holiday observed by the
Exchange falls on a Sunday, the

Exchange is not open for business on the following Monday, unless
unusual business conditions exist at the time. Currently, if the
Exchange is not open for RTH on a day, including holidays, then it will
not be open for GTH on that same day.\13\
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    \12\ See CBOE Rule 5.1(d). Currently, the Exchange is not open
for business on: New Year's Day, Martin Luther King, Jr. Day,
Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor
Day, Thanksgiving Day, or Christmas Day.
    \13\ See CBOE Rule 1.1, definition of ``Business Day'' and
``Trading Day''.
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    The Exchange now proposes to also adopt a modified holiday trading
hours schedule to, according to the Exchange, provide global market
participants the ability to trade during GTH sessions that overlap with
U.S. domestic holidays.

Trading Hours

    The Exchange proposes to amend CBOE Rule 5.1(d) to adopt modified
trading schedules for domestic \14\ and international \15\
holidays.\16\ First, the Exchange proposes to adopt CBOE Rule
5.1(d)(1), which would outline the trading hours schedule for domestic
holidays and provide specifically that for Martin Luther King, Jr. Day,
Presidents' Day, Memorial Day, Independence Day, Labor Day, and
Thanksgiving Day (i.e., domestic holidays), the trading day following
the holiday would consist of the following three trading sessions: (i)
A GTH session from 8:15 p.m. on the calendar day preceding the holiday
(observed) to 11:30 a.m. on the holiday (observed), (ii) a GTH session
from 8:15 p.m. on the holiday, or if the holiday is on a Friday, on the
Sunday following the holiday, to 9:15 a.m. on the trading day and (iii)
a RTH session on the trading day.\17\ Proposed CBOE Rule 5.1(d)(1)
would also make clear that there would continue to be no RTH session on
the day a domestic holiday is observed. According to the Exchange, the
proposed hours of operation for the GTH session immediately preceding a
RTH session that is closed due to a domestic holiday overlaps with the
hours of operation of many international markets, which do not observe
U.S. domestic holidays and are therefore still open at this time.
Moreover, both GTH trading sessions would be considered part of the
next trading day (i.e., both GTH sessions would have the trade date of
the trading day following the holiday).\18\ As an example, the holiday
GTH session preceding Memorial Day would start at 8:15 p.m. on the
Sunday prior to Memorial Day and end at 11:30 a.m. on Memorial Day. The
market would then be closed at 11:30 a.m. on Memorial Day (Monday)
(i.e., there would be no RTH session on Memorial Day). The next GTH
trading session would begin at 8:15 p.m. on Memorial Day and proceed as
normal until 9:15 a.m. on Tuesday, which would be followed by a normal
RTH session that begins as 9:30 a.m. on Tuesday. All trading from
Sunday night through Tuesday RTH market close would be considered to be
part of the Tuesday trading day. The following also illustrates how the
holiday schedule applies for U.S. domestic holidays that are observed
on a Friday. For example, if Independence Day is observed on a Friday,
the trading day following the Friday holiday (Monday Trading Day) would
consist of three trading sessions: (1) A GTH session open from 8:15
p.m. on the Thursday preceding Independence Day to 11:30 a.m. on
Independence Day, (2) a GTH session from 8:15 p.m. on the Sunday
following Independence Day to 9:15 a.m. on the following Monday and (3)
a RTH session from 9:30 a.m. to 4:15 p.m. on Monday. All trading from
Thursday night through Friday, and from Sunday night through Monday RTH
market close is considered to be part of the Monday trading day.
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    \14\ Domestic holidays include Martin Luther King, Jr. Day,
Presidents' Day, Memorial Day, Independence Day, Labor Day and
Thanksgiving Day.
    \15\ International holidays include Good Friday, Christmas Day
and New Year's Day.
    \16\ The Exchange also proposes making conforming changes to
CBOE Rule 5.1(c) to reflect the proposed holiday schedule. See
Notice, supra note 3, 86 FR at 68704.
    \17\ The Exchange would further amend the definition of
``Business Day and Trading Day'' under Proposed CBOE Rule 1.1 to
conform to the proposed rule change by clarifying that a ``business
day or trading day that immediately follows a domestic holiday . . .
includes the Regular Trading Hours session and the two Global
Trading Hours sessions that immediately precede it.'' See also
Notice, supra note 3, 86 FR at 68705-06.
    \18\ Pursuant to CBOE Rule 6.4 (Reporting of Trades to OCC), all
transactions made on the Exchange during these sessions will
continue to be submitted for clearance to the Options Clearing
Corporation (``OCC'') in the same manner they are today. However, as
noted, such trades will have the trade date of the trading day
following the holiday.
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    The Exchange next proposes to adopt CBOE Rule 5.1(d)(2), which
would outline the trading hours schedule for international holidays and
provide specifically that for Good Friday, Christmas Day and New Year's
Day (i.e., international holidays), the trading day following the
holiday would consist of the following two trading sessions: (i) A GTH
session from 8:15 p.m. on the holiday, or if the holiday is observed on
a Friday, on the Sunday following the holiday, to 9:15 a.m. on the
trading day and (ii) a RTH session on the trading day. Pursuant to
proposed CBOE Rule 5.1(d)(2) there would not be a RTH session on the
day an international holiday is observed nor a GTH session immediately
preceding the day an international holiday is observed, since according
to the Exchange, international holidays, unlike domestic holidays, are
observed not just by U.S. residents, but by many global market
participants. Therefore, many international markets are also closed in
observance of these international holidays.\19\ Just like regular GTH
trading sessions, a GTH trading session that starts on an international
holiday at 8:15 p.m., would be considered part of the next trading day.
For example, there would be no GTH session immediately preceding Good
Friday (i.e., no GTH session that starts on Thursday). Rather, the
market would be closed from RTH market close on the Thursday preceding
Good Friday until the GTH session that starts at 8:15 p.m. on the
Sunday following Good Friday. All trading from Sunday night through RTH
market close on the following Monday is for a trading day of Monday.
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    \19\ Moreover, according to the Exchange, futures markets
similarly do not provide an extended trading hours session that
precede certain international holidays. See e.g., CFE Rule 1202,
which provides, among other things, that there will be no extended
trading hours session preceding New Year's Day and Christmas Day.
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Entry of Orders, Quotes and Cancellations

    The Exchange lastly proposes to update CBOE Rule 5.7(e), which
provides that after RTH market close, Users may cancel orders and
quotes with Time-in-Force of Good-til-Cancelled (``GTC'') \20\ or Good-
til-Date (``GTD'') \21\ that remain in the Book until 4:45 p.m. In
light of the proposed holiday schedule for GTH sessions on domestic
holidays (i.e., the GTH session would end at 11:30 a.m. on a domestic
holiday (observed)), the Exchange proposes to amend CBOE Rule 5.7(e) to
provide that on such domestic holidays, users may cancel orders and
quotes with Time-in-Force of GTC or GTD until 11:45 a.m. Pursuant to
the proposed rule change, Users would be able to cancel any GTC and GTD
orders until 11:45 a.m. on domestic holidays, not just

orders in All Sessions classes (i.e., SPX and VIX).\22\
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    \20\ See CBOE Rule 5.6(c). The terms ``Good-til-Cancelled'' and
``GTC'' mean, for an order so designated, if after entry into the
System, the order is not fully executed, the order (or unexecuted
portion) remains available for potential display or execution (with
the same timestamp) unless cancelled by the entering User, or until
the option expires, whichever comes first. Users may not designate
bulk messages as GTC.
    \21\ See CBOE Rule 5.6(c). The terms ``Good-til-Date'' and
``GTD'' mean, for an order so designated, if after entry into the
System, the order is not fully executed, the order (or unexecuted
portion) remains available for potential display or execution (with
the same timestamp) until a date and time specified by the entering
User unless cancelled by the entering User. Users may not designate
bulk messages as GTD. A User may not designate a GTD order as Direct
to PAR.
    \22\ See Notice, supra note 3, 86 FR at 68706.
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Market-Maker Rules

    Current CBOE Rule 5.50(a) (Market-Maker Appointments) provides that
a Market-Maker's selected class appointment applies to classes during
all trading sessions. In other words, if a Market-Maker selects an
appointment in SPX options, for example, that appointment would apply
during both GTH and RTH (and thus, the Market-Maker would have an
appointment to make markets in SPX during GTH and RTH). As a result,
the Market-Maker continuous quoting obligations set forth in Rule
5.52(d) would apply to the class for an entire trading day (including
both trading sessions). Pursuant to Rule 5.52(d), a Market-Maker must
enter continuous bids and offers in 60% of the series of the Market-
Maker's appointed classes, excluding any adjusted series, any intra-day
add-on series on the day during which such series are added for
trading, any Quarterly Option series, and any series with an expiration
of greater than 270 days.\23\ According to the Exchange, it calculates
this requirement by taking the total number of seconds the Market-Maker
disseminates quotes in each appointed class (excluding the series noted
above) and dividing that time by the eligible total number of seconds
each appointed class is open for trading that day.\24\ However,
according to the Exchange, the obligations apply only when the Market-
Maker is quoting in a particular class during a given trading day and
the obligations are not applicable to an appointed class if a Market-
Maker is not quoting in that appointed class.\25\ Accordingly, if a
Market-Maker does not wish to quote during the proposed new GTH
sessions, then so long as the Market-Maker does not log in and quote
during those hours, it would not be considered when determining a
Market-Maker's compliance with the quoting obligations.\26\
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    \23\ See CBOE Rule 5.52(d)(2).
    \24\ See Notice, supra note 3, 86 FR at 68706.
    \25\ Id.
    \26\ Id.
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    Further, the Exchange has represented that it does not anticipate
any changes with respect to the current Lead-Market-Makers (``LMMs'')
structure used today during GTH.\27\ Accordingly, LMMs appointed in the
GTH holiday sessions would therefore continue to not be obligated to
satisfy heightened continuous quoting and opening quoting standards
during GTH, nor would they receive a benefit in exchange for satisfying
an obligation (i.e., LMMs do and would not receive a participation
entitlement during GTH, including during holiday trading hours).\28\
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    \27\ Id.
    \28\ Id.
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Exchange Representations

    According to the Exchange, the proposed rule change to adopt a
modified holiday trading schedule would not make any changes to the
trading rules applicable to GTH.\29\ The GTH trading session, including
GTH holiday sessions, would continue to be a separate trading sessions
from RTH and the rules that currently apply (or do not apply) to the
current GTH session would continue to apply (or not apply) to the GTH
holiday session.\30\ The Exchange would continue to use the same
servers and hardware during the GTH holiday sessions as it uses for RTH
and GTH today.\31\ Further, according to the Exchange, Trading Permit
Holders (``TPHs'') may continue to use the same ports and connections
to the Exchange for all trading sessions.\32\ The Book used during the
GTH holiday sessions would also be the same Book used currently during
RTH and GTH.\33\ Moreover, the Exchange represented the following:\34\
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    \29\ Id.
    \30\ For example, business conduct rules in Chapter 8 and rules
related to doing business with the public in Chapter 9 would
continue to apply during the GTH holiday session. Id. at 68707,
n.29. Additionally, a broker-dealer's due diligence and best
execution obligations would apply during the GTH holiday session.
Id. As there would still be no open outcry trading on the floor
during GTH, Chapter 5, Section G would continue not to apply as such
rules pertain to manual order handling and open-outcry trading. Id.
    \31\ Id. at 68707.
    \32\ Id.
    \33\ Id.
    \34\ Id.
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     All TPHs would continue to be allowed to, but would not be
required to, participate during GTH holiday trading hours.\35\
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    \35\ In order to participate in GTH, even as amended, a TPH must
have a letter of guarantee from a Clearing TPH that is properly
authorized by the OCC to operate during the GTH session. See CBOE
Rule 3.61.
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     The Exchange would continue to use the same connection
lines, message formats, and feeds during RTH and GTH, including GTH
holiday sessions.\36\ TPHs may use the same ports and EFIDs \37\ for
each trading session.\38\
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    \36\ The same telecommunications lines used by TPHs during RTH
and/or GTH today may be used during GTH, even as extended, and these
lines would be connected to the same application server at the
Exchange during both trading sessions.
    \37\ The term ``EFID'' means an Executing Firm ID. See CBOE Rule
1.1. The Exchange assigns an EFID to a TPH, which the System uses to
identify the TPH and the clearing number for the execution of orders
and quotes submitted to the System with that EFID.
    \38\ A TPH may elect to have separate ports or EFIDs for each
trading session, but the Exchange would not require that.
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     The same opening process would continue to be used to open
GTH.
     Order processing would operate in the same manner as it
does during RTH and the current GTH session. There would be no changes
to the ranking, display, or allocation algorithms rules.
     There would be no changes to the processes for clearing,
settlement, exercise, and expiration.
     The Exchange would report Exchange quotation and last sale
information to the Options Price Reporting Authority (``OPRA'')
pursuant to the Plan for Reporting of Consolidated Options Last Sale
Reports and Quotation Information (``OPRA Plan'') during the proposed
additional holiday hours in the same manner it currently reports this
information to OPRA during RTH and GTH today.\39\ The Exchange would
also continue to disseminate an opening quote and trade price through
OPRA during the proposed additional holiday trading hours (as it does
for RTH and GTH today). Therefore, all TPHs that elect to trade during
the proposed holiday trading hours would have access to quote and last
sale information during that trading session. Exchange proprietary data
feeds would also continue to be disseminated during holiday trading
hours using the same formats and delivery mechanisms with which the
Exchange disseminates them during RTH and GTH today. Use of these
proprietary data feeds during holiday trading hours would be optional
(as they are today during RTH and GTH).
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    \39\ The Exchange represents that it would report its best bid
and offer and executed trades to OPRA during the proposed additional
holiday trading hours in the same manner that they are reported
during RTH and GTH today.
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     The same TPHs that are required to maintain connectivity
to a backup trading facility during RTH and GTH today would be required
to do so during the proposed holiday trading hours.\40\ According to
the Exchange, because the same connections and servers would be used
for all trading sessions, including any holiday trading hours, a TPH
would not be required to take any additional action to comply with this
requirement,

regardless of whether the TPH chooses to trade during holiday trading
hours.
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    \40\ See CBOE Rule 5.24.
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     The Exchange would process all clearly erroneous trade
breaks during holiday trading hours in the same manner it does during
RTH and GTH today and would have Exchange officials available to do so.
     The Exchange would perform all necessary surveillance
coverage during holiday trading hours.
     The Exchange may halt trading during GTH holiday sessions
in the interests of a fair and orderly market in the same manner it may
during RTH and GTH today pursuant to Rule 5.20. Among the factors that
may be considered in making the foregoing determinations are whether
there has been an activation of price limits on futures exchanges or
the halt of trading in related futures with respect to index
options.\41\
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    \41\ See CBOE Rule 5.20(a)(6). As discussed above, futures
markets already follow a modified holiday trading schedule similar
to what the Exchange is proposing. As such, should a halt of trading
in related futures occur during the time a GTH holiday session is
open, then the Exchange may consider whether to halt during that
session, just as it may do during regular GTH (and RTH) sessions.
See Notice, supra note 3, 86 FR at 68707, n.38.
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     CBOE Rule 5.22 (Market-wide Trading Halts due to
Extraordinary Market Volatility) would continue to not apply during
GTH, including the proposed GTH holiday sessions.
    The Exchange has further represented that it would have appropriate
staff on-site and otherwise available as necessary during the proposed
GTH holiday sessions to handle any technical and support issues that
may arise during those hours.\42\ Additionally, the Exchange would have
personnel available to address any trading issues that may arise during
the additional GTH trading hours.\43\ According to the Exchange, it is
also committed to fulfilling its obligations as a self-regulatory
organization at all times, including during GTH, and would have
appropriately trained, qualified regulatory staff in place during GTH
holiday sessions.\44\ Moreover, the Exchange has represented that while
it believes its surveillance procedures are adequate to properly
monitor trading during the proposed GTH holiday sessions, it will
revise such procedures to the extent necessary if additional changes
are needed in the future.\45\
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    \42\ Id. at 68708.
    \43\ Id.
    \44\ Id.
    \45\ Id.
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Implementation Date

    The Exchange represents that it will announce the implementation
date of the proposed rule change in accordance with Rule 1.5.\46\
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    \46\ See id. at 68708.
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III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act,\47\ and the
rules and regulations thereunder applicable to a national securities
exchange.\48\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\49\ which
requires, among other things, that the rules of a national securities
exchange be designed to prevent fraudulent and manipulative acts and
practices, 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.
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    \47\ 15 U.S.C. 78f.
    \48\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \49\ 15 U.S.C. 78f(b)(5).
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    As described above, CBOE proposes to adopt a modified trading
schedule for GTH during holidays.\50\ The proposed modified trading
schedule for holidays is designed to more closely align the Exchange's
trading hours with extended trading hours of futures exchanges and
market hours of other geographic regions. Specifically, the Exchange
states that the modified trading schedule on holidays will increase the
overlap in time that SPX and VIX options are open alongside the related
futures contracts and provide global market participants with expanded
access to trade the products offered during GTH.\51\ Among other
things, the Exchange believes that the proposed modified holiday
trading schedule is designed to respond to investor demand to hedge
risk, react to global macroeconomic events contemporaneously, and
adjust SPX and VIX options positions outside of RTH.\52\ The Exchange
believes that the proposed rule change will allow market participants
operating in geographic locations that do not observe U.S. domestic
holidays to respond to international market conditions that may occur
during such holidays.\53\ As a result, the Exchange believes that the
proposal will allow a new segment of global market participants the
ability to trade GTH products in their local time, particularly those
trading SPX and VIX options.\54\
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    \50\ In connection with the modified trading schedule for GTH
during domestic and international holidays, the Exchange is also
amending Cboe Rule 5.7(e) to allow all GTC or GTD orders to be
cancelled until 11:45 a.m. on the day a domestic holiday is
observed.
    \51\ See Notice, supra note 3, 86 FR at 68708.
    \52\ See id.
    \53\ See id.
    \54\ See id. at 68704.
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    The Commission finds that the proposed modifications to the GTH
trading schedule for domestic and international holidays are consistent
with the Act.\55\ The Commission notes that the Exchange has
represented that the modified holiday trading schedule makes no changes
to the trading rules applicable to GTH.\56\ Specifically, the Exchange
represents, among other things, that the business conduct rules in
Chapter 8 of the Rules and rules related to doing business with the
public in Chapter 9 of the Rules will continue to apply during the
modified GTH holiday schedule.\57\ The processes for options clearing,
settlement, exercise, and expiration, as well as clearly erroneous
trades, will remain the same during the modified GTH holiday trading
schedule.\58\ Moreover, the Exchange has represented that it will
perform all necessary surveillance and have qualified regulatory staff
available during the modified GTH holiday sessions in keeping with its
obligations as an self-regulatory organization.\59\ The Exchange also
states that it has held discussions with the OCC, which has informed
the Exchange that it will be able to clear and settle all transactions
that occur on the Exchange during the proposed holiday trading hours
subject to its existing requirements for transactions executed during
extended and overnight trading sessions.\60\ As a result, the
Commission finds that the proposed rule change is reasonably designed
to help prevent fraudulent and manipulative acts and practices, and
promote just and equitable principles of trade, by conditioning the
increased availability for TPHs to trade outside of the current RTH and
GTH sessions with Exchange oversight and regulatory surveillance and
reporting.
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    \55\ See id.
    \56\ See id.
    \57\ See id. at 68707, n.29.
    \58\ See id. at 68707.
    \59\ See id. at 68707-08.
    \60\ See id. at 68707, n.34.
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    The proposed rule change is also consistent with Section
11A(a)(1)(C) of the Act.\61\ Congress found in those provisions that it
is in the public interest and appropriate for the protection of
investors and the maintenance of fair and orderly markets

to assure the availability to brokers, dealers, and investors of
information with respect to quotations for and transactions in
securities, and to assure the practicability of brokers executing
investors' orders in the best market. The proposed rule change is
designed to accomplish these objectives by ensuring that the Exchange
will report its best bid and offer and executed trades to OPRA during
the modified GTH holiday sessions in the same manner that they are
reported currently during RTH and GTH,\62\ thereby providing public
transparency of activity during the modified GTH holiday session.
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    \61\ 15 U.S.C. 78k-1(a)(1)(C).
    \62\ See Notice, supra note 3, 86 FR at 68707, nn.35-36 and
accompanying text.
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    Finally, the Commission also believes that the Exchange's proposed
change to Cboe Rule 5.7(e), which would allow Users to cancel all GTC
or GTD orders until 11:45 a.m. on domestic holidays (observed) is also
consistent with the Act. The Commission notes that Users are currently
able to cancel orders and quotes prior to RTH starting at 7:30 a.m. for
RTH Classes. The Commission believes that this proposed change should
provide Users with additional flexibility to manage their GTC or GTD
orders.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\63\ that the proposed rule change (SR-CBOE-2021-068) be, and
hereby is, approved.
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    \63\ Id.
    \64\ 17 CFR 200.30-3(a)(57) and (58).
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    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\64\

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-03650 Filed 2-18-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 139 (Friday, July 21, 2023)]
[Proposed Rules]
[Pages 47084-47086]
[FR Doc No: 2023-15488]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2023-1503; Project Identifier AD-2023-00197-A]
RIN 2120-AA64

Airworthiness Directives; Epic Aircraft, LLC Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: The FAA proposes to adopt a new airworthiness directive (AD)
for certain Epic Aircraft, LLC Model E1000 airplanes. This proposed AD
was prompted by improperly rigged flap position switches. This proposed
AD would require installing a secondary full position limit switch to
the flap system, installing a switch ramp on the flap actuator, and
modifying the take-off position switch rigging. The FAA is proposing
this AD to address the unsafe condition on these products.

DATES: The FAA must receive comments on this proposed AD by September
5, 2023.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to regulations.gov. Follow
the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    AD Docket: You may examine the AD docket at regulations.gov by
searching for and locating Docket No. FAA-2023-1503; 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 NPRM, any comments
received, and other information. The street address for Docket
Operations is listed above.
    Material Incorporated by Reference:
     For service information identified in this NPRM, contact
Epic Aircraft, LLC, 22590 Nelson Road, Bend, OR 97701; phone: (541)
639-4603; email: epicaircraft.com">[email protected]epicaircraft.com; website: epicaircraft.com.
     You may view this service information at the FAA,
Airworthiness Products Section, Operational Safety Branch, 901 Locust,
Kansas City, MO 64106. For information on the availability of this
material at the FAA, call<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Anthony Caldejon, Aviation Safety
Engineer, FAA, 3960 Paramount Boulevard, Lakewood, CA 90712; phone:
(206) 231-3534; email: [email protected].

SUPPLEMENTARY INFORMATION:

Comments Invited

    The FAA invites you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under ADDRESSES. Include ``Docket No. FAA-2023-1503; Project Identifier
AD-2023-00197-A'' at the beginning of your comments. The most helpful
comments reference a specific portion of the proposal, explain the
reason for any recommended change, and include supporting data. The FAA
will consider all comments received by the closing

date and may amend this proposal because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments received, without change, to
regulations.gov, including any personal information you provide. The
agency will also post a report summarizing each substantive verbal
contact received about this NPRM.

Confidential Business Information

    CBI is commercial or financial information that is both customarily
and actually treated as private by its owner. Under the Freedom of
Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public
disclosure. If your comments responsive to this NPRM contain commercial
or financial information that is customarily treated as private, that
you actually treat as private, and that is relevant or responsive to
this NPRM, it is important that you clearly designate the submitted
comments as CBI. Please mark each page of your submission containing
CBI as ``PROPIN.'' The FAA will treat such marked submissions as
confidential under the FOIA, and they will not be placed in the public
docket of this NPRM. Submissions containing CBI should be sent to
Anthony Caldejon, Aviation Safety Engineer, FAA, 3960 Paramount
Boulevard, Lakewood, CA 90712. Any commentary that the FAA receives
which is not specifically designated as CBI will be placed in the
public docket for this rulemaking.

Background

    The FAA received a report that during a production ground test, the
flap position switches were not properly rigged and allowed the
actuator to travel beyond the commanded flaps' full (fully extended)
position. The flap actuator could overrun the flaps' fully extended
position if the full position microswitch is either missing or not
rigged properly, resulting in an uncertified flap configuration. This
condition, if not addressed, could result in loss of control of the
airplane.

FAA's Determination

    The FAA is issuing this NPRM after determining that the unsafe
condition described previously is likely to exist or develop on other
products of the same type design.

Related Service Information Under 1 CFR Part 51

    The FAA reviewed Epic Aircraft Service Bulletin SB-0034, Revision
B, issued December 22, 2022. This service information specifies
procedures for installing a secondary full position limit switch to the
flap system to prevent over-travel. This service information also
specifies procedures for installing a switch ramp on the flap actuator
to improve reliability and modifying the take-off position switch
rigging. In addition, this service information specifies procedures for
checking the flap-to-wing clearances, adjusting clearances as needed,
and contacting Epic Aircraft if clearance and travel limits cannot be
met. 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 ADDRESSES.

Proposed AD Requirements in This NPRM

    This proposed AD would require accomplishing the actions specified
in the service information already described, except as discussed under
``Differences Between this Proposed AD and the Service Information.''

Differences Between This Proposed AD and the Service Information

    The service information specifies contacting the manufacturer if
the clearance and travel limits are exceeded during the check of the
flap-to-wing clearances, but this proposed AD would not require that
action. This proposed AD would require adjusting the flap-to-wing
clearances until they do not exceed the specified travel limits.

Costs of Compliance

    The FAA estimates that this AD, if adopted as proposed, would
affect 29 airplanes of U.S. registry.
    The FAA estimates the following costs to comply with this proposed
AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per      Cost on U.S.
                Action                         Labor cost           Parts cost        product        operators
----------------------------------------------------------------------------------------------------------------
Install a secondary full position       1 work-hour x $85 per               $587            $672         $19,488
 limit switch to the flap system.        hour = $85.
Install a switch ramp on the flap       1 work-hour x $85 per                 54             139           4,031
 actuator.                               hour = $85.
Modify rigging........................  4 work-hours x $85 per                 0             340           9,860
                                         hour = $340.
----------------------------------------------------------------------------------------------------------------

    The FAA has no data to determine the costs to accomplish the
corrective action of adjusting the flap-to-wing clearances or the
number of airplanes that may require this corrective action.
    The FAA has included all known costs in its cost estimate.
According to the manufacturer, however, all of the costs of this
proposed AD may be covered under warranty, thereby reducing the cost
impact on affected operators.

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

Regulatory Findings

    The FAA determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,

    (2) Would not affect intrastate aviation in Alaska, and
    (3) Would 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.

The Proposed Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive:

Epic Aircraft, LLC: Docket No. FAA-2023-1503; Project Identifier AD-
2023-00197-A.

(a) Comments Due Date

    The FAA must receive comments on this airworthiness directive
(AD) by September 5, 2023.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Epic Aircraft, LLC Model E1000 airplanes,
serial numbers K003 through K032 inclusive, certificated in any
category.

(d) Subject

    Joint Aircraft System Component (JASC) Code 2750, TE Flap
Control System.

(e) Unsafe Condition

    This AD was prompted by a report that during a production ground
test, the flap position switches were not properly rigged and
allowed the actuator to travel beyond the commanded flaps' full
(fully extended) position. The FAA is issuing this AD to prevent the
flap actuator from overrunning the flaps' fully extended position if
the full position microswitch is either missing or not rigged
properly, resulting in an uncertified flap configuration. The unsafe
condition, if not addressed, could result in loss of control of the
airplane.

(f) Compliance

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

(g) Required Actions

    Within 12 months after the effective date of this AD, install a
secondary full position limit switch to the flap system, install a
switch ramp on the flap actuator, and modify the take-off position
switch rigging in accordance with steps 5 through 13 of the
Instructions section in Epic Aircraft Service Bulletin SB-0034,
Revision B, issued December 22, 2022 (Epic SB-0034, Revision B).
Where Epic SB-0034, Revision B, specifies to discard a switch block,
this AD requires removing that part from service. If, during the
accomplishment of step 12, the flap-to-wing clearances exceed the
specified travel limits, before further flight, adjust the flap-to-
wing clearances until they do not exceed the specified travel
limits. Where Epic SB-0034, Revision B, specifies to contact Epic
Aircraft if clearance and travel limits cannot be met, this AD does
not require that action.

    Note 1 to paragraph (g):  Information regarding the flap-to-wing
travel limits may be found in Epic E1000 Maintenance Manual
SK05000000, Revision A, dated April 13, 2020.

(h) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, West Certification 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 manager of the certification branch, send it to the
attention of the person identified in paragraph (i)(1) of this AD.
Information may be emailed to: [email protected].
    (2) 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.

(i) Related Information

    (1) For more information about this AD, contact Anthony
Caldejon, Aviation Safety Engineer, FAA, 3960 Paramount Boulevard,
Lakewood, CA 90712; phone:<PHONE_NUMBER>; email:
[email protected].
    (2) Service information identified in this AD that is not
incorporated by reference is available at the addresses specified in
paragraphs (j)(3) and (4) of this AD.

(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 the AD specifies otherwise.
    (i) Epic Aircraft Service Bulletin SB-0034, Revision B, issued
December 22, 2022.
    (ii) [Reserved]
    (3) For service information identified in this AD, contact Epic
Aircraft, LLC, 22590 Nelson Road, Bend, OR 97701; phone: (541) 639-
4603; email: epicaircraft.com">[email protected]epicaircraft.com; website: epicaircraft.com.
    (4) You may view this service information at the FAA,
Airworthiness Products Section, Operational Safety Branch, 901
Locust, Kansas City, MO 64106. For information on the availability
of this material at the FAA, call<PHONE_NUMBER>.
    (5) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, email: [email protected], or go to: www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued on July 17, 2023.
Victor Wicklund,
Deputy Director, Compliance & Airworthiness Division, Aircraft
Certification Service.
[FR Doc. 2023-15488 Filed 7-20-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: July 27, 2009 (Volume 74, Number 142)]
[Notices]
[Page 37085]
[DOCID:fr27jy09-96]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Cancellation of Environmental Impact Statement for the
West Bend Municipal Airport, West Bend, WI

AGENCY: Federal Aviation Administration, DOT.

ACTION: Cancellation of Environmental Impact Statement Process.

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SUMMARY: The Federal Aviation Administration (FAA) announces that is
has discontinued the preparation of an Environmental Impact Statement
(EIS) for proposed development at West Bend Municipal Airport, West
Bend, Wisconsin. The FAA is doing so because the current proposed
development is not ripe for decision at this time and lacks proper
support and justification in the near-term planning period.
    On September 6, 2006, the FAA-Great Lakes Region, published in the
Federal Register a Notice of Intent to prepare an EIS and conduct
scoping meetings (Volume 71, Number 172, FR 52608-52609). The EIS and
Scoping Meetings addressed proposed construction of a new 5,500 foot x
100 foot Runway 7/25 with full instrument landing system and associated
navigational aids at the airport.
    Other proposed development included: Construction of a full
parallel taxiway for Runway 7/25, hangar area development, land
acquisition, widening and rerouting of Highway 33 around the north side
of the airport between North Trenton Road and 4,000 feet east of North
Oak Road. Two government agency scoping meetings were held on October
11, and October 19, 2006. The public scoping meeting was held October
11, 2006.
    The FAA has made little forward progress in the EIS process due to
various external constraints and obstacles associated with this airport
and proposed development. The major issues surrounding this proposed
development are: Lack of justification to support the purpose of and
need for proposed project; many acres of high quality wetland impacts;
airport (airfield) and physical (natural feature) site constraints;
Federal and State Resource Agency opposition; and economic downturn in
aircraft demand, operations and loss of based aircraft. As such, the
FAA is hereby canceling the EIS process.
    Point of Contact: Mr. Dan Millenacker, Environmental Protection
Specialist, FAA-Minneapolis Airports District Office, 6020 28th Avenue
South, Room 102, Minneapolis, Minnesota 55450-2706,<PHONE_NUMBER>.

    Issued in Minneapolis, Minnesota, July 15, 2009.
Jesse Carriger,
Manager, Minneapolis Airport District Office, FAA, Great Lakes Region.
[FR Doc. E9-17866 Filed 7-24-09; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register: June 12, 2008 (Volume 73, Number 114)]
[Notices]
[Page 33479-33481]
[DOCID:fr12jn08-115]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57923; File No. SR-Phlx-2008-12]

Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing of Proposed Rule Change, as Modified by Amendment No.
1 Thereto, Relating to an Exemption From Examination Requirements for
Off-Floor Traders

June 4, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 14, 2008, the Philadelphia Stock Exchange, Inc. (``Phlx'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared substantially by the
Exchange. On May 30, 2008, Phlx filed Amendment No. 1 to the proposed
rule change.\3\ The Commission is publishing this notice to solicit
comments on the proposed rule change, as amended, from interested
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 supersedes and replaces the original rule
filing in its entirety.
---------------------------------------------------------------------------

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

    Phlx proposes to amend Phlx Rule 604(e)(iii) to modify the category
of persons subject to an exemption from the requirement that Off-Floor
Traders \4\ complete the Series 7 General Securities Registered
Representative Examination (``Series 7'').
---------------------------------------------------------------------------

    \4\ Phlx Rule 604(e)(i) defines an off-floor trader as a
``person who is compensated directly or indirectly by a member or
participant organization for which the Exchange is the DEA
[Designated Examining Authority], or any other associated person of
such member or participant organization, and who executes, makes
trading decisions with respect to, or otherwise engages in
proprietary or agency trading of securities, including, but not
limited to, equities, preferred securities, convertible debt
securities or options off the floor of the Exchange.''
---------------------------------------------------------------------------

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

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

    In its filing with the Commission, Phlx 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. Phlx 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
    Phlx Rule 604(e)(i) states that Off-Floor Traders must successfully
complete the Series 7. Currently, Phlx Rule 604(e)(iii) provides
exceptions to the Series 7 requirement for Off-Floor Traders. The
purpose of the proposed rule change is to modify the category of
persons allowed an exemption from the requirement that Off-Floor
Traders complete the Series 7. Phlx believes this proposed change would
better capture the floor-based activities of Former Floor Participants,
as defined below, in the exception from the Series 7 requirement, make
the administration of the Series 7 requirements for Off-Floor Traders
more efficient, and improve Phlx's examination and enforcement efforts.
    Background. Phlx adopted Rule 604(e) in 1999. At that time, Phlx
stated that it believed the Series 7 requirement would primarily apply
to persons ``associated with limited liability companies (``LLC'') for
the purpose of trading securities off the floor of the Exchange for the
firm's account.'' \5\ These persons are also known as ``Day Traders.''
Phlx stated that these Day Traders ``generally become members of an LLC
to avail themselves of good faith margin provided through the LLC's
Joint Back Office agreement with its clearing agent.'' \6\ In 1999,
equity trading on Phlx took place on a physical trading floor. Persons
who traded on Phlx's equity trading floor were associated with either a
specialist organization, or a floor brokerage organization that
executed orders on an agency basis and were not, by definition, Off-
Floor Traders. Therefore, they were not subject to the requirement in
Phlx Rule 604(e)(i) to successfully complete the Series 7.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 41776 (August 20,
1999), 64 FR 47214 (August 30, 1999) (SR-Phlx-99-07).
    \6\ Id., at 47215.
---------------------------------------------------------------------------

    Phlx eliminated the physical equity trading floor in 2006 and
replaced it with XLE, an electronic equity trading system.\7\ At the
time of the transition to XLE, persons trading on Phlx's equity trading
floor were associated with either a specialist organization or a floor
brokerage organization that executed orders on an agency basis. Those
persons (``Former Floor Participants'') then became participants in
XLE; however, because there was no longer any physical trading floor,
these Former Floor Participants became Off-Floor Traders for purposes
of Phlx Rule 604(e)(i) and were, therefore, subject to the Series 7
requirement.
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 54538 (September 28,
2006), 71 FR 59184 (October 6, 2006) (SR-Phlx-2006-43).
---------------------------------------------------------------------------

    Phlx did not intend for the transition to XLE to require Former
Floor Participants to become subject to the Series 7 requirement, so
Phlx adopted an exception to the Series 7 requirement (``XLE
Participant Exemption'').\8\ The XLE Participant Exemption is available
to those persons who are ``primarily engaged'' in either submitting
orders to XLE, or making trading decisions with respect to trading on
XLE. Phlx intended that the XLE Participant Exemption would cover
Former Floor Participants and maintain the status quo ante; Former
Floor Participants would not be subject to the Series 7 requirement.
Phlx proposes to modify this XLE Participant Exemption as discussed
below.
---------------------------------------------------------------------------

    \8\ The XLE Participant Exemption is in the second half of Phlx
Rule 604(e)(iii) and refers to an Off-Floor Trader ``who is
primarily engaged in (A) submitting proprietary or agency orders for
execution on XLE, or (B) making trading decisions with respect to
trading on XLE.'' Phlx proposes to modify this provision.
---------------------------------------------------------------------------

    Current Situation. Currently, there are approximately 27 persons in
four member organizations that are Former Floor Participants. In order
to determine if a Former Floor Participant qualifies for the XLE
Participant Exemption, first, the Former Floor Participant and then,
Phlx examination staff consider all of the activity performed by a
Former Floor Participant and compare that to trading activity on XLE.
If Phlx determines to bring an enforcement action for non-compliance
with Phlx Rule 604(e), Phlx enforcement staff must successfully allege
that the Former Floor Participant was not ``primarily engaged'' in the
activity stated in the XLE Participant Exemption. Phlx wants to
continue to exempt Former Floor

Participants from the Series 7 requirement but believes a modification
of the XLE Participant Exemption would assist its examination and
enforcement efforts regarding the Series 7 requirement.
    Proposal. Phlx therefore proposes to modify the exemption to apply
to Market Maker Authorized Traders \9\ (``MMATs'') and Off-Floor
Traders who solely handle and/or make trading decisions regarding
agency orders and any bona fide errors \10\ related to those agency
orders (``Agency Brokers''). Phlx believes that the proposal would
maintain an exemption for Former Floor Participants who are Off-Floor
Traders but would still require Day Traders to successfully complete
the Series 7.\11\
---------------------------------------------------------------------------

    \9\ See Phlx Rule 1(m).
    \10\ If an Agency Broker makes an error in executing an order
for its customer, for example purchasing 100 shares of symbol IBC
instead of symbol IBM as instructed by the customer, the Agency
Broker has an error. The method used to correct this error involves
the Agency Broker taking the security purchased in error, 100 shares
of IBC, in its error account (See Phlx Rule 703(c)(vi)), which is a
proprietary account solely for the handling of errors. Then the
Agency Broker purchases the correct security for its customer. The
Agency Broker then must make a proprietary transaction to close out
the position in its error account, in this case a sale of the 100
shares of IBC.
    \11\ Phlx believes that, at the time of filing of Amendment No.
1, everyone that would have qualified for the XLE Participant
Exemption would also qualify for the proposed exemption, and no
person other than Former Floor Participants would qualify for the
proposed exemption.
---------------------------------------------------------------------------

    MMATs are those persons associated with Market Makers \12\ who
perform the market maker functions for the Market Maker. MMATs
correspond to specialists, the former market makers on the physical
equity trading floor. MMATs are required to register with Phlx and
therefore are easily identified. MMATs, by virtue of their
responsibilities to constantly maintain orders on XLE, focus on trading
on XLE and are not functioning as Day Traders that routinely trade at
multiple venues. Also, because Day Traders trade for their own account,
they would not, by definition, qualify for the exemption for Agency
Brokers. Agency Brokers correspond to former floor brokerage
organizations that handled agency orders while on the former physical
equity trading floor.\13\ Some Agency Brokers, including Former Floor
Participants, may trade primarily on markets other than Phlx and would
therefore not qualify for the XLE Participant Exemption.\14\ Further,
Phlx has proposed Supplementary Material to Phlx Rule 604 which states
that the Series 7 requirement and exemption for MMATs in Phlx Rule
604(e) is independent of the requirements applicable to MMATs in Phlx
Rule 171(b)(5).
---------------------------------------------------------------------------

    \12\ See Phlx Rule 1(l).
    \13\ Phlx Rule 604(a) requires anyone who conducts a public
business or has duties customarily performed by a Registered
Representative to maintain an effective Series 7 or equivalent
predecessor examination/registration. This provision is independent
of Phlx Rule 604(e)(iii) and not affected by this proposal.
    \14\ The proposed exemption at Phlx would not preclude the
effect of the rules regarding the Series 7 at other markets.
---------------------------------------------------------------------------

    The proposed exemption would focus on either the status of or the
type of activity performed by the Former Floor Participant, not on the
relative amount of activity done on XLE. This should simplify the
process for Phlx examination staff because XLE Participants need to
register with the Exchange to be a MMAT, so the determination of MMAT
status is straightforward. In addition, Phlx staff can examine what
type of orders (agency or proprietary) Off-Floor Traders handle for net
capital purposes and could identify whether Off-Floor Traders would
qualify for the proposed exemption. Phlx believes that the proposed
exemption would enable Phlx staff to more efficiently examine for
compliance with Phlx Rule 604(e) and, if necessary, to conduct
enforcement activities than the current XLE Participant Exemption.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \15\ in general, and furthers the objectives of Section
6(b)(5) of the Act \16\ 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. Phlx believes that modifying the category of persons allowed
an exemption from the requirement that Off-Floor Traders complete the
Series 7 will make the administration of the Series 7 requirements for
Off-Floor Traders at Phlx more efficient, improve Phlx's examination
and enforcement efforts, and better capture the former floor-based
activities of Former Floor Participants that are excepted from the
Series 7 requirement.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

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

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

    No written comments were either solicited or received.

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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding, or (ii) as to
which the Phlx consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule
change should be 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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-Phlx-2008-12 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-Phlx-2008-12. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the

provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room. 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; 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-Phlx-2008-12 and should be submitted on or before July 3, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
---------------------------------------------------------------------------

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

Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-13157 Filed 6-11-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 80, Number 190 (Thursday, October 1, 2015)]
[Notices]
[Pages 59229-59230]
[FR Doc No: 2015-24924]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[FMCSA Docket No. FMCSA-2015-0063]

Qualification of Drivers; Exemption Applications; Diabetes
Mellitus

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of final disposition.

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

SUMMARY: FMCSA confirms its decision to exempt 58 individuals from its
rule prohibiting persons with insulin-treated diabetes mellitus (ITDM)
from operating commercial motor vehicles (CMVs) in interstate commerce.
The exemptions enable these individuals to operate CMVs in interstate
commerce.

DATES: The exemptions were effective on August 15, 2015. The exemptions
expire on August 15, 2017.

FOR FURTHER INFORMATION CONTACT: Charles A. Horan, III, Director,
Carrier, Driver and Vehicle Safety Standards,<PHONE_NUMBER>,
<EMAIL_ADDRESS>FMCSA, Room W64-224, Department of
Transportation, 1200 New Jersey Avenue SE., Washington, DC 20590-0001.
Office hours are from 8:30 a.m. to 5 p.m., Monday through Friday,
except Federal holidays.

SUPPLEMENTARY INFORMATION:

I. Electronic Access

    You may see all the comments online through the Federal Document
Management System (FDMS) at: http://www.regulations.gov.
    Docket: For access to the docket to read background documents or
comments, go to http://www.regulations.gov and/or Room W12-140 on the
ground level of the West Building, 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.
    Privacy Act: In accordance with 5 U.S.C. 553(c), DOT solicits
comments from the public to better inform its rulemaking process. DOT
posts these comments, without edit, including any personal information
the commenter provides, to www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.dot.gov/privacy.

II. Background

    On July 15, 2015, FMCSA published a notice of receipt of Federal
diabetes exemption applications from 58 individuals and requested
comments from the public (80 FR 41550). The public comment period
closed on August 14, 2015, and no comments were received.
    FMCSA has evaluated the eligibility of the 58 applicants and
determined that granting the exemptions to these individuals would
achieve a level of safety equivalent to or greater than the level that
would be achieved by complying with the current regulation 49 CFR
391.41(b)(3).

Diabetes Mellitus and Driving Experience of the Applicants

    The Agency established the current requirement for diabetes in 1970
because several risk studies indicated that drivers with diabetes had a
higher rate of crash involvement than the general population. The
diabetes rule provides that ``A person is physically qualified to drive
a commercial motor vehicle if that person has no established medical
history or clinical diagnosis of diabetes mellitus currently requiring
insulin for control'' (49 CFR 391.41(b)(3)).
    FMCSA established its diabetes exemption program, based on the
Agency's July 2000 study entitled ``A Report to Congress on the
Feasibility of a Program to Qualify Individuals with Insulin-Treated
Diabetes Mellitus to Operate in Interstate Commerce as Directed by the
Transportation Act for the 21st Century.'' The report concluded that a
safe and practicable protocol to allow some drivers with ITDM to
operate CMVs is feasible. The September 3, 2003 (68 FR 52441), Federal
Register notice in conjunction with the November 8, 2005 (70 FR 67777),
Federal Register notice provides the current protocol for allowing such
drivers to operate CMVs in interstate commerce.
    These 58 applicants have had ITDM over a range of one to 50 years.
These applicants report no severe hypoglycemic reactions resulting in
loss of consciousness or seizure, requiring the assistance of another
person, or resulting in impaired cognitive function that occurred
without warning symptoms, in the past 12 months and no recurrent (2 or
more) severe hypoglycemic episodes in the past 5 years. In each case,
an endocrinologist verified that the driver has demonstrated a
willingness to properly monitor and manage his/her diabetes mellitus,
received education related to diabetes management, and is on a stable
insulin regimen. These drivers report no other disqualifying
conditions, including diabetes-related complications. Each meets the
vision requirement at 49 CFR 391.41(b)(10).
    The qualifications and medical condition of each applicant were
stated and discussed in detail in the July 15, 2015, Federal Register
notice and they will not be repeated in this notice.

III. Discussion of Comments

    FMCSA received no comments in this proceeding.

IV. Basis for Exemption Determination

    Under 49 U.S.C. 31136(e) and 31315, FMCSA may grant an exemption
from the diabetes requirement in 49 CFR 391.41(b)(3) if the exemption
is likely to achieve an equivalent or greater level of safety than
would be achieved without the exemption. The exemption allows the
applicants to operate CMVs in interstate commerce.
    To evaluate the effect of these exemptions on safety, FMCSA
considered medical reports about the applicants' ITDM and vision, and
reviewed the treating endocrinologists' medical opinion related to the
ability of the driver to safely operate a CMV while using insulin.
    Consequently, FMCSA finds that in each case exempting these
applicants from the diabetes requirement in 49 CFR 391.41(b)(3) is
likely to achieve a level of safety equal to that existing without the
exemption.

V. Conditions and Requirements

    The terms and conditions of the exemption will be provided to the
applicants in the exemption document and they include the following:
(1) That each individual submit a quarterly monitoring checklist
completed by the treating endocrinologist as well as an annual
checklist with a comprehensive medical evaluation; (2) that each
individual reports within 2 business days of occurrence, all episodes
of severe hypoglycemia, significant complications, or inability to
manage

diabetes; also, any involvement in an accident or any other adverse
event in a CMV or personal vehicle, whether or not it is related to an
episode of hypoglycemia; (3) that each individual provide a copy of the
ophthalmologist's or optometrist's report to the medical examiner at
the time of the annual medical examination; and (4) that each
individual provide a copy of the annual medical certification to the
employer for retention in the driver's qualification file, or keep a
copy in his/her driver's qualification file if he/she is self-employed.
The driver must also have a copy of the certification when driving, for
presentation to a duly authorized Federal, State, or local enforcement
official.

VI. Conclusion

    Based upon its evaluation of the 58 exemption applications, FMCSA
exempts the following drivers from the diabetes requirement in 49 CFR
391.41(b)(10), subject to the requirements cited above 949 CFR
391.64(b)):

James D. Acker (OR)
Henry Andreoli (MA)
Jonathan A. Boston (NY)
James G. Bracegirdle (GA)
Richard T. Bray (TX)
Joseph C. Brewster (VA)
Bradley R. Brown (NH)
Steven G. Brown (MN)
Annette F. Bryant (CA)
Brian G. Carter (GA)
Daniel B. Craig (OR)
Willie L. Davis (MS)
Sean W. Dempsey (OH)
Patrick L. Feely (MN)
Garry W. Garrison (WI)
James Genello (NJ)
John T. Gorman (NJ)
Gabriel L. Grooms (WA)
Joel K. Hawkins (IL)
William H. Hudgens, Jr. (TX)
Gary L. Hulslander (PA)
Daniel E. Jackowski (WI)
Alan J. Jeffrey (CT)
John W. Johnson (TN)
Samuel S. Johnson (WI)
Thomas R. Keaton (MO)
Charles A. Kelley (IA)
Omer E. King (PA)
Eric R. Knutson (MN)
Bruce E. Koehn (KS)
Douglas L. Kugler (MN)
John G. Leutze, Jr. (NY)
Hershel McIntosh (KY)
Andrew S. McKinney (MN)
Michael L. Medina (CO)
Douglas D. Miller (WY)
Dallas W. Minton (IN)
Ronnie R. Parker (ME)
Robert F. Perez (PA)
Ray E. Phipps (IL)
Bruce F. Sanderson (LA)
Raymond Santiago (NJ)
Travis D. Shadden (IN)
Randy S. Steinbach (WA)
Bradley D. Stillman (AZ)
Paul R. Thorkelson (MN)
Michael J. Toth (PA)
Christopher O. Trent (KS)
Charles H. Turner (WI)
Jesse W. Turner (MI)
Donavan A. Van Houten (WA)
Matt S. Volk (NE)
Daniel M. Waldner (ND)
Carlton G. Watson (MD)
Timothy L. Wilkinson (OH)
Catherine A. Willcox (CT)
Kenneth P. Wing (MI)
Timothy W. Young (PA)

    In accordance with 49 U.S.C. 31136(e) and 31315 each exemption is
valid for two years unless revoked earlier by FMCSA. The exemption will
be revoked if the following occurs: (1) The person fails to comply with
the terms and conditions of the exemption; (2) the exemption has
resulted in a lower level of safety than was maintained before it was
granted; or (3) continuation of the exemption would not be consistent
with the goals and objectives of 49 U.S.C. 31136(e) and 31315. If the
exemption is still effective at the end of the 2-year period, the
person may apply to FMCSA for a renewal under procedures in effect at
that time.

    Issued on: September 25, 2015.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2015-24924 Filed 9-30-15; 8:45 am]
BILLING CODE 4910-EX-P


23 Table 2c  Nationwide Industry Burden for Existing Major Sources ( Third Year)

Proposed NESHAP for Cyanide Chemicals Manufacturing Facilities A B C D E F G H Reporting and recordkeeping requirements Person hours Annual occurrences Annual person hours Total number Technical hours Management hours Clerical hours Total Annual per occurrence per respondent per respondent of respondents per year per year per year Cost ( A X B) ( C X D) @ $ 45.04 ( E x 0.05) @ $ 66.73 ( E x 0.10) @ $ 28.14 1. Reporting requirements a. Read rule and instructions 4 1 4 0 0 0 0 $ 0 b. Process/ Review information 4 4 16 0 0 0 0 $ 0 c. Write reports i. Initial notification 2 1 2 3 6 0.3 0.6 $ 307 ii. Performance test notification 2 1 2 3 6 0.3 0.6 $ 307 iii. Compliance status notification 2 1 2 3 6 0.3 0.6 $ 307 iv. Performance test reports 8 1 8 3 24 1.2 2.4 $ 1,229 v. Capture hood inspection report 2 4 8 3 24 1.2 2.4 $ 1,229 vi. Startup/ shutdown/ malfunction reports 2 4 8 3 24 1.2 2.4 $ 1,229 vii. Semi annual summary report 10 2 20 3 60 3 6 $ 3,071 2. Recordkeeping requirements a. Read rule and instructions 8 1 8 0 0 0 0 $ 0 b. Plan activities 40 1 40 3 120 6 12 $ 6,143 c. Implement activities i. Control devices 1. Design analysis 40 1 40 1 40 2 4 $ 2,048 2. Performance test 40 1 40 3 120 6 12 $ 6,143 3. Equipment inspection 1 52 52 3 156 7.8 15.6 $ 7,986 4. Monitoring activities 1 52 52 3 156 7.8 15.6 $ 7,986 5. Maintenance 2 52 104 3 312 15.6 31.2 $ 15,971 ii. LDAR program 1. Identify all affected streams 10 1 10 2 20 1 2 $ 1,024 2. Perform visual monitoring 0.1 1092 109.2 3 327.6 16.38 32.76 $ 16,770 d. Develop record system i. Develop startup/ shutdown/ malfunction plan 40 1 40 3 120 6 12 $ 6,143 ii. Control equipment/ maintenance plan 16 1 16 3 48 2.4 4.8 $ 2,457 iii. LDAR program 40 1 40 2 80 4 8 $ 4,095 e. Time to enter information i. Control equipment testing 1 1 1 3 3 0.15 0.3 $ 154 ii. Control equipment inspection 0.5 52 26 3 78 3.9 7.8 $ 3,993 iii. Control equipment monitoring 0.5 52 26 3 78 3.9 7.8 $ 3,993 iv. LDAR program 0.02 1092 21.84 3 65.52 3.276 6.552 $ 3,354 f. Time to train personnel i. Acquisition, installation, and use of technology & systems 40 1 40 3 120 6 12 $ 6,143 ii. Control equipment inspection and monitoring 40 1 40 3 120 6 12 $ 6,143 iii. LDAR program 2 1 2 2 4 0.2 0.4 $ 205 g. Store, file and maintain records 4 52 208 3 624 31.2 62.4 $ 31,943 h. Retrive records/ Reports 4 52 208 3 624 31.2 62.4 $ 31,943 Total 3366 168 337 $ 172,313 Total Burden Hours 3871


[Federal Register Volume 77, Number 241 (Friday, December 14, 2012)]
[Notices]
[Pages 74538-74540]
[FR Doc No: 2012-30164]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68389; File No. SR-NASDAQ-2012-122]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend and Adopt Several NASDAQ Rules To Reflect Changes to Rules of the
Financial Industry Regulatory Authority (``FINRA'')

December 10, 2012.
    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 November 26, 2012, The NASDAQ Stock Market LLC (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 Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to amend and adopt several NASDAQ rules to
reflect changes to rules of the Financial Industry Regulatory Authority
(``FINRA''). NASDAQ will implement the proposed rule change thirty days
after the date of the filing. The text of the proposed rule change is
available at http://nasdaq.cchwallstreet.com, at NASDAQ's principal
office, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Many of NASDAQ's rules governing member conduct are based on rules
of FINRA (formerly the National Association of Securities Dealers
(``NASD'')). During 2008, FINRA embarked on an extended process of
moving rules formerly designated as ``NASD Rules'' into a consolidated
FINRA rulebook. In most cases, FINRA has renumbered these rules, and in
some cases has substantively amended them. Accordingly, NASDAQ has also
been undertaking a process of modifying its rulebook to ensure that
NASDAQ rules corresponding to FINRA/NASD rules continue to mirror them
as closely as practicable. To the extent possible, NASDAQ will
designate a NASDAQ rule that is intended to parallel a FINRA rule with
the suffix ``A''. For example, the NASDAQ rule paralleling FINRA Rule
2090 will be designated as Rule 2090A. This filing makes the following
changes:
    (1) NASDAQ is adopting Rule 5310A, which incorporates FINRA Rule
5310 (Best Execution and Interpositioning) by reference. The new rule
takes the place of Rule 2320 (Best Execution and Interpositioning) and
IM-2320 (Interpretive Guidance with Respect to Best Execution
Requirements).\5\ References in FINRA Rule 5310 to NASD Rule 2440 and
IM-2440 will not be reflected in NASDAQ's rule, since NASDAQ has not
adopted corresponding rules regulating the activities of NASDAQ Members
with respect to commissions and mark-ups.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 65895 (December 5,
2011), 76 FR 77042 (December 9, 2011) (SR-FINRA-2011-052). NASDAQ
Rule 2320 and IM-2320 had not previously incorporated NASD or FINRA
rules by reference, but had closely tracked the language of the
analogous NASD rules in effect at the time of their adoption. By
incorporating FINRA Rule 5310 by reference, NASDAQ will be
incorporating changes made by FINRA in the interim. Specifically,
FINRA has moved portions of former NASD Rule 2320 and IM-2320 into a
new section of Supplementary Material reflecting guidance with
respect to (i) The definition of ``market'' for purposes of the
rule, (ii) best execution and executing brokers, and (iii) use of a
broker's broker, and has adopted new Supplementary Material
providing guidance with respect to (i) Execution of marketable
customer orders, (ii) best execution and debt securities, (iii)
orders involving securities with limited quotations or pricing
information, (iv) orders involving foreign securities, (v) customer
instructions regarding order handling, and (vi) regular and rigorous
review of execution quality. In addition, FINRA modified its rule to
make it clear that an interpositioning arrangement must be
consistent with the overall rule governing best execution, rather
than focusing exclusively on the cost of such an arrangement. FINRA
also deleted language focused on the channeling of customers' orders
through a broker's broker, again because such arrangements would be
subject to the overall rule governing best execution. Specifically,
the rule requires a broker to use reasonable diligence to ascertain
the best market, based on a consideration of a range of factors
enumerated in the rule. Through this rule filing, NASDAQ will be
making all of the foregoing changes applicable to NASDAQ members in
their capacities as NASDAQ members. NASDAQ notes that NASDAQ members
with public customers are required to be members of FINRA by virtue
of Section 15(b)(8) of the Act, 15 U.S.C. 78o(b)(8), and SEC Rule
15b9-1, 17 CFR 240.15b9-1. The change is designed to ensure that
NASDAQ may enforce the rule against its members under the same
parameters as FINRA enforces the rule against its members.
---------------------------------------------------------------------------

    (2) NASDAQ is redesignating Rule 3060 (Influencing or Rewarding
Employees of Others) as Rule 3220A and changing the incorporated rule
from NASD Rule 3060 to FINRA Rule 3220.\6\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 58660 (September 26,
2008), 73 FR 57393 (October 2, 2008) (SR-FINRA-2008-027).
---------------------------------------------------------------------------

    (3) NASDAQ is redesignating Rule 3090 (Transactions Involving
Nasdaq Employees) as Rule 2070A.\7\
---------------------------------------------------------------------------

    \7\ Id.
---------------------------------------------------------------------------

    (4) NASDAQ is replacing Rule 2310 (Recommendations to Customers
(Suitability)), IM-2310-1 (Reserved), IM-2310-2 (Fair Dealing with
Customers), and IM-2310-3 (Suitability Obligations to Institutional
Customers) with Rule 2111A (Suitability), which incorporates FINRA Rule
2111, and Rule 2090A (Know Your Customer), which incorporates FINRA
Rule 2090.\8\ However, references in FINRA Rule 2111 to NASD IM-2210-6
will not be reflected in NASDAQ's rule, since NASDAQ has not adopted a
corresponding rule regulating the activities of NASDAQ Members in
connection with investment analysis tools.
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 63325 (November 17,
2010), 75 FR 71479 (November 23, 2010) (SR-FINRA-2010-039).
---------------------------------------------------------------------------

    NASDAQ notes that in some instances, the amended rules reference
rules that are being adopted or renumbered by contemporaneous NASDAQ
rule filings that have been filed on an immediately effective basis.\9\
---------------------------------------------------------------------------

    \9\ See Securities Exchange Act Release Nos. 68123 (October 31,
2012), 77 FR 66658 (November 6, 2012) (SR-NASDAQ-2012-123); 68153
(November 5, 2012), 77 FR 67409 (November 9, 2012) (SR-NASDAQ-2012-
124).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\10\ in general, and with
Section 6(b)(5) of the Act,\11\ in particular, in that the proposal is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in 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. The proposed
changes will conform various NASDAQ Rules to changes made to
corresponding FINRA rules, thus promoting application of consistent
regulatory standards with respect to rules that FINRA enforces pursuant
to its regulatory services agreement with NASDAQ.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(5).

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

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

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

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

    Because the foregoing proposed rule does not (i) Significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
30 days from the date on which it was filed, or such shorter time as
the Commission may designate if consistent with the protection of
investors and the public interest, provided that the self-regulatory
organization has given the Commission written notice of its intent to
file the proposed rule change at least five business days prior to the
date of filing of the proposed rule change or such shorter time as
designated by the Commission, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2012-122 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2012-122. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2012-122 and should
be submitted on or before January 4, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-30164 Filed 12-13-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: December 15, 2005 (Volume 70, Number 240)]
[Notices]
[Page 74308]
[DOCID:fr15de05-50]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. PR04-6-003]

Cranberry Pipeline Corporation; Notice of Compliance Filing

December 7, 2005.
    Take notice that on November 11, 2005, Cranberry Pipeline
Corporation, filed with the Federal Energy Regulatory Commission a
revised Statement of Operating Conditions in compliance with the
Commission's ``Order Rejecting Partial Settlement, Establishing
Transportation and Storage Rates, and Directing Filing,'' issued on
September 13, 2005 in Docket Nos. PR04-6-000 and PR04-6-001.
    Any person desiring to protest this rate proceeding must file a
protest with the Federal Energy Regulatory Commission, 888 First
Street, NE., Washington, DC 20426, in accordance with section 385.211
of the Commission's Rules and Regulations. All such protests must be
filed with the Secretary of the Commission on or before the date as
indicated below. Protests will be considered by the Commission in
determining the appropriate action to be taken, but will not serve to
make protestants parties to the proceedings. This petition for rate
approval is available for review at the Commission in the Public
Reference Room or may be viewed on the Commission's Web site at http://www.ferc.gov
 using the FERRIS link. Enter the docket number excluding

the last three digits in the docket number field to access the
document. For assistance, call<PHONE_NUMBER> or for TTY, (202) 502-
8659. Comments, protests and interventions may be filed electronically
via the Internet in lieu of paper. The Commission strongly encourages
electronic filings. See, 18 CFR 385.2001(1)(iii) and the instructions
on the Commission's Web site under the e-Filing link.
    Comment Date: 5 p.m. eastern time on December 28, 2005.

Magalie R. Salas,
Secretary.
 [FR Doc. E5-7355 Filed 12-14-05; 8:45 am]

BILLING CODE 6717-01-P