[Federal Register: September 22, 2009 (Volume 74, Number 182)]
[Notices]
[Page 48328-48330]
[DOCID:fr22se09-138]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60670; File No. SR-NYSEAmex-2009-46]

 Self-Regulatory Organizations; NYSE Amex LLC; Order Approving a
Proposed Rule Change Amending NYSE Amex Equities Rule 1000 To Allow
Exchange Systems To Access CCS Interest To Partially Fill an Incoming
Limit Order

September 15, 2009.

I. Introduction

    On July 20, 2009, NYSE Amex LLC (``NYSE Amex'' or the ``Exchange'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to
amend NYSE Amex Equities Rule 1000 to allow Exchange systems to access
CCS interest to partially fill an incoming limit order. The proposed
rule change was published for comment in the Federal Register on August
11,

2009.\3\ The Commission did not receive any comment letters on the
proposed rule change. 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. 60428 (August 4,
2009), 74 FR 40273 (``Notice'').
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II. Description

Background

    NYSE Amex offers Designated Market Makers (``DMMs'') the ability to
create a schedule of additional non-displayed liquidity at various
price points where the DMM is willing to interact with, and provide
price improvement to, incoming orders in the Exchange's system. This
schedule is known as the DMM Capital Commitment Schedule (``CCS'').\4\
CCS provides the Display Book[supreg] \5\ with the amount of shares
that the DMM is willing to trade at price points outside, at, and
inside the Exchange BBO. CCS interest is separate and distinct from
other DMM interest and serves as the interest of last resort.
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    \4\ The provisions of NYSE Amex Equities Rule 1000 relating to
CCS are in effect pursuant to a pilot that commenced in October 2008
and that is currently scheduled to end on October 1, 2009. The
Commission understands that NYSE Amex plans to request an extension
of the pilot before it expires.
    \5\ The Display Book[supreg] system is an order management and
execution facility. The Display Book system receives and displays
orders to the DMMs, contains the order information, and provides a
mechanism to execute and report transactions and publish the results
to the Consolidated Tape. The Display Book system is connected to a
number of other Exchange systems for the purposes of comparison,
surveillance, and reporting information to customers and other
market data and national market systems.
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    When an order is entered for an amount of shares that exceeds the
liquidity available at the Exchange BBO, Exchange systems review all
the liquidity available on the Display Book, including CCS interest, to
determine the final price point at which the order can be fully
executed (the ``completion price''). Exchange systems determine the
completion price by calculating the unfilled volume of the incoming
order (i.e., the volume of the incoming order that exceeds the volume
available to execute against it that is then present in the Exchange
bid or offer) and reviewing the additional displayed and non-displayed
interest available in the Display Book, which may be at more than one
price point, including the CCS interest submitted by the DMM unit that
is available at the completion price. Exchange systems also take into
account protected bids or offers on markets other than the Exchange
(``away interest'') when determining the completion price.
    Exchange systems then review the CCS to determine if the number of
shares provided via the DMM's CCS at the completion price is less than
the number of CCS shares provided at the next different price that has
interest that is one minimum price variation (``MPV'') (as that term is
defined in Exchange Rule 62 \6\) or more higher (in the case of an
order to sell) or at the next different price that has interest that is
one MPV or more lower (in the case of an order to buy) (hereinafter
collectively referred to as ``better price''). If the volume of CCS
interest that would be accessed is greater at the completion price, or
is the same at the completion price and the better price, Exchange
systems access CCS interest at the completion price with CCS interest
yielding to any other interest in Exchange systems at the completion
price. If the number of shares that would be allocated to the CCS
interest at the better price is greater than the number of shares that
would be allocated to the DMM's CCS interest at the completion price,
then Exchange systems will access the CCS liquidity available at the
better price with CCS interest yielding to any other interest in
Exchange systems (both displayed and undisplayed reserve interest) at
the better price. Any remaining balance of the incoming order is
executed at the completion price against displayable and non-
displayable interest pursuant to NYSE Amex Equities Rule 72 (``Priority
of Bids and Offers and Allocation of Executions'').\7\
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    \6\ See NYSE Amex Equities Rule 62, Supplementary Material .10.
    \7\ Pursuant to NYSE Amex Equities Rule 72, round-lot executions
on the Exchange are allocated on an equal basis, i.e. parity, among
market participants at a price point unless one of the participants
has established priority. Priority is established when the
participant is the only interest displayed at the price point when
such price is or becomes the best bid or offer published by the
Exchange. A participant that establishes priority for the displayed
portion of his or her order is allocated the first 15% of any
execution (a minimum of one round lot). Any DMM non-CCS interest
included in the displayed quantity and non-displayed quantity is
also executed pursuant to NYSE Amex Equities Rule 72.
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    Exchange systems can access CCS interest only once to participate
in the execution of an incoming order. Moreover, under current rules,
Exchange systems will only access CCS interest to participate in the
execution of an incoming order where the incoming order will be
executed in full.

Proposed Amendment to NYSE Amex Equities Rule 1000

    The Exchange now proposes to allow Exchange systems to access CCS
interest to participate in executions where the incoming order will
only be partially executed.\8\ Large incoming orders may exhaust the
entirety of displayed and reserve interest on the Display Book at
various price points such that the remaining unexecuted shares of the
incoming order would be quoted at the order's limit price, if any, or,
alternatively, at a Liquidity Replenishment Point (``LRP'') \9\ if that
price point is reached. In these partial executions, Exchange systems
currently do not access the CCS interest available at the price point
where the remaining shares of the incoming order is quoted.
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    \8\ For a more detailed description of the Exchange's proposal,
including examples describing the proposal, see Notice, supra note
3, at 40274-40276.
    \9\ LRPs are pre-determined price points that temporarily
convert the automatic Exchange market to an auction market in order
to dampen volatility when the market is experiencing a large price
movement based on a security's typical trading characteristics or
market conditions over short periods of time during the trading day.
LRPs allow the DMM to solicit additional liquidity.
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    The Exchange proposes to modify the operation of CCS interest to
allow Exchange systems to access and execute CCS interest to partially
fill an incoming order that exhausts the interest available on the
Display Book. Exchange systems would continue to review all the
liquidity available on the Display Book and at away market centers;
however, once it determines that the order cannot be executed in full,
it would also review the DMM CCS interest file to determine if any CCS
interest is eligible to partially fill the incoming order at the price
where any remaining shares of the order would be quoted.\10\
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    \10\ In order for the DMM CCS interest to be eligible to
participate in a partial execution of an incoming order, the DMM
must designate such interest with a ``PF'' indicator. All liquidity
provided in the CCS interest file would continue to be eligible to
participate in full executions of incoming orders. If the DMM did
not designate the CCS interest eligible for partial fill, then the
CCS interest would not participate in the execution and the
remaining shares of the order would be quoted.
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    When Exchange systems access the CCS interest in order to provide a
partial execution of an incoming order, the CCS interest would
participate at the price point where the remaining shares will be
quoted--the order's limit price, if any, or the LRP, if reached. As
before, any unexecuted remainder of the incoming order would be quoted
at the limit price or LRP, as applicable.
    When accessing CCS interest to partially execute an order, Exchange
systems would not review the CCS interest available at the better
price. For such partial executions, CCS interest would only participate
at the price at which the unexecuted shares of the incoming order would
be quoted at the last price, if any, or, if an LRP is reached, at the
LRP price. As is the case with completed executions, Exchange systems
would not access CCS interest

during a partial execution until all other interest on the Display Book
at that price point is executed in full.
    The Exchange further proposes technical changes to NYSE Amex
Equities Rule 1000.\11\
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    \11\ For a description of these technical changes, see Notice,
supra note 3, at 40277.
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III. Discussion and Commission's Findings

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities
exchange.\12\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\13\ which
requires, among other things, that a national securities exchange have
rules that are designed to promote just and equitable principles of
trade, to remove impediments to and perfect the mechanism of a free and
open market and a national market system and, in general, to protect
investors and the public interest. The Exchange stated in its filing it
believes that this proposal would increase an order's execution volume
by allowing Exchange systems to access CCS interest for partial
executions. The proposed modification increases the opportunities for
automatically executing a greater number of shares of the incoming
order on the Exchange prior to quoting the remainder. Thus, under the
proposal, partially executed incoming orders would have an opportunity
to have a greater number of shares receive an execution prior to being
quoted.
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    \12\ In approving this proposal, the Commission has considered
the proposed rule's impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
    \13\ 15 U.S.C. 78f(b)(5).
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    The Commission notes that the price point at which the CCS interest
participates in partial executions would be, by operation of the
proposed rule, the same or better than any limit price the customer has
set for the incoming order. For the foregoing reasons, the Commission
finds the proposed rule change is consistent with the Act.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\14\ that the proposed rule change (SR-NYSEAmex-2009-46) be, and it
hereby is, approved.
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    \14\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-22731 Filed 9-21-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 83, Number 238 (Wednesday, December 12, 2018)]
[Notices]
[Pages 63958-63960]
[FR Doc No: 2018-26832]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84735; File No. SR-NYSEArca-2018-87]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend NYSE Arca
Rule 5.1-E(a)(2)

December 6, 2018.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on November 27, 2018, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend NYSE Arca Rule 5.1-E(a)(2) to remove
the requirement that the Exchange file with the Securities and Exchange
Commission (the ``Commission'') a Form 19b-4(e) for each ``new
derivative securities product'' that will commence trading on the
Exchange pursuant to unlisted trading privileges. The proposed rule
change is available on the Exchange's website at www.nyse.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

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

1. Purpose
    The purpose of the proposed rule change is to amend NYSE Arca Rule
5.1-E(a)(2)(i) to remove the requirement that the Exchange file with
the Commission a Form 19b-4(e) for each ``new derivative securities
product'' that will commence trading on the Exchange pursuant to
unlisted trading privileges. The Exchange also proposes to renumber the
remaining subsections of NYSE Arca Rule 5.1-E(a)(2) to maintain an
organized rule structure. The Exchange notes that a substantially
identical proposed rule change by NYSE National, Inc. (``NYSE
National'') was recently approved by the Commission.\4\
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    \4\ See Securities Exchange Act Release No. 83289 (May 17,
2018), 83 FR 23968 (May 23, 2018) (Order Approving File No. SR-
NYSENat-2018-02).
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    NYSE Arca Rule 5.1-E(a)(2)(i) sets forth the requirement for the
Exchange to file with the Commission a Form 19b-4(e) with respect to
each ``new derivative securities product'' that is traded pursuant to
unlisted trading privileges. However, the Exchange believes that it
should not be necessary to file a Form 19b-4(e) with the Commission if
it begins trading a ``new derivative securities product'' pursuant to
unlisted trading privileges, because Rule 19b-4(e)(1) under the Act
refers to the ``listing and trading'' of a ``new derivative securities
product.'' The Exchange believes that the requirements of that rule
refer to when an exchange lists and trades a ``new derivative
securities product'', and not when an exchange seeks only to trade such
product pursuant to unlisted trading privileges pursuant to Rule 12f-2
under the Act.\5\ Therefore, the Exchange proposes to delete the
requirement in current NYSE Arca Rule 5.1-E(a)(2)(i) for the Exchange
to file a Form 19b-4(e) with the Commission with respect to each ``new
derivative securities product'' it begins trading pursuant to unlisted
trading privileges. In addition, as a result of the deletion of current
NYSE Arca Rule 5.1-E(a)(2)(i), the Exchange proposes to renumber
current NYSE Arca Rules 5.1-E(a)(2)(ii)-(vi). Lastly, the Exchange
proposes to delete a duplicative reference to subparagraph (v).
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    \5\ 17 CFR 240.12f-2.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) \6\ of the Act in general, and
furthers the objectives of Section 6(b)(5) of the Act \7\ in
particular, in that it is 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. Specifically,
eliminating the requirement to file a Form 19b-4(e) for each ``new
derivative securities product'' the Exchange begins trading on an
unlisted trading privileges basis removes an unnecessary regulatory
requirement thereby providing for a more efficient process for adding a
``new derivative securities product'' to trading on the Exchange on an
unlisted trading privileges basis.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    As noted above, the Commission recently approved a substantially
identical proposed rule change by NYSE National.\8\ In particular, the
Commission noted in the approval order that it ``believes that the
filing of a Form 19b-4(e) is not required when an Exchange is trading a
new derivative securities product on a UTP basis only'' \9\ and also
found that the NYSE National's proposed rule change is ``consistent
with the requirements of Section 6(b)(5) of the Act.'' \10\ The Nasdaq
Stock Market LLC (``Nasdaq''), Nasdaq PHLX LLC (``PHLX''), Nasdaq BX,
Inc. (``BX'') and Investors Exchange LLC (``IEX'') also recently
amended their rules to remove the requirement to file with the
Commission a Form 19b-4(e) for each ``new derivative securities
product'' traded on each of those exchanges pursuant to unlisted
trading privileges.\11\
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    \8\ See Securities Exchange Act Release No. 83289 (May 17,
2018), 83 FR 23968 (May 23, 2018) (Order Approving File No. (SR-
NYSENat-2018-02).
    \9\ See supra note 10 [sic] at page 23975 at footnote 149.
    \10\ See supra note 10 [sic] at page 23975-6.
    \11\ See Securities Exchange Act Release Nos. 84488 (October 25,
2018), 83 FR 54801 (October 31, 2018) (SR-NASDAQ-2018-082); 84542
(November 6, 2018), 83 FR 56385 (November 13, 2018) (SR-Phlx-2018-
67); 84546 (November 7, 2018) 83 FR 56888 (November 14, 2018) (SR-
BX-2018-051); and 83609 (July 9, 2018), 83 FR 32704 (July 13, 2018)
(SR-IEX-2018-14).
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    With respect to the renumbering of current NYSE Arca Rules 5.1-
E(a)(2)(ii)-(vi) and the deletion of the duplicative reference to
subparagraph (v), the Exchange believes that these changes are
consistent with the Act because they will allow the Exchange to
maintain a clear and organized rule structure, thus preventing investor
confusion.
    For these reasons, the Exchange believes the proposed rule change
is consistent with the requirements of Section 6(b)(5) of the Act.

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

    The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. To the contrary, removing
the requirement to file a Form 19b-4(e) will serve to enhance
competition by providing for the efficient addition of new derivative
securities products for trading pursuant to unlisted trading privileges
on the Exchange. To the extent that a competitor marketplace believes
that the proposed rule change places it at a competitive disadvantage,
it may file with the Commission a proposed rule change to adopt the
same or similar rule.
    In addition, the proposal to renumber current NYSE Arca Rules 5.1-
E(a)(2)(ii)-(vi) does not impact competition in any respect since it
merely maintains a clear and organized rule structure.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    Because the proposed rule change does not: (i) Significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; or (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, it has become effective pursuant to
Section 19(b)(3)(A) of the Act \12\ and Rule 19b-4(f)(6)
thereunder.\13\
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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    The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The Commission notes that the Exchange's proposal does not
present

any new or novel issues. Thus, the Commission believes that waiver of
the 30-day operative delay is consistent with the protection of
investors and the public interest and hereby waives the 30-day
operative delay and designates the proposed rule change to be operative
upon filing.\14\
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    \14\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

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-NYSEArca-2018-87 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-NYSEArca-2018-87. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2018-87 and should be submitted
on or before January 2, 2019.
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    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-26832 Filed 12-11-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 102 (Friday, May 25, 2018)]
[Proposed Rules]
[Pages 24258-24259]
[FR Doc No: 2018-11197]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R05-OAR-2017-0701; FRL-9978-65--Region 5]

Air Plan Approval; Wisconsin; Modification of Greenhouse Gases
Language

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The Environmental Protection Agency (EPA) is proposing to
approve a revision to the Wisconsin State Implementation Plan (SIP)
submitted by the Wisconsin Department of Natural Resources (WDNR) to
EPA on November 28, 2017. In this revision, WDNR makes modifications to
the language associated with how greenhouse gases are evaluated in the
Prevention of Significant Deterioration (PSD) program. These revisions
were made to reflect changes required by the United States Supreme
Court in its June 23, 2014 decision, Utility Air Regulatory Group
(UARG) v. EPA), 134 S. Ct. 2427.

DATES: Comments must be received on or before June 25, 2018.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R05-
OAR-2017-0701 at http://www.regulations.gov, or via email to
[email protected]. For comments submitted at Regulations.gov,
follow the online instructions for submitting comments. Once submitted,
comments cannot be edited or removed from Regulations.gov. For either
manner of submission, EPA may publish any comment received to its
public docket. Do not submit electronically any information you
consider to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute. Multimedia
submissions (audio, video, etc.) must be accompanied by a written
comment. The written comment is considered the official comment and
should include discussion of all points you wish to make. EPA will
generally not consider comments or comment contents located outside of
the primary submission (i.e. on the web, cloud, or other file sharing
system). For additional submission methods, please contact the person
identified in the For Further Information Contact section. For the full
EPA public comment policy, information about CBI or multimedia
submissions, and general guidance on making effective comments, please
visit http://www2.epa.gov/dockets/commenting-epa-dockets.

FOR FURTHER INFORMATION CONTACT: Radhica Kanniganti, Environmental
Engineer, Air Permits Section, Air Programs Branch (AR-18J),
Environmental Protection Agency, Region 5, 77 West Jackson Boulevard,
Chicago, Illinois 60604,<PHONE_NUMBER>, [email protected].

SUPPLEMENTARY INFORMATION: Throughout this document whenever ``we,''
``us,'' or ``our'' is used, we mean EPA. This supplementary information
section is arranged as follows:

I. Review of State Submittals
II. What action is EPA taking?
III. Incorporation by Reference
IV. Statutory and Executive Order Reviews

I. Review of State Submittals

    This proposed rulemaking addresses the November 28, 2017, WDNR
submittal for SIP revision, revising the rules in the Wisconsin SIP to
reflect the changes required by UARG v. EPA, 134 S. Ct. 2427, on how
greenhouse gases are evaluated in the PSD program. The Clean Air Act's
(CAA) PSD provisions make it unlawful to construct or modify a ``major
emitting facility'', in any area to which the PSD program applies,
without a permit, 42 U.S.C. 7475(a). A ``major emitting facility'' is a
stationary source with the potential to emit 250 tons per year of ``any
air pollutant'' (or 100 tons per year for certain types of sources). 42
U.S.C. 7479(1).
    In Massachusetts v. EPA, 549 U.S. 497 (2007), the Supreme Court
held that greenhouse gases, including carbon dioxide, fit within the
definition of air pollutant in the CAA. In 2010 and 2011, EPA
promulgated a series of greenhouse gas emission standards for new motor
vehicles, and made stationary sources subject to the PSD and title V
permit programs based on their potential to emit greenhouse gases.
Recognizing, however, that requiring all sources with greenhouse gas
emissions above the statutory thresholds would expand these permit
programs and make them unadministrable, EPA ``tailored'' the programs
by adopting a ``phase-in'' approach. The Tailoring Rule (75 FR 31514),
published on June 3, 2010, phased in permitting requirements for
greenhouse gas emissions. Step 1 of this rule applied to sources that
were subject to the PSD and title V programs before greenhouse gases
were regulated under the CAA. In Step 1, from January 2 through June
30, 2011, no source would become newly subject to the PSD or title V
program solely based on its greenhouse gas emissions; however, sources
that were subject to PSD review anyway due to their non-greenhouse gas
regulated pollutants would need to

comply with the Best Available Control Technology (BACT) emission
standards for greenhouse gases if they emitted these gases in
significant amounts, defined as at least 75,000 tons per year of carbon
dioxide equivalent (CO2e). During Step 2, from July 1, 2011, through
June 30, 2012, sources with the potential to emit at least 100,000 tons
per year of CO2e would be subject to PSD and Title V permitting for
their construction and operation and to PSD permitting for
modifications that would increase their greenhouse-gas emissions by at
least 75,000 tons per year. EPA codified Steps 1 and 2 at 40 CFR
51.166(b)(48) and 40 CFR 52.21(b)(49) for the purpose of PSD
applicability and at 40 CFR 70.2 and 40 CFR 71.2 for title V, in the
definition of ``subject to regulation''.
    This action was challenged by numerous parties, including several
states. On June 23, 2014, in UARG v. EPA, the Supreme Court ruled that
the CAA neither compels nor permits EPA to adopt an interpretation of
the CAA requiring a source to obtain a PSD or title V permit solely
based on its potential greenhouse gas emissions. The ruling, however,
supported EPA's decision to require sources otherwise subject to PSD
review to comply with BACT emission standards for greenhouse gases. In
other words, with respect to PSD, the ruling upheld PSD permitting
requirements for greenhouse gases under Step 1 of the Tailoring rule
for ``anyway'' sources, and invalidated PSD permitting requirement for
Step 2 sources.
    In a subsequent rulemaking, on August 19, 2015 (80 FR 50199), EPA
removed from the CFR several provisions of the PSD and title V
permitting regulations that were originally promulgated as part of the
Tailoring Rule. Specifically, the provisions that were removed included
regulations under review that required sources to obtain a permit based
only upon their potential greenhouse gas emissions (40 CFR
51.166(b)(48)(v) and 40 CFR 52.21(b)(49)(v)), and regulations under
review that required EPA to consider further phasing-in the greenhouse
gas permitting requirements at lower greenhouse gas emission
thresholds. 40 CFR 52.22, 40 CFR 70.12, and 40 CFR 71.13.
    The WDNR is modifying its PSD rules in NR 405.07(9) to establish
the conditions under which greenhouse gases at a stationary source
shall be subject to the PSD regulations. Following the UARG v. EPA
decision on how greenhouse gas emissions are evaluated, WDNR's
modification clarifies that only Step 1 sources will be subject to PSD
permitting.

IV. What action is EPA taking?

    EPA is proposing to approve WDNR's submittal for revision of the
SIP to incorporate the holding in UARG v. EPA decision regarding when
greenhouse gas emissions must be controlled. EPA has reviewed
Wisconsin's November 28, 2017, submittal to approve Wisconsin
Administrative Code provision NR 405.07(9) into Wisconsin's SIP, and
has found it to be consistent with the June 23, 2014, UARG v. EPA
ruling.

V. Incorporation by Reference

    In this rule, EPA is proposing to include a final EPA rule
regulatory text that includes incorporation by reference. In accordance
with requirements of 1 CFR 51.5, EPA is proposing to incorporate by
reference Wisconsin Administrative Code provision NR 405.07(9) as
published in the Register, July 2015, No. 715, effective August 1,
2015. EPA has made, and will continue to make, these documents
generally available through www.regulations.gov, and at the EPA Region
5 Office (please contact the person identified in the For Further
Information Contact section of this preamble for more information).

VI. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the CAA and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided that they meet the criteria of the CAA. Accordingly, this
action merely approves state law as meeting Federal requirements and
does not impose additional requirements beyond those imposed by state
law. For that reason, this action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21, 2011);
     Is not an Executive Order 13771 (82 FR 9339, February 2,
2017) regulatory action because SIP approvals are exempted under
Executive Order 12866;
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where EPA or an Indian tribe has
demonstrated that a tribe has jurisdiction. In those areas of Indian
country, the rule does not have tribal implications and will not impose
substantial direct costs on tribal governments or preempt tribal law as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000).

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Intergovernmental relations, Reporting and recordkeeping
requirements.

    Dated: May 16, 2018.
Cathy Stepp,
Regional Administrator, Region 5.
[FR Doc. 2018-11197 Filed 5-24-18; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 82, Number 61 (Friday, March 31, 2017)]
[Notices]
[Pages 16032-16033]
[FR Doc No: 2017-06321]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2013-0353; FRL-9960-64-OEI]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; NSPS for Stationary Spark Ignition Internal
Combustion Engines (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: The Environmental Protection Agency has submitted an
information collection request (ICR), ``NSPS for Stationary Spark
Ignition Internal Combustion Engines'' (EPA ICR No. 2227.05, OMB
Control No. 2060-0610) to the Office of Management and Budget (OMB) for
review and approval in accordance with the Paperwork Reduction Act.
This is a proposed extension of the ICR, which is currently approved
through March 31, 2017. Public comments were previously requested via
the Federal Register (81 FR 26546) on May 3, 2016 during a 60-day
comment period. This notice allows for an additional 30 days for public
comments. A fuller description of the ICR is given below, including its
estimated burden and cost to the public. An Agency may not conduct or
sponsor and a person is not required to respond to a collection of
information unless it displays a currently valid OMB control number.

DATES: Additional comments may be submitted on or before May 1, 2017.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OECA-2013-0353, to (1) EPA online using www.regulations.gov (our
preferred method), by email to<EMAIL_ADDRESS>or by mail to: EPA
Docket Center, Environmental Protection Agency, Mail Code 28221T, 1200
Pennsylvania Ave. NW., Washington, DC 20460, and (2) OMB via email to
<EMAIL_ADDRESS>Address comments to OMB Desk Officer for
EPA.
    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Patrick Yellin, Monitoring,
Assistance, and Media Programs Division, Office of Compliance, Mail
Code 2227A, Environmental Protection Agency, 1200 Pennsylvania Ave.
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Supporting documents which explain in detail
the information that the EPA will be collecting are available in the
public docket for this ICR. The docket can be viewed online at
www.regulations.gov or in person at the EPA Docket Center, EPA West,
Room 3334, 1301 Constitution Ave. NW., Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit http://www.epa.gov/dockets.
    Abstract: Owners and operators of affected facilities are required
to comply with reporting and record keeping requirements for the
general provisions of 40 CFR part 60, subpart A, as well as

the specific requirements at 40 CFR part 60, subpart JJJJ. This
includes submitting initial notifications, performance tests and
periodic reports and results, and maintaining records of the occurrence
and duration of any startup, shutdown, or malfunction in the operation
of an affected facility, or any period during which the monitoring
system is inoperative. These reports are used by EPA to determine
compliance with the standards.
    Form Numbers: None.
    Respondents/Affected Entities: Stationary spark ignition internal
combustion engines.
    Respondent's Obligation To Respond: Mandatory (40 CFR part 60,
subpart JJJJ).
    Estimated Number of Respondents: 18,570 (total).
    Frequency of Response: Initially and annually.
    Total Estimated Burden: 35,100 hours (per year). Burden is defined
at 5 CFR 1320.3(b).
    Total Estimated Cost: $2,480,000 annualized capital or operation &
maintenance costs.
    Changes in the Estimates: There is an adjustment increase in the
total estimated burden and labor costs as currently identified in the
OMB Inventory of Approved Burdens. The change in burden occurred due to
a program change. Beginning in 2015, this rule requires annual
reporting for emergency stationary SI ICE that operate under the
conditions at Sec.  60.4243(d)(3)(i). This ICR includes burden
estimates for the annual reporting requirements. In addition to the
program change the burden in this ICR has increased due to an increase
in the estimated number of respondents. The number of sources has
increased since the last ICR to account for industry growth in the past
three years.
    There is an increase in the total capital/startup and O&M as
currently identified in the OMB Inventory of Approved Burden. This
increase has occurred due to an increase in the estimated number of
respondents. The number of sources has increased since the last ICR to
account for industry growth in the past three years.

Courtney Kerwin,
Directory, Regulatory Support Division.
[FR Doc. 2017-06321 Filed 3-30-17; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: July 21, 2006 (Volume 71, Number 140)]
[Notices]
[Page 41496-41502]
[DOCID:fr21jy06-88]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54150; File No. SR-NYSE-2006-36]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Proposed Rule Change and Amendment Nos. 1 and 2
Thereto Relating to Exchange Rule 70 To Provide Floor Brokers With the
Ability To Enter Discretionary Instructions and/or Pegging Instructions
With Respect to Floor Broker Agency Interest Files (e-Quotes)

July 14, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 16, 2006, the New York Stock Exchange LLC (``NYSE'' 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 by the Exchange. On June
14, 2006, NYSE filed Amendment No. 1 to the proposed rule change.\3\ On
July 11, 2006, NYSE filed Amendment No. 2 to the proposed rule
change.\4\ 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\ In Amendment No. 1, NYSE proposed additional changes and
clarifications to the proposal.
    \4\ Amendment No. 2 supersedes and replaces the original
proposed rule change and Amendment No. 1 in its entirety.
---------------------------------------------------------------------------

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

    The Exchange proposes to amend Exchange Rule 70 to reflect that
Floor brokers will have the ability to enter discretionary instructions
(``d-Quotes'') with respect to their Floor broker agency interest files
(``e-Quotes'') and that their e-Quotes and d-Quotes will be able to peg
to the Exchange best bid and offer. The Exchange also proposes to amend
NYSE Rules 70.20, 123(e), 104, and 1000. Below is the text of the
proposed rule change, as amended. Proposed new language is italicized;
proposed deletions are in brackets.
* * * * *
Bids and Offers
Rule 70
    .20 (a)(i) With respect to orders he or she is representing on the
Floor, a Floor broker may place within the Display Book[supreg] system
broker agency interest files at multiple price points on both sides of
the market at or outside the Exchange best bid and offer with respect
to each security trading in the [location(s) comprising the] Crowd such
Floor broker is a part of, [with respect to orders he or she is
representing on the Floor,] except that the agency interest files shall
not include any customer interest that restricts the specialist's
ability to be on parity pursuant to Exchange Rules 104.10(6)(i)(C) and
108(a). Broker agency interest files shall also be referred to as ``e-
Quotes\SM\''.
* * * * *
    (b) All Floor broker agency interest placed within files in the
Display Book[supreg] system at the same price and on the same side
shall be on parity with each other, except agency interest that
establishes the Exchange best bid or offer shall be entitled to
priority in accordance with Exchange Rule 72. No Floor broker agency
interest placed within files in the Display Book[supreg] system shall
be entitled to precedence based on size.
* * * * *
    (j)(i) Floor broker agency interest placed within files may
participate in the opening and closing trades in accordance with
Exchange policies and procedures governing the open and close.
* * * * *
    (k) The ability of a Floor broker to have reserve interest will not
be available during the open and during the close. During the close, a
Floor broker's reserve interest, if any, will be added to the size of
his or her displayed agency (``e-Quoted'') interest. The ability of a
Floor broker to exclude volume from aggregated agency interest
information available to the specialist will not be available during
the open. Floor broker agency interest excluded from the aggregate
agency interest information available to the specialist will not
participate in the close.

.25 Discretionary Instructions for Bids and Offers Represented via
Floor Broker Agency Interest Files (e-Quotes\SM\)

    (a)(i) A Floor broker may enter discretionary instructions as to
size and/or price with respect to his or her e-Quotes (``discretionary
e-Quotes'' or ``d-Quotes''). The discretionary instructions relate to
the price at which the d-Quote may trade and the number of shares to
which the discretionary price instructions apply.
    (ii) Discretionary instructions are active only when the e-Quote is
at or

joins the existing Exchange best bid or best offer or would establish a
new Exchange best bid or offer.
    (iii) Discretionary instructions are active only with respect to
automatic executions. Discretionary instructions are not active with
respect to the opening and closing transactions.
    (iv) Discretionary instructions will be applied only if all d-
Quoting prerequisites are met. Otherwise, the d-Quote will be handled
as a regular e-Quote, notwithstanding the fact that the Floor broker
has designated the e-Quote as a d-Quote. For example, to be considered
a discretionary e-Quote, an e-Quote must have a discretionary price
range.
    (v) The requirements for e-Quotes apply to d-Quotes, including the
requirement that the Floor broker be in the Crowd.
    (vi) A Floor broker may have multiple d-Quotes, with different
discretionary price and size limitations, on the same side of the
market. Such multiple d-Quotes do not compete with each other for
executions. Trading volume is allocated by Floor broker, not number of
d-Quotes participating in an execution.
    (vii) Discretionary instructions apply to both displayed and
reserve interest, including reserve interest that is excluded from the
aggregate reserve size visible to the specialist on the Floor.
    (viii) Neither the specialist on the Floor nor the specialist
system employing algorithms will have access to the discretionary
instructions entered by Floor brokers with respect to their e-Quotes.

(b) Price Discretion

    (i) A Floor broker may set a discretionary price range within the
Exchange best bid and offer that specifies the prices at which they are
willing to trade. This discretion will be used, as necessary, to
initiate or participate in a trade with an incoming order capable of
trading at a price within the discretionary price range.
    (ii) The minimum price range for a discretionary e-Quote is the
minimum price variation set forth in Exchange Rule 62.
    (iii) Floor brokers may specify that price discretion applies to
all or only a portion of their d-Quote. Price discretion is necessary
for d-Quotes. Therefore, if price discretion is provided for only a
portion of the d-Quote, the residual will be treated as an e-Quote.
    (iv) When price discretion is used, d-Quotes trade first from
reserve volume, if any, and then from displayed volume.

(c) Discretionary Size

    (i) A Floor broker may designate the amount of his or her e-Quote
volume to which discretionary price instructions shall apply.
    (ii) A Floor broker may designate a minimum and/or maximum size of
contra-side volume with which it is willing to trade using
discretionary price instructions.
    (iii) Only displayed interest will be used by Exchange systems to
determine whether the size of contra-side volume is within the d-
Quote's discretionary size range. Contra-side reserve and other
interest at the possible execution price will not be considered by
Exchange systems when making this determination.
    (iv) Interest displayed by other market centers at the price at
which a d-Quote may trade will not be considered by Exchange systems
when determining if the d-Quote's minimum and/or maximum size range is
met, unless the Floor broker designates that such away volume should be
included in this determination.
    (v) An increase or reduction in the size associated with a
particular price that brings the contra-side volume within a d-Quote's
minimum or maximum discretionary size parameter, will trigger an
execution of that d-Quote.
    (vi) Once the total amount of a Floor broker's discretionary volume
has been executed, the d-Quote's discretionary price instructions will
become inactive and the remainder of that d-Quote will be treated as an
e-Quote.

(d) Executions of Discretionary e-Quotes

    (i) The goal of discretionary e-Quoting is to secure the largest
execution for the d-Quote, using the least amount of price discretion.
In so doing, d-Quotes may often improve the execution price of incoming
orders. Conversely, if no discretion is necessary to accomplish a
trade, none will be used.
    (A) Future executions that may occur, such as those resulting from
the execution of elected contra-side CAP-DI orders, will not be
considered in determining when, and to what extent, price discretion is
necessary to accomplish a trade.
    (ii) Discretionary e-Quotes will automatically execute against a
contra-side order that enters the Display Book [supreg] system if the
order's price is within the discretionary price range and the order's
size meets any minimum or maximum size requirements that have been set
for the d-Quote.
     (iii) Discretionary e-Quotes from different Floor brokers on the
same side of the market with the same price instructions trade on
parity after interest entitled to priority is executed.
    (iv) Same-side d-Quotes from different Floor brokers compete for an
execution, with the most aggressive price range (e.g. three cents vs.
two cents) establishing the execution price. If an incoming order
remains unfilled at that price, executions within the less aggressive
price range may then occur.
    (v) Discretionary e-Quotes compete with same-side specialist
algorithmic trading messages targeting incoming orders. If the price of
d-Quotes and specialist trading messages are the same, the d-Quotes and
the specialist messages will trade on parity.
    (vi) Discretionary e-Quotes from Floor brokers on opposite sides of
the market will be able to trade with each other. The d-Quote that
arrived at the Display Book[supreg] system last will use the most
discretion necessary to effect a trade, except as provided below.
    (A) When a protected bid or offer, as defined in Section
242.600(b)(57) of Regulation NMS (``Reg. NMS''), is published by
another market center at a price that is better than the price at which
contra-side d-Quotes would trade in accordance with (vi) above, the
following applies:
    (1) the amount of discretion necessary to permit a trade on the
Exchange consistent with the Order Protection Rule (Section 242.611 of
Reg. NMS) (``OPR'') will be used; or
    (2) such portion of the appropriate d-Quote as is necessary will be
automatically routed in accordance with OPR in order to permit a trade
to occur on the Exchange.
    (vii) As with all executions on the Exchange, executions involving
d-Quotes will comply with OPR.
    (viii) Discretionary e-Quotes may provide price improvement to and
trade with an incoming contra-side specialist algorithmic trading
message to ``hit bid/take offer,'' just as they can with any other
marketable incoming interest.
    (ix) Discretionary e-Quotes may initiate sweeps in accordance with
and to the extent provided by Exchange Rules 1000-1004, but only to the
extent of their price and volume discretion. Discretionary e-Quotes may
participate in sweeps initiated by other orders but, in such cases,
their discretionary instructions are not active.
    (A) d-Quotes will not trade at a price that would trigger a
liquidity replenishment point (``LRP'') as defined in Exchange Rule
1000. Accordingly, a sweep involving a d-Quote will always stop at
least one cent before an LRP price.

.26 Pegging for d-Quotes and e-Quotes

    (i) An e-Quote, other than a tick-sensitive e-Quote, may be set to
provide that it will be available for execution at the Exchange best
bid (for an e-Quote that represents a buy order) or at the Exchange
best offer (for an e-Quote that represents a sell order) as the
Exchange best bid or offer changes, so long as the Exchange best bid or
offer is at or within the e-Quote's limit price.
    (ii) A d-Quote may also employ pegging.
    (iii) Pegging is only active when auto-quoting is active.
    (iv) Pegging e-Quotes and d-Quotes trade on parity with other
interest at the Exchange best bid or offer after interest entitled to
priority is executed.
    (v) Pegging is reactive. An e-Quote or d-Quote will not establish
the Exchange best bid or best offer as a result of pegging.
    (vi) Price priority cannot be established by pegging, although
existence of pegging instructions does not preclude an e-Quote or d-
Quote from having priority.
    (vii) Pegging e-Quotes and d-Quotes peg only to other non-pegging
interest within the pegging range selected by the Floor broker.
    (viii) An e-Quote or d-Quote will not sustain the Exchange best bid
or best offer as a result of pegging if there is no other non-pegged
interest at that price and such price is not the e-Quote's or d-Quote's
limit price.
    (A) If the lowest quotable price established by the Floor broker
for a pegging e-Quote or d-Quote to buy is the Exchange best bid and
all other interest at that price cancels or is executed, the pegging e-
Quote or d-Quote will remain displayed at that best bid price.
    (B) If the highest quotable price established by the Floor broker
for a pegging e-Quote or d-Quote to sell is the Exchange best offer and
all other interest at that price cancels or is executed, the pegging e-
Quote or d-Quote will remain displayed at that best offer price.
    (ix) A Floor broker may establish a price range for an e-Quote or
d-Quote, beyond which the pegging function will not be available
(``quote,'' ``ceiling'' and ``floor'' prices).
    (A) The ``quote price'' is the lowest price to which a buy e-Quote
or d-Quote may peg or the highest price to which a sell e-Quote or d-
Quote may peg.
    (B) The ``ceiling price'' is the highest price to which a buy-side
e-Quote or d-Quote may peg.
    (C) The ``floor price'' is the lowest price to which a sell-side e-
Quote or d-Quote may peg.
    (D) A quote, ceiling and floor price may be at a price other than
the limit price of the order that is being e-Quoted or d-Quoted, but
may not be inconsistent with the order's limit.
    (x) As long as the Exchange best bid is at or within the pegging
price range selected by the Floor broker with respect to a buy-side e-
Quote or d-Quote, or the Exchange best offer is within the price range
selected by the Floor broker with respect to a sell-side e-Quote or d-
Quote, the pegging e-Quote or d-Quote will join such best bid or best
offer as it is auto quoted.
    (xi) If the Floor broker does not designate a pegging range, but
has instructed that his or her e-Quote or d-Quote shall peg, the e-
Quote or d-Quote will peg to the Exchange best bid (offer) as long as
such bid (offer) is within the limit of the order that is being e-
Quoted or d-Quoted.
    (xii) As an e-Quote or d-Quote pegs, its discretionary price range,
if any, moves along with it, subject to any floor or ceiling price set
by the Floor broker.
    (A) If the Exchange best bid is higher than the ceiling price of a
pegging buy-side e-Quote or d-Quote, the e-Quote or d-Quote will remain
at its quote price or the highest price at which there is other
interest within its pegging price range, whichever is higher
(consistent with the limit price of the order underlying the e-Quote or
d-Quote).
    (B) If the Exchange best offer is lower than the floor price of a
pegging sell-side e-Quote or d-Quote, the e-Quote or d-Quote will
remain at its quote price or the lowest price at which there is other
interest within its pegging price range, whichever is lower (consistent
with the limit price of the order underlying the e-Quote or d-Quote).
    (C) If the Exchange best bid or best offer returns to a price
within the pegging price range selected by the Floor broker, the e-
Quote or d-Quote will once again peg to the Exchange best bid or best
offer.
    (xiii) A Floor broker may establish a minimum and/or maximum size
of same-side volume to which his or her e-Quote or d-Quote will peg.
Other pegging e-Quote or d-Quote volume will not be considered in
determining whether the volume parameters set by the Floor broker have
been met.
* * * * *
Dealings by Specialists
Rule 104
* * * * *
    (c)
* * * * *
    (ix) Specialist algorithmically-generated messages will compete
with or trade along with same-side discretionary e-Quotes SM
in the manner described in Exchange Rule 70.25.
* * * * *
Record of Orders
Rule 123
* * * * *
    (e) System Entry Required
* * * * *
    8. Any limit price, [and/or] stop price, discretionary price range,
discretionary volume range, discretionary quote price, pegging ceiling
price, pegging floor price and/or whether discretionary instructions
are active in connection with interest displayed by other market
centers;
* * * * *
    The Floor member must identify which orders or portions thereof are
being made part of the Floor broker agency interest file and, with
respect to such orders or portions thereof, what discretionary and/or
pegging instructions, if any, have been assigned pursuant to such
procedures as required by the Exchange.
* * * * *
NYSE Direct+[supreg]
Automatic Executions
Rule 1000
* * * * *
    (d)
* * * * *
    (D) After trading with the Exchange published best bid (offer), the
unfilled balance of any incoming commitment to trade received through
ITS shall be automatically cancelled, as described in Rule 13
(definition of immediate or cancel order).
    (iii)(A) During a sweep, the residual shall trade with the orders
on the Display Book[supreg] and any broker agency interest files and/or
specialist interest file capable of execution in accordance with
Exchange rules, at a single price, such price being the best price at
which such orders and files can trade with the residual to the extent
possible, (``clean-up price''). A discretionary e-Quote shall
participate in a sweep in accordance with and to the extent allowed by
Exchange Rule 70.25(d)(ix).
* * * * *

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change, and
discussed any comments it received on the

proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in Sections A, B, and C below, of the most
significant aspects of such statements.

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

1. Purpose
    Exchange Rule 70.20 was initially approved by the Commission on
December 14, 2005,\5\ as part of a pilot permitting the implementation
of Phase 1 of the NYSE HYBRID MARKETSM (``Hybrid Market'')
and was permanently approved by the Commission on March 22, 2006.\6\
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    \5\ See Securities Exchange Act Release No. 52954 (December 14,
2005), 70 FR 75519 (December 20, 2005).
    \6\ See Securities Exchange Act Release No. 53539 (March 22,
2006), 71 FR 16353 (March 31, 2006).
---------------------------------------------------------------------------

    In order to fully participate in the Hybrid Market, Floor brokers
have been given the ability to electronically represent their
customers' orders by placing their trading interest at or outside the
Exchange best bid and offer in Floor broker agency interest files
within the Display Book[reg] system \7\ (``NYSE e-
QuotesSM'' or ``e-Quotes'').\8\
---------------------------------------------------------------------------

    \7\ The Display Book [reg] system (``Display Book''
or ``book'') is an order management and execution facility that
receives and displays orders to the specialist and provides a
mechanism to execute and report transactions and publish the results
to the Consolidated Tape. In addition, the Display Book is connected
to a variety of other Exchange systems for the purposes of
comparison, surveillance, and reporting information to customers and
other market data and national market systems (i.e., the Intermarket
Trading System, Consolidated Tape Association, Consolidated
Quotation System, etc.).
    \8\ See Exchange Rule 70.20.
---------------------------------------------------------------------------

    The following proposed changes are being made to clarify certain of
Rule 70.20's provisions in response to questions that have arisen since
the rule has been in effect:
    1. Rule 70.20(a)(i): Duplicative language has been deleted.
    2. Rule 70.20(b): The phrase ``and on the same side'' has been
added to clarify which orders trade on parity pursuant to this
provision.
    3. Rule 70.20(j)(i): Reference to ``the close'' has been added to
clarify that Floor broker agency interest files participate on the open
and close in accordance with the policies and procedures of the
Exchange.
    4. Rule 70.20(k): A sentence has been added to clarify how a Floor
broker's reserve interest will be handled on the close.
    To further replicate in the Hybrid Market the manner in which Floor
brokers utilize their judgment in quoting and trading on behalf of
customers' orders today, the Exchange is proposing to provide Floor
brokers with the ability to enter discretionary trading and/or pegging
(discretionary quoting) instructions for their e-Quotes (``NYSE d-
QuotesSM'' or ``d-Quotes'').
    Discretionary instructions for e-Quotes and pegging will give Floor
brokers additional tools to compete with other interest, including the
specialists' algorithmic trading and quoting ability. These proposed
discretionary features and pegging will facilitate the ability of Floor
brokers to participate in trades that they would not be able to reach
in the Hybrid Market.

Discretionary Trading Instructions

    In the mostly-manual pre-Hybrid Market, Floor brokers had an
opportunity to make trading decisions with respect to arriving orders.
In a more electronic trading environment, the Floor broker may not have
that opportunity. While e-Quotes enable Floor brokers' customer
interest to participate in automatic executions at the Exchange best
bid and offer (``BBO'') and in sweeps, they do not initiate trades with
incoming orders at prices better than the BBO. In other words,
currently, e-Quotes do not provide Floor brokers with the means to
express a price range within which they are willing to actively trade.
Thus, the proposed changes will provide Floor brokers with the ability
not only to quote in an attempt to draw interest, but, at the same
time, initiate trades with contra-side interest able to trade at prices
at or within the BBO. By using d-Quotes, a Floor broker may set a
discretionary price range and a discretionary size range. Discretionary
size can apply to the amount of an e-Quote to which discretionary
instructions apply and/or to the amount of contra-side volume with
which the d-Quote is willing to trade, as described below.
Discretionary instructions are only active when the e-Quote is at the
BBO. Neither the specialist on the Floor nor the specialist system
employing algorithms will have access to the discretionary instructions
entered by the Floor broker.

Price Discretion

    Discretionary instructions for e-Quotes will allow Floor brokers to
set a price range for their d-Quotes within which they are willing to
initiate or participate in a trade. This discretion will be used, as
necessary, to initiate or participate in a trade with an incoming order
capable of trading at a price within the discretionary range.
Discretionary price instructions may apply to all or part of a d-Quote.
    For example, the BBO is .05 bid, offered at .10. A Floor broker
enters a d-Quote at .10, with price discretion of .04. A limit order to
buy at .06 enters the market. The d-Quote will use its four cents of
price discretion and initiate a trade at .06.
    When a d-Quote is competing with same-side quoted or trading
interest (i.e., displayed interest at the BBO, other d-Quotes, or a
same-side specialist algorithmic trading message, such as to provide
price improvement), if the d-Quote can get a larger allocation by
providing an additional penny (or more) of price improvement and the
discretionary instructions permit the d-Quote to trade at that price,
it will do so.

Volume Discretion

    Floor brokers may designate that discretionary instructions apply
only to a portion of their e-Quote. For example, a Floor broker may
specify that only 20,000 shares of a 50,000-share e-Quote may use price
discretion. The remaining 30,000-shares would be handled as a regular
e-Quote, i.e., one without discretionary instructions.
    Floor brokers who use e-Quoting price discretion may also set a
minimum and/or maximum size limit with respect to the size of contra-
side interest with which it is willing to trade using price discretion.
This allows for more specific order management by preventing the d-
Quote from trading with opposite side interest that the Floor broker
has judged to be too little or too great in the context of the order or
orders he or she is managing.
    For example, the BBO is .05 bid, offered at .10. A Floor broker e-
Quotes stock at .10, with price discretion of .04 and minimum/maximum
volume discretion of 1,000/10,000 shares. A limit order to buy 500
shares at .06 enters the market. No trade will occur, even though a
trade at .06 is within the d-Quote's price discretion range, because
the incoming order size is below the d-Quote's minimum discretionary
volume size. A new best bid of .06 will be auto-quoted. An order to buy
1,500 shares at .06 enters the market. The d-Quote will initiate a
transaction, selling 2,000 shares at .06, as the size available to
trade at .06 is now within the d-Quote's discretionary volume
parameters. Similarly, a sufficient reduction in the size of a bid or
offer that was previously larger than the maximum discretionary volume
will trigger an execution of a discretionary d-Quote.

    Only published contra-side volume is considered when determining
whether such volume is within the d-Quote's discretionary volume range.
Reserve and other interest at the possible execution price is not
considered, as it is not displayed. Interest displayed by other market
centers at the price at which a d-Quote may trade is not considered
when determining if the minimum volume range is met, unless the Floor
broker electronically designates that such away volume should be
included in this determination.

Pegging

    In the Hybrid Market, a Floor broker needs to be represented in the
BBO in order to participate in automatic executions. The e-Quotes
provide Floor brokers with the mechanism to be part of the quote.
However, in a more automated environment, the BBO may change rapidly
and the e-Quoting process, as it currently exists, may not be
sufficient to enable Floor brokers to stay with a quickly changing
quote. The proposed pegging function will allow Floor brokers to keep
their interest in the quote, even as the quote moves. Floor brokers
will be able to designate a range to which their e-Quotes and d-Quotes
will peg and, as long as the BBO is within that range, the e-Quote and
d-Quote will be included. Buy side e-Quotes and d-Quotes will peg to
the best bid, and sell side e-Quotes and d-Quotes will peg to the best
offer.
    In addition, pegging e-Quotes and d-Quotes may set a minimum and/or
maximum size of same-side volume to which his or her e-Quote or d-Quote
will peg. Pegging e-Quotes and d-Quotes may set a ``quote price''
specifying the lowest price to which a buy-side e-Quote or d-Quote may
peg and the highest price to which a sell-side e-Quote or d-Quote may
peg. A ``ceiling price'' may be set to establish the highest price to
which a buy-side e-Quote or d-Quote may peg, and a ``floor price'' may
be set to establish the lowest price to which a sell-side e-Quote or d-
Quote may peg. The quote, ceiling and floor prices must be at or within
the limit price of the order being e-Quoted or d-Quoted.
    A pegging d-Quote's price discretion range will move along with the
d-Quote as it pegs.
    Pegging is a separate type of discretionary instruction and may
occur with e-Quotes and/or with d-Quotes using discretionary price
instructions.

Example

    A Floor broker is representing an order to buy 4,000 shares of XYZ
with a limit of .97, not-held.\9\ He decides to electronically
represent this order as a d-Quote, with a quote price of .92 and with
price discretion of .02, in the hope of obtaining a better execution
price for his customer. This means that the Floor broker is willing to
participate in an execution at the following prices: .92, .93 and .94.
Further, he has decided to display 1,000 shares, with 3,000 in reserve.
In addition, the Floor broker has decided to have this order peg, with
minimum and maximum volume sizes of 500 and 8,000 shares respectively.
The Floor broker has set the ceiling price at .97. This means that as
long as the Exchange best bid is a minimum of 500 shares and no more
than 8,000 shares, the d-Quote would peg to any Exchange best bid at or
between .92 and .97
---------------------------------------------------------------------------

    \9\ A ``not held'' order is a market or limit order that gives
the Floor broker both time and price discretion to attempt to get
the best possible price for the customer.
---------------------------------------------------------------------------

    The Exchange best bid becomes 2,000 shares bid for .94. As this is
within the minimum and maximum pegging size range, the order will peg
to the .94 bid, increasing the displayed size at that price to 3,000
shares (2,000 shares that established that price and the d-Quote's
displayed 1,000 shares). The Exchange best bid then becomes 300 shares
bid for .95. The d-Quote will not peg to that best bid, as its size is
below the minimum pegging size designated by the Floor broker. If an
additional 400 shares is added to the best bid as a result of other
interest at that price, the d-Quote will peg to it, increasing the
displayed size to 1,700 shares. Similarly, if the displayed volume at
.95 increased from 300 shares to 10,000 shares (instead of 700 shares),
the d-Quote would not peg to that price, as 10,000 shares is more than
the maximum pegging size selected by the Floor broker (which was 8,000
shares, as noted above). Again, if the displayed volume at .95
decreases to 6,000 shares, for example, as a result of a trade at that
price, the d-Quote will peg to the .95 bid, as the displayed volume
size is now lower than the maximum selected by the Floor broker. 7,000
shares will be bid at .95, with the d-Quote's 3,000 shares in reserve.
    As the d-Quote pegs, it continues to be able to use its price
discretion of .02 to effect a trade. Accordingly, if 7,000 shares is
bid at .95, comprised of 6,000 shares of other interest and 1,000
shares of the d-Quote (with 3,000 shares of the d-Quote in reserve at
.95) and the Exchange best offer is .97 for 1,700 shares, the d-Quote
will initiate an execution, trading 1,700 shares at .97. The d-Quote's
reserve size will be decremented by the amount of the trade, leaving
1,300 shares to buy in reserve, with 1,000 shares displayed. The best
bid continues to be .95, so the d-Quote remains pegged at that price.
The displayed volume at .95 continues to be 7,000 shares, including the
displayed portion of the d-Quote (1,000 shares).

General Principles Covering Discretionary e-Quotes and Pegging

    The following describes in more detail the general principles
governing d-Quotes (i.e., an e-Quote with discretionary trading and/or
pegging instructions):
     Discretionary instructions relate to the price at which
the d-Quote may trade and the number of shares to which the
discretionary price instructions apply.
     The goal of discretionary trading is to secure the largest
execution for the d-Quote, using the least amount of price discretion.
In so doing, d-Quotes may often improve the execution price of incoming
orders. Conversely, if no discretion is necessary to accomplish a
trade, none will be used.
     Discretionary instructions are only active when the d-
Quote is at the BBO.
     Neither the specialist on the Floor nor the specialist
system employing algorithms will have access to the discretionary
instructions entered by the Floor broker.
     Specialists will not have the ability to enter
discretionary trading or pegging instructions on behalf of a Floor
broker.
     The minimum price range for a d-Quote is the minimum price
variation set forth in Rule 62.
     The requirements for e-Quoting apply to the d-Quote,
including the requirement that the Floor broker be in the Crowd.
     Discretionary instructions apply to displayed and reserve
size, including reserve interest that is excluded from the aggregate
volume visible to the specialist on the Floor.
     When price discretion is used, d-Quotes trade first from
reserve volume, if any, and then from displayed volume.
     Once the total amount of a Floor broker's discretionary
volume has been executed, the d-Quote's price instructions will become
inactive and the remainder of that d-Quote will be treated as an e-
Quote.
     Discretionary instructions are only applicable to
automatic executions; they are not utilized in manual transactions.
     Discretionary instructions may be entered for all e-
Quotes, however, these instructions are only active when the e-Quote is
at or joins the existing

Exchange BBO or would establish a new Exchange BBO.
     Multiple same-side d-Quotes from different Floor brokers
will compete for an execution with the most aggressive price range
(e.g., three cents vs. two cents) establishing the execution price. If
the incoming order remains unfilled at that price, executions within
the less aggressive price range may occur.
     d-Quotes with the same discretionary price instructions on
the same side will trade on parity, after any interest entitled to
priority.
     d-Quotes on opposite sides of the market will be able to
trade with each other. The d-Quote that arrived last will use the most
discretion, if necessary, to effect a trade.
     d-Quotes will compete with same-side specialist
algorithmic trading messages targeting incoming orders. If the price of
d-Quotes and the trading messages are the same, the d-Quotes and the
specialist messages will trade on parity.
     If a d-Quote is competing with same-side quoted or trading
interest, including a same-side specialist algorithmic trading message
(i.e., to provide price improvement) and the d-Quote can get a larger
allocation by providing an additional penny of price improvement (or
other applicable minimum price variation), generally, it will do so.
     d-Quotes may price improve and trade with an incoming
contra-side specialist algorithmically-generated message to ``hit bid/
take offer,'' just as they can with any other marketable incoming
interest.
     d-Quotes may initiate sweeps, but only to the extent of
their price and volume discretion. d-Quotes may participate in sweeps
initiated by other orders, but their discretionary instructions will
not be active.
     A sweep involving a d-Quote will always stop at least one
cent (or other applicable minimum price variation) before a liquidity
replenishment point is reached.
     Executions involving d-Quotes will comply with the
Regulation NMS Order Protection Rule (``OPR'').\10\
---------------------------------------------------------------------------

    \10\ See 17 CFR 242.611.
---------------------------------------------------------------------------

     When a better price is displayed by an away market and
such price is in the middle of contra-side d-Quotes, the amount of
price discretion extended to a participating d-Quote will be adjusted
to permit a trade consistent with Reg. NMS OPR requirements.
     Discretionary instructions will be applied only if all d-
Quoting prerequisites are met. Otherwise, the d-Quote will be handled
as a regular e-Quote, notwithstanding the fact that the Floor broker
has designated the e-Quote as a d-Quote.
     When price discretion is used, d-Quotes trade first from
reserve volume, then from published volume. When no price discretion is
used, the e-Quote's published volume trades first.
     Floor brokers may specify that price discretion applies to
all or only a portion of their d-Quote. Price discretion is necessary
for d-Quotes. Therefore, if price discretion is provided for only a
portion of the d-Quote, the residual will be treated as an e-Quote.
     Floor brokers may have more than one e-Quote/d-Quote per
side and price. Trading volume is allocated by broker, not e-Quote/d-
Quote, in accordance with Exchange rules.
     Pegging e-Quotes and d-Quotes may set a ``quote price''
specifying the lowest price to which a buy-side e-Quote or d-Quote may
peg and the highest price to which a sell-side e-Quote or d-Quote may
peg. A ``ceiling price'' may be set to establish the highest price to
which a buy-side e-Quote or d-Quote may peg, and a ``floor price'' may
be set to establish the lowest price to which a sell-side e-Quote or d-
Quote may peg. The quote, ceiling, and floor prices must be at or
within the limit price of the order being e-Quoted or d-Quoted.
     Pegging will not establish a new BBO and it will not
generally sustain a BBO when there is no other interest at that price.
If the BBO is the lowest quotable price established by the Floor broker
for a pegging buy-side e-Quote or d-Quote or the highest quotable price
established by the Floor broker for a sell-side pegging e-Quote or d-
Quote and all other interest at that price cancels or is executed, the
pegging e-Quote or d-Quote will remain displayed at such BBO.
     Pegging will only occur at prices within the pegging price
range designated by the Floor broker.
     Pegging applies to the entire e-Quote/d-Quote volume.
     Pegging is reactive and moves in both directions.
     Pegging e-Quotes and d-Quotes peg only to other non-
pegging interest within the pegging range selected by the Floor broker.
     Pegging is available only when auto-quoting is on.
     Price priority cannot be established by pegging, although
the existence of pegging instructions does not preclude an e-Quote or a
d-Quote from having priority.
     Pegging e-Quotes and d-Quotes trade on parity with other
interest on the same side at the Exchange best bid or offer after
interest entitled to priority.
     Discretionary trading and pegging is not available for
tick-sensitive e-Quotes.
     An e-Quote may have either or both discretionary trading
and pegging instructions.
     As an e-Quote or d-Quote pegs, its discretionary price
range, if any, moves along with it, subject to any floor or ceiling
price set by the Floor broker.
     Pegging e-Quotes and d-Quotes may establish a minimum and/
or maximum size of same-side volume to which it will peg. Other pegging
e-Quote or d-Quote volume will not be considered in determining whether
the volume parameters set by the Floor broker have been met.

Other Rule Changes

Rule 104
    Rule 104(c)(ix) has been amended to reflect that a specialist's
algorithmically-generated messages will compete with or trade along
with same side d-Quote as described in NYSE Rule 70.25.
Rule 123
    Exchange Rule 123(e)(8) which requires the entry of certain order
information into the Exchange's Front End Systemic Capture (FESC'')
system before such order can be represented, has been amended to add
certain required terms regarding e-Quotes and d-Quotes.
Rule 1000
    Rule 1000(d)(iii) which governs sweeps has been amended to reflect
that d-Quotes will participate in sweeps in the manner described in
NYSE Rule 70.25(d)(ix).

Implementation Plans

    At present, the Exchange plans to implement proposed Rules 70.25
and 70.26 as part of Phase 3 of the Hybrid Market. The Exchange will
consult with the Commission with respect to any change to this
implementation plan.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b)(5) of the Act \11\ because it is designed 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.
---------------------------------------------------------------------------

    \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
impose any burden on competition that is 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

    The Exchange has neither solicited nor received written comments on
the proposed rule change. The Exchange has received one comment letter
on the proposed rule change and will respond to it after the comment
period has concluded.

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 self-regulatory organization 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-NYSE-2006-36 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2006-36. 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 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-NYSE-2006-36 and should be submitted on or before August
11, 2006.
---------------------------------------------------------------------------

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

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-11581 Filed 7-20-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 79, Number 208 (Tuesday, October 28, 2014)]
[Notices]
[Pages 64243-64244]
[FR Doc No: 2014-25620]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. PE-2014-105]

Petition for Exemption; Summary of Petition Received

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of petition for exemption received.

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

SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of 14 CFR. The purpose of this notice is to
improve the public's awareness of, and participation in, this aspect of
FAA's regulatory activities. Neither publication of this notice nor the
inclusion or omission of information in the summary is intended to
affect the legal status of the petition or its final disposition.

DATES: Comments on this petition must identify the petition docket
number and must be received on or before November 17, 2014.

ADDRESSES: You may send comments identified by Docket Number FAA-2014-
0797 using any of the following methods:
     Government-wide rulemaking Web site: Go to http://www.regulations.gov and follow the instructions for sending your
comments electronically.
     Mail: Send comments to the Docket Management Facility;
U.S. Department of Transportation, 1200 New Jersey Avenue SE., West
Building Ground Floor, Room W12-140, Washington, DC 20590.
     Fax: Fax comments to the Docket Management Facility at
202-493-2251.
     Hand Delivery: Bring comments to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
    Privacy: We will post all comments we receive, without change, to
http://www.regulations.gov, including any personal information you
provide. Using the search function of our docket Web site, anyone can
find and read the comments received into any of our dockets, including
the name of the individual sending the comment (or signing the comment
for an association, business, labor union, etc.). You may review DOT's
complete Privacy Act Statement in the Federal Register published on
April 11, 2000 (65 FR 19477-78).
    Docket: To read background documents or comments received, go to
http://www.regulations.gov at any time or to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Keira Jones<PHONE_NUMBER>, Office of
Rulemaking, Federal Aviation Administration, 800 Independence Avenue
SW., Washington, DC 20591.
    This notice is published pursuant to 14 CFR 11.85.

    Issued in Washington, DC, on October 21, 2014.
Dale A. Bouffiou,
Acting Director, Office of Rulemaking.

Petition for Exemption

    Docket No.: FAA-2014-0797.
    Petitioner: Creative Aerial Media, LLC.
    Section of 14 CFR Affected: 14 CFR part 21, Sec. Sec.  45.23(b),
61.113(a) and (b), 91.7(a) and 91.9(b)(2), 91.103(b), 91.109, 91.119,
91.121, 91.151(a), 91.203(a) and (b), 91.405(a), 91.407(a)(1),
91.409(a)(2), 91.417(a) and (b).
    Description of Relief Sought: The petitioner seeks an exemption to
commercially operate a small unmanned vehicle (55 lbs. or less) in
motion picture and television operations.

[FR Doc. 2014-25620 Filed 10-27-14; 8:45 am]
BILLING CODE 4910-13-P