[Federal Register Volume 87, Number 117 (Friday, June 17, 2022)]
[Rules and Regulations]
[Pages 36392-36394]
[FR Doc No: 2022-13093]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2022-0317; Airspace Docket No. 21-AAL-63]
RIN 2120-AA66

Modification of Class D and E Airspace, and Removal of Class E
Airspace; King Salmon Airport, AK

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Final rule.

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SUMMARY: This action modifies the Class D and Class E surface area
airspace, and the Class E airspace extending upward from 700 feet above
the surface at King Salmon Airport, King Salmon, AK. Additionally, the
FAA is removing the Class E airspace designated as an extension to
Class D or Class E airspace, as it is no longer required. Furthermore,
this action removes a navigational aid (NAVAID) from the legal
description of the Class E5 text header. Lastly, this action updates
the Class D and Class E legal descriptions. These actions will ensure
the safety and management of instrument flight rules (IFR) and visual
flight rules (VFR) operations at the airport.

DATES: Effective 0901 UTC, September 8, 2022. The Director of the
Federal Register approves this incorporation by reference action under
Title 1 CFR part 51, subject to the annual revision of FAA Order JO
7400.11 and publication of conforming amendments.

ADDRESSES: FAA Order JO 7400.11F, and subsequent amendments can be
viewed online at https://www.faa.gov/air_traffic/publications/. For
further information, you can contact the Airspace Policy Group, Federal
Aviation Administration, 800 Independence Avenue SW, Washington, DC
20591; telephone:<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Nathan A. Chaffman, Federal Aviation
Administration, Western Service Center, Operations Support Group, 2200
S 216th Street, Des Moines, WA 98198; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code (U.S.C.). 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. This rulemaking is promulgated under the authority
described in Subtitle VII, Part A, Subpart i, Section 40103. Under that
section, the FAA is charged with prescribing regulations to assign the
use of airspace necessary to ensure the safety of aircraft and the
efficient use of airspace. This regulation is within the scope of that
authority, as it would modify Class D and Class E airspace, and remove
Class E airspace at King Salmon Airport, AK, to support IFR and VFR
operations at the airport.

History

    The FAA published a notice of proposed rulemaking (NPRM) in the
Federal Register for Docket No. FAA-2022-0317 (87 FR 20794; April 8,
2022) to modify the Class D and Class E surface airspace, modify Class
E airspace extending upward from 700 feet above the surface, and remove
Class E airspace designated as an extension to Class D or Class E
surface area at King Salmon Airport, AK. Interested parties were
invited to participate in this rulemaking effort by submitting written
comments on the proposal to the FAA. No comments were received.
    Class D, Class E2, Class E4 and Class E5 airspace designations are
published in paragraphs 5000, 6002, 6004, and 6005, respectively, of
FAA Order JO 7400.11F, dated August 10, 2021, and effective September
15, 2021, which is incorporated by reference in 14 CFR 71.1. The Class
D and Class E airspace designations listed in this document will be
published subsequently in FAA Order JO 7400.11.

Availability and Summary of Documents for Incorporation by Reference

    This document amends FAA Order JO 7400.11F, dated August 10, 2021,
and effective September 15, 2021. FAA Order JO 7400.11F is publicly
available as listed in the ADDRESSES section of this document. FAA
Order JO 7400.11F lists Class A, B, C, D, and E airspace areas, air
traffic service routes, and reporting points.

The Rule

    The FAA is amending 14 CFR part 71 by modifying the Class D and
Class E surface airspace, modifying the Class E airspace extending
upward from 700 feet above the surface, and removing the Class E4
airspace designated as an extension to Class D or Class E surface area
at King Salmon Airport, King Salmon, AK.
    Both the Class D and Class E surface areas are increased in radius
to properly contain departures until reaching 700 feet above the
surface, contain IFR arrivals descending below 1,000 feet above the
surface, and to contain circling maneuvers at the airport. In addition,
an extension to the Class D and Class E surface areas is installed to
the southeast of the airport due to rising terrain. This extension
contains IFR departures until reaching 700 feet above the surface.
    Similarly, the FAA is installing a shelf to the Class D and Class E
surface areas. The shelf allows for floatplane operations to and from
the Naknek River when weather is below VFR minimums at the airport.
    In addition, the FAA is removing the King Salmon Class E airspace,
designated as an extension to Class D and Class E surface areas, as
it's no longer needed.
    Furthermore, the FAA is modifying the Class E airspace extending
upward from 700 feet above the surface at King Salmon Airport. The
current radius, which contains departing aircraft until reaching 1,200
feet above ground level (AGL), is reduced, as the extra coverage is not
needed. The areas to the southeast and northwest of the airport are
reduced to more appropriately contain the points at which an arriving
aircraft would normally descend below 1,500 AGL.
    Moreover, the FAA is increasing the ceiling of the Class D airspace
to 2,600 feet mean sea level (MSL) to account for the 73-foot airport
elevation. Class D areas should normally extend upward from the surface
up to and including 2,500 feet AGL. The altitude must be converted to
MSL and rounded to the nearest 100 feet.
    Additionally, this action also removes the King Salmon Very High
Frequency Omnidirectional Range and Tactical Air Navigation (VORTAC)
from the Class E5 text header and the airspace description. The NAVAID
is not required to describe the airspace area, and the removal of the
NAVAID simplifies the airspace's legal description.
    Finally, the FAA is modifying several administrative portions of
the King Salmon Airport's legal descriptions. The city name is removed
from the second line of the Class D, Class E2, and Class E5 airspace
legal descriptions. The second line should read: ``King Salmon Airport,
AK.'' Additionally, the current Class D and Class E surface area legal
descriptions are modified to replace the use of the phrases ``Notice to
Airmen'' and ``Airport/Facility Directive.'' These phrases should read
``Notice to Air Missions'' and ``Chart Supplement,'' respectively, in
both legal descriptions.
    FAA Order JO 7400.11 is published annually and becomes effective on
September 15.

Regulatory Notices and Analyses

    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current, is
non-controversial, and unlikely to result in adverse or negative
comments. It therefore: (1) is not a ``significant regulatory action''
under Executive Order 12866; (2) is not a ``significant rule'' under
DOT regulatory policies and procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a regulatory evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that will only affect air traffic procedures and air navigation, it is
certified that this rule, when promulgated, would not have a
significant economic impact on a substantial number of small entities
under the criteria of the Regulatory Flexibility Act.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1F, Environmental Impacts: Policies and Procedures,
paragraph 5-6.5a. This airspace action is not expected to cause any
potentially

significant environmental impacts, and no extraordinary circumstances
exist that warrant the preparation of an environmental assessment.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for 14 CFR part 71 continues to read as
follows:

    Authority:  49 U.S.C. 106(f), 106(g), 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1   [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order JO
7400.11F, Airspace Designations and Reporting Points, dated August 10,
2021, and effective September 15, 2021, is amended as follows:

Paragraph 5000 Class D Airspace.

* * * * *

AAL AK D King Salmon, AK [Amended]

King Salmon Airport, AK
    (Lat. 58[deg]40'35'' N, long. 156[deg]38'55'' W)

    That airspace extending upward from the surface to and including
2,600 feet MSL within a 5.3-mile radius of the King Salmon Airport,
AK, and within 1.1 miles each side of the 132[deg] bearing extending
from the 5.3-mile radius to 6.2 miles southeast of the airport,
excluding that airspace 600 feet MSL and below within 1.5 miles each
side of the 132[deg] bearing extending from the 4.4-mile radius to
the 5.3-mile radius of the airport, and excluding that airspace 600
feet MSL and below within 1.1 miles each side of the 132[deg]
bearing extending from the 5.3-mile radius to 6.2 miles southeast of
the airport. This Class D airspace area is effective during the
specific dates and times established in advance by a Notice to Air
Missions. The effective date and time will thereafter be
continuously published in the Chart Supplement.

Paragraph 6002 Class E Airspace Designated as Surface Areas.

* * * * *

AAL AK E2 King Salmon, AK [Amended]

King Salmon Airport, AK
    (Lat. 58[deg]40'35'' N, long. 156[deg]38'55'' W)

    That airspace extending upward from the surface within a 5.3-
mile radius of the King Salmon Airport, AK, and within 1.1 miles
each side of the 132[deg] bearing extending from the 5.3-mile radius
to 6.2 miles southeast of the airport, and excluding that airspace
600 feet MSL and below within 1.5 miles each side of the 132[deg]
bearing extending from the 4.4-mile radius to the 5.3-mile radius of
the airport, and excluding that airspace 600 feet MSL and below
within 1.1 miles each side of the 132[deg] bearing extending from
the 5.3-mile radius to 6.2 miles southeast of the airport. This
Class E airspace area is effective during the specific dates and
times established in advance by a Notice to Air Missions. The
effective date and time will thereafter be continuously published in
the Chart Supplement.

Paragraph 6004 Class E Airspace Areas Designated as an Extension to
a Class D or Class E Surface Area.

* * * * *

AAL AK E4 King Salmon, AK [Removed]

King Salmon Airport, AK
    (Lat. 58[deg]40'35'' N, long. 156[deg]38'55'' W)

Paragraph 6005 Class E Airspace Areas Extending Upward From 700
Feet or More Above the Surface of the Earth.

* * * * *

AAL AK E5 King Salmon, AK [Amended]

King Salmon Airport, AK
    (Lat. 58[deg]40'35'' N, long. 156[deg]38'55'' W)

    That airspace extending upward from 700 feet above the surface
within a 6.8-mile radius of King Salmon Airport, AK, and within 3.3
miles northeast and 3.2 miles southwest of the 132[deg] bearing
extending from the 6.8-mile radius to 9.1 miles southeast of the
airport, and within 3.9 miles each side of the 312[deg] bearing
extending from the 6.8-mile radius to 13.8 miles northwest of the
airport; and that airspace extending upward from 1,200 feet above
the surface within a 73-mile radius of the King Salmon Airport, AK,
excluding that airspace extending beyond 12 miles of the shoreline.

B.G. Chew,
Acting Group Manager, Operations Support Group, Western Service Center.
[FR Doc. 2022-13093 Filed 6-16-22; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 88, Number 118 (Wednesday, June 21, 2023)]
[Notices]
[Pages 40254-40255]
[FR Doc No: 2023-13166]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings # 1

    Take notice that the Commission received the following electric
corporate filings:

    Docket Numbers: EC23-98-000.
    Applicants: Glover Creek Solar, LLC,PGR 2022 Lessee 9, LLC.
    Description: Joint Application for Authorization Under Section 203
of the Federal Power Act of Glover Creek Solar, LLC, et al.
    Filed Date: 6/13/23.
    Accession Number: 20230613-5176.
    Comment Date: 5 p.m. ET 7/5/23.

    Take notice that the Commission received the following exempt
wholesale generator filings:

    Docket Numbers: EG23-195-000.
    Applicants: DeCordova BESS LLC.
    Description: DeCordova BESS LLC submits Notice of Self-
Certification of Exempt Wholesale Generator Status.
    Filed Date: 6/13/23.
    Accession Number: 20230613-5142.
    Comment Date: 5 p.m. ET 7/5/23.

    Docket Numbers: EG23-196-000.
    Applicants: Crane 2 BESS, LLC.
    Description: Crane 2 BESS, LLC submits Notice of Self-Certification
of Exempt Wholesale Generator Status.
    Filed Date: 6/14/23.
    Accession Number: 20230614-5077.
    Comment Date: 5 p.m. ET 7/5/23.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER15-1706-005.
    Applicants: Newark Energy Center, LLC.
    Description: Newark Energy Center LLC submits Supplement to
Informational Filing, Request for Prospective One-Time Waiver,
Shortened Comment Period, Expedited Consideration, and Confidential
Treatment.
    Filed Date: 6/9/23.
    Accession Number: 20230609-5217.
    Comment Date: 5 p.m. ET 6/20/23.

    Docket Numbers: ER17-1531-009.
    Applicants: CPV Fairview, LLC.
    Description: Notice of Change in Status of CPV Fairview, LLC.
    Filed Date: 6/13/23.
    Accession Number: 20230613-5173.
    Comment Date: 5 p.m. ET 7/5/23.

    Docket Numbers: ER22-962-004.
    Applicants: PJM Interconnection, L.L.C.
    Description: Compliance filing: Order No. 2222 Compliance and
Request for Action by November 30, 2023 to be effective 7/1/2023.
    Filed Date: 6/14/23.
    Accession Number: 20230614-5084.
    Comment Date: 5 p.m. ET 7/5/23.

    Docket Numbers: ER23-739-001.
    Applicants: ISO New England Inc., Eversource Energy Service Company
(as agent), New England Power Pool Participants Committee, The United
Illuminating Company.
    Description: Tariff Amendment: ISO New England Inc. submits tariff
filing per 35.17(b): ISO-NE; Deficiency Response--Treatment of Storage
as Transmission-Only Assets to be effective 12/31/9998.
    Filed Date: 6/14/23.
    Accession Number: 20230614-5032.
    Comment Date: 5 p.m. ET 7/5/23.

    Docket Numbers: ER23-743-001.
    Applicants: ISO New England Inc., Eversource Energy Service Company
(as agent), The United Illuminating Company, New England Power Pool
Participants Committee.
    Description: Tariff Amendment: ISO New England Inc. submits tariff
filing per 35.17(b): ISO-NE; Deficiency Response--Treatment of Storage
as Transmission-Only Assets to be effective 12/31/9998.
    Filed Date: 6/14/23.
    Accession Number: 20230614-5034.
    Comment Date: 5 p.m. ET 7/5/23.

    Docket Numbers: ER23-2134-000.
    Applicants: Midcontinent Independent System Operator, Inc., Ameren
Illinois Company.
    Description: Sec.  205(d) Rate Filing: Midcontinent Independent
System Operator, Inc. submits tariff filing per 35.13(a)(2)(iii): 2023-
06-14_SA 3028 Ameren IL-Prairie Power Project #34 Westridge to be
effective 8/14/2023.
    Filed Date: 6/14/23.
    Accession Number: 20230614-5024.
    Comment Date: 5 p.m. ET 7/5/23.

    Docket Numbers: ER23-2135-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Original IISA, SA No. 6950
and ICSA, SA No. 6951; Queue No. AF2-222 to be effective 5/15/2023.
    Filed Date: 6/14/23.
    Accession Number: 20230614-5040.
    Comment Date: 5 p.m. ET 7/5/23.

    Docket Numbers: ER23-2136-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Tariff Amendment: Notice of Cancellation of ISA, SA
No. 2547, Queue No. S29B to be effective 6/14/2023.
    Filed Date: 6/14/23.
    Accession Number: 20230614-5055.
    Comment Date: 5 p.m. ET 7/5/23.

    Docket Numbers: ER23-2137-000.
    Applicants: Northern States Power Company, a Minnesota corporation.
    Description: Sec.  205(d) Rate Filing: 2023-6-14 NSP BLUE CIAC 735-
NSP to be effective 6/15/2023.
    Filed Date: 6/14/23.
    Accession Number: 20230614-5056.
    Comment Date: 5 p.m. ET 7/5/23.

    Docket Numbers: ER23-2138-000.
    Applicants: Midcontinent Independent System Operator, Inc., Ameren
Illinois Company.
    Description: Sec.  205(d) Rate Filing: Midcontinent Independent
System Operator, Inc. submits tariff filing per 35.13(a)(2)(iii): 2023-
06-14_SA 4085 Ameren IL-SIPC Interconnection Agreement to be effective
8/14/2023.
    Filed Date: 6/14/23.
    Accession Number: 20230614-5087.
    Comment Date: 5 p.m. ET 7/5/23.

    Docket Numbers: ER23-2139-000.
    Applicants: Interstate Power and Light Company.
    Description: Sec.  205(d) Rate Filing: Interstate Power and Light
Company

Lansing Retirement to be effective 8/14/2023.
    Filed Date: 6/14/23.
    Accession Number: 20230614-5094.
    Comment Date: 5 p.m. ET 7/5/23.

    Take notice that the Commission received the following electric
securities filings:

    Docket Numbers: ES23-47-000; ES23-48-000; ES23-49-000; ES23-50-000.
    Applicants: The United Illuminating Company, The Central Maine
Power Company, Gas and Electric Corporation, New York State Electric &
Gas Corporation.
    Description: Application Under Section 204 of the Federal Power Act
for Authorization to Issue Securities of New York State Electric & Gas
Corporation, et al.
    Filed Date: 6/12/23.
    Accession Number: 20230612-5222.
    Comment Date: 5 p.m. ET 7/3/23.

    Take notice that the Commission received the following qualifying
facility filings:

    Docket Numbers: QF15-475-003.
    Applicants: REUT Origination, LLC, a Delaware Limited Liability
Company.
    Description: Refund Report of SunE Solar XVII Project1, LLC [RMP--
Fiddler's Canyon 1-UT].
    Filed Date: 6/14/23.
    Accession Number: 20230614-5081.
    Comment Date: 5 p.m. ET 7/5/23.

    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.
    The Commission's Office of Public Participation (OPP) supports
meaningful public engagement and participation in Commission
proceedings. OPP can help members of the public, including landowners,
environmental justice communities, Tribal members and others, access
publicly available information and navigate Commission processes. For
public inquiries and assistance with making filings such as
interventions, comments, or requests for rehearing, the public is
encouraged to contact OPP at<PHONE_NUMBER> or [email protected].

    Dated: June 14, 2023.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2023-13166 Filed 6-20-23; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 21 (Thursday, January 31, 2019)]
[Notices]
[Pages 855-858]
[FR Doc No: 2019-00499]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84984; File No. SR-NYSE-2018-46]

Self-Regulatory Organizations; New York Stock Exchange LLC; Order
Instituting Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change To Amend the Listed Company Manual for Acquisition
Companies To Reduce the Continued Listing Standards for Public
Stockholders From 300 to 100 and To Enable the Exchange To Exercise
Discretion To Allow Acquisition Companies a Reasonable Time Period
Following a Business Combination To Demonstrate Compliance With the
Applicable Quantitative Listing Standards

January 15, 2019.

I. Introduction

    On October 1, 2018, New York Stock Exchange LLC (``NYSE'' or
``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 the Listed Company Manual (``Manual'')
for Special Purpose Acquisition Companies \3\ (``SPACs'') to

reduce the minimum number of public stockholders required for continued
listing from 300 to 100, and to enable the Exchange to exercise
discretion to allow SPACs a reasonable time period following a business
combination to demonstrate compliance with the applicable quantitative
listing standards. The proposed rule change was published in the
Federal Register on October 18, 2018.\4\ The Commission received one
comment letter on the proposal.\5\ On November 29, 2018, the Commission
extended the time period within which to approve the proposed rule
change, disapprove the proposed rule change, or institute proceedings
to determine whether to approve or disapprove the proposed rule change,
to January 16, 2019.\6\ This order institutes proceedings under Section
19(b)(2)(B) of the Act to determine whether to approve or disapprove
the proposal.\7\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Throughout this order, we have used the term ``SPAC'' or
``SPACs.'' These terms have the same meaning as ``Acquisition
Company,'' which is the term used by the Exchange in its current
proposed rule filing.
    \4\ See Securities Exchange Act Release No. 84420 (October 12,
2018), 83 FR 52854 (October 18, 2018) (``Notice'').
    \5\ See Letter to Secretary, Commission, dated November 8, 2018,
from Jeffrey P. Mahoney, General Counsel, Council of Institutional
Investors (``CII Letter'').
    \6\ See Securities Exchange Act Release No. 84680 (November 29,
2018), 83 FR 62942 (December 6, 2018).
    \7\ 15 U.S.C. 78s(b)(2)(B).
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II. Description of the Proposal and Summary of Comment

A. Background on SPACs

    A SPAC is a special purpose company whose business plan is to raise
capital in an initial public offering (``IPO'') and, within a specific
period of time, engage in a merger or acquisition with one or more
unidentified companies. Among other things, a SPAC must keep 90% of the
gross proceeds of its IPO in an escrow account through the date of a
business combination.\8\ The SPAC must complete one or more business
combinations, having an aggregate fair market value of at least 80% of
the value of the escrow account, within 36 months of the effectiveness
of the IPO registration statement.\9\ Additionally, public shareholders
who object to a business combination have the right to convert their
common stock into a pro rata share of the funds held in escrow.\10\
Following a business combination, the combined company must meet the
Exchange's requirements for initial listing of an operating
company.\11\
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    \8\ See Section 102.06 of the Manual.
    \9\ Id.
    \10\ See Section 102.06(b) of the Manual.
    \11\ This includes the requirement to maintain a minimum of 400
round lot holders. See Sections 102.01A and 802.01B(ii) of the
Manual.
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B. Description of the Proposed Changes to SPAC Listing Standards

    The Exchange has proposed two changes to its SPAC listing
requirements. First, the Exchange has proposed to reduce the minimum
number of public stockholders required for continued listing of a SPAC,
prior to consummation of a business combination, from 300 to 100.\12\
According to the Exchange, SPACs have difficulty demonstrating
compliance with the 300 public stockholders requirement because there
is limited retail investor interest in SPACs, and those who do invest
in SPACs tend to hold their shares until a transaction is announced.
The Exchange also stated its belief that the number of stockholders is
less relevant for SPACs than for operating companies, because ``the
price of [a SPAC] is based primarily on the value of the funds it holds
in trust, and the [SPAC]'s shareholders have the right to redeem their
shares for a pro rata share of that trust in conjunction with the
Business Combination.'' For these reasons, NYSE asserted that SPACs,
historically, ``trade close to the value in the trust, even when they
have had few shareholders,'' and that these ``trading patterns suggest
that the low number of shareholders has not resulted in distorted
prices.'' \13\
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    \12\ Public stockholders exclude holders that are directors,
officers, or their immediate families and holders of other
concentrated holdings of 10% or more. See Section 802.01B(ii) of the
Manual.
    \13\ The Exchange also articulated some other arguments
including that Exchange Traded Funds are ``somewhat similar'' and do
not have as a high a continued listing shareholder requirements as
SPACs. See Notice, supra note 4.
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    Second, the Exchange has proposed to provide itself discretion to
allow SPACs a reasonable time period following a business combination
to demonstrate compliance with the applicable quantitative listing
standards for an operating company, rather than requiring SPACs to
immediately comply with such standards. These listing standards
include: (1) A price per share of at least $4.00; (2) a global market
capitalization of at least $150,000,000; (3) an aggregate market value
of publicly-held shares of at least $40,000,000; and (4) other
quantitative requirements set forth in Section 102.01A of the Manual,
including the requirement to maintain a minimum of 400 round lot
holders and 1,100,000 publicly held shares.\14\ The Exchange has
proposed to delete the language in Section 802.01B of the Manual
requiring the combined entity to meet these listing standards
``immediately upon consummation of the Business Combination.'' The
Exchange represented that the purpose of this proposed amendment is to
``allow the Exchange to exercise discretion to allow companies a
reasonable period of time following a business combination to
demonstrate compliance with the applicable quantitative listing
standards, including the shareholders requirement.'' According to the
Exchange, it can be difficult for a company, once listed, to obtain
evidence demonstrating the number of its shareholders, because many
accounts are held in street name, so companies must seek this
information from broker-dealers or their third-party agents. The
Exchange stated that the process of identifying shareholders is
especially burdensome for SPACs at the time of the business
combination, because SPAC shareholders have the right to request
redemption of their securities until immediately before consummation of
the business combination.
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    \14\ See Section 802.01B of the Manual. See also note 13, supra.
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C. Summary of Comment Letter

    The Commission received one comment letter on the proposal.\15\ The
commenter stated it could not support the current proposal as submitted
``because it does not provide sufficient information for us to make a
determination as to whether our members and the capital markets would
benefit from the proposed changes.'' The commenter referenced its prior
comments on similar proposals from the Exchange and Nasdaq, both of
which were subsequently withdrawn.\16\ The commenter noted that the
proposed reduction in the minimum number of holders from 300 to 100 is
far more modest than eliminating it outright, as was proposed in the
prior proposals, but believed that additional information would be
helpful in determining

whether the proposal would benefit investors.\17\
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    \15\ See supra note 5.
    \16\ See SR-NYSE-2017-53 (proposal to, among other things, lower
the initial holders requirement from 300 to 150 round lot holders
and to eliminate the continued holders requirement from 300 public
stockholders to zero, and to impose a 30-day deadline to demonstrate
compliance with certain initial listing requirements following a
business combination). The Exchange filed the proposal on November
16, 2017. The Exchange withdrew the proposal on June 21, 2018, after
the Commission instituted proceedings to determine whether to
approve or disapprove the proposal. See Securities Exchange Act
Release Nos. 82180 (November 30, 2017), 82 FR 57632 (December 06,
2017); 82531 (January 18, 2018), 83 FR 3371 (January 24, 2018);
82804 (March 05, 2018), 83 FR 10530 (March 09, 2018); 83355 (May 31,
2018), 83 FR 26331 (June 06, 2018); and 83570 (June 29, 2018), 83 FR
31628 (July 6, 2018). See also SR-Nasdaq-2017-087, Order Instituting
Proceedings, Securities Exchange Act Release No. 82478 (January 9,
2018), 83 FR 2278 (January 16, 2018)
    \17\ See CII Letter at 2-3.
---------------------------------------------------------------------------

IV. Proceedings To Determine Whether To Approve or Disapprove SR-NYSE-
2018-46 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act to determine whether the proposal should be
approved or disapproved.\18\ Institution of such proceedings is
appropriate at this time in view of the legal and policy issues raised
by the proposal, as discussed below. Institution of disapproval
proceedings does not indicate that the Commission has reached any
conclusions with respect to any of the issues involved.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2)(B) of the Act, the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis and input concerning the proposed rule change's consistency
with the Act \19\ and, in particular, with Section 6(b)(5) of the Act,
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 free and open
market and a national market system, and, in general, to protect
investors and the public interest.\20\
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78f(b)(5).
    \20\ Id.
---------------------------------------------------------------------------

    The Commission has consistently recognized the importance of the
minimum number of holders and other similar requirements in exchange
listing standards. For example, the Commission has repeatedly stated in
approving exchange listing requirements, including NYSE's original SPAC
listing standards, that the development and enforcement of adequate
standards governing the listing of securities on an exchange is an
activity of critical importance to financial markets and the investing
public.\21\ Among other things, such listing standards help ensure that
exchange listed securities have sufficient public float, investor base,
and trading interest to provide the depth and liquidity necessary to
promote fair and orderly markets.
---------------------------------------------------------------------------

    \21\ See, e.g., Securities Exchange Act Release Nos. 57785 (May
6, 2008), 73 FR 27597 (May 13, 2008) (stating that the distribution
standards, which includes exchange holder requirements ``. . .
should help to ensure that the [SPACs'] securities have sufficient
public float, investor base, and liquidity to promote fair and
orderly markets); 58228 (July 25, 2008), 73 FR 44794 (July 31,
2008).
---------------------------------------------------------------------------

    NYSE proposes to lower the minimum number of holders required for
continued listing of a SPAC, in the period prior to consummation of a
business combination, from 300 public holders to 100 public holders. In
support of its proposal, NYSE asserts, among other things, that SPACs
often have difficulty demonstrating compliance with the minimum number
of holders requirements because there is limited retail investor
interest in them, and that this requirement is less relevant for SPACs
because they historically trade close to the value of the funds held in
trust. The Commission, however, notes that NYSE has not provided any
supporting evidence that SPACs have more difficulty complying with the
existing minimum number of holders requirements than other listed
companies. Further, the Commission does not believe that it is clear
from NYSE's proposal how the historic SPAC trading patterns cited by
NYSE bear on the role of the minimum number of holders requirements in
maintaining fair and orderly markets, particularly since NYSE's
observation was made when the current minimum number of holder
requirements were in place.
    The Exchange also proposes to provide itself discretion to allow
SPACs a reasonable time period following a business combination to
demonstrate compliance with the applicable quantitative listing
standards for an operating company, rather than requiring SPACs to
immediately comply with such standards. While the NYSE's current
listing standards require a SPAC to have at least 300 public holders
prior to the business combination, NYSE's proposal would reduce that
requirement to as few as 100 public holders. Following consummation of
the business combination, the SPAC would be required to have at least
400 round lot holders. It is not clear from NYSE's proposal that such a
structure is workable, or how a listed SPAC would ensure it is in a
position to sufficiently increase its number of holders, even within
the ``reasonable time period'' contemplated by NYSE. Finally, the
Exchange offered no explanation as to why SPACs require additional
time, following consummation of the business combination, to meet the
all of the other applicable quantitative listing standards for
operating companies, including those relating to share price, global
market capitalization, and the market value of publicly-held shares.
    Under the Commission's Rules of Practice, the ``burden to
demonstrate that a proposed rule change is consistent with the Exchange
Act and the rules and regulations issued thereunder . . . is on the
self-regulatory organization [`SRO'] that proposed the rule change.''
\22\ The description of a proposed rule change, its purpose and
operation, its effect, and a legal analysis of its consistency with
applicable requirements must all be sufficiently detailed and specific
to support an affirmative Commission finding,\23\ and any failure of an
SRO to provide this information may result in the Commission not having
a sufficient basis to make an affirmative finding that a proposed rule
change is consistent with the Exchange Act and the applicable rules and
regulations.\24\
---------------------------------------------------------------------------

    \22\ Rule 700(b)(3), Commission Rules of Practice, 17 CFR
201.700(b)(3).
    \23\ See id.
    \24\ See id.
---------------------------------------------------------------------------

    For these reasons, the Commission believes it is appropriate to
institute proceedings pursuant to Section 19(b)(2)(B) of the Act to
determine whether the proposal should be approved or disapproved.

V. Solicitation of Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 6(b)(5) or any other provisions of the Act, or
the rules and regulations thereunder. Although there do not appear to
be any issues relevant to approval or disapproval that would be
facilitated by an oral presentation of views, data, and arguments, the
Commission will consider, pursuant to Rule 19b-4, any request for an
opportunity to make an oral presentation.\25\
---------------------------------------------------------------------------

    \25\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Congr., 1st
Sess. 30 (1975).
---------------------------------------------------------------------------

    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by February 21, 2019. Any

person who wishes to file a rebuttal to any other person's submission
must file that rebuttal by March 7, 2019. The Commission asks that
commenters address the sufficiency of the Exchange's statements in
support of the proposal which are set forth in the Notice, in addition
to any other comments they may wish to submit about the proposed rule
change. In particular, the Commission seeks comment, including where
relevant, any specific data, statistics, or studies, on the following:
    1. Would the proposal ensure that a sufficient liquid market exists
for the shares of SPACs on the Exchange? Why or why not?
    2. With a lower requirement of 100 public stockholders, would the
shares of SPACs still trade close to their redemption value as the
Exchange has stated? If yes, would that trading pattern continue after
an announcement of a business combination?
    3. With a lower requirement of 100 public stockholders, could
shares of SPACs be more prone to manipulation, either post-IPO or at
the time of the business combination announcement (but before
consummation of the business combination)?
    4. Is there additional support for the claims that SPACs trade
consistently as stated in the proposal? If so, what specific data
should be provided, reviewed, and analyzed? How many SPACs have not
been able to meet the Exchange's minimum number of public stockholders
requirement pre-business combination, and how many stockholders did
these SPACs have? How many SPACs have not been able to meet the
applicable minimum number holders and other requirements immediately
upon consummation of the business combination, and how were they
deficient? How many of these SPACs have been delisted for failing to
meet the applicable listing standards, and how long did they trade on
the Exchange prior to delisting?
    5. The Exchange asserts that obtaining evidence demonstrating the
number of shareholders after a business combination is ``especially
burdensome for [SPACs].'' The Commission notes that the process of
obtaining the number of shareholders is similar for all listed
companies. Do commenters think SPACs are particularly burdened by this
process and, if so, why?

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-NYSE-2018-46 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-NYSE-2018-46. 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-NYSE-2018-46 and should be submitted on
or before February 21, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
---------------------------------------------------------------------------

    \26\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-00499 Filed 1-30-19; 8:45 am]
BILLING CODE 8011-01-P


                Information Collection Request EPA No. 2436.01 Revisions to the Emergency and Hazardous Chemical Inventory Forms (Tier I and Tier II), Section 312 of the Emergency Planning and Community Right-to-Know Act; Proposed Rule

Note:  This ICR was referred to in the Federal Register Notice of August 8, 2011 with an incorrect ICR number of 1352.13.  This error occurs in 76 FR 48093 on page 48097, in the second column, in the second sentence under "B. Paperwork Reduction Act."  The correct ICR number is 2436.01, not 1352.13.


[Federal Register Volume 78, Number 109 (Thursday, June 6, 2013)]
[Notices]
[Pages 34136-34138]
[FR Doc No: 2013-13391]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69677; File No. SR-BX-2013-037]

Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Options Fees and Rebates

May 31, 2013.
    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 May 24, 2013, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I, II,
and III, below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to amend Chapter XV, Section 2 entitled ``BX
Options Market--Fees and Rebates'' to amend rebates and fees relating
to various options and make technical corrections to this section.
    While the changes proposed herein are effective upon filing, the
Exchange has designated these changes to be operative on June 3, 2013.
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxbx.cchwallstreet.com, at the principal
office of the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    BX proposes to amend Chapter XV, Section 2(1) to add Bank of
America Corporation (``BAC'') to the list of options overlying certain
penny pilot options (the others include IWM, QQQ and SPY, collectively
with BAC, the ``Specified Penny Pilot Options''). Additionally, the
Exchange proposes to amend certain fees and rebates for Customers and
BX Options Market Makers \3\ in the Specified Penny Pilot Options.
---------------------------------------------------------------------------

    \3\ A BX Options Market Maker must be registered as such
pursuant to Chapter VII, Section 2 of the BX Options Rules, and must
also remain in good standing pursuant to Chapter VII, Section 4.
---------------------------------------------------------------------------

    The Exchange proposes to increase the Rebate to Add Liquidity in
the Specified Penny Pilot Options for BX Options Market Makers from
$0.15 to $0.20 per executed contract. The Exchange also proposes to
decrease the Fee to Add Liquidity in the Specified Penny Pilot Options
for Customers and BX Options Market Makers from $0.18 to $0.10 per
executed contract. Finally, the Exchange proposes to decrease the
Rebate to Remove Liquidity in the Specified Penny Pilot Options for
Customers from $0.12 to $0.00 per executed contract.
    The proposed rule change will reflect the fees and rebates as
follows:

                                                Fees and Rebates
                                             [Per executed contract]
----------------------------------------------------------------------------------------------------------------
                                                                                BX Options       Non- customer
                                                                Customer        market maker           \1\
----------------------------------------------------------------------------------------------------------------
BAC, IWM, QQQ and SPY:
    Rebate to Add Liquidity...............................         \2\ $0.00         \2\ $0.20               N/A
    Fee to Add Liquidity..................................          \3\ 0.10          \3\ 0.10              0.45
    Rebate to Remove Liquidity............................              0.00               N/A               N/A
    Fee to Remove Liquidity...............................               N/A              0.45              0.45
All Other Penny Pilot Options:
    Rebate to Add Liquidity...............................          \2\ 0.00          \2\ 0.10               N/A
    Fee to Add Liquidity..................................          \3\ 0.40          \3\ 0.40              0.45
    Rebate to Remove Liquidity............................              0.32               N/A               N/A
    Fee to Remove Liquidity...............................               N/A              0.45              0.45
Non-Penny Pilot Options:
    Fee to Add Liquidity..................................     \4\ 0.25/0.85     \4\ 0.50/0.85              0.88
    Rebate to Remove Liquidity............................              0.70               N/A               N/A
    Fee to Remove Liquidity...............................               N/A              0.88              0.88
----------------------------------------------------------------------------------------------------------------

    The Exchange believes that the proposed amended fees and rebates
for the Specified Penny Pilot Options, as well as including BAC to the
list of Specified Penny Pilot Options, is competitive and will
encourage BX members to transact business on the Exchange. Despite the
reduction of the Customer Rebate to Remove Liquidity to $0.00, the
Exchange believes that the increased Rebate to Add Liquidity for BX
Options Market Makers coupled with the reduction of Fees to Add
Liquidity for both Customers and BX Options Market Makers will enable
the Exchange to remain competitive with other options exchanges by
improving liquidity and that market participants will continue to send
order flow to the Exchange.
 2. Statutory Basis
    BX believes that the proposed rule changes are consistent with the
provisions of Section 6 of the Act,\4\ in general, and with Section
6(b)(4) of the Act,\5\ in particular, in that they provide for the
equitable allocation of reasonable dues, fees and other charges among
members and issuers and other persons using any facility or system
which BX operates or controls.
---------------------------------------------------------------------------

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

    The Exchange believes that its proposal to include BAC in the list
of Specified Penny Pilot Options and subject to the fees and rebates
applicable thereto, is reasonable given the fact that certain symbols
such as the Specified Penny Pilot Options are highly liquid as compared
to other penny pilot options and pricing by symbol is not novel as
other options exchanges differentiate pricing by security today.\6\ The
Exchange believes that its proposal to assess different fees and
rebates for BAC (as is the case for the other Specified Penny Pilot
Options) as compared to all other penny pilot options is equitable and
not unfairly discriminatory as described hereafter.
---------------------------------------------------------------------------

    \6\ See NASDAQ OMX PHLX LLC's Pricing Schedule, which has
different pricing for its Select Symbols and different pricing for
other Multiply Listed Options. See also the NASDAQ Options Market
LLC at Chapter XV, Section 2(1), which distinguishes pricing for NDX
and MNX. See also the International Securities Exchange LLC's Fee
Schedule, which distinguishes pricing for Special Non-Select Penny
Pilot Symbols. See also the Chicago Board Options Exchange,
Incorporated's Fees Schedule, which distinguishes index products.
---------------------------------------------------------------------------

    The Exchange believes that for Specified Penny Pilot Options the
proposed increase of the Rebate to Add Liquidity for BX Options Market
Makers from $0.15 to $0.20 per executed contract (available only when
they are contra to a Non-Customer or BX Options Marker Maker) along
with the reduction in the Fee to Add Liquidity for both Customers and
BX Options Market Makers from $0.18 to $0.10 per executed contract
(available only when the Customer or BX Options Market Maker is contra
to a Customer) is reasonable because these fee and rebate changes will
help to attract order flow from BX Options Market Makers and Customers
to the Exchange to the benefit of all market participants through
increased liquidity.
    The Exchange believes that increasing Specified Penny Pilot Options
Rebate to Add Liquidity for BX Options Market Makers from $0.15 to
$0.20 per executed contract and offering the rebate only to BX Options
Market Makers is equitable and not unfairly discriminatory because BX
Options Market Makers have obligations to the market and regulatory
requirements,\7\ which normally do not apply to other market
participants. By continuing to incentivize BX Options Market Makers to
add liquidity, by offering an increased rebate, will result in tighter
markets and increased order interaction.
---------------------------------------------------------------------------

    \7\ Pursuant to Chapter VII (Market Participants), Section 5
(Obligations of Market Makers), in registering as a Market Maker, an
Options Participant commits himself to various obligations.
Transactions of a Market Maker in its market making capacity must
constitute a course of dealings reasonably calculated to contribute
to the maintenance of a fair and orderly market, and Market Makers
should not make bids or offers or enter into transactions that are
inconsistent with such course of dealings. Further, all Market
Makers are designated as specialists on BX for all purposes under
the Act or rules thereunder. See Chapter VII, Section 5.
---------------------------------------------------------------------------

    Specifically, with respect to the Fee to Add Liquidity, the
Exchange believes that assessing Customers and BX Options Market Makers
a lower Fee to Add Liquidity, when they are not contra to a Customer,
as compared to Non-Customers is reasonable because the Exchange seeks
to incentivize these critical market participants to add liquidity.
Increased liquidity benefits all market participants. The Exchange also
believes that the lower Fees to Add Liquidity for Customers and BX
Options Market Makers as compared to Non-Customers are equitable and
not unfairly discriminatory because Customer order flow benefits all
market participants by improving liquidity, the quality of order
interaction and executions at the Exchange. Also, BX Options Market
Makers have obligations to the market and regulatory requirements,\8\
which normally do not apply to other market participants. A BX Options
Market Maker has the obligation to make continuous markets, engage in
course of dealings reasonably calculated to contribute to the

maintenance of a fair and orderly market, and not make bids or offers
or enter into transactions that are inconsistent with course of
dealings. The proposed differentiation as between Customers and BX
Options Market Makers and Non-Customers recognizes the differing
contributions made to the liquidity and trading environment on the
Exchange by Customers and BX Options Market Makers, as well as the
differing mix of orders entered.
---------------------------------------------------------------------------

    \8\ Id.
---------------------------------------------------------------------------

    The Exchange believes that for the Specified Penny Pilot Options
the proposed reduction of the Customer Rebate to Remove Liquidity from
$0.12 to $0.00 is reasonable because Customer orders will receive
benefits in the form of increased liquidity and the $0.00 rate is the
same rate that is assessed at other options exchanges.\9\ The Exchange
believes that for the Specified Penny Pilot Options the proposed
reduction of the Customer Rebate to Remove Liquidity from $0.12 to
$0.00 is equitable and not unfairly discriminatory because Customers
would still be assessed the lowest rates with respect to Non-Customers
on BX Options.
---------------------------------------------------------------------------

    \9\ See also the NYSE AMEX's Fees Schedule, which distinguishes
index products.
---------------------------------------------------------------------------

    The Exchange operates in a highly competitive market comprised of
eleven U.S. options exchanges in which sophisticated and knowledgeable
market participants can and do send order flow to competing exchanges
if they deem fee levels at a particular exchange to be excessive. The
Exchange believes that the proposed fee and rebate scheme discussed
herein is competitive and similar to other fees and rebates in place on
other exchanges. The Exchange believes that this competitive
marketplace materially impacts the fees and rebates present on the
Exchange today and substantially influences the proposal set forth
above.

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

    BX 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. To the contrary, BX has designed its fees and
rebates to compete effectively for the execution and routing of options
contracts. The Exchange believes that the proposed amended fee/rebate
pricing structure for the Specified Penny Pilot Options, including the
addition of BAC to this list, would attract liquidity to and benefit
order interaction at the Exchange to the benefit of all market
participants.
    Additionally, since the fees and rebates are comparable to those
present at other options venues, the Exchange believes the proposals
discussed herein do not pose a burden on competition amongst Exchange
participants.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\10\ At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

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-BX-2013-037 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-BX-2013-037. 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 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-BX-2013-037 and should be
submitted on or before June 27, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-13391 Filed 6-5-13; 8:45 am]
BILLING CODE 8011-01-P