[Federal Register: April 7, 2008 (Volume 73, Number 67)]
[Notices]
[Page 18827-18828]
[DOCID:fr07ap08-103]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57589; File No. SR-Amex-2008-09]

Self-Regulatory Organizations; American Stock Exchange LLC; Order
Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto,
Relating to Options Linkage Fees

April 1, 2008.

I. Introduction

    On February 8, 2008, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change relating to fees for trades executed through the
intermarket options linkage (the ``Options Linkage''). On February 19,
2008, Amex submitted Amendment No. 1 to the proposed rule change. The
proposed rule change was published for comment in the Federal Register
on

February 28, 2008.\3\ The Commission received no comments on the
proposal. This order approves the proposed rule change, as amended.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 57373 (February 22,
2008), 73 FR 10835 (``Notice'').
---------------------------------------------------------------------------

II. Description of the Proposal

    The Exchange proposes to clarify the application of options
transaction fees for trades executed through the Options Linkage on the
Exchange. Currently, the Amex Options Fee Schedule (the ``Options Fee
Schedule'') provides that, under the Linkage Fee Pilot Program that is
effective through July 31, 2008, the fees applicable to specialists,
registered options traders, and market maker apply to members of other
options exchanges (``Non-Member Market Makers'') executing Linkage
transactions except for Satisfaction Orders. As a result, the fees for
Principal Orders (``P Orders'') and Principal Acting As Agent Orders
(``P/A Orders'') (collectively, ``Linkage Orders'') submitted through
the Options Linkage are: (i) $0.10 per contract side options
transaction fee for equity options, exchange traded fund share
(``ETF'') options, QQQQ options and trust issued receipt options; (ii)
$0.21 per contract side options transaction fee for index options
(including MNX and NDX options); (iii) $0.05 per contract side options
comparison fee; (iv) $0.05 per contract side options floor brokerage
fee; and (v) an options licensing fee for certain ETF and index option
products ranging from $0.15 per contract side to $0.05 per contract
side depending on the particular ETF or index option.\4\
---------------------------------------------------------------------------

    \4\ See Options Fee Schedule section of the Amex Price List
available at http://www.amex.com. See also Securities Exchange Act
Release No. 56102 (July 19, 2007), 72 FR 40908 (July 25, 2007) (SR-
Amex-2007-64).
---------------------------------------------------------------------------

    The Options Fee Schedule also provides that broker-dealer orders
that are automatically executed on the Exchange are subject to Broker-
Dealer Auto-Ex Fees (``BD Auto-Ex Fee'') that include: (i) $0.50 per
contract side options transaction fee for equity options, ETF options,
QQQQ options and trust issued receipt options; (ii) $0.05 per contract
side options comparison fee; and (iii) $0.05 per contract side options
floor brokerage fee.\5\ Broker-dealer orders that are subject to the BD
Auto-Ex Fee include specialist orders, registered options trader
orders, Non-Member Market Maker orders, and orders for the account of
registered broker-dealers. The Exchange charges this fee to member
firms through customary monthly billing. The BD Auto-Ex Fee was
implemented prior to the introduction and roll-out of the Options
Linkage which commenced on January 31, 2003 in two phases. The entire
roll-out of the Options Linkage was completed by July 2003.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 47216 (January 17,
2003), 68 FR 5059 (January 31, 2003) (SR-Amex-2002-114).
---------------------------------------------------------------------------

    The Exchange in this proposal seeks to clarify the Options Fee
Schedule to make clear that automatically executed Linkage Orders will
be charged the BD Auto Ex Fee that includes: (i) $0.50 per contract
side options transaction fee; (ii) $0.05 per contract side options
comparison fee; and (iii) $0.05 per contract side options floor
brokerage fee. Accordingly, the total transaction fee for such orders
would be $0.60 per contract side. In contrast to the initial period of
time when the Options Linkage was introduced, most Linkage Orders on
the Exchange are automatically executed via the ANTE platform. In the
Notice, the Exchange acknowledged that the current Options Fee Schedule
does not clearly reflect the fact that for automatically executed
Linkage Orders, the BD Auto-Ex Fee would apply.

III. Discussion and Commission Findings

    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.\6\ In
particular, the Commission finds that the proposal is consistent with
Section 6(b)(4) of the Act,\7\ which requires that an exchange have
rules that provide for the equitable allocation of reasonable dues,
fees, and other charges among its members and other persons using its
facilities.
---------------------------------------------------------------------------

    \6\ In approving this proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    Under the current Options Fee Schedule, only non-Linkage Orders on
the behalf of broker-dealers automatically executed orders in ANTE are
subject to the BD Auto-Ex Fee; Linkage Orders that are automatically
executed orders in ANTE are not subject to the BD Auto-Ex Fee. The
Exchange proposed to clarify that all automatically executed orders in
ANTE, whether Linkage Orders or non-Linkage Orders on the behalf of
broker-dealers, are subject to the BD Auto-Ex Fee set forth in the
Options Fee Schedule. Accordingly, the Commission believes that the
Exchange's proposed Options Fee Schedule clearly sets forth the fees
imposed on Linkage Orders.
    The Commission notes that the Exchange acknowledges that prior
versions of its Options Fee Schedule did not represent that the $.60
per side BD Auto-Ex Fee was applied to electronically executed Linkage
Orders. Because the Exchange may have assessed the BD Auto-Ex Fee on
Linkage Orders prior to this approval and, therefore, without
authority, any parties assessed the BD Auto-Ex Fee for Linkage Orders
prior to the approval of this proposed rule change may seek
reimbursement. In addition, the Commission notes that the Options
Linkage fees are assessed pursuant to a pilot scheduled to end on July
31, 2008 and that the Commission is continuing to evaluate whether such
fees are appropriate.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\8\ that the proposed rule change (SR-Amex-2008-09) is hereby
approved.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-7121 Filed 4-4-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 166 (Friday, August 26, 2016)]
[Notices]
[Pages 59034-59036]
[FR Doc No: 2016-20493]

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

DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

Amended Pre-Trip Safety Information for Motorcoach Passengers

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

ACTION: Notice.

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

SUMMARY: The FMCSA amends its pre-trip safety guidance recommending
that the motorcoach industry encourage passengers to use lap/shoulder
seat belts. This amended guidance is provided in response to National
Transportation Safety Board (NTSB) recommendations and the National
Highway Transportation Safety Administration's (NHTSA) Final Rule
published on November 25, 2013 [78 FR

70416] titled, ``Federal Motor Vehicle Safety Standards; Occupant Crash
Protection.''

FOR FURTHER INFORMATION CONTACT: Mr. Gregory Nahmens, Commercial
Passenger Carrier Safety Division (MC-ECP<EMAIL_ADDRESS>202-
366-5054. Office hours are from 8:00 a.m. to 5:00 p.m., E.T., Monday
through Friday, except Federal holidays.

SUPPLEMENTARY INFORMATION:

Background

    On February 26, 1999, the NTSB issued recommendations H-99-7 and H-
99-8 to the Secretary of Transportation concerning safety briefing
materials for motorcoach operators, and pre-trip safety information for
passengers. The recommendations provided as follows:

    H-99-7 Provide guidance on the minimum information to be
included in safety briefing materials for motorcoach operators.
    H-99-8 Require motorcoach operators to provide passengers with
pre-trip safety information.

    The recommendations resulted from NTSB's special investigation
report, ``Selective Motorcoach Issues,'' which included two motorcoach
crashes from the late 1990s where passengers felt a general sense of
panic and did not know what to do on a motorcoach during the emergency.
The NTSB concluded that emergency instructions can be crucial to a safe
and expedient evacuation in the event of a motorcoach crash or
emergency.
    In the spring of 2003, FMCSA formed a stakeholder working group to
develop guidance in response to the NTSB recommendations. The working
group met on September 16, 2003. Because of the operational variances
in the industry, making it inappropriate to apply one basic regulatory
approach universally, FMCSA decided to allow motorcoach companies the
flexibility to conduct pre-trip safety briefings that are tailored to
each individual company's overall safety and operational procedures.
FMCSA concluded, based upon the diverse operational types of motorcoach
carriers, that it would be best to initially encourage the motorcoach
industry to take voluntary action to improve pre-trip safety awareness
for passengers.
    A notice and request for comments was published in the Federal
Register on August 28, 2006, [71 FR 50971] which proposed the voluntary
adoption of pre-trip safety briefings by the motorcoach industry, with
flexible implementation in consideration of the diverse operational
types and styles.
    On September 13, 2007, the FMCSA published a final notice in the
Federal Register [72 FR 52424] announcing the Agency's ``Basic Plan for
Motorcoach Passenger Safety Awareness,'' and ranking the recommended
safety topics in order of importance with a list of examples of the
various methods for presenting the safety information.
    To assist the motorcoach industry with implementation of passenger
safety-awareness programs, FMCSA developed materials including two
sample pamphlets, a pre-trip informational poster, and an audio pre-
trip safety briefing which was translated into six foreign languages
and recorded. These informational tools were mailed to all registered
motorcoach companies, distributed at industry seminars and conferences,
and placed on FMCSA's Web site to encourage free downloading, adoption,
and use.
    More recently, NHTSA published a Final Rule on November 25, 2013,
[78 FR 70416] titled, ``Federal Motor Vehicle Safety Standards;
Occupant Crash Protection,'' which amended Federal Motor Vehicle Safety
Standards (FMVSS) numbers 208 and 210 to require lap/shoulder seat
belts for each passenger seating position in all new over-the-road
buses, and in new buses other than over-the-road buses with a gross
vehicle weight rating greater than 26,000 pounds, with certain
exclusions. Prior to this, seat belts were only required to be
installed for the driver.
    On August 4, 2015, in response to a multiple-fatality crash in
Orland, California, the previous year involving a motorcoach and
subsequent fire, NTSB issued new recommendations to FMCSA concerning
safety briefing materials for motorcoach operators, and pre-trip safety
information for passengers. The recommendations are provided below.

    H-15-14 Require all passenger motor carrier operators to (1)
provide passengers with pre-trip safety information that includes,
at a minimum, a demonstration of the location of all exits, explains
how to operate the exits in an emergency, and emphasizes the
importance of wearing seat belts, if available; and (2) also place
printed instructions in readily accessible locations for each
passenger to help reinforce exit operation and seat belt usage.
    H-15-15 Update your Web site guidance to include information on
the mandated three-point restraints effective November 2016 for all
new over-the-road buses and for other than over-the-road buses with
a gross vehicle weight rating greater than 11,793 kilograms (26,000
pounds).

    With this notice, FMCSA is adding the use of seat belts to the
previously issued pre-trip safety information for passenger carriers.
In an effort to assist motorcoach companies with implementing this
amended safety-awareness program for passengers, FMCSA has developed
sample safety information, which it makes available to motorcoach
carriers and passengers through presentations, during industry and
public safety events and through the FMCSA public Web site at https://www.fmcsa.dot.gov/safety/passenger-safety/pre-trip-safety-information-bus-passengers. An electronic version of the safety briefing
information is available in both English and other languages. Content
is also available on the Agency's Web site which can be downloaded and
printed for the convenience and use of the industry and public. These
materials are available at no charge and can be used by motorcoach
companies whether they choose to distribute safety information to
passengers during boarding or elect to place safety briefing
information in the pouches or sleeves of the seatbacks.

Amended Basic Plan for Motorcoach Passenger Safety Awareness

    FMCSA announces the following revisions to the Basic Plan; they are
listed in order of importance.

Amended Basic Plan for Motorcoach Passenger Safety Awareness

Recommended Safety Topics To Be Covered
    1. Emergency exits--Point out the location of all emergency exits
(push-out windows, roof vent, and side door) and explain how to operate
them. Emphasize that, whenever feasible, the motorcoach door should be
the primary exit choice. Encourage able-bodied passengers to assist any
injured or mobility-impaired passengers during an emergency evacuation.
Provide passengers with sufficient guidance to ensure compliance with
49 CFR 392.62, ``Safe operation, buses.''
    2. Seat Belt Use--If equipped, recommend the use of shoulder/lap
seat belts whenever passengers occupy any seating position.
    3. Emergency Contact--Advise passengers to call 911 by cellular
telephone in the event of an emergency.
    4. Driver Direction--Advise passengers to look to the driver for
direction and follow his/her instructions.
    5. Fire Extinguisher--Point out the location of the fire
extinguisher.
    6. Restroom Emergency Push Button or Switch--Inform motorcoach
passengers of the emergency signal device in the restroom.
    7. Avoiding Slips and Falls--Warn passengers to exercise care when

boarding and exiting the motorcoach and to use the handrail when
ascending or descending steps. Encourage passengers to remain seated as
much as possible while the motorcoach is in motion. If it is necessary
to walk while the motorcoach is moving, passengers should always use
handrails and supports.
Methods of Presenting the Amended Safety Information
    The following presentation methods are examples of how to present
safety information to motorcoach passengers. The list below should not
be construed to restrict combinations of the following methods or
additional presentation methods.
    1. During passenger boarding--Informational pamphlets or printed
materials could be distributed to motorcoach passengers during
boarding.
    2. After passenger boarding and immediately prior to moving the
motorcoach--
    a. The driver requests the passengers to review informational
pamphlets/printed materials located in the seat back pocket.
    b. The driver provides an oral presentation (similar to the
presentations by airline flight attendants prior to take-off) with or
without informational pamphlets/printed materials as visual aids.
    c. An automated presentation over the motorcoach audio system.
    d. An automated presentation over the motorcoach video system.
Timing and Frequency of the Presentation
    Demand-responsive motorcoach operations, such as charters and tour
services, should present the safety information to motorcoach
passengers after boarding and prior to movement of the motorcoach.
    Fixed route motorcoach service operations should present the safety
information at all major stops or terminals, after any new passengers
have boarded and prior to movement of the motorcoach.

    Issued on: August 18, 2016.
T.F. Scott, Darling, III,
Administrator.
[FR Doc. 2016-20493 Filed 8-25-16; 8:45 am]
 BILLING CODE 4910-EX-P