[Federal Register Volume 84, Number 228 (Tuesday, November 26, 2019)]
[Notices]
[Pages 65202-65204]
[FR Doc No: 2019-25587]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87577; File No. SR-OCC-2019-008]

Self-Regulatory Organizations; the Options Clearing Corporation;
Order Approving Proposed Rule Change To Establish a Regulatory
Committee of the Options Clearing Corporation's Board of Directors

November 20, 2019.

I. Introduction

    On September 25, 2019, the Options Clearing Corporation (``OCC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-OCC-2019-008 (``Proposed Rule Change'')
pursuant to Section 19(b) of the Securities Exchange Act of 1934
(``Exchange Act'') \1\ and Rule 19b-4 \2\ thereunder to establish a new
committee under OCC's Board of Directors.\3\ The Proposed Rule Change
was published for public comment in the Federal Register on October 9,
2019.\4\ The Commission has received no comments regarding 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 Notice of Filing infra note 4, at 84 FR 54240.
    \4\ Securities Exchange Act Release No. 87207 (Oct. 3, 2019), 84
FR 54239 (Oct. 9, 2019) (SR-OCC-2019-008) (``Notice of Filing'').
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II. Background

    OCC proposes to establish the OCC Regulatory Committee
(``Committee'') and adopt the OCC Regulatory Committee Charter
(``Committee Charter''). The Committee would be composed solely of
members of OCC's Board of Directors (``Board''). To facilitate the
establishment of the Committee, OCC also proposes to amend Article III,
Section 4 of the OCC By-Laws (``By-Laws'') and the OCC Board of
Directors Charter and Corporate Governance Principles (``Board
Charter'').
    Specifically, OCC proposes to amend the Board Charter and Article
III, Section 4 of OCC's By-Laws to list the Committee alongside the
other OCC Board committees. OCC also proposes to amend its By-Laws
consistent with the Committee Charter regarding the delegation of
authority from the Board to the Committee as well as the composition of
the Committee. The Committee Charter would further define the scope of
the Committee's authority. For example, the Committee Charter would
authorize the Committee to access OCC's books, records, facilities and
personnel and to hire specialists or rely upon other outside advisors.
    Consistent with the charters of OCC's other Board-level
committees,\5\ the Committee Charter would define the purpose and
functions of the Committee and would set out requirements related to
the composition and meetings of the Committee, which would, in part,
relate to the governance arrangements supporting OCC's compliance with
its regulatory obligations. For example, in defining the Committee's
purpose, the Committee Charter would state that the Board established
the Committee to assist in overseeing OCC's efforts to demonstrate
compliance with its regulatory obligations. The functions and
responsibilities with which the Committee would be charged under the
Committee Charter would include (1) overseeing OCC management's action
plans to achieve compliance with any proposed new regulation; (2)
meeting with regulators to discuss OCC's efforts to enhance its
regulatory compliance posture; (3) reviewing annual regulatory
compliance reports provided by OCC management; and (4) reviewing
documents related to examinations conducted by OCC's regulators (e.g.,
examination report letters provided by regulators, responses to such
letters from OCC). Regarding the composition and meetings of the
Committee, the Committee would be composed of all OCC Public Directors,
and the Committee would be obligated to meet at least quarterly and to
maintain minutes of all Committee meetings.\6\
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    \5\ See Securities Exchange Act Release 84473 (Oct. 23, 2019),
83 FR 54385 (Oct. 29, 2018) (SR-OCC-2018-012).
    \6\ The Committee Charter would permit the Committee's Chair to
determine whether to record minutes of any executive session called
by the Committee.
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    The proposed Committee Charter would also clearly describe direct
lines of responsibility between the Committee and, as appropriate,
either the Board or members of OCC's management team. For example, the
Committee Charter would require that the Committee make such reports to
the Board as deemed necessary or advisable. The Committee Charter would
also require that OCC's Chief Compliance Officer (``CCO''), or one of
his or her deputies if the CCO is unavailable, attend meetings of the
Committee. Additionally, the Committee Charter would require the
Committee to review its charter at least once every twelve months and
submit the Committee Charter to the Board for approval.

III. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Exchange Act directs the Commission to
approve a proposed rule change of a self-regulatory organization if it
finds that such proposed rule change is consistent with the
requirements of the Exchange Act and the rules and regulations
thereunder applicable to such organization.\7\ After carefully
considering the Proposed Rule Change, the Commission finds that the
proposal is consistent with the requirements of the Exchange Act and
the rules and regulations thereunder applicable to OCC. More
specifically, the Commission finds that the proposal is consistent

with Section 17A(b)(3)(F) of the Exchange Act \8\ and Rule 17Ad-
22(e)(2) thereunder.\9\
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    \7\ 15 U.S.C. 78s(b)(2)(C).
    \8\ 15 U.S.C. 78q-1(b)(3)(F).
    \9\ 17 CFR 240.17Ad-22(e)(2).
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A. Consistency With Section 17A(b)(3)(F) of the Exchange Act

    Section 17A(b)(3)(F) of the Exchange Act requires, among other
things, that the rules of a clearing agency be designed to, in general,
protect investors and the public interest.\10\ Based on its review of
the record, the Commission believes that the proposed changes are
designed to, in general, protect investors and the public interest for
the reasons set forth below.
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    \10\ 15 U.S.C. 78q-1(b)(3)(F).
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    The Committee, as described in the Proposed Rule Change, would be
established to assist the Board in overseeing OCC's efforts to
demonstrate compliance with its regulatory obligations. The Committee's
responsibilities would include meeting with regulators as well as
reviewing compliance reports and materials related to examinations
conducted by OCC's regulators. Moreover, the Committee Charter and By-
Laws would require that the Committee be composed of OCC's Public
Directors. The Commission believes that establishing a Board-level
committee for the purpose of overseeing OCC's efforts to demonstrate
compliance with its regulatory obligations would help ensure that such
efforts are being reviewed and overseen at appropriately senior levels
within the organization, which in turn should enhance OCC's efforts to
demonstrate compliance with its regulatory obligations.
    Further, the proposed Committee Charter would clearly define the
authority and function of the Committee. For example, the Committee
Charter would provide the Committee with authority to (1) act on the
behalf of the Board; (2) access OCC's books, records, facilitates and
personnel; and (3) hire specialists or rely upon outside advisors. The
authority described in the proposed Committee Charter would be
consistent with the authority granted to OCC's other Board-level
committees.\11\ The Committee Charter would also clearly describe the
Committee's obligations regarding meeting frequency, minutes, and
reporting. Further, the Committee would be obligated to review the
Committee Charter at least once every twelve months. Formally defining
the Committee's characteristics in this manner--consistent with the
characteristics of OCC's other Board-level committees--should help
ensure that the Committee is imbued with and sustains a level of
attention and stature consistent with that of OCC's other Board-level
committees, which in turn should enhance the Committee's ability to
achieve its stated mission of supporting OCC's efforts to demonstrate
compliance with its regulatory obligations.
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    \11\ See Securities Exchange Act Release 84473 (Oct. 23, 2019),
83 FR 54385 (Oct. 29, 2018) (SR-OCC-2018-012).
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    The Commission believes generally that a clearing agency's
compliance the applicable securities laws protects investors and the
public interest. As discussed above, the Commission believes that the
Proposed Rule Change is designed to ensure that the Committee's work
will be reviewed, supervised, and supported at the Board level, which
in turn should enhance the Committee's ability to achieve its stated
goal of supporting OCC's efforts to demonstrate compliance with its
regulatory obligations. The Commission believes, therefore, that OCC's
proposal to establish a Board-level Regulatory Committee is consistent
with, in general, protecting investors and the public interest
consistent with the requirements of Section 17A(b)(3)(F) of the
Exchange Act.\12\
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    \12\ 15 U.S.C. 78q-1(b)(3)(F).
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B. Consistency With Rule 17Ad-22(e)(2) Under the Exchange Act

    Rule 17Ad-22(e)(2) under the Exchange Act requires that a covered
clearing agency establish, implement, maintain, and enforce written
policies and procedures reasonably designed to provide for governance
arrangements that address certain criteria.\13\ Rules 17Ad-22(e)(2)(i)
and (v) under the Exchange Act require that such governance
arrangements are clear and transparent and specify clear and direct
lines of responsibility.\14\ Further, the Commission has expressed the
belief that policies and procedures specifying clear and direct lines
of responsibility should generally entail documenting the
responsibilities of the board of directors and senior management.\15\
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    \13\ 17 CFR 240.17Ad-22(e)(2).
    \14\ 17 CFR 240.17Ad-22(e)(2)(i) and 17 CFR 240.17Ad-
22(e)(2)(v).
    \15\ See Securities Exchange Act Release No. 78961 (Sep. 28,
2016), 81 FR 70786, 70804 (Oct. 13, 2016) (S7-03-14) (``Covered
Clearing Agency Standards'').
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    As described above, OCC proposes amend its By-Laws and Board
Charter to list the Committee among OCC's other Board-level committees
and to specify the required composition of the Committee. Additionally,
the Committee Charter would clearly define the authority and function
of the Committee. For example, the Committee Charter would provide the
Committee with authority to (1) act on the behalf of the Board; (2)
access OCC's books, records, facilitates and personnel; and (3) hire
specialists or rely upon outside advisors. The Committee Charter would
also obligate OCC's CCO, or one of his or her deputies if the CCO is
unavailable, to attend meetings of the Committee. Moreover, the
Committee Charter would obligate the Committee to review its charter at
least once every twelve months and submit the Committee Charter to the
Board for approval. The Commission believes, therefore, that the
changes to OCC's By-Laws and Board Charter as well as the
organizational aspects of the proposed Committee Charter are consistent
with Exchange Act Rule 17Ad-22(e)(2)(i) and (v).\16\
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    \16\ 17 CFR 240.17Ad-22(e)(2)(i) and 17 CFR 240.17Ad-
22(e)(2)(v).
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    Rule 17Ad-22(e)(2)(iii) under the Exchange Act requires, in part,
that the governance arrangements required by Rule 17Ad-22(e)(2) support
the public interest requirements in Section 17A of the Exchange Act
applicable to clearing agencies.\17\
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    \17\ 17 CFR 240.17Ad-22(e)(2)(iii).
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    As described above, certain aspects of the Committee Charter relate
to the governance of OCC's compliance with its regulatory obligations.
For example, the Committee Charter would state that the Committee was
established to assist the Board in overseeing OCC's efforts to
demonstrate compliance with its regulatory obligations. The Committee's
functions and responsibilities, as specified in the Committee Charter,
would include meeting with regulators to discuss OCC's efforts to
enhance it compliance posture and reviewing reports related to OCC's
compliance posture (e.g., annual regulatory compliance reports provided
by OCC management, final exam report letters from OCC's regulators, and
OCC's response to regulatory examination letters). As discussed above,
the Commission believes OCC's proposal to establish a Board-level
Regulatory Committee is consistent with, in general, protecting
investors and the public interest consistent with the requirements of
Section 17A(b)(3)(F) of the Exchange Act.\18\ The Commission believes,
therefore, that the establishment of the Committee through a detailed
charter document is consistent with Exchange Act Rule 17Ad-
22(e)(2)(iii).\19\
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    \18\ 15 U.S.C. 78q-1(b)(3)(F).
    \19\ 17 CFR 240.17Ad-22(e)(2)(iii).

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IV. Conclusion

    On the basis of the foregoing, the Commission finds that the
Proposed Rule Change is consistent with the requirements of the
Exchange Act, and in particular, the requirements of Section 17A of the
Exchange Act \20\ and the rules and regulations thereunder.
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    \20\ In approving this Proposed Rule Change, the Commission has
considered the proposed rules' impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the
Exchange Act,\21\ that the Proposed Rule Change (SR-OCC-2019-008) be,
and hereby is, approved.
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    \21\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-25587 Filed 11-25-19; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 32 (Thursday, February 18, 2016)]
[Notices]
[Page 8190]
[FR Doc No: 2016-03311]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP15-527-000]

Transcontinental Gas Pipe Line Company, LLC; Notice of Schedule
for Environmental Review of the New York Bay Expansion Project

    On July 8, 2015, Transcontinental Gas Pipe Line Company, LLC
(Transco) filed an application in Docket No. CP15-527-000 requesting a
Certificate of Public Convenience and Necessity pursuant to Section
7(c) of the Natural Gas Act to construct and operate certain natural
gas pipeline facilities. The proposed project is known as the New York
Bay Expansion Project (Project), and would modify existing facilities
and replace existing pipeline to provide an additional 115,000
dekatherms per day of firm transportation service to National Grid New
York to meet 2017-2018 winter heating season needs.
    On July 21, 2015, the Federal Energy Regulatory Commission
(Commission or FERC) issued its Notice of Application for the Project.
Among other things, that notice alerted agencies issuing federal
authorizations of the requirement to complete all necessary reviews and
to reach a final decision on a request for a federal authorization
within 90 days of the date of issuance of the Commission staff's
Environmental Assessment (EA) for the Project. This instant notice
identifies the FERC staff's planned schedule for the completion of the
EA for the Project.

                    Schedule for Environmental Review
------------------------------------------------------------------------

------------------------------------------------------------------------
Issuance of EA.........................  April 4, 2016.
90-day Federal Authorization Decision    July 3, 2016.
 Deadline.
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    If a schedule change becomes necessary, additional notice will be
provided so that the relevant agencies are kept informed of the
Project's progress.

Project Description

    The Project would involve the following activities at existing
aboveground facilities in the specified towns and municipalities:
     Uprate Compressor Station 200 from 30,860 horsepower (hp)
to 33,000 hp (East Whiteland Township, Chester, Pennsylvania);
     uprate a unit of Compressor Station 303 from 25,000 hp to
27,500 hp (Roseland Borough, Essex, New Jersey);
     add 11,000 hp of electric-driven compression to Compressor
Station 207 (Old Bridge Township, Middlesex, New Jersey); and
     install various appurtenances and modifications at three
meter and regulation stations in East Brandywine Township (Chester,
Pennsylvania), Sayreville Borough (Middlesex, New Jersey), and Staten
Island Borough (Richmond, New York).
    In addition, Transco proposes to replace three segments of its 42-
inch-diameter Lower New York Bay Lateral pipeline, totaling 0.25 mile,
and uprate the lateral pipeline's operating pressure from 960 to 1000
pounds per square inch in Middlesex County, New Jersey.

Background

    On October 8, 2015, the Commission issued a Notice of Intent to
Prepare an Environmental Assessment for the Proposed New York Bay
Expansion Project and Request for Comments on Environmental Issues
(NOI). The NOI was sent to affected landowners; federal, state, and
local government agencies; elected officials; environmental and public
interest groups; Native American tribes; other interested parties; and
local libraries and newspapers. In response to the NOI, the Commission
received comments from the New Jersey Department of Environmental
Protection, the New Jersey State Historic Preservation Office, the
Pennsylvania Department of Environmental Protection, and two citizens.
The primary issues raised by the commentors are general comments for
natural gas transmission projects in each state, specific questions for
Transco regarding the operation of the facilities, and concerns about
possible system alternatives.

Additional Information

    In order to receive notification of the issuance of the EA and to
keep track of all formal issuances and submittals in specific dockets,
the Commission offers a free service called eSubscription. This can
reduce the amount of time you spend researching proceedings by
automatically providing you with notification of these filings,
document summaries, and direct links to the documents. Go to
www.ferc.gov/docs-filing/esubscription.asp.
    Additional information about the Project is available from the
Commission's Office of External Affairs at (866) 208-FERC or on the
FERC Web site (www.ferc.gov). Using the ``eLibrary'' link, select
``General Search'' from the eLibrary menu, enter the selected date
range and ``Docket Number'' excluding the last three digits (i.e.,
CP15-527), and follow the instructions. For assistance with access to
eLibrary, the helpline can be reached at<PHONE_NUMBER>, TTY (202) 502-
8659, or at<EMAIL_ADDRESS>The eLibrary link on the FERC
Web site also provides access to the texts of formal documents issued
by the Commission, such as orders, notices, and rule makings.

    Dated: February 10, 2016.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-03311 Filed 2-17-16; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register: August 18, 2010 (Volume 75, Number 159)]
[Notices]
[Page 51035-51036]
[DOCID:fr18au10-85]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP10-478-000]

Colorado Interstate Gas Company; Notice of Request Under Blanket
Authorization

August 12, 2010.
    Take notice that on August 3, 2010, Colorado Interstate Gas Company
(CIG), Post Office Box 1087, Colorado Springs, Colorado 80944, filed in
Docket No. CP10-478-000, a prior notice request pursuant to sections
157.205 and 157.216 of the Federal Energy Regulatory Commission's
(Commission) Regulations under the Natural Gas Act for authorization to
abandon, by removal, the previously abandoned above-ground facilities
at the Fourway Compressor Station, located in Moore County, Texas, all
as more fully set forth in the application, which is on file with the
Commission and open to public inspection. The filing may also be viewed
on the Web at http://www.ferc.gov using the ``eLibrary'' link. Enter
the docket number excluding the last three digits in the docket number
field to access the document. For assistance, contact FERC at
<EMAIL_ADDRESS>or call toll-free,<PHONE_NUMBER> or TTY,
(202) 502-8659.
    Specifically, CIG proposes to abandon, by removal, all of the
aboveground facilities including the following facilities: Five
abandoned-in-place 1,320 Horsepower compressor units, office, shop,
warehouse, auxiliary building, compressor building, foundations and
basements, as well as other facilities. CIG proposes to remove all
above-ground facilities with the exception of two functioning pigging
facilities, which service the existing and operating Line No. 3A
(Fourway to Kit Carson Line) and Line No. 193A (Plum Creek Lateral).
CIG declares that the proposed removal activities will take place
entirely within the station yard. CIG estimates the cost to complete
the removal of the Fourway Compressor Station to be approximately $3.8
million. CIG avers that subsequent to the abandonment in place, the
Fourway facilities have been vandalized. To deter future vandalism, CIG
believes that it is prudent to remove the aboveground facilities at the
station.
    Any questions regarding the application should be directed to Susan
C. Stires, Director, Regulatory Affairs Department, Post Office Box
1087, Colorado Interstate Gas Company,

Colorado Springs, Colorado 80944, at<PHONE_NUMBER>.
    Any person may, within 60 days after the issuance of the instant
notice by the Commission, file pursuant to Rule 214 of the Commission's
Procedural Rules (18 CFR 385.214) a motion to intervene or notice of
intervention. Any person filing to intervene or the Commission's staff
may, pursuant to section 157.205 of the Commission's Regulations under
the Natural Gas Act (NGA) (18 CFR 157.205) file a protest to the
request. If no protest is filed within the time allowed therefore, the
proposed activity shall be deemed to be authorized effective the day
after the time allowed for protest. If a protest is filed and not
withdrawn within 30 days after the time allowed for filing a protest,
the instant request shall be treated as an application for
authorization pursuant to section 7 of the NGA.
    The Commission strongly encourages electronic filings of comments,
protests, and interventions via the Internet in lieu of paper. See 18
CFR 385.2001(a)(1)(iii) and the instructions on the Commission's Web
site (http://www.ferc.gov) under the ``e-Filing'' link.

Kimberly D. Bose,
Secretary.
[FR Doc. 2010-20454 Filed 8-17-10; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 1 (Tuesday, January 3, 2012)]
[Notices]
[Pages 144-145]
[FR Doc No: 2011-33776]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold a Closed Meeting on Thursday, January
5, 2012 at 2 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matter also may be
present.
    The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the
scheduled matters at the Closed Meeting.

    Commissioner Walter, as duty officer, voted to consider the items
listed for the Closed Meeting in closed session.
    The subject matters of the Closed Meeting scheduled for Thursday,
January 5, 2012 will be:

    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings;
    Other matters relating to enforcement proceedings; and
    Adjudicatory matters.

    At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact:
    The Office of the Secretary at<PHONE_NUMBER>.

    Dated: December 29, 2011.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-33776 Filed 12-29-11; 4:15 pm]
BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 196 (Thursday, October 14, 2021)]
[Notices]
[Page 57196]
[FR Doc No: 2021-22338]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-3568-EM; Docket ID FEMA-2021-0001]

Louisiana; Emergency and Related Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This is a notice of the Presidential declaration of an
emergency for the State of Louisiana (FEMA-3568-EM), dated August 27,
2021, and related determinations.

DATES: The declaration was issued August 27, 2021.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated August 27, 2021, the President issued an emergency declaration
under the authority of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act, 42 U.S.C. 5121-5207 (the Stafford Act), as
follows:

    I have determined that the emergency conditions in certain areas
of the State of Louisiana resulting from Tropical Storm Ida
beginning on August 26, 2021, and continuing, are of sufficient
severity and magnitude to warrant an emergency declaration under the
Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42
U.S.C. 5121 et seq. (``the Stafford Act''). Therefore, I declare
that such an emergency exists in the State of Louisiana.
    You are authorized to provide appropriate assistance for
required emergency measures, authorized under Title V of the
Stafford Act, to save lives and to protect property and public
health and safety, and to lessen or avert the threat of a
catastrophe in the designated areas. Specifically, you are
authorized to provide assistance for emergency protective measures
(Category B), including direct Federal assistance under the Public
Assistance program.
    Consistent with the requirement that Federal assistance be
supplemental, any Federal funds provided under the Stafford Act for
Public Assistance will be limited to 75 percent of the total
eligible costs. In order to provide Federal assistance, you are
hereby authorized to allocate from funds available for these
purposes such amounts as you find necessary for Federal emergency
assistance and administrative expenses.
    Further, you are authorized to make changes to this declaration
for the approved assistance to the extent allowable under the
Stafford Act.

    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Administrator, Department
of Homeland Security, under Executive Order 12148, as amended, John E.
Long, of FEMA is appointed to act as the Federal Coordinating Officer
for this declared emergency.
    The following areas of the State of Louisiana have been designated
as adversely affected by this declared emergency:

    All 64 parishes in the State of Louisiana for emergency
protective measures (Category B), including direct Federal
assistance, under the Public Assistance program.

    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

Deanne Criswell,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2021-22338 Filed 10-13-21; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 86, Number 47 (Friday, March 12, 2021)]
[Notices]
[Pages 14166-14169]
[FR Doc No: 2021-05131]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91275; File No. SR-CBOE-2021-013]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend Rule 5.52(d) in Connection
With a Market-Maker's Electronic Volume Transacted on the Exchange

 March 8, 2021.
    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 February 22, 2021, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend Rule 5.52(d) in connection with a Market-Maker's electronic
volume transacted on the Exchange. The text of the proposed rule change
is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, 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
    The Exchange proposes to amend Rule 5.52(d) in connection with a
Market-Maker's electronic volume transacted on the Exchange. Rule
5.52(d)(1) provides that if a Market-Maker never trades more than 20%
of the Market-Maker's contract volume electronically in an appointed
class during any calendar quarter (``Electronic Volume Threshold''),\3\
a Market-Maker will not be obligated to quote electronically in any
designated percentage of series within that class pursuant to
subparagraph (d)(2) (which governs the continuous electronic quoting
requirements for Market-Makers in their appointed classes). That is,
once a Market-Maker surpasses the Electronic Volume Threshold in an
appointed class, the Market-Maker is required to provide continuous
electronic quotes in that appointed classes going forward. Neither Rule
5.52(d)(1) nor (d)(2) permit a Market-Maker to reduce its electronic
volume after surpassing the Electronic Volume Threshold in order to
reset the electronic volume trigger or otherwise undo the resulting
obligation to stream electronic quotes once the Electronic Volume
Threshold is triggered in an appointed class.
---------------------------------------------------------------------------

    \3\ The proposed rule change provides additional clarity within
Rule 5.52(d)(1) by defining this threshold and adding the defined
term throughout Rule 5.52(d)(1).
---------------------------------------------------------------------------

    Market-Makers accustomed to executing volume on the trading floor
have sophisticated and complicated risk modeling associated with their
floor trading activity, including quoting, monitoring, and responding
to the trading crowd. However, the Exchange understands that while such
Market-Makers do have separate systems or third-party platforms for
quoting, monitoring and responding to electronic markets, because these
Market-Makers are almost exclusively floor-based, their technology or
other platforms enabling them to quote electronically do not achieve
the level of sophistication or complexity as the systems used by
Market-Makers accustomed to quoting electronically. Indeed, to satisfy
the continuous electronic quoting requirements, a Market-Maker must
provide continuous bids and offers for 90% of the time the Market-Maker
is required to provide electronic quotes in an appointed option class
on a given trading day and must provide continuous quotes in 60% of the
series

of the Market-Maker's appointed classes. The Exchange determines
compliance by a Market-Maker with this quoting obligation on a monthly
basis. In addition to this, a Market-Maker must, among other things,
compete with other Market-Makers in its appointed classes, update
quotations in response to changed market conditions in its appointed
classes, maintain active markets in its appointed classes, and,
overall, engage in a course of dealings reasonably calculated to
contribute to the maintenance of a fair and orderly market. Market-
Makers that are predominantly floor-based generally do not have the
technology or electronic trading sophistication to fully satisfy the
continuous electronic quoting obligations, as well as other heightened
standards required of a Market-Maker in its appointed classes
electronically, once the Electronic Volume Threshold is triggered.
    The Exchange has observed that, around the end of calendar year
2019, particularly given the significant increase in market volatility
and unpredictability of market conditions in the months leading up to
and during the COVID-19 pandemic,\4\ Market-Makers that almost
exclusively executed their volume in open outcry and had not prior
triggered an electronic quoting obligation pursuant to Rule 5.52(d)(2),
incidentally breached the Electronic Volume Threshold in certain
appointed classes and were thereby obliged to provide continuous
electronic quotes in those classes going forward. As stated above, once
a Market-Maker surpasses the Electronic Volume Threshold in an
appointed class, and the electronic quoting obligation is triggered,
Rules 5.52(d)(1) and (d)(2) do not permit a Market-Maker to reset the
trigger--a Market-Maker is required to stream electronic quotes in that
appointed class beginning the next calendar quarter and from there on
out. As such, once the Electronic Volume Threshold was surpassed by
Market-Makers accustomed to quoting on the trading floor, these Market-
Makers had to be equipped to uphold continuous electronic quoting
obligations by just the next calendar quarter, production of which was
exacerbated by the volatile and unusual market conditions present in
the markets over the past year. As a result, the Exchange has observed
that at least one Market-Maker \5\ has been unable to successfully
fulfill its new continuous electronic quoting obligations in subsequent
months. The Exchange understands this is due to the Market-Maker not
having the appropriate technology to successfully provide continuous
electronic quotes. The Exchange believes requiring a Market-Maker not
accustomed to and lacking the appropriate technology to provide
continuous electronic quotes may potentially pose risk to the
maintenance of fair and order markets as well as risk to the Market-
Makers themselves as they are not able to compete in the electronic
markets. Also, given the ongoing impact of the COVID-19 pandemic, the
Exchange believes that additional floor-based Market-Makers may be
susceptible to incidentally breaching the Electronic Volume Threshold
in subsequent calendar quarters.
---------------------------------------------------------------------------

    \4\ The Exchange notes that after volatility and unusual market
conditions beginning at the end of 2019 and continuously increasing
through 2020 as a result of the impact of COVID19 and related
factors, some market participants may have experienced significant
trading losses, resulting in their limiting their trading behavior
and risk exposure. The Exchange understands that firms, not
otherwise highly active in the electronic markets, may have executed
electronically in order to close positions, reduce exposure, and
otherwise mitigate losses and reduce risk in light of market
conditions experienced at various points throughout the year. These
firms may have also reduced open outcry activity as part of the same
risk-reducing strategy, resulting in a coincidental change in the
mix of electronic versus open outcry volume for such generally
floor-based Market-Makers.
    \5\ The Exchange is aware of at least two Market-Makers that
triggered the Electronic Volume Threshold in the last months of 2019
and were subsequently unable to satisfy the continuous electronic
quoting obligations. One such Market-Maker had been registered as a
Market-Maker on the Exchange since 1997 (however, such firm has
recently been dissolved) and one has been registered as a Market-
Maker on the Exchange since 2001. The Exchange also notes that there
are other Market-Makers that are not currently subject to the
continuous electronic quoting requirements in their appointed
classes. For example, the Exchange is aware of at least three
Market-Makers that are not currently obligated to provide continuous
electronic quotes in SPX.
---------------------------------------------------------------------------

    Therefore, the Exchange proposes to amend Rule 5.52(d)(1) in a
manner that provides a potential path of recourse for Market-Makers
that incidentally exceed the Electronic Volume Threshold, due, for
example, to extraordinary or extreme volatility as experienced in the
markets in the last year, but that may not be able to satisfy the
continuous electronic quoting requirement on a monthly basis going
forward given their primarily floor-based operation. Specifically, the
proposed rule change adopts Rule 5.52(d)(1)(B) \6\ which provides that
the Exchange may, in exceptional cases and where good cause is shown,
grant a Market-Maker a reset of the Electronic Volume Threshold in
subparagraph (d)(1)(A). If a Market-Maker trades more than 20% of the
Market-Maker's contract volume electronically in an appointed class
during a calendar quarter, the Market-Maker may submit to the Exchange
a request that the Exchange consider a reset of the Electronic Volume
Threshold in the appointed class. If the Exchange determines that a
Market-Maker qualifies for a reset of the 20% threshold in an appointed
class, then the Market-Maker will not become subject to the continuous
electronic quoting requirements pursuant to subparagraph (d)(2) in the
appointed class in the next calendar quarter, and will again become
subject to subparagraph (d)(1)(A) in the appointed class. In order to
determine if a Market-Maker qualifies for a reset of the Electronic
Volume Threshold in an appointed class, the Exchange may consider: (i)
A Market-Maker's trading activity and business model in the appointed
class; (ii) any previous requests for a reset of the Electronic Volume
Threshold in the appointed class, including previously granted
requests; (iii) market conditions and general trading activity in the
appointed class; and (iv) any other factors as the Exchange deems
appropriate in determining whether to approve a Market-Maker's request
for an Electronic Volume Threshold reset. In this way, the proposed
rule change allows those Market-Makers that predominantly provide
liquidity on the trading floor and incidentally surpass (or have
incidentally surpassed) the electronic volume threshold, and,
subsequently, are not able to satisfy the continuous electronic quoting
requirement on a monthly basis going forward, an opportunity to submit
a request to the Exchange that they again be subject only to open
outcry quoting requirements and continue to focus on providing
liquidity in open outcry in accordance with their business models.\7\
The Exchange notes that many of its rules currently allow it to make
similar determinations regarding Market-Maker requirements and
obligations. Rule 5.52(d)(2) similarly permits the

Exchange to consider exceptions to a Market-Maker's continuous
electronic quoting obligation based on demonstrated legal or regulatory
requirements or other mitigating circumstances. Rule 3.53(b) permits
the Exchange to determine the appropriate number of Designated Primary
Market-Makers (``DPMs'') by considering factors such as trading
experience, history of an applicant's adherence to Exchange Rules, and
Rules 3.53(g)(3), 3.55(a)(2), and 5.50(h) permit the Exchange to
authorize a Market-Maker to operate as an On-Floor DPM or an On-Floor
Lead Market-Maker (``LMM''), or to appoint a class to a DPM,
respectively, by considering factors such as performance, volume,
capacity, operational factors, and experience. Like the factors listed
in proposed Rule 5.52(d)(1), where the Exchange may consider any other
factors as the Exchange deems appropriate, the factors for Exchange
consideration listed in Rules 5.52(d)(2), 3.53(b) and (g)(3),
3.55(a)(2) and 5.50(h) are also not limited and non-exhaustive.
---------------------------------------------------------------------------

    \6\ The proposed rule change also updates the format of Rule
5.51(d)(1) by adopting the title ``Electronic Volume Threshold'' and
Rule 5.51(d)(1)(A) to govern the provision under current Rule
5.51(d)(1), and adopts the title ``Continuous Electronic Quotes''
for Rule 5.52(d)(2).
    \7\ The Exchange notes that the proposed rule change does not
preclude the application of Rule 13.15(g)(14)(A), which, as part of
the Minor Rule Violation Plan (``MRVP''), allows the Exchange to
impose a fine on Market-Makers for failure to meet their continuous
quoting obligations, including on any Market-Maker that is able to
``reset'' upon Commission approval of this proposal. The Exchange
additionally notes that the proposed rule change also does not
preclude the Exchange from referring matters covered under the MRVP
for formal disciplinary action, pursuant to Rule 13.15(f), whenever
it determines that any violation is intentional, egregious or
otherwise not minor in nature.
---------------------------------------------------------------------------

    Overall, the Exchange believes the propose rule change provides an
opportunity for Market-Makers that are accustomed to providing
liquidity on the trading floor, that incidentally may breach the
Electronic Volume Threshold, to appeal to the Exchange to allow them,
if good cause is shown, not to be subject to the continuous electronic
quoting requirements and, instead, to continue to focus on providing
liquid markets in open outcry in accordance with their business models.
As such, the proposed rule change is designed to maintain fair and
orderly markets, in that, if so determined appropriate by the Exchange,
an Electronic Volume Threshold reset reduces the likelihood that
Market-Makers not equipped to compete and stream quotes in the
electronic markets at competitive prices, because their business models
apply primarily to open outcry trading, are not compelled to attempt do
so. The Exchange believes that automatically imposing continuous
electronic quoting obligations on such Market-Makers without potential
recourse may result in their inability to consistently stream
electronic quotes on a monthly basis going forward and to comply with
their other Market-Maker responsibilities, including engaging in a
course of dealings that must be reasonably calculated to contribute to
the maintenance of a fair and orderly market, refraining from making
bids or offers that are inconsistent with such course of dealings, and
updating quotations in response to changed market conditions. The
proposed rule change instead allows the Exchange to consider whether
those Market-Makers may continue to provide liquid markets on the
Exchange's trading floor without having to quote electronically.
    Finally, the proposed rule change also removes the rollout period
for new classes in Rule 5.52(d)(1), which currently provides that for a
period of 90 days commencing immediately after a class begins trading
on the System, this subparagraph (d)(1) governs trading in that class.
The rollout period was implemented in connection with the transition of
certain classes to the Exchange's former Hybrid System.\8\ As of 2018,
all classes listed for trading on the Exchange now trade on the same
platform, the Exchange's System. Therefore, a rollout period is no
longer necessary. All Market-Makers in new classes and likewise all new
Market-Makers will be equally subject to the electronic volume
threshold pursuant to Rule 5.52(d)(1) and (d)(2) upon starting out.
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 47959 (May 30,
2003), 68 FR 34441 (June 9, 2003) (SR-CBOE-2002-05).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\9\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \11\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
    \11\ Id.
---------------------------------------------------------------------------

    In particular, the proposed rule change is consistent with the Act
in that it removes impediments to and perfects the mechanism of a free
and open market and in general protects investors by allowing Market-
Makers accustomed to quoting on the trading floor and, therefore, not
readily equipped to successfully stream electronic quotes on a
continuous basis going forward, to appeal to the Exchange for a reset
of the Electronic Volume Threshold if such Market-Makers incidentally
breach the threshold. As described above, the Exchange understands that
certain Market-Makers who primarily operate on the trading floor do not
support systems with the level of sophistication and complexity that
would allow them to compete in the electronic markets or satisfy the
continuous electronic quoting obligations month-to-month pursuant to
the Exchange Rules. The Exchange also believes the proposed rule change
will remove impediments to and perfect the mechanism of a free and open
market, as it will permit it to remove a potentially undue burden on
floor-based Market-Makers, which the Exchange believes may help
preserve the presence of such Market-Makers that provide key liquidity
to the Exchange's trading floor, which benefits all investors.
Therefore, the Exchange believes the proposed rule change to allow a
Market-Maker to request that the Exchange consider a reset of the
Electronic Volume Threshold will assist in the maintenance of a fair
and orderly market, and the protection of investors generally, by
providing a potential path of recourse to Market Makers that
predominantly provide liquidity to the Exchange's trading floor but may
incidentally breach the Electronic Volume Threshold due, for example,
to high volatility or unusual market conditions. Like other Exchange
Rules governing Market-Maker requirements and obligations, the Exchange
may consider a non-exhaustive list of factors in determining whether to
grant a reset. The Exchange believes that an opportunity for a Market-
Maker to appeal to the Exchange to potentially receive a reset of the
Electronic Volume Threshold may reduce the likelihood that Market-
Makers without sufficient equipment to stream competitive electronic
quotes on an ongoing basis that may incidentally trigger the electronic
volume threshold, especially in light of market volatility and unusual
market conditions that continue to arise as a result of the ongoing
COVID-19 pandemic, are not necessarily required to do so. This way,
such Market-Makers may, if determined appropriate by the Exchange,
continue to focus on providing liquidity on the trading floor in
accordance with their operations and satisfy their obligation to engage
in a

course of dealings reasonably calculated to contribute to the
maintenance of a fair and orderly market and their other Market-Maker
obligations. Therefore, the Exchange also believes the proposed rule
change furthers the objectives of Section 6(c)(3) of the Act,\12\ which
authorizes the Exchange to, among other things, prescribe standards of
financial responsibility or operational capability and standards of
training, experience and competence for its Trading Permit Holders and
person associated with Trading Permit Holders. The Exchange believes
that the proposed rule change will generally protect investors as it is
designed to support the overall purpose of the rule in permitting open
outcry Market-Makers to continue to conduct their business as
intended--providing liquid markets on the Exchange's trading floor
without having to quote electronically.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(c)(3).
---------------------------------------------------------------------------

    Finally, the Exchange believes that the proposed rule change to
remove the rollout provision for new classes will remove impediments to
and perfect the mechanism of a free and open market and national market
system because it removes a provision that is no longer necessary as a
result of the full transition of all classes listed on the Exchange to
trading on the Exchange's System. All Market-Makers in new classes, and
likewise all new Market-Makers, will continue to have the opportunity
to acclimate to their market making obligations in newly appointed
classes as they will be equally subject to the electronic volume
threshold pursuant to Rule 5.52(d)(1) and (d)(2) upon starting out.

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. The Exchange does not
believe that the proposed rule change will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act, because the proposed rule
change will apply in the same manner to all Market-Makers, in that, all
Market-Makers that incidentally reach (or have incidentally reached)
the Electronic Volume Threshold will have the opportunity to request
that Exchange consider a reset of the threshold. In addition to this,
the proposed deletion of the new class rollout period would not impose
any burden on competition as it merely removes a rollout period related
to the Exchange's prior transition of classes to its former Hybrid
System that is no longer necessary. All new classes and all new Market-
Makers will be equally subject to the electronic volume threshold
pursuant to Rule 5.52(d)(1) and (d)(2) upon starting out.
    The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
Electronic Volume Threshold applies only for the purposes of
determining when a Market-Maker is subject to certain quoting
obligations on the Exchange.

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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
    A. By order approve or disapprove 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 email to<EMAIL_ADDRESS>Please include
File Number SR-CBOE-2021-013 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-CBOE-2021-013. 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-CBOE-2021-013 and should be submitted on
or before April 2, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-05131 Filed 3-11-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 43 (Tuesday, March 7, 2017)]
[Notices]
[Pages 12859-12860]
[FR Doc No: 2017-04496]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission's Office of the Investor Advocate will host a
public conference,

characterized as an ``Evidence Summit,'' on Friday, March 10, 2017, in
the Auditorium, Room L-002 at the Commission's headquarters, 100 F
Street NE., Washington, DC 20549. The conference will begin at 9:30
a.m. (ET). Seating will be on a first-come, first-served basis. Doors
will open at 9:00 a.m. Visitors will be subject to security checks. The
conference will be webcast on the Commission's Web site at www.sec.gov.
    On February 24, 2017, the Commission issued notice of the
conference (Release No. 33-10312), indicating that the conference is
open to the public. This Sunshine Act notice is being issued because a
quorum of the Commission may attend.
    The agenda for the conference includes: Opening remarks by Acting
Chairman Michael S. Piwowar; plenary remarks by panelists Brigitte
Madrian and Terry Odean; a panel discussion exploring how investors
think and act; a keynote address by panelist George Loewenstein; a
panel discussion addressing ways in which the Commission's disclosure
regime can facilitate disclosure in the most effective manner for a
wide variety of users; remarks from Commissioner Kara M. Stein; a panel
discussion regarding ways in which to improve the disclosure of fees,
strategies/risks, and performance; and a nonpublic networking session
for panelists during lunch.
    For further information, please contact Brent J. Fields from the
Office of the Secretary at<PHONE_NUMBER>.

    Dated: March 2, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-04496 Filed 3-3-17; 11:15 am]
BILLING CODE 8011-01-P


[Federal Register: September 22, 2006 (Volume 71, Number 184)]
[Notices]
[Page 55524]
[DOCID:fr22se06-152]

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SECURITIES AND EXCHANGE COMMISSION

Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.

Extension:
    Rule 11a-2, SEC File No. 270-267, OMB Control No. 3235-0272.

    Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission
(``Commission'') has submitted to the Office of Management and Budget
(``OMB'') a request for an extension of the previously approved
collection of information discussed below.
    The title for the collection of information is ``Rule 11a-2 Under
the Investment Company Act of 1940: Offers of Exchange by Certain
Registered Separate Accounts or Others the Terms of Which Do Not
Require Prior Commission Approval.''
    Rule 11a-2 (17 CFR 270.11a-2) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) permits certain registered insurance
company separate accounts, subject to certain conditions, to make
exchange offers without prior approval by the Commission of the terms
of those offers. Rule 11a-2 requires disclosure, in certain
registration statements filed pursuant to the Securities Act of 1933
(15 U.S.C. 77a et seq.) of any administrative fee or sales load imposed
in connection with an exchange offer.
    There are currently 736 registrants governed by Rule 11a-2. The
Commission includes the estimated burden of complying with the
information collection required by Rule 11a-2 in the total number of
burden hours estimated for completing the relevant registration
statements and reports the burden of Rule 11a-2 in the separate PRA
submissions for those registration statements (see the separate PRA
submissions for Form N-3 (17 CFR 274.11b), Form N-4 (17 CFR 274.11c)
and Form N-6 (17 CFR 274.11d). The Commission is requesting a burden of
one hour for Rule 11a-2 for administrative purposes.
    The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act, and is not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules or forms. With regard to Rule 11a-2, the Commission
includes the estimate of burden hours in the total number of burden
hours estimated for completing the relevant registration statements and
reported on the separate PRA submissions for those statements (see the
separate PRA submissions for Form N-3, Form N-4 and Form N-6).
    The information collection requirements imposed by Rule 11a-2 are
mandatory. Responses to the collection of information will not be kept
confidential. 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 control number.
    General comments regarding the above information should be directed
to the following persons: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503 or e-mail to:
<EMAIL_ADDRESS>and (ii) R. Corey Booth, Director/Chief

Information Officer, Securities and Exchange Commission, c/o Shirley
Martinson, 6432 General Green Way, Alexandria, Virginia 22312, or send
an e-mail to<EMAIL_ADDRESS>Comments must be submitted to OMB
within 30 days of this notice.

    Dated: September 11, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06-7995 Filed 9-21-06; 8:45 am]

BILLING CODE 8010-01-P