[Federal Register Volume 77, Number 54 (Tuesday, March 20, 2012)]
[Notices]
[Pages 16298-16302]
[FR Doc No: 2012-6709]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66600; File No. SR-NYSE-2012-07]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Implementing Certain Changes to the Transaction Fees and Credits Within
the New York Stock Exchange Price List

March 14, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 1, 2012, New York Stock Exchange LLC (``NYSE'' 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.
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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

    The Exchange proposing certain changes to the transaction fees and
credits within its Price List, which the Exchange proposes to become
operative on March 1, 2012. The text of the proposed rule change is
available at the Exchange, the Commission's Public Reference Room, and
www.nyse.com.

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

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

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

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

1. Purpose
    The Exchange is proposing certain changes to the transaction fees
and credits within its Price List, which the Exchange proposes to
become operative on March 1, 2012.\3\
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    \3\ Unless stated otherwise, the fees and credits discussed
herein are not applicable to transactions with a per-share price of
less than $1.00.
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Member Organizations
    The Exchange proposes the following changes to the transaction fees
and credits in the Price List that are applicable to member
organizations:
     Member organizations currently receive a credit of $0.0015
per-share per-transaction that adds liquidity, both displayed and non-
displayed, to the NYSE. The Exchange proposes that the existing $0.0015
per-share credit remain applicable to a member organization's
transactions that add liquidity to the NYSE, except for a member
organization's Non-Displayed Reserve Order transactions that add
liquidity to the NYSE, for which a lower credit of $0.0010 per-share
will apply.\4\
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    \4\ See NYSE Rule 13 (Definitions of Orders). A Non-Displayed
Reserve Order is a limit order that is not displayed, but remains
available for potential execution against all incoming automatically
executing orders until executed in full or cancelled.
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     A member organization's charges for executions at the
opening are currently capped at $10,000 per-month per-member
organization.\5\ The Exchange proposes to increase the cap to $15,000
per-month per-member organization.
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    \5\ See footnote 2 within the Price List.
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     A member organization is currently charged $0.00085 per-
share per-transaction for a Market At-The-Close (``MOC'') Order or a
Limit At-The-Close (``LOC'') Order,\6\ unless the member organization
executes an average daily trading volume (``ADV'') of MOC and LOC
Orders on the NYSE in the relevant calendar month of at least 14
million shares, in which case the member organization is charged
$0.00055 per-share per-transaction for MOC and LOC Orders. The Exchange
proposes to increase the fee for MOC and LOC Orders for member
organizations that do not reach the 14 million threshold to
$0.00095.\7\
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    \6\ See NYSE Rule 13. The Exchange proposes a technical change
to conform the use of the terms MOC and LOC throughout the Price
List, where applicable.
    \7\ The Exchange is not proposing to change the existing
$0.00055 fee for member organizations that do reach the 14 million
share threshold.
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     Member organizations are currently charged $0.0023 per-
share for all other transactions that are not otherwise specified in
the Price List (i.e., when taking liquidity from the NYSE). The
Exchange proposes that this $0.0023 rate only apply to non-Floor broker
transactions.\8\ The Exchange also proposes to charge non-Floor broker
member organizations that add specified amounts of liquidity to the
NYSE above their normal amount (``step-up'') a lower rate of $0.0022
per-share per-transaction.\9\ This lower rate would apply to a non-
Floor broker member organization whose ADV that adds liquidity to the
NYSE during the billing month (``Adding ADV'') \10\ is at least the
greater of (i) the member organization's January 2012 Adding ADV
(``Baseline ADV'') plus 0.075% of consolidated average daily volume in
NYSE-listed securities during the billing month (``NYSE CADV'') or (ii)
the member organization's Baseline ADV plus 20%.\11\
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    \8\ As described below, Floor brokers would instead be charged
$0.0022 per-share for their other transactions that are not
otherwise specified in the Price List.
    \9\ The Exchange proposes to amend the Price List to reflect
that the current $0.0023 rate would apply (i) only to non-Floor
broker transactions and (ii) only if the lower rate of $0.0022
proposed herein does not apply.
    \10\ The Exchange proposes to specify, with respect to this
proposed lower rate, that calculations of Adding ADV would exclude
early closing days as well as any liquidity added by a Designated
Market Maker (``DMM'').
    \11\ For example, assume that a particular member organization's
Baseline ADV was five million shares and that NYSE CADV during the
billing month was four billion shares. To qualify for the lower
rate, the member organization would need to have an Adding ADV
during the billing month that is at least the greater of (i) eight
million shares (i.e., five million Baseline ADV plus three million
step-up (0.075% X four billion NYSE CADV)) or (ii) six million
shares (i.e., five million Baseline ADV plus one million step-up
(120% of Baseline ADV)). The Exchange recognizes that a firm that
becomes a member organization after January 2012 would have a
Baseline ADV of zero. In this regard, a new member organization
would need to have an Adding ADV during the billing month of at
least three million shares (i.e., zero Baseline ADV plus three
million step-up (0.075% X four billion NYSE CADV)) for the $0.0022
rate to apply.
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    Additionally, if a member organization's ratio of Baseline ADV-to-
total ADV during January 2012 is less than 10%, the $0.0022 rate would
only apply to the member organization's shares that are executed in an
amount up to and including 0.75% of NYSE CADV. The current rate of
$0.0023 per-share would apply to the member organization's remaining
shares that are executed, unless the member organization's Adding ADV
is greater than its Baseline ADV by at least 0.25% of NYSE CADV.\12\
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    \12\ Continuing with the example above, if the member
organization maintains a ratio of Baseline ADV-to-total ADV during
January 2012 of less than 10%, the $0.0022 rate would apply to the
member organization's first 30 million shares that are executed
(i.e., 0.75% X four billion NYSE CADV) and the current $0.0023 rate
would apply to the member organization's remaining shares that are
executed, unless the member organization's Adding ADV is greater
than 15 million shares (i.e., five million Baseline ADV plus 10
million step-up (0.25% X four billion NYSE CADV)), in which case the
$0.0022 rate would apply to all of the member organization's shares
that are executed. The Exchange recognizes that a firm that becomes
a member organization after January 2012 would have a ratio of
Baseline ADV-to-total ADV during January 2012 that is zero. In this
regard, the $0.0022 rate would apply only to the new member
organization's first 30 million shares that are executed, unless the
new member organization's Adding ADV is greater than 10 million, in
which case the $0.0022 rate would apply to all of the new member
organization's shares that are executed.
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     The Price List contains several rates applicable to member
organization transactions with a per-share price of less than $1.00.
Except for those transactions that are free or that result in a credit,
the Price List generally specifies that the applicable rate is the
lesser of (i) 0.3% of the total dollar value of the transaction or (ii)
the same rate that would apply if the price per-share was not below
$1.00.\13\ The Exchange proposes that, except for those that are
currently free or that result in a credit, the rate for these
transactions with a per-share price of less than $1.00 be 0.3% of the
total dollar value of the transaction.
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    \13\ The Exchange notes that this is explicit where the Price
Lists specifies that the routing fee applicable to securities with a
per-share price below $1.00 is the lesser of (i) 0.3% of the total
dollar value of the transaction or (ii) the routing fee that would
be applicable if the price per-share was not below $1.00. In
contrast, this is inherent where, for example, the Price List
specifies that the fee applicable to MOC and LOC executions in
securities with a per-share price below $1.00 is the lesser of (i)
0.3% of the total dollar value of the transaction or (ii) $0.00085--
the same MOC/LOC fee that would be applicable if the price per-share
was not below $1.00.
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Floor Brokers
    The Exchange proposes the following changes to the transaction fees
and credits in the Price List that are applicable to Floor brokers:
     Floor brokers are currently charged $0.0029 per-share for
orders that are routed from the NYSE and executed in another market.
Other member organizations are charged $0.0030 per-share for orders
that are routed from the

NYSE and executed in another market.\14\ The Exchange proposes to
charge Floor brokers the same $0.0030 rate as other member
organizations. Accordingly, the Exchange proposes to remove from the
Price List the text that differentiates between the routing fees for
Floor brokers and other member organizations.
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    \14\ DMMs and Supplemental Liquidity Providers (``SLPs'') are
also charged a $0.0030 per-share routing fee.
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     Floor brokers are currently charged $0.0023 for all other
transactions that are not otherwise specified in the Price List (i.e.,
when taking liquidity from the NYSE). As referenced above, the Exchange
proposes to decrease this fee to $0.0022 for all other Floor broker
transactions.
DMMs
    The Exchange proposes the following changes to the transaction fees
and credits in the Price List that are applicable to DMMs:
     Except for executions at the opening, which are free, DMMs
are currently charged $0.0015 per-share per-transaction that removes
liquidity from the Exchange. The Exchange proposes to increase this fee
to $0.0023 per-share per-transaction.
     DMMs currently receive a rebate of $0.0005 per-share for
executions at the close. The Exchange proposes to modify this rate so
that DMM executions at the close are free.
     DMMs are currently eligible for rebates of $0.0025 per-
share when adding liquidity in More Active Securities \15\ if the DMM
meets the More Active Securities Quoting Requirement.\16\ DMMs are also
eligible for rebates of $0.0030 per-share when adding liquidity in More
Active Securities when the DMM meets both (i) the More Active
Securities Quoting Requirement and (ii) the More Active Securities
Quoted Size Ratio Requirement \17\ when providing liquidity that is 20%
or less of the NYSE's total intraday adding liquidity in each such
security for that month.\18\ DMMs are eligible for a rebate of $0.0026
per-share for added incremental liquidity over 20% of the NYSE's total
intraday adding liquidity in each such security for that month.
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    \15\ ``More Active Securities'' are those with an ADV in the
previous month equal to or greater than one million shares.
    \16\ A DMM meets the ``More Active Securities Quoting
Requirement'' when a More Active Security has a stock price of $1.00
or more and the DMM quotes at the National Best Bid or Offer
(``NBBO'') in the applicable security at least 10% of the time in
the applicable month.
    \17\ See footnote 7 within the Price List. A DMM meets the
``More Active Securities Quoted Size Ratio Requirement'' when the
DMM Quoted Size for an applicable month is 15% of the NYSE Quoted
Size. The Exchange proposes a technical change to specify that the
DMM Quoted Size for the applicable month must be ``at least'' 15% of
the NYSE Quoted Size. The ``NYSE Quoted Size'' is calculated by
multiplying the average number of shares quoted on the NYSE at the
NBBO by the percentage of time the NYSE had a quote posted at the
NBBO. The ``DMM Quoted Size'' is calculated by multiplying the
average number of shares of the applicable security quoted at the
NBBO by the DMM by the percentage of time during which the DMM
quoted at the NBBO.
    \18\ The NYSE total intraday adding liquidity is totaled monthly
and includes all NYSE adding liquidity, excluding NYSE open and NYSE
close volume, by all NYSE participants, including SLPs, customers,
Floor brokers and DMMs.
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    The Exchange proposes a new rebate of $0.0026 per-share when adding
liquidity in More Active Securities if (i) the DMM meets both the More
Active Securities Quoting Requirement and the More Active Securities
Quoted Size Ratio Requirement and (ii) the DMM's providing liquidity is
10% or less of the NYSE's total intraday adding liquidity in each such
security for that month.\19\ The current $0.0030 per-share rebate would
be applicable for securities in which the DMM's providing liquidity is
more than 10% but less than or equal to 20% of the NYSE's total
intraday adding liquidity in each such security for that month.
Additionally, the Exchange proposes to increase the existing $0.0026
per-share rebate to $0.0029 and that this rebate be applicable for
securities in which the DMM's providing liquidity is more than 20% of
the NYSE's total intraday adding liquidity in each such security for
that month.\20\
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    \19\ The Exchange proposes to remove duplicative language
describing ``NYSE total intraday adding liquidity.'' The Exchange
also proposes to make certain non-substantive changes to renumber
the existing $0.0030 and $0.0026 rebates as ``(b)'' and ``(c),''
respectively.
    \20\ The Exchange notes that the proposed $0.0029 per-share
rebate would be applicable to all of the member organization's
adding liquidity in each such security for that month, not just the
incremental liquidity that is more than 20% of the NYSE's total
intraday adding liquidity.
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SLPs
    The Exchange proposes the following changes to the transaction fees
and credits in the Price List that are applicable to SLPs:
     SLPs are eligible for credits when adding liquidity to the
NYSE.\21\ The amount of the credit is determined by the ``tier'' that
the SLP qualifies for, which is based on the SLP's level of quoting and
the ADV of liquidity added by the SLP in assigned securities. The
credits currently range from $0.0015 per-share per-transaction for the
lowest tier (tier 4) to $0.0022 per-share per-transaction for the
highest tier (tier 1).\22\ The Exchange proposes to apply a credit
within each tier for executions of Non-Displayed Reserve Orders that
would be $0.0005 less than the current credit, which, going forward,
would be applicable to the SLP's other executions that add liquidity to
the NYSE.\23\
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    \21\ SLP credits are not applicable to executions of securities
with a per-share price of $1.00 or more at the close.
    \22\ The rate applicable to executions of securities with a per-
share price of less than $1.00 is $0.0005.
    \23\ For example, if an SLP's executions fall within tier 3,
then the existing $0.0020 tier 3 rate would remain applicable to the
SLP's executions that add liquidity other than executions of Non-
Displayed Reserve Orders, for which a rate of $0.0015 would apply.
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     The Exchange proposes that the existing tier 1 credit,
which is currently $0.0022 per-share per-transaction, be increased to
$0.0024 per-share per-transaction.\24\
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    \24\ Consistent with the proposed differentiation between
executions of Non-Displayed Reserve Orders and other executions, the
Exchange proposes that the tier 1 SLP credit for executions of Non-
Displayed Reserve Orders that add liquidity be $0.0019 per-share
per-transaction. To qualify for tier 1, an SLP must (i) meet or
exceed the 10% quoting requirement in an assigned security pursuant
to NYSE Rule 107B, and (ii) add liquidity of an ADV of more than 10
million shares for all assigned SLP securities in the aggregate and,
for each assigned SLP security, add liquidity of more than 2.5% of
NYSE CADV for that assigned SLP security in the applicable month.
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Crossing Session II
    Crossing Session II (``CSII'') runs on the Exchange from 4 p.m. to
6:30 p.m. Eastern Time and handles member organization crosses of a
basket of securities of aggregate-priced buy and sell orders.\25\ A fee
of $0.0001 per-share currently applies to both sides of a CSII
execution, and a cap of $50,000 per-month in CSII execution fees is
applicable per-member organization. The Exchange proposes to increase
the CSII fee to $0.0002 per-share for each side of the transaction and
increase the monthly cap on CSII fees to $100,000.
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    \25\ See NYSE Rules 900-907.
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General
    The Exchange proposes to include a reference within the Price List
to the last date on which the Price List was amended.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the
``Act''),\26\ in general, and furthers the objectives of Section
6(b)(4) of the Act,\27\ in particular, because it provides for the
equitable allocation of reasonable dues, fees, and other charges among
its members,

issuers and other persons using its facilities. The proposed rule
change is equitably allocated and not unfairly discriminatory because
it applies uniformly to all similarly situated member organizations.
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    \26\ 15 U.S.C. 78f(b).
    \27\ 15 U.S.C. 78f(b)(4).
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    Specifically, the Exchange believes that the proposed rule change
is reasonable, equitable and not unfairly discriminatory because it is
intended to incentivize member organizations to submit additional
amounts of displayed liquidity to the Exchange during the trading day.
For example, the proposed higher credits applicable to member
organization executions other than Non-Displayed Reserve Orders would
incentivize member organizations to instead provide displayed liquidity
on the Exchange. This would similarly be true with respect to providing
a larger credit to SLP executions other than executions of Non-
Displayed Reserve Orders.
    The Exchange further believes that the proposed rule change is
reasonable, equitable and not unfairly discriminatory because it is
intended to incentivize member organizations to submit additional
liquidity to the Exchange during the trading day, regardless of whether
such liquidity is displayed or non-displayed. For example, the proposal
to increase the credit provided for tier 1 SLP transactions would
incentivize SLPs to provide greater liquidity on NYSE in their assigned
securities. Similarly, the proposed lower fee for removing liquidity
for member organizations that ``step-up'' is intended to incentivize
member organizations to submit specified amounts of liquidity to the
Exchange during the trading day above their normal amounts submitted to
the Exchange. The Exchange further believes that the proposed step-up
concept is reasonable, equitable and not unfairly discriminatory
because it is substantially similar to the manner in which other
exchanges apply more favorable transaction rates for members that
increase the amount of liquidity their transactions provide on those
exchanges.\28\ The Exchange notes that non-Floor brokers would be
required to step-up to qualify for the lower rate, whereas the lower
rate would apply to Floor broker transactions without the attendant
step-up requirement. The Exchange believes that this is reasonable,
equitable and not unfairly discriminatory because Floor brokers
generally submit orders to the Exchange in an agency capacity, while
other member organizations can choose to submit orders in an agency or
principal capacity, or both. Floor brokers therefore have less
flexibility with respect to actively determining to add increased
amounts of liquidity on the Exchange.
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    \28\ See, e.g., the ``Step Up Tiers'' within the NYSE Arca
Equities, Inc. Fee Schedule.
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    Increasing the current fee for MOC and LOC Orders with a per-share
price of $1.00 or more is also reasonable, equitable and not unfairly
discriminatory because these fees would be less than the fees charged
by the Exchange's primary competitors. Also, changing the rate for DMM
executions at the close, from a $0.0005 rebate to free, is reasonable,
equitable and not unfairly discriminatory because it would further
align the DMM closing rate with the rate applicable to other member
organizations. The Exchange believes that increasing the cap for
transactions at the opening is reasonable, equitable and not unfairly
discriminatory because a member organization that reaches the cap would
continue to be charged a marginal rate for its transactions at the
opening that is lower than the $0.0005 rate that would be applicable
without the cap (i.e., once a member organization reaches the cap, its
per-transaction rate thereafter will be zero and its marginal rate will
decrease for each additional transaction at the open thereafter). The
Exchange also believes that increasing the fee for CSII transactions
and the monthly cap that is currently applicable thereto is reasonable,
equitable and not unfairly discriminatory because the rate would
continue to be less than the rate applicable to executions of MOC and
LOC Orders and,\29\ generally, because it would more closely align the
CSII rate with the other rates within the Price List,\30\ while
maintaining a cap for member organizations that are particularly active
during CSII. The Exchange further believes that the aspects of the
proposed rule change that encourage liquidity on the Exchange are
reasonable, equitable and not unfairly discriminatory because they
would apply uniformly to all similarly situated member organizations
and because they would contribute to price discovery on the Exchange
and benefit investors generally.
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    \29\ For example, the proposed rate of $0.0002 would continue to
be substantially less than the rate for executions of MOC and LOC
Orders, which is currently $0.00055 or $0.00085 per transaction,
with the latter rate proposed to be $0.00095.
    \30\ For example, except for transactions that are free, both
the current and proposed CSII rate of $0.0001 and $0.0002,
respectively, are substantially less than the next lowest fee within
the Price List (i.e., the $0.0005 rate for transactions at the
opening).
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    The proposed change to the Floor broker charge for routing orders
to away markets and the Floor broker charge for all other transactions
not otherwise specified in the Price List (i.e., when taking liquidity
from the NYSE) is reasonable, equitable and not unfairly discriminatory
because, taken together, they are not expected to materially increase
or decrease the net fees charged to Floor brokers in the aggregate.
Additionally, the Exchange believes that the proposed change to the
rates for member organization executions with a per-share price of less
than $1.00 is reasonable, equitable and not unfairly discriminatory
because it would simplify the Price List. Due to the limited number of
securities that trade on the Exchange at a price below $1.00 and the
resulting limited number of executions on the Exchange with a per-share
price of less than $1.00,\31\ the Exchange does not anticipate that
this change would have a more than negligible impact on transaction
fees charged to member organizations.\32\ Furthermore, the Exchange
notes that the rate of 0.3% of the total dollar value of the
transaction would remain consistent with the pricing limitations for
securities with a per-share price of less than $1.00 under Rule 610(c)
under Regulation NMS.\33\
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    \31\ The Exchange notes that securities for which the average
closing price reported on the consolidated tape is less than $1.00
over a consecutive 30 trading-day period are subject to being
delisted from the Exchange. See Section 802.01C (Price Criteria for
Capital or Common Stock) of the NYSE Listed Company Manual.
    \32\ The Exchange notes that, depending on the value of the
transaction, this change could result in either an increase or
decrease in the rate per-transaction.
    \33\ 17 CFR 242.610(c).
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    The Exchange believes that the proposed increase in the DMM rate
for transactions that remove liquidity from the Exchange is reasonable,
equitable and not unfairly discriminatory because it would align the
DMM rate for removing liquidity with the rate applicable to certain
other member organizations.
    The Exchange has also proposed a new rebate of $0.0026 per-share
when adding liquidity in More Active Securities if the DMM meets both
the More Active Securities Quoting Requirement and the More Active
Securities Quoted Size Ratio Requirement when providing liquidity that
is 10% or less of the NYSE's total intraday adding liquidity in each
such security for that month. Accordingly, the current $0.0030 per-
share rebate would be applicable for securities in which the DMM's
providing liquidity is more than 10% but less than or equal to 20% of
the NYSE's total intraday adding liquidity in each such security

for that month. The Exchange recognizes that the rebate for a DMM whose
providing liquidity is currently 10% or less of the NYSE's total
intraday adding liquidity will decrease from $0.0030 to $0.0026. The
Exchange believes that this change is reasonable, equitable and not
unfairly discriminatory because it would result in rebates being
applied that are more representative of the amount of liquidity added
by the particular DMM. In this regard, the Exchange believes that a DMM
that meets both the More Active Securities Quoting Requirement and the
More Active Securities Quoted Size Ratio Requirement is likely to also
be providing liquidity that is reasonably close to, but not greater
than, 10% of the NYSE's total intraday adding liquidity in each such
security for that month. In contrast, the Exchange believes that a DMM
whose providing liquidity is greater than 10% of the NYSE's total
intraday adding liquidity would be adding liquidity above the amount
associated with meeting both the More Active Securities Quoting
Requirement and the More Active Securities Quoted Size Ratio
Requirement. Accordingly, the Exchange considers it reasonable,
equitable and not unfairly discriminatory to provide a higher rebate
for a DMM whose providing liquidity is greater than 10% of the NYSE's
total intraday adding liquidity in each such security for that month.
    The Exchange notes that the current $0.0026 per-share rebate would
no longer be applicable only to the incremental liquidity that is more
than 20% of the NYSE's total intraday adding liquidity in each such
security for that month. In this regard, the Exchange believes that the
proposal to increase the rebate to $0.0029 is reasonable, equitable and
not unfairly discriminatory because it would balance the effect of the
rate applying on a cumulative basis, as opposed to incrementally.
    The Exchange also believes that the technical amendments proposed
herein would better assist member organizations and others that view
the Price List in determining the fees and credits that are applicable
on the Exchange.

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

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

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

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

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \34\ of the Act and subparagraph (f)(2) of Rule
19b-4 \35\ thereunder, because it establishes a due, fee, or other
charge imposed by the NYSE.
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    \34\ 15 U.S.C. 78s(b)(3)(A).
    \35\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or 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 No. SR-NYSE-2012-07 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 No. SR-NYSE-2012-07. 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
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File No. SR-NYSE-2012-07 and should be
submitted on or before April 10, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
Kevin M. O'Neill,
Deputy Secretary.
---------------------------------------------------------------------------

    \36\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. 2012-6709 Filed 3-19-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 179 (Monday, September 18, 2017)]
[Notices]
[Pages 43609-43611]
[FR Doc No: 2017-19812]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81603; File No. SR-NYSEARCA-2017-102]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend NYSE Arca
Rule 7.35-E, NYSE Arca Rule 7.31-E and NYSE Arca Rule 7.23-E

September 13, 2017.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on August 31, 2017, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. 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\ 15 U.S.C. 78a.
    \3\ 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 (i) NYSE Arca Rule 7.35-E (Auctions)
to provide that Market-on-Open (``MOO''), Limit-on-Open (``LOO'')
Orders, and Imbalance Offset (``IO'') Orders would be cancelled if the
Re-Opening Time for a Trading Halt Auction would be in the last ten
minutes of trading before the end of Core Trading Hours; (ii) NYSE Arca
Rule 7.31-E (Orders and Modifiers) regarding IO Orders; and (iii) NYSE
Arca Rule 7.23-E (Obligations of Market Makers) to amend obsolete cross
references. The proposed rule change is available on the Exchange's Web
site at www.nyse.com, at the principal office of the Exchange, and at
the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend (i) NYSE Arca Rule 7.35-E (Auctions)
(``Rule 7.35-E'') to provide that MOO, LOO, and IO Orders would be
cancelled if the Re-Opening Time for a Trading Halt Auction would be in
the last ten minutes of trading before the end of Core Trading Hours;
(ii) NYSE Arca Rule 7.31-E (Orders and Modifiers) (``Rule 7.31-E'')
regarding IO Orders; and (iii) NYSE Arca Rule 7.23-E (Obligations of
Market Makers) (``Rule 7.23-E'') to amend obsolete cross references.
    Rule 7.35-E(e)(10) provides that if the Reopening Time for a
Trading Halt Auction would be in the last ten minutes of trading before
the end of Core Trading Hours, the Exchange will not conduct a Trading
Halt Auction in that security, will not transition to continuous
trading, will remain paused, and will conduct a Closing Auction in such
security as provided for in Rule 7.35-E(d). Rule 7.35-E(e)(10)(A)
further provides that in such circumstances, MOO Orders, LOO Orders,
and IO Orders entered during the pause or halt will not participate in
the Closing Auction and will expire at the end of the Core Trading
Session.
    The Exchange proposes to amend Rule 7.35-E(e)(10)(A) to provide
that in such circumstances, MOO Orders, LOO Orders, and IO Orders
entered during the pause or halt will not participate in the Closing
Auction and will be cancelled. This proposed rule change is not
intended to make any functional changes to when MOO Orders, LOO Orders,
and IO Orders are eligible to trade at the Exchange; these orders still
would not participate in a Closing

Auction. However, as proposed, if a trading pause or halt extends past
3:50 p.m., these orders would be cancelled back to the entering firm at
3:50 p.m. instead of remaining on the Exchange Book and expiring after
Core Trading Hours concludes. The Exchange believes this proposed
change would provide ETP Holders with more timely information regarding
the status of pending orders.
    The Exchange also proposes to amend Rule 7.31-E(c)(5), which
defines the term IO Order, to provide that such orders would be
available only to ETP Holders using Pillar phase II protocols.\4\ The
Exchange previously filed a proposed rule change describing that when
it implements Pillar phase II protocols, the Exchange will be able to
support new order functionality.\5\ Because there will be a period when
both Pillar phase I and Pillar phase II protocols will be available to
ETP Holders, the Exchange amended its rules to describe how an ETP
Holder's orders would behave depending on the protocol that an ETP
Holder chooses to use. Because IO Orders would be available only via
Pillar phase II protocols, the Exchange proposes to amend Rule 7.31-
E(c)(5) to specify this requirement.
---------------------------------------------------------------------------

    \4\ The Exchange established IO Orders in the Reopening Filing,
infra note 5 [sic].
    \5\ See Securities Exchange Act Release No. 79688 (December 23,
2016), 82 FR 96534 (December 30, 2016) (SR-NYSEArca-2016-170)
(Notice of Filing). The Pillar phase II protocols were implemented
on August 21, 2017. See Trader Update dated August 17, 2017,
available here: https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/Pillar_Update_NYSE_Arca_August_17_2017.pdf.
---------------------------------------------------------------------------

    The Exchange proposes to implement the proposed amendments to Rules
7.35-E and 7.31-E at the same time that it implements previously-
approved changes to Rule 7.35-E and 7.31-E, which the Exchange
previously stated that it anticipated implementing in the third quarter
of 2017.\6\ As described in greater detail in the Reopening Filing, the
Exchange amended its rules relating to the reopening of trading in
conjunction with the twelfth amendment to the Regulation NMS Plan to
Address Extraordinary Market Volatility (``Plan''), which the
Commission approved.\7\ The Exchange proposes to implement the changes
described in the Reopening Filing, as amended by this proposed rule
change, at the same time that the twelfth amendment to the Plan is
implemented, which, subject to technology changes and effectiveness of
the extension of the implementation date for the changes made in the
twelfth amendment to the Plan, is anticipated to be in the fourth
quarter of 2017.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 79846 (January 19,
2017), 82 FR 8548 (January 26, 2017) (SR-NYSEArca-2016-130)
(Approval Order) (the ``Reopening Filing'').
    \7\ See Securities Exchange Act Release No. 79845 (January 19,
2017), 82 FR 8551 (January 26, 2017) (File No. 4-631) (Order
approving twelfth amendment to the Plan).
---------------------------------------------------------------------------

    The Exchange also proposes to amend NYSE Arca Equities Rules 7.23-
E(a)(1)(B)(iii) and (iv) to remove obsolete cross references and to
reflect that the applicable percentages are based on how a security is
designated under the Plan.\8\ Rule 7.23-E(a)(1)(B) sets forth among
other things, the obligation of Market Makers to maintain a bid (offer)
not more than the ``Designated Percentage'' away from the then current
National Best Bid (Offer) (``NBBO'') and if the NBBO changes such that
the Market Maker's bid/offer is more than the ``Defined Limit'' away
from the NBBO, the Market Maker must enter an updated bid (offer). The
Exchange proposes to amend Rule 7.23-E(a)(1)(B)(iii) and Rule 7.23-
E(a)(1)(B)(iv) to remove cross-references to Rule 7.11-E and instead
use Plan definitions for specifying which securities are subject to
which ``Designated Percentages'' and ``Defined Limits.'' Accordingly,
as proposed:
---------------------------------------------------------------------------

    \8\ The Exchange's affiliated equities exchange has adopted a
similar change to its rules. See Securities Exchange Act Release No.
80577 (May 2, 2017), 82 FR 21446 (May 8, 2017) (SR-NYSEMKT-2017-04)
(Order approving NYSE American LLC (``NYSE American'') Rule
7.23E(a)(1)(B)(iii) and (iv)). The proposed rule changes are also
based on Bats BZX, Inc. (``BZX'') Rule 11.8(d)(2)(D) and (E).
---------------------------------------------------------------------------

     The phrase ``securities subject to Rule 7.11-E(a)(i)''
would be replaced with the phrases ``Tier 1 NMS Stocks under the Limit
Up-Limit Down Plan'' or ``Tier 1 NMS Stocks;''
     the phrase ``securities subject to Rule 7.11-E(a)(ii)''
would be replaced with the phrases ``Tier 2 NMS Stocks under the Limit
Up-Limit Down Plan with a price equal to or greater than $1.00'' or
``Tier 2 NMS Stocks with a price equal to or greater than $1.00;''
     the phrase ``securities subject to Rule 7.11-E(a)(iii)''
would be replaced with the phrase ``Tier 2 NMS Stocks with a price
lower than $1.00;'' and
     the phrase ``when Rule 7.11-E is not in effect'' would be
deleted.
    Because rights and warrants are not subject to the Plan, but are
subject to market maker quoting requirements, the Exchange proposes to
provide that for purposes of Rule 7.23-E(a)(1)(B)(iii) and (iv), rights
and warrants would be considered Tier 2 NMS Stocks. This proposed rule
text is consistent with current practice and the now-obsolete cross
references to Rule 7.11.\9\ The Exchange also proposes a non-
substantive amendment to Rules 7.23-E(a)(1)(B)(iii) and (iv) to change
references from Pacific Time to Eastern Time.
---------------------------------------------------------------------------

    \9\ Securities previously subject to Rule 7.11(a)(ii) were all
NMS Stocks, other than securities included in the S&P 500[supreg]
Index, Russell 1000[supreg] Index, and a pilot list of Exchange
Traded Products, with a price equal to or greater than $1 and
securities previously subject to Rule 7.11(a)(iii) were all NMS
Stocks, other than securities included in the S&P 500[supreg] Index,
Russell 1000[supreg] Index, and a pilot list of Exchange Traded
Products, with a price less than $1.00. See Securities Exchange Act
Release No. 64422 (May 6, 2011), 76 FR 27691 (May 12, 2011) (SR-
NYSEArca-2011-26) (Notice of filing).
---------------------------------------------------------------------------

    The Exchange also proposes a non-substantive amendment to Rule
7.23-E(a)(2) to replace the current reference to ``Rule 4.1-E'' with a
reference to ``the provisions of Rule 15c3-1 under the Securities
Exchange Act of 1934.'' Rule 4.1-E requires ETP Holders to maintain
minimum net capital in accordance with the provisions of Rule 15c3-1
under the Act. Accordingly, by referencing Rule 15c3-1 under the Act
instead of Rule 4.1-E, the proposed rule change to Rule 7.23-E(a)(2)
would not make any substantive changes to the rule. This proposed rule
change is based on NYSE American Rule 7.23E(a)(2).
    The Exchange proposes that the amendments to Rule 7.23-E would be
operative upon the operative date of this proposed rule change.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\10\ in general, and
furthers the objectives of Section 6(b)(5),\11\ in particular, because
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in 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.
---------------------------------------------------------------------------

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

    The Exchange believes that the proposed amendments to Rule 7.35-E
would remove impediments to and perfect the mechanism of a free and
open market and a national market system because the proposed rule
change would provide ETP Holders with timely information regarding the
status of MOO Orders, LOO Orders, and IO Orders, which are intended to
participate in a Trading Halt Auction, if there is a trading pause or
halt that extends past the last ten minutes of trading of Core Trading
Hours. In such

case, because the Exchange would not be conducting a Trading Halt
Auction, the Exchange would provide ETP Holders with more timely
information about the status of their orders. The proposed rule change
would not make any substantive differences regarding how such orders
would execute on the Exchange. Accordingly, the proposed rule change is
designed to enhance transparency.
    The Exchange believes that the proposed amendment to Rule 7.31-E
would remove impediments to and perfect the mechanism of a free and
open market and a national market system because the proposed rule
change would provide transparency to ETP Holders regarding which
communication protocol should be used for entering IO Orders.
    The Exchange believes that the proposed amendments to Rule 7.23-E
would remove impediments to and perfect the mechanism of a free and
open market and a national market system because the proposed rule
change is designed to remove obsolete cross references. The proposed
rule change is based on the rules of NYSE American and BZX.

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 believes that
the proposed rule change is not designed to address any competitive
issues but rather to provide ETP Holders with more timely information
about the status of orders intended for a Trading Halt Auction and
which communication protocol to use for entering IO Orders. In
addition, the proposed rule change is designed to remove obsolete cross
references and is based on the rules of NYSE American and BZX.

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

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

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

    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 change should be approved or
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-NYSEARCA-2017-102 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEARCA-2017-102. 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-NYSEARCA-2017-102 and should
be submitted on or before October 10, 2017.

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

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

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-19812 Filed 9-15-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 174 (Tuesday, September 8, 2020)]
[Notices]
[Pages 55539-55540]
[FR Doc No: 2020-19849]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89752; File No. SR-CboeBZX-2020-067]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Update
Rule 11.26(a), Stating It Will Utilize MEMX Market Data From the CQS/
UQDF for Purposes of Order Handling, Routing, Execution, and Related
Compliance Processes

September 2, 2020.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on August 19, 2020, Cboe BZX Exchange, Inc. (the
``Exchange'' or ``BZX'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I and II below, which Items have been prepared by the self-
regulatory organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    Cboe BZX Exchange, Inc. (``BZX'' or the ``Exchange'') proposes to
update Rule 11.26(a), stating it will utilize MEMX market data from the
CQS/UQDF for purposes of order handling, routing, execution, and
related compliance processes. 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://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to update Rule 11.26(a) regarding the public
disclosure of the sources of data that the Exchange utilizes when
performing: (i) Order handling; (ii) order routing; (iii) order
execution; and (iv) related compliance processes to reflect the
operation of the MEMX as a registered national securities exchange.
    On May 4, 2020, the Commission approved MEMX's application to
register as a national securities exchange.\4\ MEMX announced that it
plans to launch trading on September 4, 2020.\5\ The Exchange,
therefore, proposes to update Rule 11.26(a) regarding the public
disclosure of the sources of data that the Exchange utilizes when
performing: (i) Order handling; (ii) order routing; (iii) order
execution; and (iv) related compliance processes to reflect the
operation of MEMX as a registered national securities exchange
beginning on September 4, 2020. Specifically, the Exchange proposes to
amend Rule 11.26(a) to include MEMX by stating it will utilize MEMX
market data from the Consolidated Quotation System (``CQS'')/UTP
Quotation Data Feed (``UQDF'') for purposes of order handling, routing,
execution, and related compliance processes. The Exchange will not have
a secondary source for data from MEMX.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act No. 88806 (May 4, 2020) 85 FR
27451 (May 8, 2020).
    \5\ See supra note 3 [sic].
---------------------------------------------------------------------------

    The Exchange proposes that this proposed rule change would be
operative on the day that MEMX launches operations as an equities
exchange, which is currently expected on September 4, 2020.\6\
---------------------------------------------------------------------------

    \6\ Id.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\7\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\8\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f.
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that its proposal to update Exchange Rule
11.26(a) to include MEMX will ensure that the Rule correctly identifies
and publicly states on a market-by-market basis all of the specific
network processor and proprietary data feeds that the Exchange utilizes
for the handling, routing, and execution of orders, and for performing
the regulatory compliance checks related to each of those functions.
The proposed rule changes also remove impediments to and perfects the
mechanism of a free and open market and protects investors and the
public interest because it provides additional specificity, clarity and
transparency.

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

    The Exchange believes its proposed rule change would not impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. To the contrary, the Exchange
believes the

proposal would enhance competition because including all of the
exchanges enhances transparency and enables investors to better assess
the quality of the Exchange's execution and routing services.

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
Because the proposed rule change does not (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; or (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \11\ and Rule
19b-4(f)(6)(iii) thereunder.\12\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has fulfilled this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\14\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may take effect immediately upon filing.
---------------------------------------------------------------------------

    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    The Exchange states that waiver of the operative delay would allow
the Exchange to implement the proposed rule change on the day that MEMX
launches operations as an equities exchange, which is currently
expected on September 4, 2020, thereby providing clarity to market
participants with respect to the specific network processor and
proprietary data feeds that the Exchange utilizes for the handling,
routing, and execution of orders, and for performing the regulatory
compliance checks related to each of those functions. For this reason,
the Commission believes that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest.
Accordingly, the Commission hereby waives the 30-day operative delay
and designates the proposal operative upon filing.\15\
---------------------------------------------------------------------------

    \15\ For purposes only of accelerating the operative date of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \16\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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-CboeBZX-2020-067 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-CboeBZX-2020-067. 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-CboeBZX-2020-067 and should be submitted
on or before September 29, 2020.

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

    \17\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-19849 Filed 9-4-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 183 (Friday, September 24, 2021)]
[Notices]
[Page 53140]
[FR Doc No: C1-2021-19543]

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

Federal Aviation Administration

[Summary Notice No. 2022-2089]

Petition for Exemption; Summary of Petition Received; Alitalia
Societa Aerea Italiana

Correction

    In notice document 2021-19543 beginning on page 50754 in the issue
of Friday, September 10, 2021, make the following change:
    On page 50755, in the first column, in the thirteenth line,
``September 10, 2021'' should read ``September 30, 2021''.
[FR Doc. C1-2021-19543 Filed 9-23-21; 8:45 am]
BILLING CODE 0099-10-D


[Federal Register: October 31, 2008 (Volume 73, Number 212)]
[Rules and Regulations]
[Page 64883-64884]
[DOCID:fr31oc08-9]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 93

[Docket No. FAA-2006-25709]
RIN 2120-A170

Congestion Management Rule for LaGuardia Airport

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice; clarification of final rule.

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SUMMARY: On October 10, 2008, the FAA issued a final rule to address
congestion at New York's LaGuardia Airport (LaGuardia). That final rule
is scheduled to take effect December 9, 2008. As part of the final
rule, the FAA explained how it would initially allocate slots to
incumbent carriers on the rule's effective date. The preamble to the
final rule noted that it would not allocate slots to a carrier that was
no longer operating at the airport. However, it did not address how
those slots would be allocated under the rule. Today's notice provides
that explanation.

ADDRESSES: To read background documents or comments received, go to
http://www.regulations.gov and follow the online instructions for
accessing the docket. Alternatively, go to Docket Operations in Room
W12-140 of the West Building Ground Floor at 1200 New Jersey Avenue,
SE., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.

FOR FURTHER INFORMATION CONTACT: For technical questions concerning
this clarification notice contact: Nan Shellabarger, Office of Aviation
Policy and Plans, APO-1, Federal Aviation Administration, 800
Independence Avenue, SW., Washington, DC 20591; telephone (202) 267-
3275; e-mail

<EMAIL_ADDRESS>For legal questions concerning this
rulemaking, contact: Rebecca MacPherson, FAA Office of the Chief
Counsel, 800 Independence Ave., SW., Washington, DC 20591; telephone
(202) 267-3073; e-mail<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: On October 10, 2008, the FAA issued a final
rule to address congestion at LaGuardia. 73 FR 60574. That final rule
is scheduled to take effect December 9, 2008. As part of the final
rule, the FAA explained how it would initially allocate slots to
incumbent carriers no later than the rule's effective date. Under the
rule, initial allocation is based on Operating Authorizations allocated
under the Order Limiting Operations at LaGuardia Airport (LaGuardia
Order) to carriers for the week of September 28, 2008. The preamble to
the final rule noted that it would not allocate slots to a carrier that
was no longer operating at the airport. However, it did not address how
those slots would be allocated under the rule. Specifically, the
preamble to the final rule stated:
    One carrier that held Operating Authorizations in January 2007 is
no longer in business, although it continues to hold an air carrier
certificate. While those Operating Authorizations are currently being
operated by another carrier solely within its marketing control, the
FAA believes it is simply cleaner to allocate the slots to the holder
of the Operating Authorization only if the carrier is still operating
at the airport. (73 FR 60585)
    Section 93.39(b) of the final rule's regulatory text states:
    If a carrier was allocated operating rights under the Order
Limiting Operations at LaGuardia Airport during the week of September
28-October 4, 2008, but the operating rights were held by another
carrier regularly conducting operations at the airport as of that week,
then the corresponding slots will be assigned to the carrier that held
the operating rights for that period, as evidenced by the FAA's
records.
    Under the LaGuardia Order, ATA Airlines was allocated 14 slots at
the airport. These slots have been operated under lease agreements by
AirTran and Delta Air Lines. However, the allocation has remained with
ATA Airlines. That carrier ceased operations at LaGuardia on January 7,
2008, and ceased operations entirely on April 3, 2008. Thus, section
93.39(b) does not apply. Likewise, these slots would not be considered
new or returned capacity that can be reallocated only via auction under
93.40 and then designated as unrestricted slots. Since no provision of
the final rule specifically directs how these types of slots will be
allocated, the FAA believes it is appropriate to provide clarification.
    On October 17, 2008, in the bankruptcy proceeding of In re: ATA
Airlines, Inc., U.S. Bankruptcy Court for the Southern District of
Indiana, Indianapolis Division, case no. 08-03675-BHL-1 1, the court
issued an Order Granting Expedited Motion under Bankruptcy Code
Sections 105 and 363 to Establish Solicitation and Bid Procedures for
the Sale of the Debtor 's Business (Bankruptcy Order). The Bankruptcy
Order establishes rules and procedures that will govern the
solicitation and submission of proposals for the acquisition of ATA
Airlines. At present, initial bids are due to the ATA Airlines by
November 3, 2008. ATA Airlines will determine which Bid Proposal (as
defined in the Bankruptcy Order) is the highest and best offer for the
sale of the business. Each Bid Proposal shall be subject to bankruptcy
court approval.
    In proceeding before the court, the FAA has reiterated that the
Operating Authorizations allocated under the LaGuardia Order cannot be
sold. However, the Bankruptcy Order addresses the sale of the business
as a whole. Accordingly, for the purpose of the LaGuardia Order and the
Final Rule, the FAA would consider the acquiring entity to stand in the
shoes of ATA Airlines. If the acquiring entity is an air carrier,\1\
the FAA will allocate the 14 LaGuardia slots to that entity. The
acquiring carrier need not currently have a presence at the airport.
The provision in the preamble that the air carrier must operate at
LaGuardia was directed to the holder of the Operating Authorization
under the LaGuardia Order. The FAA simply did not contemplate a
circumstance whereby ATA Airlines could be acquired by another carrier
under bankruptcy proceedings.
---------------------------------------------------------------------------

    \1\ Only air carriers can hold either Operating Authorizations
under the LaGuardia Order or slots under the final rule.
Accordingly, the FAA assumes that only an existing air carrier would
be likely to bid on ATA Airlines if its primary interest is
acquiring the LaGuardia slots. Any entity that does not currently
possess an air carrier certificate should contact the FAA's
Indianapolis Flight Standards District Office (FSDO) to discuss
concerns regarding ATA Airlines' operating certificate. Operating
certificates cannot be sold, and the FAA requires certain criteria
be met before it will issue a certificate. Questions to the
Indianapolis FSDO should be directed to Ron Myers at<PHONE_NUMBER>
or Bruce Montigney at<PHONE_NUMBER>.
---------------------------------------------------------------------------

    The FAA understands that several aspects of the final rule need to
be addressed given the possibility of these slots being allocated
outside of the context of the LaGuardia Order.
     As is the case with all slots allocated in a manner other
than under the provisions of section 93.40, these slots will be
designated as common slots and, except as discussed below, will be
subject to the rule's usage requirements and may be withdrawn for
operational need.
     Should the acquisition transaction not be completed until
after the rule's effective date, the FAA will hold the slots in
abeyance until the transaction is complete, at which point it will
allocate the slots.
     The slots will be included in the total number of common
slots initially allocated to the carrier under the rule. Should the
total number of common slots exceed 20, the carrier may lose a
percentage of the slots in accordance with the final rule. However,
depending on when the slots are allocated, reversion of the additional
slots may not occur before March, 2010.
     Since the bankruptcy court order includes unexpired
leases, the FAA anticipates the acquiring carrier will comply with the
requirements of all leases related to the slots, including any time
frames provided for termination of the lease agreement.
     The FAA will waive the usage requirements for a period of
no more than six months following allocation so that the acquiring
carrier has the opportunity to establish new routes or services.

Availability of Rulemaking Documents

    You may obtain an electronic copy using the Internet by:
    (1) Searching the Federal eRulemaking Portal (http://
www.regulations.gov);
    (2) Visiting the FAA's Regulations and Policies Web page at http://
www.faa.gov/regulationspolicies/; or
    (3) Accessing the Government Printing Office's Web page at http://
www.gpoaccess.gov/fr/index.html.
    You also may obtain a copy by sending a request to the Federal
Aviation Administration, Office of Rulemaking, ARM-1, 800 Independence
Avenue, SW., Washington, DC 20591, or by calling<PHONE_NUMBER>. Make
sure to identify the docket number of this rulemaking.

    Issued in Washington, DC on October 27, 2008.
Rebecca B. MacPherson,
Assistant Chief Counsel for Regulations, Federal Aviation
Administration.
[FR Doc. E8-26039 Filed 10-30-08; 8:45 am]

BILLING CODE 4910-13-M


[Federal Register Volume 85, Number 44 (Thursday, March 5, 2020)]
[Notices]
[Page 12940]
[FR Doc No: 2020-04499]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2019-0004; OMB No. 1660-0011]

Agency Information Collection Activities: Proposed Collection;
Comment Request; Submission for OMB Review; Comment Request; Debt
Collection Financial Statement; Correction

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice and request for comments; correction.

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

SUMMARY: The Federal Emergency Management Agency (FEMA) published a
document in the Federal Register of February 28, 2020, concerning a
request for comments on an information collection request. The document
contained errors, including an incorrect date. This notice corrects
those errors and allows for a 30-day comment period.

FOR FURTHER INFORMATION CONTACT: You may contact the Information
Management Division at email address<EMAIL_ADDRESS>or Zita Zduoba, FEMA Finance Center, Office of
the Chief Financial Officer, at<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Correction

    In the Federal Register of February 28, 2020, in FR Doc. 2020-
04128, on page 12001, make the following corrections:
    1. In the first column, correct the DATES caption to read as
follows:

DATES: Comments must be submitted on or before April 6, 2020.

    2. In the first column, under the ADDRESSES caption, correct the
second paragraph to read as follows:

    (1) Online. Submit comments at www.regulations.gov under Docket ID
FEMA-2019-0004. Follow the instructions for submitting comments.

    3. In the third column, in the sixth paragraph, correct ``$41,661''
to read ``$43,828''.

Maile Arthur,
Acting Records Management Branch Chief, Office of the Chief
Administrative Officer, Mission Support, Federal Emergency Management
Agency, Department of Homeland Security.
[FR Doc. 2020-04499 Filed 3-4-20; 8:45 am]
 BILLING CODE 9111-19-P


[Federal Register Volume 78, Number 208 (Monday, October 28, 2013)]
[Proposed Rules]
[Pages 64186-64189]
[FR Doc No: 2013-25290]

=======================================================================
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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2013-0710]
RIN 1625-AA09

Drawbridge Operation Regulation; Mantua Creek, Paulsboro, NJ

AGENCY: Coast Guard, DHS.

ACTION: Notice of proposed rulemaking.

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SUMMARY: The Coast Guard proposes to modify the operating schedule that
governs the New Jersey State Route 44 lift bridge over the Mantua
Creek, mile marker 1.7, at Paulsboro, NJ. Bridge tender logs from 2007-
2013 indicates that the majority of the marine traffic transits Mantua
Creek during the summer months. To better align the operating schedule
to meet the needs of both land and marine traffic, the proposed change
would reduce the number of months the bridge is required to open on
signal during the early spring and fall of each year.

DATES: Comments and related material must reach the Coast Guard on or
before December 27, 2013.

ADDRESSES:  You may submit comments identified by docket number USCG-
2013-0710 using any one of the following methods:
    (1) Federal eRulemaking Portal: http://www.regulations.gov.
    (2) Fax:<PHONE_NUMBER>.
    (3) Mail or Delivery: Docket Management Facility (M-30), U.S.
Department of Transportation, West Building Ground Floor, Room W12-140,
1200 New Jersey Avenue SE., Washington, DC 20590-0001. Deliveries
accepted between 9 a.m. and 5 p.m., Monday through Friday, except
federal holidays. The telephone number is<PHONE_NUMBER>.
    See the ``Public Participation and Request for Comments'' portion
of the SUPPLEMENTARY INFORMATION section below for instructions on
submitting comments. To avoid duplication, please use only one of these
four methods.

FOR FURTHER INFORMATION CONTACT: If you have questions on this proposed
rule, call or email Mrs. Jessica Shea, Fifth Coast Guard District
Bridge Administration Division, Coast Guard; telephone<PHONE_NUMBER>,
email<EMAIL_ADDRESS>If you have questions on viewing or
submitting material to the docket, call Barbara Hairston, Program
Manager, Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Table of Acronyms

CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
NJDOT New Jersey Department of Transportation
NPRM Notice of Proposed Rulemaking
Sec.  Section Symbol
U.S.C. United States Code

A. Public Participation and Request for Comments

    We encourage you to participate in this proposed rulemaking by
submitting comments and related materials. All comments received will
be posted, without change to http://www.regulations.gov and will
include any personal information you have provided.

1. Submitting Comments

    If you submit a comment, please include the docket number for this
proposed rulemaking (USCG-2013-0710), indicate the specific section of
this document to which each comment applies, and provide a reason for
each suggestion or recommendation. You may submit your comments and
material online (http://www.regulations.gov), or by fax, mail or hand
delivery, but please use only one of these means. If you submit a
comment online via http://www.regulations.gov, it will be considered
received by the Coast Guard when you successfully transmit the comment.
If you fax, hand deliver, or mail your comment, it will be considered
as having been received by the Coast Guard when it is received at the
Docket Management Facility. We recommend that you include your name and
a mailing address, an email address, or a phone number in the body of
your document so that we can contact you if we have questions regarding
your submission.
    To submit your comment online, go to http://www.regulations.gov,
type the docket number [USCG-2013-0710] in the ``SEARCH'' box and click
``SEARCH.'' Click on ``Submit a Comment'' on the line associated with
this rulemaking. If you submit your comments by mail or hand delivery,
submit them in an unbound format, no larger than 8\1/2\ by 11 inches,
suitable for copying and electronic filing. If you submit them by mail
and would like to know that they reached the Facility, please enclose a
stamped, self-addressed postcard or envelope. We will consider all
comments and material received during the comment period and may change
the rule based on your comments.

2. Viewing Comments and Documents

    To view comments, as well as documents mentioned in this preamble
as being available in the docket, go to http://www.regulations.gov,
type the docket number USCG-2013-0710 in the ``SEARCH'' box and click
``SEARCH.'' Click on Open Docket Folder on the line associated with
this rulemaking. You may also visit the Docket Management Facility in
Room W12-140 on the ground floor of the Department of Transportation
West Building, 1200 New Jersey Avenue SE., Washington, DC 20590,
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays.

3. Privacy Act

    Anyone can search the electronic form of comments received into any
of our dockets by the name of the individual submitting the comment (or
signing the comment, if submitted on behalf of an association,
business, labor union, etc.). You may review a Privacy Act notice
regarding our public dockets in the January 17, 2008, issue of the
Federal Register (73 FR 3316).

4. Public Meeting

    We do not now plan to hold a public meeting. But you may submit a
request for one using one of the four methods specified under
ADDRESSES. Please explain why one would be beneficial. If we determine
that one would aid this rulemaking, we will hold one at a time and
place announced by a later notice in the Federal Register.

B. Regulatory History and Information

    The current operating schedule for the bridge is set out in 33 CFR
117.729(b), effective July 25, 1985. The current regulation states: The
draw of the S.R. 44 bridge, mile 1.7, at Paulsboro, shall open on
signal from March 1 through November 30 from 7 a.m. to 11 p.m., and
shall open on signal at all other times upon four hours notice.

C. Basis and Purpose

    The bridge owner, New Jersey Department of Transportation (NJDOT),
requested a change in the operation regulation for the State Route 44
Bridge, at mile 1.7, across Mantua Creek at Paulsboro. NJDOT provided
the Coast Guard with the bridge tender logs dating back to 2007 to
illustrate the marine traffic patterns on Mantua Creek. Based on the
information provided by the bridge tenders there have been very few
requests requiring openings between March 1 and November 30 during the
7 a.m. to 11 p.m. time period.
    The vertical clearance of the vertical-lift bridge is 5 feet above
mean high water in the closed position and 64 above mean high water in
the open position. In order to align the operating schedule with the
observed marine traffic since 2007, the open on demand requirement for
March 1 through April 30 and November 1 through November 30 is being
revised such that the draw shall open with a 4 hour advance notice.

D. Discussion of Proposed Rule

    The majority of vessels that use this waterway are recreational
boats that travel during the summer and fall months of May through
October. The

current operating schedule requires openings on signal from 7 a.m. to
11 p.m. between the months of March and November. Under the proposed
rule, if vessels require an opening during any time of the year outside
the summer and fall season or between the hours of 11 p.m. and 7 a.m.,
the bridge will open with a 4 hour advanced notice. The impact to
vessels of the proposed change to the regulation is that vessels which
require openings during March, April, or November will need to provide
4 hours advanced notice. Based on the average logged openings between
2007-2013 during the months of March, April, and November, the bridge
tender logs indicate that fewer than 25 vessels annually will be
required to provide 4 hours notice under the proposed change.

E. Regulatory Analyses

    We developed this proposed rule after considering numerous statutes
and executive orders related to rulemaking. Below we summarize our
analyses based on these statutes or executive orders.

1. Regulatory Planning and Review

    This proposed rule is not a ``significant regulatory action'' under
section 3(f) of Executive Order 12866, Regulatory Planning and Review,
as supplemented by Executive Order 13563, Improving Regulation and
Regulatory Review, and does not require an assessment of potential
costs and benefits under section 6(a)(3) of Order 12866 or under
section 1 of Executive Order 13563. The Office of Management and Budget
has not reviewed it under those Orders. Fewer than 5 vessels per year
based off of NJDOT bridge tender logs will be impacted by this change.
This proposed regulatory change should not have an adverse effect on
their transit because the bridge is able to open if the mariner
provides at least 4 hours of advance notice.

2. Impact on Small Entities

    Under the Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered the impact of this proposed rule on small entities. The
Coast Guard certifies under 5 U.S.C. 605(b) that this proposed rule
would not have a significant economic impact on a substantial number of
small entities. This proposed action will not have a significant
economic impact on a substantial number of small entities for the
following reasons. This proposed rule amends the months of the year
that the draw opens on signal when it is documented that vessel traffic
is low. Additionally, vessels may still request an opening with 4 hours
advanced notice during the months of March, April, and November.
    If you think that your business, organization, or governmental
jurisdiction qualifies as a small entity and that this rule would have
a significant economic impact on it, please submit a comment (see
ADDRESSES) explaining why you think it qualifies and how and to what
degree this rule would economically affect it.

3. Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this proposed rule. If the proposed rule
would affect your small business, organization, or governmental
jurisdiction and you have questions concerning its provisions or
options for compliance, please contact the person listed in the FOR
FURTHER INFORMATION CONTACT, above. The Coast Guard will not retaliate
against small entities that question or complain about this proposed
rule or any policy or action of the Coast Guard.

4. Collection of Information

    This proposed rule would call for no new collection of information
under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520.).

5. Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this proposed rule under that Order and
have determined that it does not have implications for federalism.

6. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the FOR FURTHER
INFORMATION CONTACT section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

7. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this proposed rule will not
result in such an expenditure, we do discuss the effects of this rule
elsewhere in this preamble.

8. Taking of Private Property

    This proposed rule would not cause a taking of private property or
otherwise have taking implications under Executive Order 12630,
Governmental Actions and Interference with Constitutionally Protected
Property Rights.

9. Civil Justice Reform

    This proposed rule meets applicable standards in sections 3(a) and
3(b)(2) of Executive Order 12988, Civil Justice Reform, to minimize
litigation, eliminate ambiguity, and reduce burden.

10. Protection of Children

    We have analyzed this proposed rule under Executive Order 13045,
Protection of Children from Environmental Health Risks and Safety
Risks. This proposed rule is not an economically significant rule and
would not create an environmental risk to health or risk to safety that
might disproportionately affect children.

11. Indian Tribal Governments

    This proposed rule does not have tribal implications under
Executive Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it would not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes.

12. Energy Effects

    This proposed rule is not a ``significant energy action'' under
Executive Order 13211, Actions Concerning Regulations That
Significantly Affect Energy Supply, Distribution, or Use.

13. Technical Standards

    This proposed rule does not use technical standards. Therefore, we
did not consider the use of voluntary consensus standards.

14. Environment

    We have analyzed this proposed rule under Department of Homeland
Security Management Directive 023-01 and Commandant Instruction
M16475.lD, which guides the Coast Guard in complying with the National

Environmental Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and
have made a preliminary determination that this action is one of a
category of actions which do not individually or cumulatively have a
significant effect on the human environment. This proposed rule simply
promulgates the operating regulations or procedures for drawbridges.
This proposed rule is categorically excluded, under figure 2-1,
paragraph (32)(e), of the Instruction.
    Under figure 2-1, paragraph (32)(e), of the Instruction, an
environmental analysis checklist and a categorical exclusion
determination are not required for this rule. We seek any comments or
information that may lead to the discovery of a significant
environmental impact from this proposed rule.

List of Subjects in 33 CFR Part 117

    Bridges.

    For the reasons discussed in the preamble, the Coast Guard proposes
to amend 33 CFR part 117 as follows:

PART 117--DRAWBRIDGE OPERATION REGULATIONS

0
1. The authority citation for part 117 continues to read as follows:

    Authority:  33 U.S.C. 499; 33 CFR 1.05-1; Department of Homeland
Security Delegation No. 0170.1.

0
2. Revise Sec.  117.729 paragraph (b) to read as follows:

Sec.  117.729  Mantua Creek.

* * * * *
    (b) The draw of the S.R. 44 Bridge, mile 1.7, at Paulsboro, shall
open on signal from May 1 through October 31 from 7 a.m. to 11 p.m.,
and shall open on signal at all other times upon four hours notice.

    Dated: September 19, 2013.
Steven H. Ratti,
Rear Admiral, United States Coast Guard, Commander, Fifth Coast Guard
District.
[FR Doc. 2013-25290 Filed 10-25-13; 8:45 am]
BILLING CODE 9110-04-P