[Federal Register Volume 88, Number 117 (Tuesday, June 20, 2023)]
[Notices]
[Pages 39892-39895]
[FR Doc No: 2023-13006]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97720; File No. SR-CboeBZX-2023-037]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule

June 13, 2023.
    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 June 1, 2023, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'')
filed with the

Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to
amend its Fee Schedule. 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Fee Schedule applicable to its
equities trading platform (``BXZ Equities'') by eliminating the Tape A
Incentive Tier. The Exchange proposes to implement these changes
effective June 1, 2023.
    The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues
that do not have similar self-regulatory responsibilities under the
Securities Exchange Act of 1934 (the ``Act''), to which market
participants may direct their order flow. Based on publicly available
information,\3\ no single registered equities exchange has more than
15% of the market share. Thus, in such a low-concentrated and highly
competitive market, no single equities exchange possesses significant
pricing power in the execution of order flow. The Exchange in
particular operates a ``Maker-Taker'' model whereby it pays rebates to
members that add liquidity and assesses fees to those that remove
liquidity. The Exchange's Fee Schedule sets forth the standard rebates
and rates applied per share for orders that provide and remove
liquidity, respectively. Currently, for orders in securities priced at
or above $1.00, the Exchange provides a standard rebate of $0.00160 per
share for orders that add liquidity and assesses a fee of $0.0030 per
share for orders that remove liquidity.\4\ For orders in securities
priced below $1.00, the Exchange provides a standard rebate of $0.00009
per share for orders that add liquidity and assesses a fee of 0.30% of
the total dollar value for orders that remove liquidity.\5\
Additionally, in response to the competitive environment, the Exchange
also offers tiered pricing which provides Members opportunities to
qualify for higher rebates or reduced fees where certain volume
criteria and thresholds are met. Tiered pricing provides an incremental
incentive for Members to strive for higher tier levels, which provides
increasingly higher benefits or discounts for satisfying increasingly
more stringent criteria.
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    \3\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (May 19, 2023), available at https://www.cboe.com/us/equities/market_statistics/.
    \4\ See BZX Equities Fee Schedule, Standard Rates.
    \5\ Id.
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Tape A Incentive Tier
    Under footnote 12 of the Fee Schedule, the Exchange currently
offers the Tape A Incentive Tier, which provides an enhanced rebate for
Members' qualifying orders yielding fee code V \6\ where a Member
reaches certain add volume-based criteria, including ``growing'' its
volume over a certain baseline month. The Exchange is proposing to
discontinue the Tape A Incentive Tier, as the Exchange no longer wishes
to, nor is required to, maintain such tier. More specifically, the
proposed change removes this tier as the Exchange would rather redirect
future resources and funding into other programs and tiers intended to
incentivize increased order flow.
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    \6\ Fee code V is appended to displayed orders adding liquidity
to BZX in Tape A securities.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\7\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \8\ requirements that the rules of
an exchange be designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \9\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers as well as Section 6(b)(4) \10\
as it is designed to provide for the equitable allocation of reasonable
dues, fees and other charges among its Members and other persons using
its facilities.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
    \9\ Id.
    \10\ 15 U.S.C. 78f(b)(4).
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    As described above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. The Exchange believes that
its proposal to eliminate the Tape A Incentive Tier is reasonable
because the Exchange is not required to maintain this tier or provide
Members an opportunity to receive enhanced rebates. The Exchange
believes the proposal to eliminate this tier is also equitable and not
unfairly discriminatory because it applies to all Members (i.e., the
tier will not be available for any Member). The Exchange also notes
that the proposed rule change to remove this tier merely results in
Members not receiving an enhanced rebate, which, as noted above, the
Exchange is not required to offer or maintain. Furthermore, the
proposed rule change to eliminate the Tape A Incentive Tier enables the
Exchange to redirect resources and funding into other programs and
tiers intended to incentivize increased order flow.

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. Rather, as discussed above,
the Exchange believes that the proposed changes would encourage the
submission of additional order flow to a public exchange, thereby
promoting market depth, execution incentives and enhanced execution
opportunities, as well as price discovery and transparency for all
Members. As a result, the Exchange believes that the proposed changes
further the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.''
    The Exchange believes the proposed rule changes do not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Particularly, the proposed
change to eliminate the Tape A Incentive Tier will not impose any
burden on intramarket competition because the changes apply to all
Members uniformly, as in, the tier will no longer be available to any
Member.
    Next, the Exchange believes the proposed rule changes does not
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues that they may participate on
and direct their order flow, including other equities exchanges, off-
exchange venues, and alternative trading systems. Additionally, the
Exchange represents a small percentage of the overall market. Based on
publicly available information, no single equities exchange has more
than 15% of the market share.\11\ Therefore, no exchange possesses
significant pricing power in the execution of order flow. Indeed,
participants can readily choose to send their orders to other exchange
and off-exchange venues if they deem fee levels at those other venues
to be more favorable. Moreover, the Commission has repeatedly expressed
its preference for competition over regulatory intervention in
determining prices, products, and services in the securities markets.
Specifically, in Regulation NMS, the Commission highlighted the
importance of market forces in determining prices and SRO revenues and,
also, recognized that current regulation of the market system ``has
been remarkably successful in promoting market competition in its
broader forms that are most important to investors and listed
companies.'' \12\ The fact that this market is competitive has also
long been recognized by the courts. In NetCoalition v. Securities and
Exchange Commission, the D.C. Circuit stated as follows: ``[n]o one
disputes that competition for order flow is `fierce.' . . . As the SEC
explained, `[i]n the U.S. national market system, buyers and sellers of
securities, and the broker-dealers that act as their order-routing
agents, have a wide range of choices of where to route orders for
execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . . .''.\13\ Accordingly, the Exchange does not believe its
proposed fee change imposes any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
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    \11\ Supra note 3.
    \12\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \13\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

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

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \14\ and paragraph (f) of Rule 19b-4 \15\
thereunder. 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 will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f).
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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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
file number SR-CboeBZX-2023-037 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-2023-037. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CboeBZX-2023-037 and should
be submitted on or before July 11, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-13006 Filed 6-16-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: June 7, 2006 (Volume 71, Number 109)]
[Notices]
[Page 32955-32956]
[DOCID:fr07jn06-74]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2006-0479; FRL-8071-2]

Notice of Filing of a Pesticide Petition for an Exemption from
Regulations for Residues of Ferric Citrate in or on Various Food
Commodities When Used as an Inert Ingredient

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: This notice announces the initial filing of a pesticide
petition proposing the establishment of an exemption from regulations
for residues of ferric citrate in or on various food commodities when
used as an inert ingredient in pesticide products.

DATES: Comments must be received on or before July 7, 2006.

ADDRESSES: Submit your comments, identified by docket identification
(ID) number EPA-HQ-OPP-2006-0479 and pesticide petition number (PP)
6E7062, by one of the following methods:
     Federal eRulemaking Portal:  http://www.regulations.gov.

Follow the on-line instructions for submitting comments.
     Mail: Office of Pesticide Programs (OPP) Regulatory Public
Docket (7502P), Environmental Protection Agency, 1200 Pennsylvania
Ave., NW, Washington, DC 20460-0001.
     Delivery: OPP Regulatory Public Docket (7502P),
Environmental Protection Agency, Rm. S-4400, One Potomac Yard (South
Building), 2777 S. Crystal Drive, Arlington, VA. Deliveries are only
accepted during the Docket's normal hours of operation (8:30 a.m. to 4
p.m., Monday through Friday, excluding legal holidays). Special
arrangements should be made for deliveries of boxed information. The
Docket telephone number is<PHONE_NUMBER>.
    Instructions: Direct your comments to docket ID number EPA-HQ-OPP-
2006-0479. EPA's policy is that all comments received will be included
in the docket without change and may be made available on-line at
http://www.regulations.gov, including any personal information

provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected through regulations.gov or e-
mail. The Federal regulations.gov website is an ``anonymous access''
system, which means EPA will not know your identity or contact
information unless you provide it in the body of your comment. If you
send an e-mail comment directly to EPA without going through
regulations.gov, your e-mail address will be automatically captured and
included as part of the comment that is placed in the docket and made
available on the Internet. If you submit an electronic comment, EPA
recommends that you include your name and other contact information in
the body of your comment and with any disk or CD-ROM you submit. If EPA
cannot read your comment due to technical difficulties and cannot
contact you for clarification, EPA may not be able to consider your
comment. Electronic files should avoid the use of special characters,
any form of encryption, and be free of any defects or viruses.
    Docket: All documents in the docket are listed in the docket index.
Although listed in the index, some information is not publicly
available, e.g., CBI or other information whose disclosure is
restricted by statute. Certain other material, such as copyrighted
material, is not placed on the Internet and will be publicly available
only in hard copy form. Publicly available docket materials are
available either in the electronic docket at http://www.regulations.gov
, or, if only available in hard copy, at the OPP

Regulatory Public Docket in Rm. S-4400, One Potomac Yard (South
Building), 2777 S. Crystal Drive, Arlington, VA. The hours of operation
of this Docket Facility are from 8:30 a.m. to 4 p.m., Monday through
Friday, excluding legal holidays. The Docket telephone number is (703)
305-5805.

FOR FURTHER INFORMATION CONTACT: Bipin Gandhi, Registration Division
(7505P), Office of Pesticide Programs, Environmental Protection Agency,
1200 Pennsylvania Ave., NW., Washington, DC 20460-0001; telephone
number:<PHONE_NUMBER>; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this Action Apply to Me?

    You may be potentially affected by this action if you are an
agricultural producer, food manufacturer, or pesticide manufacturer.
Potentially affected entities may include, but are not limited to:
     Crop production (NAICS code 111).
     Animal production (NAICS code 112).
     Food manufacturing (NAICS code 311).
     Pesticide manufacturing (NAICS code 32532).
    This listing is not intended to be exhaustive, but rather provides
a guide for readers regarding entities likely to be affected by this
action. Other types of entities not listed in this unit could also be
affected. The North American Industrial Classification System (NAICS)
codes have been provided to assist you and others in determining
whether this action might apply to certain entities. If you have any
questions regarding the applicability of this action to a particular
entity, consult the person listed under FOR FURTHER INFORMATION
CONTACT.

B. What Should I Consider as I Prepare My Comments for EPA?

    1. Submitting CBI. Do not submit this information to EPA through
regulations.gov or e-mail. Clearly mark the part or all of the
information that you claim to be CBI. For CBI information in a disk or
CD ROM that you mail to EPA, mark the outside of the disk or CD ROM as
CBI and then identify electronically within the disk or CD ROM the
specific information that is claimed as CBI. In addition to one
complete version of the comment that includes information claimed as
CBI, a copy of the comment that does not contain the information
claimed as CBI must be submitted for inclusion in the public docket.
Information so marked will not be disclosed except in accordance with
procedures set forth in 40 CFR part 2.
    2. Tips for preparing your comments. When submitting comments,
remember to:
    i. Identify the document by docket ID number and other identifying
information (subject heading, Federal Register date and page number).
    ii. Follow directions. The Agency may ask you to respond to
specific questions or organize comments by referencing a Code of
Federal Regulations (CFR) part or section number.
    iii. Explain why you agree or disagree; suggest alternatives and
substitute language for your requested changes.
    iv. Describe any assumptions and provide any technical information
and/or data that you used.
    v. If you estimate potential costs or burdens, explain how you
arrived at your estimate in sufficient detail to allow for it to be
reproduced.
    vi. Provide specific examples to illustrate your concerns and
suggest alternatives.
    vii. Explain your views as clearly as possible, avoiding the use of
profanity or personal threats.
    viii. Make sure to submit your comments by the comment period
deadline identified.

II. What Action is the Agency Taking?

    EPA is printing a summary of a pesticide petition received under
section 408 of the Federal Food, Drug, and Cosmetic Act (FFDCA), 21
U.S.C. 346a, proposing the establishment or amendment of regulations in
40 CFR part 180 for residues of pesticide chemicals in or on various
food commodities. EPA has determined that this pesticide petition
contains data or information regarding the elements set forth in FFDCA
section 408(d)(2); however, EPA has not fully evaluated the sufficiency
of the submitted data at this time or whether the data support granting
of the pesticide petition. Additional data may be needed before EPA
rules on this pesticide petition.
    Pursuant to 40 CFR 180.7(f), a summary of the petition included in
this notice, prepared by the petitioner is available on EPA's
Electronic Docket at http://www.regulations.gov. To locate this

information on the home page of EPA's Electronic Docket, select ``Quick
Search'' and type the OPP docket ID number. Once the search has located
the docket, clicking on the ``Docket ID'' will bring up a list of all
documents in the docket for the pesticide including the petition
summary.

New Exemption from Tolerance

    PP 6E7062. The Shepherd Chemical Company, 4900 Beech St., Norwood,
OH 45212, proposes to establish an exemption from the requirement of a
tolerance for residues of the inert ingredient ferric citrate (CAS No.
2338-05-8), in or on food commodities when used as an inert ingredient
in pesticide products. Because this petition is a request for an
exemption from the requirement of a tolerance without numerical
limitations, no analytical method is required.

List of Subjects

    Environmental protection, Agricultural commodities, Feed additives,
Food additives, Pesticides and pests, Reporting and recordkeeping
requirements.

    Dated: May 26, 2006.
 Lois Rossi,
Director, Registration Division, Office of Pesticide Programs.
[FR Doc. E6-8722 Filed 6-6-06; 8:45 am]

BILLING CODE 6560-50-S


[Federal Register Volume 76, Number 139 (Wednesday, July 20, 2011)]
[Rules and Regulations]
[Pages 43183-43185]
[FR Doc No: 2011-18152]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2011-0460; FRL-9438-6]

Revisions to the California State Implementation Plan, Sacramento
Metropolitan Air Quality Management District

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: EPA is finalizing both an approval and a limited approval and
limited disapproval of permitting rules submitted for the Sacramento
Metropolitan Air Quality Management District (SMAQMD or District)
portion of the California State Implementation Plan (SIP). These
revisions were proposed in the Federal Register on May 19, 2011 and
concern New Source Review (NSR) and Prevention of Significant
Deterioration (PSD) permit programs for new and modified major
stationary sources of air pollution. We are approving local rules that
regulate these emission sources under the Clean Air Act as amended in
1990 (CAA).

DATES: Effective Date: This rule is effective on August 19, 2011.

ADDRESSES: EPA has established docket number EPA-R09-OAR-2011-0460 for
this action. Generally, documents in the docket for this action are
available electronically at http://www.regulations.gov or in hard copy
at EPA Region IX, 75 Hawthorne Street, San Francisco, California. While
all documents are listed at http://www.regulations.gov, some
information may be publicly available only at the hard copy location
(e.g., copyrighted material, large maps, multi-volume reports), and
some may not be publicly available in either location (e.g., CBI). To
inspect the hard copy materials, please schedule an appointment during
normal business hours with the contact listed in the FOR FURTHER
INFORMATION CONTACT section.

FOR FURTHER INFORMATION CONTACT: Laura Yannayon, EPA Region IX, (415)
972-3534<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document, ``we,'' ``us'' and
``our'' refer to EPA.

Table of Contents

I. Proposed Action
II. Public Comments and EPA Responses
III. EPA Action
IV. Statutory and Executive Order Reviews

I. Proposed Action

    On May 19, 2011 (76 FR 28942), EPA proposed to approve the
following rule that was submitted for incorporation into the California
SIP.

----------------------------------------------------------------------------------------------------------------
           Local agency                Rule No.              Rule title               Amended        Submitted
----------------------------------------------------------------------------------------------------------------
SMAQMD............................             203  Prevention of Significant            1/27/11         1/28/11
                                                     Deterioration.
----------------------------------------------------------------------------------------------------------------

    We proposed to approve this rule because we determined that it
complied with the applicable CAA requirements. Our proposed rule and
related Technical Support Document (TSD) contain more information on
the basis for this rulemaking and on our evaluation of the submittal.
    On May 19, 2011 (76 FR 28942), EPA also proposed a limited approval
and limited disapproval of the following rule that was submitted for
incorporation into the California SIP.

----------------------------------------------------------------------------------------------------------------
           Local agency                Rule No.              Rule title               Amended        Submitted
----------------------------------------------------------------------------------------------------------------
SMAQMD............................             214  Federal New Source Review...        10/28/10        12/07/10
----------------------------------------------------------------------------------------------------------------

    We proposed a limited approval because we determined that this rule
improves the SIP and is largely consistent with the applicable CAA
requirements. We simultaneously proposed a limited disapproval because
some rule provisions do not satisfy the requirements of section 110 and
part D of the CAA.
    Specifically:
     The rule is missing definitions for the terms ``begin
actual construction,'' ``federally enforceable'' and ``necessary
preconstruction approvals or permits.''
     The rule is missing adequate public notice requirements
for minor sources.
     The rule is missing provisions meeting the requirements of
40 CFR 51.165(a)(5)(ii) and 40 CFR 51.307(b)(2).
     The rule contains a cross reference to Rule 207--Title V--
Federal Operating Permit Program, which is not SIP approved.
    Our proposed rule and related TSD contain more information on the
basis for this rulemaking and on our evaluation of the submittal.

II. Public Comments and EPA Responses

    EPA's proposed action provided a 30-day public comment period.
During this period, we received no comments.

III. EPA Action

    No comments were submitted that change our assessment that the
submitted SMAQMD Rule 203 complies with the applicable CAA
requirements. Therefore, under CAA section 110(k)(3) and for the
reasons set forth in our May 19, 2011 proposed rule, we are finalizing
a full approval of Rule 203.

Additionally, no comments were submitted that change our basis for
proposing a limited approval and limited disapproval of submitted
SMAQMD Rule 214. Therefore, under CAA sections 110(k)(3) and 301(a), we
are finalizing a limited approval and limited disapproval of Rule 214.
We are finalizing a limited approval of the submitted rule because we
continue to believe that the rule improves the SIP and is largely
consistent with relevant CAA requirements. This action incorporates the
submitted rule into the District portion of the California SIP,
including those provisions identified as deficient. As authorized under
sections 110(k)(3) and 301(a), EPA is simultaneously finalizing a
limited disapproval of Rule 214. As a result, sanctions will be imposed
unless EPA approves subsequent SIP revisions that correct the rule
deficiencies within 18 months of the effective date of this action.
These sanctions will be imposed under section 179 of the Act according
to 40 CFR 52.31. In addition, EPA must promulgate a federal
implementation plan (FIP) under section 110(c) unless we approve
subsequent SIP revisions that correct the rule deficiencies within 24
months. Note that the submitted rule has been adopted by the SMAQMD,
and EPA's final limited disapproval does not prevent the local agency
from enforcing it. The limited disapproval also does not prevent any
portion of the rule from being incorporated by reference into the
federally enforceable SIP, as discussed in a July 9, 1992 EPA memo
found at: http://www.epa.gov/nsr/ttnnsr01/gen/pdf/memo-s.pdf.

IV. Statutory and Executive Order Reviews

A. Executive Order 12866, Regulatory Planning and Review

    The Office of Management and Budget (OMB) has exempted this
regulatory action from Executive Order 12866, entitled ``Regulatory
Planning and Review.''

B. Paperwork Reduction Act

    This action does not impose an information collection burden under
the provisions of the Paperwork Reduction Act, 44 U.S.C. 3501 et seq.
Burden is defined at 5 CFR 1320.3(b).

C. Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) generally requires an agency
to conduct a regulatory flexibility analysis of any rule subject to
notice and comment rulemaking requirements unless the agency certifies
that the rule will not have a significant economic impact on a
substantial number of small entities. Small entities include small
businesses, small not-for-profit enterprises, and small governmental
jurisdictions.
    This rule will not have a significant impact on a substantial
number of small entities because SIP approvals and limited approvals/
limited disapprovals under section 110 and subchapter I, part D of the
Clean Air Act do not create any new requirements but simply approve
requirements that the State is already imposing. Therefore, because
this limited approval/limited disapproval action does not create any
new requirements, I certify that this action will not have a
significant economic impact on a substantial number of small entities.
    Moreover, due to the nature of the Federal-State relationship under
the Clean Air Act, preparation of flexibility analysis would constitute
Federal inquiry into the economic reasonableness of State action. The
Clean Air Act forbids EPA to base its actions concerning SIPs on such
grounds. Union Electric Co., v. U.S. EPA, 427 U.S. 246, 255-66 (1976);
42 U.S.C. 7410(a)(2).

D. Unfunded Mandates Reform Act

    Under sections 202 of the Unfunded Mandates Reform Act of 1995
(``Unfunded Mandates Act''), signed into law on March 22, 1995, EPA
must prepare a budgetary impact statement to accompany any proposed or
final rule that includes a Federal mandate that may result in estimated
costs to State, local, or tribal governments in the aggregate; or to
the private sector, of $100 million or more. Under section 205, EPA
must select the most cost-effective and least burdensome alternative
that achieves the objectives of the rule and is consistent with
statutory requirements. Section 203 requires EPA to establish a plan
for informing and advising any small governments that may be
significantly or uniquely impacted by the rule.
    EPA has determined that the limited approval/limited disapproval
action promulgated does not include a Federal mandate that may result
in estimated costs of $100 million or more to either State, local, or
tribal governments in the aggregate, or to the private sector. This
Federal action approves pre-existing requirements under State or local
law, and imposes no new requirements. Accordingly, no additional costs
to State, local, or tribal governments, or to the private sector,
result from this action.

E. Executive Order 13132, Federalism

    Federalism (64 FR 43255, August 10, 1999) revokes and replaces
Executive Orders 12612 (Federalism) and 12875 (Enhancing the
Intergovernmental Partnership). Executive Order 13132 requires EPA to
develop an accountable process to ensure ``meaningful and timely input
by State and local officials in the development of regulatory policies
that have federalism implications.'' ``Policies that have federalism
implications'' is defined in the Executive Order to include regulations
that have ``substantial direct effects 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.'' Under Executive Order 13132, EPA may not issue a
regulation that has federalism implications, that imposes substantial
direct compliance costs, and that is not required by statute, unless
the Federal government provides the funds necessary to pay the direct
compliance costs incurred by State and local governments, or EPA
consults with State and local officials early in the process of
developing the proposed regulation. EPA also may not issue a regulation
that has federalism implications and that preempts State law unless the
Agency consults with State and local officials early in the process of
developing the proposed regulation.
    This rule will not have substantial direct effects 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, as specified in Executive Order 13132, because it
merely approves a State rule implementing a Federal standard, and does
not alter the relationship or the distribution of power and
responsibilities established in the Clean Air Act. Thus, the
requirements of section 6 of the Executive Order do not apply to this
rule.

F. Executive Order 13175, Coordination With Indian Tribal Governments

    Executive Order 13175, entitled ``Consultation and Coordination
with Indian Tribal Governments'' (65 FR 67249, November 9, 2000),
requires EPA to develop an accountable process to ensure ``meaningful
and timely input by tribal officials in the development of regulatory
policies that have tribal implications.'' This final rule does not have
tribal implications, as specified in Executive Order 13175. It will not
have

substantial direct effects on tribal governments, 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. Thus, Executive Order 13175 does not
apply to this rule.

G. Executive Order 13045, Protection of Children From Environmental
Health Risks and Safety Risks

    EPA interprets Executive Order 13045 (62 FR 19885, April 23, 1997)
as applying only to those regulatory actions that concern health or
safety risks, such that the analysis required under section 5-501 of
the Executive Order has the potential to influence the regulation. This
rule is not subject to Executive Order 13045, because it approves a
State rule implementing a Federal standard.

H. Executive Order 13211, Actions That Significantly Affect Energy
Supply, Distribution, or Use

    This rule is not subject to Executive Order 13211, ``Actions
Concerning Regulations That Significantly Affect Energy Supply,
Distribution, or Use'' (66 FR 28355, May 22, 2001) because it is not a
significant regulatory action under Executive Order 12866.

I. National Technology Transfer and Advancement Act

    Section 12 of the National Technology Transfer and Advancement Act
(NTTAA) of 1995 requires Federal agencies to evaluate existing
technical standards when developing a new regulation. To comply with
NTTAA, EPA must consider and use ``voluntary consensus standards''
(VCS) if available and applicable when developing programs and policies
unless doing so would be inconsistent with applicable law or otherwise
impractical.
    The EPA believes that VCS are inapplicable to this action. Today's
action does not require the public to perform activities conducive to
the use of VCS.

J. Executive Order 12898: Federal Actions To Address Environmental
Justice in Minority Populations and Low-Income Populations

    Executive Order 12898 (59 FR 7629, Feb. 16, 1994) establishes
Federal executive policy on environmental justice. Its main provision
directs Federal agencies, to the greatest extent practicable and
permitted by law, to make environmental justice part of their mission
by identifying and addressing, as appropriate, disproportionately high
and adverse human health or environmental effects of their programs,
policies, and activities on minority populations and low-income
populations in the United States.
    EPA lacks the discretionary authority to address environmental
justice in this rulemaking.

K. Congressional Review Act

    The Congressional Review Act, 5 U.S.C. section 801 et seq., as
added by the Small Business Regulatory Enforcement Fairness Act of
1996, generally provides that before a rule may take effect, the agency
promulgating the rule must submit a rule report, which includes a copy
of the rule, to each House of the Congress and to the Comptroller
General of the United States. EPA will submit a report containing this
rule and other required information to the U.S. Senate, the U.S. House
of Representatives, and the Comptroller General of the United States
prior to publication of the rule in the Federal Register. A major rule
cannot take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
section 804(2). This rule will be effective on August 19, 2011.

L. Petitions for Judicial Review

    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by September 19, 2011. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this rule for the purposes of judicial
review nor does it extend the time within which a petition for judicial
review may be filed, and shall not postpone the effectiveness of such
rule or action. This action may not be challenged later in proceedings
to enforce its requirements (see section 307(b)(2)).

List of Subjects in 40 CFR Part 52

    Air pollution control, Environmental protection, Incorporation by
reference, Intergovernmental relations, Nitrogen dioxide, Ozone,
Particulate matter, Reporting and recordkeeping requirements, Volatile
organic compounds.

    Dated: June 30, 2011.
Jared Blumenfeld,
Regional Administrator, Region IX.

    Part 52, Chapter I, Title 40 of the Code of Federal Regulations is
amended as follows:

PART 52--[AMENDED]

0
1. The authority citation for Part 52 continues to read as follows:

    Authority: 42 U.S.C. 7401 et seq.

Subpart F--California

0
2. Section 52.220 is amended by adding paragraphs (c)(389) and (390) to
read as follows:

Sec.  52.220  Identification of plan.

* * * * *
    (c) * * *
    (389) New and amended regulations were submitted on December 7,
2010, by the Governor's Designee.
    (i) Incorporation by Reference.
    (A) Sacramento Metropolitan Air Quality Management District.
    (1) Rule 214, ``Federal New Source Review,'' as adopted on October
28, 2010.
    (390) Amended regulations were submitted on January 28, 2011, by
the Governor's Designee.
    (i) Incorporation by Reference.
    (A) Sacramento Metropolitan Air Quality Management District.
    (1) Rule 203, ``Prevention of Significant Deterioration,'' as
amended on January 27, 2011.
* * * * *
[FR Doc. 2011-18152 Filed 7-19-11; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 78, Number 173 (Friday, September 6, 2013)]
[Proposed Rules]
[Page 54861]
[FR Doc No: 2013-21763]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

49 CFR Part 396

[Docket No. FMCSA-2012-0336]
RIN 2126-AB46

Inspection, Repair, and Maintenance; Driver-Vehicle Inspection
Report

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

ACTION: Notice of proposed rulemaking (NPRM); correction.

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

SUMMARY: This document makes corrections to a proposed rule published
in the Federal Register of August 7, 2013, regarding driver vehicle
inspection reports. The corrections involve clerical corrections to
references. Additionally, this notice updates the point of contact in
the ``Assistance to Small Entities'' section of the NPRM.

FOR FURTHER INFORMATION CONTACT: Ms. Deborah M. Freund, Vehicle and
Roadside Operations Division, Office of Bus and Truck Standards and
Operations, Federal Motor Carrier Safety Administration, telephone:
202-366-5541<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: For FMCSA's NPRM published on August 7, 2013
(78 FR 48125), the following corrections are made:
    On page 48127, in column 2, last paragraph, change ``396.11(b)'' to
``396.11(a)''.
    On page 48128, in column 2, first paragraph in the Agency Proposal
section, change ``396.11(b)'' to ``396.11(a)''.
    On page 48130, in column 1, in the first paragraph of Section
Analysis, change both references regarding ``Sec.  396.11(b)(2)'' to
``Sec.  396.11(a)(2)''.
    On page 48132, in column 1, second line, change ``Mike Huntley'' to
``Deborah M. Freund''.
    On page 48133, in instruction 4, change the amendatory language
``Sec.  396.11(b)(2)'' to ``Sec.  396.11(a)(2)'' and also change
``(b)'' to ``(a)'' in the associated regulatory text.

    Issued on: August 30, 2013.
Larry Minor,
Associate Administrator for Policy.
[FR Doc. 2013-21763 Filed 9-5-13; 8:45 am]
BILLING CODE 4910-EX-P


[Federal Register: March 30, 2010 (Volume 75, Number 60)]
[Notices]
[Page 15703-15704]
[DOCID:fr30mr10-64]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

March 22, 2010.
    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER00-2469-005
    Applicants: Williams Flexible Generation, LLC

    Description: Notice of Non-Material Change in Status of Williams
Flexible Generation, LLC.
    Filed Date: 03/19/2010.
    Accession Number: 20100319-5093.
    Comment Date: 5 p.m. Eastern Time on Friday, April 9, 2010.

    Docket Numbers: ER10-892-000.
    Applicants: Southern Turner Cimarron I, LLC.
    Description: Southern Turner Cimarron I, LLC submits a Market-Based
Rate Tariff, etc.
    Filed Date: 03/19/2010.
    Accession Number: 20100319-0217.
    Comment Date: 5 p.m. Eastern Time on Friday, April 9, 2010.

    Docket Numbers: ER10-903-000.
    Applicants: Patriot Power LLC.
    Description: Patriot Power LLC submits the Petition for Acceptance
of Initial Tariff, Waivers and Blanket Authority.
    Filed Date: 03/19/2010.
    Accession Number: 20100319-0216.
    Comment Date: 5 p.m. Eastern Time on Friday, April 9, 2010.

    Docket Numbers: ER10-904-000.
    Applicants: NFI Solar, LLC.
    Description: Application for market- based rate authority, request
for waivers and authorizations, and request for finding of
qualification as Category 1 Seller, and for expedited consideration re
NFI Solar, LLC.
    Filed Date: 03/19/2010.
    Accession Number: 20100322-0201.
    Comment Date: 5 p.m. Eastern Time on Monday, April 5, 2010.

    Docket Numbers: ER10-906-000.
    Applicants: Southern California Edison Company.
    Description: Southern California Edison Company submits a revised
rate sheet to the Service Agreement for Wholesale Distribution Service
and an amended Interconnection Facilities Agreement with BP West Coast
Products etc.
    Filed Date: 03/18/2010.
    Accession Number: 20100318-0205.
    Comment Date: 5 p.m. Eastern Time on Thursday, April 8, 2010.

    Docket Numbers: ER10-908-000.
    Applicants: FirstEnergy Service Company.
    Description: Jersey Central Power & Light Company et al. submits
Notice of Cancellation of the Capacity, Energy and Capacity Credit
Sales Tariff currently on file with the Commission, FERC Electric
Tariff, Second Revised Volume 1.
    Filed Date: 03/18/2010.
    Accession Number: 20100319-0202.
    Comment Date: 5 p.m. Eastern Time on Thursday, April 8, 2010.

    Docket Numbers: ER10-909-000.
    Applicants: Gilroy Energy Center, LLC.
    Description: Gilroy Energy Center, LLC submits its Reliability
Must-Run Agreement. Part 1 of 3.
    Filed Date: 03/18/2010.
    Accession Number: 20100319-0204.
    Comment Date: 5 p.m. Eastern Time on Thursday, April 8, 2010.

    Docket Numbers: ER10-910-000.
    Applicants: PJM Interconnection, LLC.
    Description: PJM Interconnection, LLC submits executed interim
interconnection service agreement with Exelon Generation Company, LLC
et al.
    Filed Date: 03/18/2010.
    Accession Number: 20100319-0201.
    Comment Date: 5 p.m. Eastern Time on Thursday, April 8, 2010.

    Any person desiring to intervene or to protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214) on or before 5 p.m. Eastern time on the specified comment
date. It is not necessary to separately intervene again in a subdocket
related to a compliance filing if you have previously intervened in the
same docket. Protests will be considered by the Commission in
determining the appropriate action to be taken, but will not serve to
make protestants parties to the proceeding. Anyone filing a motion to
intervene or protest must serve a copy of that document on the
Applicant. In reference to filings initiating a new proceeding,
interventions or protests submitted on or before the comment deadline
need not be served on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://
www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St. NE., Washington, DC 20426.
    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please e-mail<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2010-7008 Filed 3-29-10; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 117 (Tuesday, June 18, 2019)]
[Notices]
[Page 28372]
[FR Doc No: 2019-12888]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-069, OMB Control No. 3235-0069]

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736.

Extension:
    Industry Guides

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
    Industry Guides are used by registrants in certain industries as
disclosure guidelines to be followed in presenting information to
investors in Securities Act (15 U.S.C. 77a et seq.) and Exchange Act
(15 U.S.C. 78a et seq.) registration statements and certain other
Exchange Act filings. The paperwork burden from the Industry Guides is
imposed through the forms that are subject to the disclosure
requirements in the Industry Guides and is reflected in the analysis of
these documents. To avoid a Paperwork Reduction Act inventory
reflecting duplicative burdens, for administrative convenience the
Commission estimates the total annual burden imposed by the Industry
Guides to be one hour.
    Written comments are invited on: (a) Whether this proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden imposed by the collection of information; (c) ways to
enhance the quality, utility, and clarity of the information collected;
and (d) ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
    An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid control number.
    Please direct your written comment to Charles Riddle, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
c/o Remi Pavlik-Simon, 100 F Street NE, Washington, DC 20549 or send an
email to<EMAIL_ADDRESS>
    Dated: June 13, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-12888 Filed 6-17-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: April 20, 2007 (Volume 72, Number 76)]
[Notices]
[Page 19990-19991]
[DOCID:fr20ap07-125]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55639; File No. SR-BSE-2007-15]

Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Existing BeX Fee Schedule

 April 16, 2007.
    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 April 2, 2007, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been substantially prepared by the
Exchange. The BSE has designated this proposal as one changing a due,
fee, or other charge under Section 19(b)(3)(A)(ii) of the Act \3\ and
Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal effective
upon filing with the Commission. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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

    The BSE proposes to amend the Boston Equities Exchange (``BeX'')
fee schedule to provide for a credit in the amount of $0.0027 to which
Liquidity Providers would be entitled. The text of the proposed rule
change is available at http://www.bostonstock.com, at the BSE, and at

the Commission's Public Reference Room.

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

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

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

1. Purpose
    On November 20, 2006, the BSE filed File No. SR-BSE-2006-44, a rule
filing that amended the existing BSE fee schedule and established a fee
schedule for the BeX, a facility of the Exchange. The purpose of this
filing is to amend certain transaction fees set forth in the BeX fee
schedule.
    The BeX fee schedule presently provides for credits to Liquidity
Providers, which credits vary depending upon whether the issues are
considered Listed Issues or Nasdaq Issues as well as whether the trades
are for a share price that is greater than or equal to $1.00 or less
than $1.00. At the present time, Liquidity Providers in Listed Issues
involving trades with a share price greater than or equal to $1.00 are
entitled to a $0.0023 credit per share; Liquidity Providers in Nasdaq
Issues involving trades with a share price greater than or equal to
$1.00 are entitled to a credit of $0.0025 per share; Liquidity
Providers in Listed Issues involving trades with a share price that is
less than $1.00 are entitled to a credit of $0.0023 per share with a
maximum of 0.3% of the quotation price per share; and Liquidity
Providers in Nasdaq Issues involving trades with a share price that is
less than $1.00 are entitled to a credit of $0.0025 per share with a
maximum of 0.3% of the quotation price per share.
    The purpose of this proposed amendment to the BeX fee schedule is
to standardize the credits to which Liquidity Providers are entitled by
making the rate per share credit to which Liquidity Providers are
entitled $0.0027 for providing liquidity in all issues, that is, Listed
Issues and Nasdaq Issues, irrespective of the price at which the shares
traded (subject to a maximum of 0.3% of the quotation price per share
for Listed Issues and Nasdaq Issues priced below $1.00).\5\ This
amendment to the BeX fee schedule will not only standardize the credits
to which Liquidity Providers are entitled, but attract those Liquidity
Providers to BeX by providing competitive credits for providing
liquidity.
---------------------------------------------------------------------------

    \5\ Telephone conversation between Brian Donnelly, Assistant
Vice President, Regulation and Compliance, BSE, and Ira Brandriss,
Special Counsel, Division of Market Regulation, Commission, April
16, 2007.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the requirements of Section 6(b) of the Act,\6\ in general, and
furthers the objectives of Section 6(b)(4) of the Act,\7\ in
particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees and other charges among Exchange
members and issuers and other persons using Exchange facilities.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

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

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

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

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

    The foregoing proposed rule change has been designated as a fee
change pursuant to Section 19(b)(3)(A)(ii) of the Act \8\ and Rule 19b-
4(f)(2) thereunder,\9\ because it establishes or changes a due, fee, or
other charge imposed by the Exchange. Accordingly, the proposal will
take effect upon filing with the Commission.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-BSE-2007-15 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-BSE-2007-15. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments, all

written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room. Copies of such
filing also will be available for inspection and copying at the
principal office of the BSE. 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-BSE-2007-15 and should be submitted on or before May 11,
2007.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E7-7552 Filed 4-19-07; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 83, Number 188 (Thursday, September 27, 2018)]
[Notices]
[Pages 48840-48841]
[FR Doc No: 2018-21022]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4388-DR; Docket ID FEMA-2018-0001]

Montana; Major Disaster and Related Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This is a notice of the Presidential declaration of a major
disaster for the State of Montana (FEMA-4388-DR), dated August 30,
2018, and related determinations.

DATES: The declaration was issued August 30, 2018.

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

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated August 30, 2018, the President issued a major disaster
declaration under the authority of the Robert T. Stafford Disaster
Relief and Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the
``Stafford Act''), as follows:

    I have determined that the damage in certain areas of the State
of Montana resulting from flooding during the period of April 12 to
May 6, 2018, is of sufficient severity and magnitude to warrant a
major disaster declaration under the Robert T. Stafford Disaster
Relief and Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the
``Stafford Act''). Therefore, I declare that such a major disaster
exists in the State of Montana.
    In order to provide Federal assistance, you are hereby
authorized to allocate from funds available for these purposes such
amounts as you find necessary for Federal disaster assistance and
administrative expenses.
    You are authorized to provide Public Assistance in the
designated areas and Hazard Mitigation throughout the State.
Consistent with the requirement that Federal assistance be
supplemental, any Federal funds provided under the Stafford Act for
Hazard Mitigation will be limited to 75 percent of the total
eligible costs. Federal funds provided under the Stafford Act for
Public Assistance also will be limited to 75 percent of the total
eligible costs, with the exception of projects that meet the
eligibility criteria for a higher Federal cost-sharing percentage
under the Public Assistance Alternative Procedures Pilot Program for
Debris Removal implemented pursuant to section 428 of the Stafford
Act.
    Further, you are authorized to make changes to this declaration
for the approved assistance to the extent allowable under the
Stafford Act.

    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Administrator, under
Executive Order 12148, as amended, James R. Stephenson, of FEMA is
appointed to act as the Federal Coordinating Officer for this major
disaster.
    The following areas of the State of Montana have been designated as
adversely affected by this major disaster:

    Blaine, Hill, Liberty, Pondera, Toole, and Valley Counties for
Public Assistance.
    All areas within the State of Montana are eligible for
assistance under the Hazard Mitigation Grant Program.

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

Disaster Housing Operations for Individuals and Households; 97.050,
Presidentially Declared Disaster Assistance to Individuals and
Households--Other Needs; 97.036, Disaster Grants--Public Assistance
(Presidentially Declared Disasters); 97.039, Hazard Mitigation
Grant.

Brock Long,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2018-21022 Filed 9-26-18; 8:45 am]
 BILLING CODE 9111-11-P


[Federal Register: December 19, 2007 (Volume 72, Number 243)]
[Rules and Regulations]
[Page 71765-71766]
[DOCID:fr19de07-11]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2007-27998; Airspace Docket No. 07-AAL-05]

Revision of Class E Airspace; Selawik, AK

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action revises Class E airspace at Selawik, AK to provide
adequate controlled airspace to contain aircraft executing Standard
Instrument Approach Procedures (SIAPs). Two SIAPs are being amended for
the Selawik Airport. This action revises existing Class E airspace
upward from 700 feet (ft.) and 1,200 ft. above the surface at the
Selawik Airport, Selawik, AK.

DATES: Effective Date: 0901 UTC, February 14, 2008. The Director of the
Federal Register approves this incorporation by reference action under
title 1, Code of Federal Regulations, part 51, subject to the annual
revision of FAA Order 7400.9 and publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: Gary Rolf, AAL-538G, Federal Aviation
Administration, 222 West 7th Avenue, Box 14, Anchorage, AK 99513-7587;
telephone number<PHONE_NUMBER>; fax:<PHONE_NUMBER>; e-mail:
<EMAIL_ADDRESS>Internet address: http://www.alaska.faa.gov/at.

SUPPLEMENTARY INFORMATION:

History

    On Tuesday, October 16, 2007, the FAA proposed to amend part 71 of
the Federal Aviation Regulations (14 CFR part 71) to revise Class E
airspace upward from 700 ft. above the surface and from 1,200 ft. above
the surface at Selawik, AK (72 FR 58566). The action was proposed in
order to create Class E airspace sufficient in size to contain aircraft
while executing SIAPs for the Selawik Airport. The Notice of Proposed
Rulemaking contained airport location data for the incorrect airport
(Roland Norton Memorial). This action is associated with the Selawik
Airport. This rule corrects that oversite. Class E controlled airspace
extending upward from 700 ft. above the surface and from 1,200 ft.
above the surface in the Selawik Airport area is revised by this
action.
    Interested parties were invited to participate in this rulemaking
proceeding by submitting written comments on the proposal to the FAA.
No comments were received. The rule is adopted as proposed with the
correction to the airport name and coordinates.
    The area will be depicted on aeronautical charts for pilot
reference. The coordinates for this airspace docket are based on North
American Datum 83. The Class E airspace areas designated as 700/1,200
ft. transition areas are published in paragraph 6005 of FAA Order
7400.9R, Airspace Designations and Reporting Points, signed August 15,
2007, and effective September 15, 2007, which is incorporated by
reference in 14 CFR 71.1. The Class E airspace designations listed in
this document will be published subsequently in the Order.

The Rule

    This amendment to 14 CFR part 71 revises Class E airspace at the
Selawik Airport, Alaska. This Class E airspace is revised to
accommodate aircraft executing amended SIAPs, and will be depicted on
aeronautical charts for pilot reference. The intended effect of this
rule is to provide adequate controlled airspace for Instrument Flight
Rules (IFR) operations at the Selawik Airport, Selawik, Alaska.
    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore--(1) is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a regulatory evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
will only affect air traffic procedures and air navigation, it is
certified that this rule will not have a significant economic impact on
a substantial number of small entities under the criteria of the
Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle 1, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority.
    This rulemaking is promulgated under the authority described in
Subtitle VII, Part A, Subpart 1, Section 40103, Sovereignty and use of
airspace. Under that section, the FAA is charged with prescribing
regulations to ensure the safe and efficient use of the navigable
airspace. This regulation is within the scope of that authority because
it creates Class E airspace sufficient in size to contain aircraft
executing instrument procedures for the Selawik Airport and represents
the FAA's continuing effort to safely and efficiently use the navigable
airspace.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

0
In consideration of the foregoing, the Federal Aviation Administration
amends 14 CFR part 71 as follows:

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

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

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

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of Federal Aviation
Administration Order 7400.9R, Airspace Designations and Reporting
Points, signed August 15, 2007, and effective September 15, 2007, is
amended as follows:
* * * * *

Paragraph 6005 Class E Airspace Extending Upward from 700 feet or
More Above the Surface of the Earth.

* * * * *

AAL AK E5 Selawik, AK [Revised]

Selawik, Selawik Airport, AK
    (Lat. 66[deg]36'01'' N., long. 159[deg]59'09'' W.)

    That airspace extending upward from 700 feet above the surface
within a 7.3-mile radius of the Selawik Airport; and that airspace
extending upward from 1,200 feet above the surface within a 74-mile
radius of the Selawik Airport.
* * * * *

    Issued in Anchorage, AK, on December 11, 2007.
Anthony M. Wylie,
Manager, Alaska Flight Services Information Area Group.
 [FR Doc. E7-24407 Filed 12-18-07; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 85, Number 170 (Tuesday, September 1, 2020)]
[Notices]
[Pages 54468-54471]
[FR Doc No: 2020-19190]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89673; File No. SR-CboeBZX-2020-066]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Fee Schedule

August 26, 2020.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 12, 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, II,
and III below, which Items have been prepared by the Exchange.\3\ 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.
    \3\ The Exchange initially filed the proposed fee changes on
August 3, 2020 (SR-CboeBZX-2020-064). On August 12, 2020, the
Exchange withdrew that filing and submitted this proposal.

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

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') is filing
with the Securities and Exchange Commission (``Commission'') a proposed
rule change to amend the fee schedule. 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its fee schedule applicable to its
equities trading platform (``BZX Equities'') to remove certain Step-Up
Tiers and update Tape B Volume and Quoting Tiers.
Proposal to Eliminate Step-Up Tiers 2 and 4
    The Exchange first notes that it operates in a highly-competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of several equity venues to which market
participants may direct their order flow, and it represents a small
percentage of the overall market. The Exchange in particular operates a
``Maker-Taker'' model whereby it pays credits to members that provide
liquidity and assesses fees to those that remove liquidity. The
Exchange's fee schedule sets forth the standard rebates and rates
applied per share for orders that provide and remove liquidity,
respectively. Particularly, for orders priced at or above $1.00, the
Exchange provides a standard rebate of $0.0025 per share for orders
that add liquidity and assesses a fee of $0.0030 per share for orders
that remove liquidity. In response to the competitive environment, the
Exchange also offers tiered pricing which provides Members
opportunities to qualify for higher rebates or reduced fees where
certain volume criteria and thresholds are met. Tiered pricing provides
an incremental incentive for Members to strive for higher tier levels,
which provides increasingly higher benefits or discounts for satisfying
increasingly more stringent criteria.
    One of the tiered pricing models is set forth in Footnote 2 of the
fee schedule (Step-Up Tiers), which provides Members an opportunity to
qualify for an enhanced rebate on their orders that add liquidity where
they increase their relative liquidity each month over a predetermined
baseline. Tier 2 of the Step-Up Tiers provides an enhanced rebate of
$0.0031 per share for Members with Step-Up Add TCV \4\ from December
2018 equal to or greater than 0.20%, or has a Step-Up Add TCV \5\ from
April 2020 equal to or greater than 0.15%. Similarly, Tier 4 of the
Step-Up Tiers provides an enhanced rebate of $0.0032 per share for
Members with Step-Up Add TCV from December 2018 equal to or greater
than 0.50%. The Exchange adopted Tiers 2 and 4 of the Step-Up Tiers to
encourage Members to grow their ADAV on the Exchange on a monthly basis
from a December 2018 or April 2020 baseline. The Exchange now proposes
to eliminate the Tiers 2 and 4 of the Step-Up Tiers. Particularly, no
Member has reached Tiers 2 or 4 of the Step-Up Tiers in several months
and the Exchange therefore no longer wishes to, nor is it required to,
maintain such tiers. The Exchange no longer believes Tiers 2 and 4 are
necessary and notes the Exchange is not required to maintain such an
incentive program. Additionally, the Exchange proposes to re-number
Step-Up Tiers 3 and 5 to reflect the elimination of Step-Up Tiers 2 and
4.
---------------------------------------------------------------------------

    \4\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
    \5\ ``Step-Up Add TCV'' means ADAV as a percentage of TCV in the
relevant baseline month subtracted from current ADAV as a percentage
of TCV. ``ADAV'' means average daily added volume calculated as the
number of shares added per day.
---------------------------------------------------------------------------

Proposal To Amend Tape B Volume and Quoting Tiers
    The Exchange notes that its listing business operates in a highly-
competitive market in which market participants, which includes issuers
of securities, Lead Market Makers (``LMMs''), and other liquidity
providers, can readily transfer their listings, opt not to participate,
or direct order flow to competing venues if they deem fee levels,
liquidity provision incentive programs, or any other factor at a
particular venue to be insufficient or excessive. The proposed rule
changes reflect a competitive pricing structure designed to incentivize
market participants to enroll in LMP Securities,\6\ which the Exchange
believes will enhance market quality in all securities listed on the
Exchange and encourage issuers to list new products and transfer
existing products to the Exchange.
---------------------------------------------------------------------------

    \6\ ``LMP Securities'' means a list of securities included in
the Liquidity Management Program, the universe of which will be
determined by the Exchange and published in a circular distributed
to Members and on the Exchange's website. Such LMP Securities will
include all Cboe-listed ETPs and certain non-Cboe-listed ETPs for
which the Exchange wants to incentivize Members to provide enhanced
market quality. All Cboe-listed securities will be LMP Securities
immediately upon listing on the Exchange. The Exchange will not
remove a security from the list of LMP Securities without 30 days
prior notice. See Cboe BZX U.S. Equities Exchange Fee Schedule.
---------------------------------------------------------------------------

    The Exchange currently offers two Tape B Volume and Quoting Tiers
under Footnote 13, which provide an additional rebate of $0.0001 (Tier
1) and $0.0002 (Tier 2) per share for orders that meet certain
criteria. Specifically, Tier 1 provides an additional rebate if (i) the
Member is enrolled in at least 50 BZX-listed LMP Securities, for which
it meets the following criteria for at least 50% of the trading days in
the applicable month: (1) The Member has a NBBO Time \7\ of equal to or
greater than 15% or a NBBO Size Time \8\ of equal to or greater than
25%; and (2) the Member has a Displayed Size Time \9\ of equal to or
greater than 90%; and (ii) the

Member adds a Tape B ADV \10\ of equal to or greater than 0.15% of the
TCV. Alternatively, Tier 2 provides an additional rebate if (i) the
Member is enrolled in at least 100 BZX-listed LMP Securities for which
it meets the following criteria for at least 50% of the trading days in
the applicable month: (1) The Member has a NBBO Time of equal to or
greater than 15% or a NBBO Size Time of equal to or greater than 25%;
and (2) the Member has a Displayed Size Time of equal to or greater
than 90%; and (ii) the Member adds a Tape B ADV of equal to or greater
than 0.30% of the TCV. All Members are eligible to enroll in LMP
Securities and are eligible for the current Tape B Volume and Quoting
Tier. Such rebates are applicable to orders that add liquidity which
are appended with fee code B.\11\
---------------------------------------------------------------------------

    \7\ ``NBBO Time'' means the average of the percentage of time
during regular trading hours during which the Member maintains at
least 100 shares at each of the NBB and NBO.
    \8\ ``NBBO Size Time'' means the percentage of time during
regular trading hours during which there are size-setting quotes at
the NBBO on the Exchange.
    \9\ ``Displayed Size Time'' means the percentage of time during
regular trading hours during which the Member maintains at least
2,500 displayed shares on the bid and separately maintains at least
2,500 displayed shares on the offer that are priced no more than 2%
away from the NBB and NBO, respectively.
    \10\ ``ADV'' means average daily volume calculated as the number
of shares added or removed, combined, per day.
    \11\ Fee code B represents a displayed order that adds liquidity
to BZX (Tape B).
---------------------------------------------------------------------------

    LMP incentives are designed to apply to Tape B trades as BZX-listed
securities are Tape B securities. The Exchange has observed that Tape B
volume can vary as a percentage of TCV. Thus, a Member may be trading
heavily in Tape B securities but may not qualify for the Tape B Volume
and Quoting Tiers because of the low Tape B volume as a percentage of
TCV. Given this, the Exchange now proposes to make changes to the
second (ii) criteria of both Tape B Volume and Quoting Tiers noted
above. Specifically, for Tier 1 the Exchange proposes to amend criteria
two (ii) to provide that a Member must add Tape B ADV equal than or
greater than 0.50% of Tape B TCV. Similarly, the Exchange proposes to
amend criteria two (ii) of Tier 2 to provide that a Member must add
Tape B ADV equal than or greater than 1.50% of Tape B TCV. The proposed
changes are designed to allow Members who meet the Tape B volume
criteria to meet the Volume and Quoting Tiers even if Tape B volume is
a low percentage of TCV.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\12\ in general, and
furthers the objectives of Section 6(b)(4),\13\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members, issuers and other persons
using its facilities. The Exchange operates in a highly-competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. The proposed rule changes
reflect a competitive pricing structure designed to incentivize market
participants to direct their order flow to the Exchange, which the
Exchange believes would enhance market quality to the benefit of all
Members.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f.
    \13\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    In particular, the Exchange believes the proposed amendment to
remove existing Tiers 2 and 4 of the Step-Up Tiers is reasonable
because the Exchange is not required to maintain these tiers and
Members still have a number of other opportunities and a variety of
ways to receive enhanced rebates, including the proposed enhanced
standard rebate to orders yielding fee code ``B'' ``V'' \14\ or
``Y''.\15\ Moreover, as noted above, no Member has achieved these tiers
in several months. The Exchange believes the proposal to eliminate
these tiers is also equitable and not unfairly discriminatory because
it applies to all Members.
---------------------------------------------------------------------------

    \14\ Fee code V represents a displayed order that adds liquidity
to BZX (Tape A).
    \15\ Fee code Y represents a displayed order that adds liquidity
to BZX (Tape C).
---------------------------------------------------------------------------

    The Exchange also notes that its listing business operates in a
highly-competitive market in which market participants, which includes
issuers of securities, LMMs, and other liquidity providers, can readily
transfer their listings, opt not to participate, or direct order flow
to competing venues if they deem fee levels, liquidity provision
incentive programs, or any other factor at a particular venue to be
insufficient or excessive. The proposed rule changes reflect a
competitive pricing structure designed to incentivize market
participants to enroll in LMP Securities, which the Exchange believes
will enhance market quality in all securities listed on the Exchange
and encourage issuers to list new products and transfer existing
products to the Exchange.
    The Exchange believes that the proposed changes to the Tape B
Volume and Quoting Tiers are consistent with the Act and represent a
reasonable, equitable, and not unfairly discriminatory means to
incentivize liquidity provision in Exchange-Traded Products (``ETPs'')
listed on the Exchange. The marketplace for listings is extremely
competitive and there are several other national securities exchanges
that offer ETP listings. Transfers between listing venues occur
frequently for numerous reasons, including market quality. This
proposal is intended to help the Exchange compete as an ETP listing
venue. LMP incentives are designed to apply to Tape B trades as BZX-
listed securities are Tape B securities. The Exchange has observed that
Tape B volume can vary as a percentage of TCV. Thus, a Member may be
trading heavily in Tape B securities but may not qualify for the Tape B
Volume and Quoting Tiers because of the low Tape B volume as a
percentage of TCV. The proposed changes are designed to allow Members
who meet the Tape B volume criteria to meet the Volume and Quoting
Tiers even if Tape B volume is a low percentage of TCV.
    The Exchange believes that the proposals to amend Tape B Volume and
Quoting Tiers represents an equitable allocation of fees and other
charges because the Tape B Volume and Quoting Tiers are available
equally to all Members and all Members are eligible to enroll in LMP
Securities. The Exchange anticipates at least four Members will meet
the amended Tape B Volume and Quoting Tiers 1 and 2. Further, the
Exchange believes that the proposal represents an equitable allocation
of fees and other charges and is not unreasonably discriminatory
because enrolling in LMP Securities is open to all Members and any
Member that wishes to receive the Tape B Volume and Quoting Tiers must
meet the proposed quoting and execution standards in order to receive
the additional rebates, as outlined above. Where a Member does not meet
the requirements, they will not receive the additional rebates. Further
and as noted throughout, the Tape B Volume and Quoting Tiers are
designed to enhance market quality in BZX-listed securities and to make
the Exchange more competitive as an ETP listing venue.

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

    The Exchange does not believe that the proposed rule changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
the proposed change burdens competition, but rather, enhances
competition as it is intended to increase the competitiveness of BZX
both among Members by incentivizing Members to enroll in LMP Securities
and as a listing venue by enhancing market quality in BZX-listed
securities. The marketplace for listings is extremely competitive and
there are several other national securities exchanges that offer
listings. Transfers between listing venues occur frequently for
numerous reasons, including market

quality. This proposal is intended to help the Exchange compete as a
listing venue. Accordingly, the Exchange does not believe that the
proposed change will impair the ability of issuers, LMMs, other
Members, or competing listing venues to maintain their competitive
standing. The Exchange also notes that the proposed change is intended
to enhance market quality in BZX-listed securities and other listed
securities, to the benefit of all investors in such BZX-listed
securities. The Exchange does not believe the proposed amendment would
burden intramarket competition as it would be available to all Members
uniformly.

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

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

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \16\ and paragraph (f) of Rule 19b-4 \17\
thereunder. 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 will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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-2020-066 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-2020-066. 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-2020-066 and should be submitted
on or before September 22, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020-19190 Filed 8-31-20; 8:45 am]
BILLING CODE 8011-01-P