[Federal Register: March 16, 2007 (Volume 72, Number 51)]
[Notices]
[Page 12651-12653]
[DOCID:fr16mr07-113]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55430; File No. SR-NYSEArca-2007-24]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To Waive Certain Listing Fees

March 8, 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 February 28, 2007, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange''),
through its wholly owned subsidiary, NYSE Arca Equities, Inc., 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 Commission
is publishing this notice to solicit comment on the proposed rule
change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its listing fees to provide that
there shall be no initial listing fee applicable to (i) Any company
listing upon emergence from bankruptcy, or (ii) any company listing its
primary class of common stock that is not listed on a national
securities exchange but is registered under the Act.
    The text of the proposed rule change is available on the Exchange's
Web site (http://www.nysearca.com), 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 listing fee schedule to provide
that there shall be no initial listing fee applicable to:
     Any company listing following emergence from
bankruptcy;\3\ or
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    \3\ The Exchange interprets ``listing following emergence from
bankruptcy'' to mean that the company lists at the same time it
emerges from bankruptcy. Telephone conversation between John Carey,
Assistant General Counsel, NYSE, and Nathan Saunders, Special
Counsel, Division of Market Regulation, Commission, March 6, 2007.
---------------------------------------------------------------------------

     Any company listing its primary class of common stock that
is not listed on a national securities exchange but is registered under
the Act.
    If approved by the Commission, the amendments contained in this
proposal will be applied retroactively as of the date of this filing.
    The proposed rule change will not affect the Exchange's commitment
of resources to its regulatory oversight of the listing process or its
regulatory programs. Specifically, companies that benefit from the
waivers will be reviewed for compliance with Exchange listing standards
in the same manner as any other company that applies to be listed on
the Exchange. The Exchange will conduct a full and independent review
of each issuer's compliance with the Exchange's listing standards.
    In the case of companies listing upon emergence from bankruptcy,
the Exchange believes that the initial listing fee waiver is justified
by such companies' unique circumstances. Companies emerging from
bankruptcy are typically not raising any new capital at the time of
listing, so the payment of initial listing fees is more burdensome than
for companies that are listing upon an initial public offering. Also,
because of the desire in bankruptcy proceedings to ensure that
creditors are paid as much as possible, such companies are much more
sensitive to the costs associated with listing. It is frequently
difficult for such companies to assess what those costs are going to be
until quite close to their emergence from bankruptcy, as the number of
shares that will be issued (and therefore the related listing fees) are
a significant variable in the negotiation of the bankruptcy settlement.
As bankrupt companies face unique challenges in the listing process and
the number of companies that will benefit from the fee waiver will be
very limited, the Exchange does not believe that the treatment this
proposal would afford to bankrupt companies constitutes an inequitable
or unfairly discriminatory allocation of fees.
    The Exchange anticipates that a significant percentage of potential
listings of companies that have a registered class of common stock but
that are not currently listed on a national securities exchange will be
formerly listed companies that were delisted as a result of a failure
to timely file annual reports with the Commission. These are companies
that were otherwise in good standing with a national securities
exchange, but fell behind on their reporting obligations under the Act
because their auditors or the Commission required restatements of their
financial statements. These companies will re-list on the Exchange as
soon as their filings are up to date. The Exchange believes that
waiving initial listing fees for these companies is appropriate and
does not constitute an inequitable or unfairly discriminatory
allocation of fees, as such companies had previously paid initial
listing fees to the Exchange or to another national securities
exchange, and to make them pay these fees again would further penalize
them unnecessarily.
    The Exchange does not expect the financial impact of this proposed
rule change to be material, either in terms of increased levels of
annual fees from transferring issuers or in terms of diminished initial
listing fee revenues. A very limited number of companies are qualified
and seek to list on the Exchange that are either emerging from
bankruptcy or have a registered class of common stock but are not
currently listed on another market. Accordingly, the proposed rule
change will not impact the Exchange's resource commitment to its
regulatory oversight of the listing process or its regulatory programs.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the requirement under Section 6(b)(4) \4\ of the Act that an
exchange have rules that provide for the equitable allocation of
reasonable dues, fees and other charges among its members and other
persons using its facilities and the requirement under Section 6(b)(5)
\5\ of Act that an exchange have rules that are designed to remove
impediments to and perfect the mechanism of a free and open market and
a national market system and that are not designed to permit unfair
discrimination between issuers. In light of the unique circumstances of
companies emerging from bankruptcy and the likelihood that many
companies listing that have a registered class of common stock but are
not listed on another market will be previously listed companies
delisted as late filers, the Exchange believes that the proposed fee
waiver does not render the allocation of its listing fees inequitable
or unfairly discriminatory.
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    \4\ 15 U.S.C. 78f(b)(4).
    \5\ 15 U.S.C. 78f(b)(5).
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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

    Written comments on the proposed rule change were neither solicited
nor received.

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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) As the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding, or (ii) as to
which the Exchange consents, the Commission will:
    (A) By order approve the proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing,

including whether the proposed rule change is consistent with the Act.
Comments may be submitted by any of the following methods:

Electronic Comments

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

File Number SR-NYSEArca-2007-24 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-NYSEArca-2007-24.
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 the
filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NYSEArca-2007-24 and should be submitted on or before
April 6, 2007.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-4786 Filed 3-15-07; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 82, Number 136 (Tuesday, July 18, 2017)]
[Rules and Regulations]
[Pages 32761-32762]
[FR Doc No: 2017-15055]

========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents.

========================================================================

Federal Register / Vol. 82, No. 136 / Tuesday, July 18, 2017 / Rules
and Regulations

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2016-1006]
RIN 1625-AA09

Drawbridge Operation Regulation; Connecticut River, East Haddam,
CT

AGENCY: Coast Guard, DHS.

ACTION: Final rule.

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SUMMARY: The Coast Guard is changing the operating schedule that
governs the Route 82 Bridge (East Haddam Swing Bridge) across the
Connecticut River, mile 16.8, at East Haddam, Connecticut. The
Connecticut Department of Transportation submitted a request to reduce
scheduled openings of the span for recreational vessels during the
boating season and to allow the bridge owner to require six hours
notice for bridge openings at night during the winter season. It is
expected this change to the regulations will better serve the needs of
the community while still continuing to satisfy the reasonable needs of
navigation.

DATES: This rule is effective August 17, 2017.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov, type USCG-
2016-1006. In the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rulemaking.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Mr. James Moore, Project Officer, First Coast Guard
District, telephone<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
DHS Department of Homeland Security
E.O. Executive order
FR Federal Register
NPRM Notice of proposed rulemaking
Sec.  Section
U.S.C. United States Code

II. Background Information and Regulatory History

    On March 1, 2017, we published a notice of proposed rulemaking
(NPRM) entitled ``Drawbridge Operation Regulation; Connecticut River,
East Haddam, CT'' in the Federal Register (82 FR 12185). We received 16
comments on this rule which will be discussed in Section IV. Prior to
publication of the NPRM, a public meeting was held on April 12, 2016
and no objections were raised to the proposed modification of the
regulation governing operation of the bridge.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority 33 U.S.C. 499.
    The Route 82 Bridge (East Haddam Swing Bridge), mile 16.8, across
the Connecticut River at East Haddam, Connecticut, offers mariners a
vertical clearance of 22 feet at Mean High Water and 25 feet at Mean
Low Water when the span is in the closed position. Vertical clearance
is unlimited when the span is open. Horizontal clearance is 200 feet.
Waterway users include recreational and commercial vessels including
tugboat/barge combinations as well as tour/dinner boats. The drawbridge
operating regulations are listed at 33 CFR 117.205(c).
    The owner of the bridge, the Connecticut Department of
Transportation, requested a change to the drawbridge operating
regulation because of the increased volume of vehicular traffic across
the bridge during peak commuting hours. This increased volume coupled
with bridge openings for recreational vessels on the hour as well as
the half-hour has resulted in lengthy traffic jams on either side of
the bridge, particularly during the morning and evening rush hours. By
reducing required openings for recreational vessels, traffic congestion
at peak rush hours will dissipate. The Connecticut Department of
Transportation also requested that from November 1 to April 30, vessels
be required to provide at least six hours of notice for bridge openings
between 8 p.m. and 4 a.m. For the last three years there have been no
requested openings between these hours during this time of year.
Allowing the bridge owner to require such notice will allow for more
efficient and economical operation of the bridge.
    The Coast Guard believes this change balances the needs of both
land-based and marine traffic. The change will enhance vehicular
traffic flow without significantly impacting vessel traffic.

IV. Discussion of Comments, Changes and the Final Rule

    The Coast Guard received a total of 16 comments in response to the
notice of proposed rulemaking. All comments positively endorsed the
proposed regulation change and no objections were noted. As a result,
no changes have been made to this final rule.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive Orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive Orders, and we
discuss First Amendment rights of protesters.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. Executive Order 13563 emphasizes the importance of
quantifying both costs and benefits, of reducing costs, of harmonizing
rules, and of promoting flexibility. This rule has not been designated
a ``significant regulatory action,'' under Executive Order 12866.
Accordingly, it has not been reviewed by the Office of Management and
Budget.
    The Coast Guard has determined this rule is not a significant
regulatory action. The bridge will still open on the hour from 6 a.m.
to 8 p.m. for recreational craft during the boating season and will
open for all vessels with six hours of advance notice between 8 p.m.
and 4 a.m. between November 1 and April 30. The minimum 22 foot
vertical clearance available at Mean High Water when the bridge is in
the closed position is sufficient to allow a majority of recreational
traffic to pass without the necessity for an opening. Moreover, the
advance notice requirements will be imposed during

evening hours over the course of the winter, during which time vessel
traffic is infrequent.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980 (RFA), 5 U.S.C. 601-612, as
amended, requires federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard received no comments from the Small Business
Administration on this rule. The Coast Guard certifies under 5 U.S.C.
605(b) that this rule will not have a significant economic impact on a
substantial number of small entities.
    While some owners or operators of vessels intending to transit the
bridge may be small entities, for the reasons stated in section V.A
above, this rule will not have a significant economic impact on any
vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT,
above.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

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

D. Federalism and Indian Tribal Government

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes.

E. Unfunded Mandates Reform Act

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

F. Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.l
(series), which guides the Coast Guard in complying with the National
Environmental Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and
have made a preliminary determination that this action is one of a
category of actions which do not individually or cumulatively have a
significant effect on the human environment. This rule simply
promulgates the operating regulations or procedures for drawbridges.
Normally such actions are categorically excluded from further review,
under figure 2-1, paragraph (32)(e), of the Instruction. A preliminary
Record of Environmental Consideration and a Memorandum for the Record
are not required for this rule. We seek any comments or information
that may lead to the discovery of a significant environmental impact
from this rule.

G. Protest Activities

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

List of Subjects in 33 CFR Part 117

    Bridges.

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

PART 117--DRAWBRIDGE OPERATION REGULATIONS

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

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

0
2. Amend Sec.  117.205 by revising paragraph (c) to read as follows:

Sec.  117.205  Connecticut River.

* * * * *
    (c) The draw of the Route 82 Bridge, mile 16.8, at East Haddam,
shall operate as follows:
    (1) From May 1 through October 31: The draw shall open on signal
for commercial vessels. For recreational vessels, the draw shall open
on signal, except that from 6 a.m. to 8 p.m., the draw need open for
recreational vessels on the hour only.
    (2) From November 1 through April 30: The draw shall open on signal
for all vessels, except that from 8 p.m. to 4 a.m., the draw shall open
on signal if at least six-hours notice is given by calling the number
posted at the bridge.

    Dated: June 30, 2017.
S.D. Poulin,
Rear Admiral, U.S. Coast Guard, Commander, First Coast Guard District.
[FR Doc. 2017-15055 Filed 7-17-17; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: September 28, 2005 (Volume 70, Number 187)]
[Notices]
[Page 56668]
[DOCID:fr28se05-95]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP05-428-002]

Total Peaking Services, L.L.C.; Notice of Compliance Filing

September 16, 2005.
    Take notice that on September 12, 2005, Total Peaking Services,
L.L.C. (TPS), tendered for filing a revised tariff sheet for inclusion
in TPS's FERC Gas Tariff, Original Volume No. 1. TPS requests that this
revised tariff sheet be made effective September 1, 2005.

Fourth Revised Sheet No. 97

    TPS states that the purpose of this filing is to correct a header
designation on the revised sheet from ``Third'' to ``Fourth'' and no
change is made in the tariff text on the sheet in question.
    Any person desiring to protest this filing must file in accordance
with Rule 211 of the Commission's Rules of Practice and Procedure (18
CFR 385.211). Protests to this filing 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. Such protests
must be filed in accordance with the provisions of Section 154.210 of
the Commission's regulations (18 CFR 154.210). Anyone filing a protest
must serve a copy of that document on all the parties to the
proceeding.
    The Commission encourages electronic submission of protests in lieu
of paper using the ``eFiling'' link at http://www.ferc.gov. Persons

unable to file electronically should submit an original and 14 copies
of the protest to the Federal Energy Regulatory Commission, 888 First
Street, NE., Washington, DC 20426.
    This filing is accessible online at http://www.ferc.gov, using the

``eLibrary'' link and is 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>.

Magalie R. Salas,
Secretary.
[FR Doc. E5-5220 Filed 9-27-05; 8:45 am]

BILLING CODE 6717-01-P


MEMORANDUM
Date: 		September 4, 2013
From:		Rachel Schmeltz, US EPA
Subject:	Summary of Evaluation of "Inputs to Emission Equations" Data Elements Added with the 2013 Revisions to the Greenhouse Gas Reporting Rule

The purpose of the memorandum is to document EPA's evaluation of fifteen new data elements that EPA is adding with the 2013 Revisions to the Greenhouse Gas Reporting Rule and Confidentiality Determinations for New or Substantially Revised Data Elements.  These 15 data elements are being added to the following subparts of the Greenhouse Gas Reporting Rule:
   * 1 data elements to Subpart FF (Underground Coal Mines)
   * 8 data elements to Subpart HH (Municipal Solid Waste Landfills)
   * 6 data elements to Subpart TT (Industrial Waste Landfills)

As explained in the preamble to the final rule, we assigned these 15 data elements to the "inputs to equations" data category.   In the final deferral rule (76 FR 53057) and the accompanying memorandum entitled "Process for Evaluating and Potentially Amending Part 98 Inputs to Emission Equations" (Docket ID EPA-HQ-OAR-2010-0929), EPA described a four-step evaluation process for inputs to equations, which are as follows:
      * Step 1: Determine whether each input is already publicly available.
      * Step 2: For inputs that are not publicly available, evaluate whether release of the information is likely to result in substantial competitive harm.
      *  Step 3: For inputs that are likely to cause substantial competitive harm if disclosed, evaluate potential alternative calculation methods.
      * Step 4: For inputs that are likely to cause substantial competitive harm if disclosed, evaluate potential alternative verification methods.

A full description of the four-step evaluation process that was undertaken as well as the market structure for each of these subparts is described in the December 17, 2012 memo titled "Summary of Evaluation of Greenhouse Gas Reporting Program (GHGRP) Part 98 "Inputs to Emissions Equations" Data Elements Deferred until 2013".

As discussed in more detail in the appendix to this memorandum, EPA found that the new inputs described in this memo are not the types of data that would allow competitors to gain competitive advantage if publicly released.  As a result, EPA did not proceed to Steps 3 and 4 of the four-step process.

Appendix:

Step 1: Public Availability Analysis:

EPA found that none of the data elements in this analysis are publicly available.  EPA searched the following sources:

   * Subpart FF: EPA's Coalbed Methane Outreach Program (CMOP), Mine Safety and Health Administration (MSHA)
   * Subpart HH: EPA's Landfill Methane Outreach Program (LMOP), Title V permits, Waste Business Journal, state web sites, company and municipal web sites
   * Subpart TT: National Emissions Inventory,  LMOP database, Waste Business Journal, Title V permits

Step 2: Competitive Harm Analysis
The market structure analysis  for each of these subparts is described in the December 17, 2012 memo titled "Summary of Evaluation of Greenhouse Gas Reporting Program (GHGRP) Part 98 "Inputs to Emissions Equations" Data Elements Deferred until 2013".  Based on these market structure analyses, EPA proceeded to evaluate individual data elements.

Table 1 below lists the proposed data elements evaluated for this action and the assessment related to Step 2 for each data element.
Table 1.  Evaluation of  New Inputs to Emission Equations
Subpart
Citation
Data Element
Assessment by Data Element
FF
98.326(o)
The moisture correction factor (if applicable) used in Equation FF-1 and FF-3
Release of these data elements would not disclose any proprietary information, such as the amount or grade of coal produced, production efficiency, production costs, operating methods, or remaining coal reserves.
HH
98.346(h)
Oxidation fraction used in the calculation for methane generation for landfills without gas collection systems
These data elements would not reveal any information about landfill fees, revenues, costs, or contracts and would not reveal any details about manufacturing processes, products, or raw materials.
HH
98.346(i)(5)
If destruction occurs at the landfill facility, report for each measurement location the number of destruction devices associated with that measurement location and the annual operating hours, and the destruction efficiency (percent) for each destruction device associated with that measurement location

HH
98.346(i)(6)
Annual quantity of recovered CH4 (metric tons CH4) calculated using Equation HH - 4 of this subpart for each measurement location

HH
98.346(i)(7)
The annual operating hours of the gas collection system for each measurement location.

HH
98.346(i)(8)
Oxidation fraction used in Equation HH-5 for landfills with gas collection systems

HH
98.346(i)(10)
Oxidation fraction used in Equation HH-7 for landfills with gas collection systems

HH
98.346(i)(11)
Oxidation fraction used in Equation HH-6 for landfills with gas collection systems

HH
98.346(i)(12)
Oxidation fraction used in Equation HH-8 for landfills with gas collection systems

TT
98.466(c)(5)(i)
WIP at start of reporting year, or design capacity for closed landfills
These data elements do not provide any proprietary information about the manufacturing facility or its processes, raw materials, and production.  They also do not provide any economic information about the landfill.
TT
98.466(c)(5)(ii)
The cumulative quantity of waste placed in the landfill

TT
98.466(c)(5)(iii)
YrLast, the last year, prior to the reporting year, that the landfill received waste

TT
98.466(c)(5)(iv)
YrOpen, Year 1960 or the year in which the landfill first received waste  from company records, whichever is more recent

TT
98.466(c)(5)(v)
NYrData, the number of years for which annual waste disposal quantities are available from company records or from Equation TT-3 of this section from YrOpen to YrLast inclusive

TT
98.466(h)(2)
For landfills with gas collection systems, oxidation factor
This data element does not reveal detailed information on the composition of waste or any manufacturing process or economic data.


[Federal Register: September 25, 2008 (Volume 73, Number 187)]
[Notices]
[Page 55522]
[DOCID:fr25se08-62]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[FEMA-1790-DR]

Vermont; 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 Vermont (FEMA-1790-DR), dated September 12,
2008, and related determinations.

DATES: Effective Date: September 12, 2008.

FOR FURTHER INFORMATION CONTACT: Peggy Miller, Disaster Assistance
Directorate, Federal Emergency Management Agency, 500 C Street, SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated September 12, 2008, the President declared a major disaster under
the authority of the Robert T. Stafford Disaster Relief and Emergency
Assistance Act, 42 U.S.C. 5121-5207 (the Stafford Act), as follows:

    I have determined that the damage in certain areas of the State
of Vermont resulting from severe storms and flooding during the
period of July 21 to August 12, 2008, 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.
5121-5206 (the Stafford Act). Therefore, I declare that such a major
disaster exists in the State of Vermont.
    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, Hazard Mitigation throughout the State, and any
other forms of assistance under the Stafford Act that you deem
appropriate. 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, except for any particular projects that are eligible
for a higher Federal cost-sharing percentage under the FEMA Public
Assistance Pilot Program instituted pursuant to 6 U.S.C. 777. If
Other Needs Assistance under Section 408 of the Stafford Act is
later requested and warranted, Federal funding under that program
also will be limited to 75 percent of the total eligible costs.
    Further, you are authorized to make changes to this declaration
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, Philip E. Parr, of FEMA is appointed
to act as the Federal Coordinating Officer for this declared disaster.
    The following areas of the State of Vermont have been designated as
adversely affected by this declared major disaster:

    Addison, Caledonia, Essex, Lamoille, Orange, Washington, and
Windsor Counties for Public Assistance.
    All counties within the State of Vermont are eligible to apply
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.)

R. David Paulison,
Administrator, Federal Emergency Management Agency.
[FR Doc. E8-22561 Filed 9-24-08; 8:45 am]

BILLING CODE 9110-10-P


[Federal Register Volume 88, Number 246 (Tuesday, December 26, 2023)]
[Notices]
[Pages 88997-89001]
[FR Doc No: 2023-28328]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99207; File No. SR-CboeBZX-2023-106]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule by Modifying Certain Tiers and Discontinuing the NBBO
Setter Program

December 19, 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 December 12, 2023, Cboe BZX Exchange, Inc. (the ``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 (``BZX Equities'') by (1) modifying certain
Add/Remove Volume Tiers; (2) modifying the Lead Market Maker (``LMM'')
Pricing Tiers; and (3) discontinuing the NBBO Setter Program. The
Exchange proposes to implement these changes effective December 1,
2023.\3\
---------------------------------------------------------------------------

    \3\ The Exchange initially filed the proposed fee change on
December 1, 2023 (SR-CboeBZX-2023-098). On December 12, 2023, the
Exchange withdrew that filing and submitted this proposal.
---------------------------------------------------------------------------

    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,\4\ no single registered equities exchange has more than
14% 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.\5\ 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.\6\
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.
---------------------------------------------------------------------------

    \4\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (November 27, 2023), available at https://www.cboe.com/us/equities/_statistics/.
    \5\ See BZX Equities Fee Schedule, Standard Rates.
    \6\ Id.
---------------------------------------------------------------------------

Add/Remove Volume Tiers
    Under footnote 1 of the Fee Schedule, the Exchange currently offers
various Add/Remove Volume Tiers that provide enhanced rebates for
orders yielding fee codes B,\7\ V \8\ and Y \9\ where a Member reaches
certain add volume-based criteria. The Exchange also offers various
Add/Remove Volume Tiers that provide enhanced rebates for orders
yielding fee codes HB,\10\ HV \11\ or HY \12\ where a Member reaches
certain non-displayed add volume-based criteria. The Exchange first
proposes to modify the enhanced rebate associated with Non-Displayed
Add Volume Tier 4. Currently, Members who satisfy the criteria of Non-
Displayed Add Volume Tier 4 receive an enhanced rebate of $0.00275 per
share for securities priced at or above $1.00. As proposed, Members who
satisfy the criteria of Non-Displayed Add Volume Tier 4 will receive an
enhanced rebate of $0.0027 per share for securities priced at or above
$1.00. The purpose of reducing the enhanced rebate associated with Non-
Displayed Add Volume Tier 4 is for business and competitive reasons, as
the Exchange believes that reducing such rebate as proposed would
decrease the Exchange's expenditures with respect to transaction
pricing in a manner that is still consistent with the Exchange's
overall pricing philosophy of encouraging added liquidity. The Exchange
notes that despite the modest decrease in the enhanced rebate
associated with Non-Displayed Add Volume Tier 4, the enhanced rebate
remains competitive and continues to be in-line with the enhanced
rebates provided under Non-Displayed Add Volume Tiers 1-3.\13\
---------------------------------------------------------------------------

    \7\ Fee code B is appended to orders that add liquidity to BZX
in Tape B securities.
    \8\ Fee code V is appended to orders that add liquidity to BZX
in Tape A securities.
    \9\ Fee code Y is appended to orders that add liquidity to BZX
in Tape C securities.
    \10\ Fee code HB is appended to orders that add non-displayed
liquidity to BZX in Tape B securities.
    \11\ Fee code HV is appended to orders that add non-displayed
liquidity to BZX in Tape A securities.
    \12\ Fee code HY is appended to orders that add non-displayed
liquidity to BZX in Tape C securities.
    \13\ The Exchange notes that Non-Displayed Add Volume Tier 1
pays an enhanced rebate of $0.0018 per share for securities priced
at or above $1.00, Non-Displayed Add Volume Tier 2 pays an enhanced
rebate of $0.0020 per share for securities priced at or above $1.00,
and Non-Displayed Add Volume Tier 3 pays an enhanced rebate of
$0.0025 for securities priced at or above $1.00. See BZX Equities
Fee Schedule, Footnote 1.
---------------------------------------------------------------------------

    Next, the Exchange proposes to discontinue Non-Displayed Add Volume
Tier 5, as no Members have satisfied the criteria within the past six
months and 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.
Lead Market Maker Pricing Tiers
    Under footnote 14 of the Fee Schedule, the Exchange offers a
comprehensive liquidity provision program to incentivize Lead Market
Makers (``LMMs'') to provide enhanced market quality across all BZX-
listed securities. Under the Exchange's LMM Program,\14\ the Exchange
offers daily incentives for LMMs in securities listed on the Exchange
for which the LMM meets certain Minimum Performance Standards.\15\ Such
daily incentives are determined based on the number of Cboe-listed
securities for which the LMM meets the Minimum Performance Standards
and the average auction volume across such securities. Generally, the
more LMM Securities \16\ for which the LMM meets the Minimum
Performance Standards and the higher the auction volume across those
securities, the greater the total daily payment to the LMM. Currently,
pursuant to paragraph (D) of footnote 14 the Exchange offers LMM Add
Volume Tiers, which provide an enhanced rebate to LMMs who reach
certain add-

volume based criteria. Now, the Exchange proposes to update the
applicable fee codes for LMM Add Volume Tiers 2, 3, and 4 to remove fee
codes ZV,\17\ ZB,\18\ and ZY.\19\ Specifically, the Exchange proposes
to: (i) amend LMM Add Volume Tier 2 to apply to orders yielding fee
codes V and HV (removing fee code ZV); (ii) amend LMM Add Volume Tier 3
to apply to orders yielding fee codes B and HB (removing fee code ZB);
and (iii) amend LMM Add Volume Tier 4 to apply to orders yielding fee
codes Y and HY (removing fee code ZY). The purpose of eliminating
certain fee codes from LMM Add Volume Tiers 2-4 is for business and
competitive reasons, as the Exchange believes that eliminating such fee
codes as proposed would decrease the Exchange's expenditures with
respect to transaction pricing in a manner that is still consistent
with the Exchange's overall pricing philosophy of encouraging added
liquidity. The Exchange notes that despite eliminating fee codes
associated with retail orders from LMM Add Volume Tiers 2-4, LMM Add
Volume Tiers 2-4 will continue to provide enhanced rebates for
liquidity-adding orders in displayed and non-displayed orders, which
does not represent a significant departure from the enhanced rebate
offered under LMM Add Volume Tier 1.
---------------------------------------------------------------------------

    \14\ See Securities Exchange Act Release No. 72020 (April 25,
2014), 79 FR 24807 (May 1, 2014), SR-BATS-2014-015 (``Original LMM
Filing'').
    \15\ As defined in Rule 11.8(e)(1)(E), the term ``Minimum
Performance Standards'' means a set of standards applicable to an
LMM that may be determined from time to time by the Exchange. Such
standards will vary between LMM Securities depending on the price,
liquidity, and volatility of the LMM Security in which the LMM is
registered. The performance measurements will include (A) Percent of
time at the NBBO; (B) percent of executions better than the NBBO;
(C) average displayed size; and (D) average quoted spread. For
additional detail, see Original LMM Filing.
    \16\ See Rule 11.8(e)(1)(D). The term ``LMM Security'' means a
Listed Security that has an LMM. See also Rule 11.8(e)(1)(B). The
term ``Listed Security'' means any ETP or any Primary Equity
Security or Closed-End Fund listed on the Exchange pursuant to Rule
14.8 or 14.9.
    \17\ Fee code ZV is appended to Retail Orders that add liquidity
to BZX in Tape A securities.
    \18\ Fee code ZB is appended to Retail Orders that add liquidity
to BZX in Tape B securities.
    \19\ Fee code ZY is appended to Retail Orders that add liquidity
to BZX in Tape C securities.
---------------------------------------------------------------------------

NBBO Setter Program
    Under footnote 20 of the Fee Schedule the Exchange offers its NBBO
Setter Program, which offers an enhanced rebate to Members which reach
certain add volume criteria in NBBO Setter Securities.\20\ The Exchange
now proposes to discontinue the NBBO Setter Program 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. In addition,
the Exchange proposes to eliminate the terms Setter NBBO,\21\ NBBO
Setter Securities, Baseline Setter ADAV,\22\ and Current Setter ADAV
\23\ from the Definitions section of the Fee Schedule as these terms
apply only to the NBBO Setter Program.
---------------------------------------------------------------------------

    \20\ NBBO Setter Securities means a list of securities included
in the NBBO Setter Program, the universe of which will be determined
by the Exchange and published in a Notice distributed to Members and
on the Exchange's website.
    \21\ Setter NBBO means a quotation of at least 100 shares that
is better than the NBBO or a quotation of a notional size of at
least $10,000.00 that is better than the NBBO.
    \22\ Baseline Setter ADAV means ADAV calculated as the number of
displayed shares added per day that establish a new NBBO in NBBO
Setter Securities. ADAV means average daily added volume calculated
as the number of shares added per day, calculated on a monthly
basis.
    \23\ Current Setter ADAV means ADAV calculated as the number of
displayed shares added per day that establish a new Setter NBBO in
NBBO Setter Securities.
---------------------------------------------------------------------------

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.\24\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \25\ 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) \26\ 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) \27\
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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    \24\ 15 U.S.C. 78f(b).
    \25\ 15 U.S.C. 78f(b)(5).
    \26\ Id.
    \27\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    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 lower the enhanced rebate paid to Members that satisfy
the criteria of Non-Displayed Add Volume Tier 4 is reasonable,
equitable, and consistent with the Act because such change is designed
to decrease the Exchange's expenditures with respect to transaction
pricing in order to offset some of the costs associated with the
Exchange's current pricing structure, which provides various rebates
for liquidity-adding orders, and the Exchange's operations generally,
in a manner that is consistent with the Exchange's overall pricing
philosophy of encouraging added liquidity. The proposed lower enhanced
rebate ($0.0027 per share) is reasonable and appropriate because it
represents only a modest decrease from the current enhanced rebate
($0.00275 per share) and remains competitive with the enhanced rebates
offered under Non-Displayed Add Volume Tiers 1-3. The Exchange further
believes that the proposed decrease to the enhanced rebate associated
with Non-Displayed Add Volume Tier 4 is not unfairly discriminatory
because it applies to all Members equally, in that all Members will
receive the reduced enhanced rebate upon satisfying the criteria of
Non-Displayed Add Volume Tier 4.
    Similarly, the Exchange believes that its proposal to eliminate fee
codes ZV, ZB, and ZY from LMM Add Volume Tiers 2-4 is reasonable,
equitable, and consistent with the Act because such change is designed
to decrease the Exchange's expenditures with respect to transaction
pricing in order to offset some of the costs associated with the
Exchange's current pricing structure, which provides various rebates
for liquidity-adding orders, and the Exchange's operations generally,
in a manner that is consistent with the Exchange's overall pricing
philosophy of encouraging added liquidity. The Exchange further
believes that the proposal to eliminate fee codes ZV, ZB, and ZY from
LMM Add Volume Tiers 2-4 is not unfairly discriminatory because it
applies to all LMMs equally, in that no LMMs will be permitted to use
fee codes ZV, ZB, or ZY to receive an enhanced rebate under LMM Add
Volume Tiers 2-4 and all LMMs are still eligible to receive an enhanced
rebate by satisfying the criteria of LMM Add Volume Tiers 2-4 pursuant
to the remaining fee codes. The remaining fee codes applicable to LMM
Add Volume Tiers 2-4 do not represent a significant departure from LMM
Add Volume Tier 1, which all LMMs continue to be eligible to receive an
enhanced rebate from.
    Finally, The Exchange believes that its proposal to eliminate Non-
Displayed Add Volume Tier 5 and the NBBO Setter Tier is reasonable
because the Exchange is not required to maintain these tiers or provide
Members an opportunity to receive enhanced rebates. The Exchange
believes its proposal to eliminate these tiers is also equitable and
not unfairly discriminatory because it applies to all

Members (i.e., the tiers will not be available for any Member). The
Exchange also notes that the proposed rule change to remove these tiers
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 Non-Displayed Add
Volume Tier 5 and the NBBO Setter 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
changes to Non-Displayed Add Volume Tier 4 and LMM Add Volume Tiers 2-4
will apply to all Members and LMMs equally in that all Members and LMMs
are eligible for the tiers, have a reasonable opportunity to meet the
tiers' criteria and will receive the enhanced rebate on their
qualifying orders if such criteria is met. The Exchange does not
believe the proposed changes burden competition, but rather, enhances
competition as it is intended to increase the competitiveness of BZX by
adopting pricing incentives in order to attract order flow and
incentivize participants to increase their participation on the
Exchange, providing for additional execution opportunities for market
participants and improved price transparency. The proposed change to
eliminate Non-Displayed Add Volume Tier 5 and the NBBO Setter Program
will not impose any burden on intramarket competition because the
changes apply to all Members uniformly, as in, the tiers 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 14% of the market share.\28\ 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.'' \29\ 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' . . . .''.\30\ 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.
---------------------------------------------------------------------------

    \28\ Supra note 4.
    \29\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \30\ 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)).
---------------------------------------------------------------------------

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 \31\ and paragraph (f) of Rule 19b-4 \32\
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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    \31\ 15 U.S.C. 78s(b)(3)(A).
    \32\ 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
file number SR-CboeBZX-2023-106 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-2023-106. 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-2023-106 and should be submitted
on or before January 16, 2024.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
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    \33\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-28328 Filed 12-22-23; 8:45 am]
BILLING CODE 8011-01-P