Berry Shore/ R2/ USEPA/ US 04/ 05/ 2006 09: 27 AM To Jenny Noonan/ RTP/ USEPA/ US@ EPA, Raymond Werner/ R2/ USEPA/ US@ EPA, Richard Ruvo/ R2/ USEPA/ US@ EPA cc Subject Follow up Request from Congressman Serrano's Office Jenny:

Sid Sanchez of Congressman Serrano's finally got back to me concerning what they would like to do in terms of EPA doing further public out reach to their constituents on our particulate matter proposal.

Sid has requested that they would like EPA to hold a formal public hearing, like we held in March in three cities around the country, in New York City. He said that since EPA has extended the comment period to July 10, that there is sufficient time to plan and hold such a hearing.

I told him that if was very unlikely that EPA would consider holding a new hearing, since we believed that the three hearings held in March provided sufficient opportunity for the public to participate. However, he insisted that I run this by your office to see if their was any chance you would consider having another hearing.

Sid said if it were not possible to hold a formal public hearing, he would still like to have the " information session" we proposed two weeks ago which allow his constituents to come into the Region 2 office and via a video hook up with your office be able to learn more about the PM proposal.

Let me know what you think.

Thanks


[Federal Register Volume 76, Number 194 (Thursday, October 6, 2011)]
[Notices]
[Page 62061]
[FR Doc No: 2011-25836]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 14236-000]

NortHydro, LLC; Notice of Preliminary Permit Application Accepted
for Filing and Soliciting Comments, Motions To Intervene, and Competing
Applications

    On July 29, 2011, NortHydro, LLC (NortHydro or applicant) filed an
application for a preliminary permit, pursuant to section 4(f) of the
Federal Power Act (FPA), to study the feasibility of developing the
proposed 16.4 Wasteway Hydroelectric project (project) near Richland in
Franklin County, Washington. The wasteway was constructed by the U.S
Bureau of Reclamation as part of the Columbia Basin Project, and is
situated within and operated by the South Columbia Basin Irrigation
District. The wasteway functions as a diversion of surplus water from
the irrigation system. The sole purpose of a preliminary permit, if
issued, is to grant the permit holder priority to file a license
application during the permit term. A preliminary permit does not
authorize the permit holder to perform any land-disturbing activities
or otherwise enter upon lands or waters owned by others without the
owners' express permission.
    The project would collect all excess flows below the wasteway
outlet structure. The following new facilities are proposed: (1) A
diversion structure that would collect water from the wasteway; (2)
three 63-inch diameter, 4,900 foot-long underground penstocks
connecting the diversion structure with a powerhouse; (3) three
turbine/generator units with a combined capacity of 1,750 kilowatts;
(4) a 7.5-mile-long, 115-kilovolt transmission line connecting to the
existing Ringold substation; and (5) appurtenant facilities. The
estimated annual generation of the project would be 10.0 gigawatt-
hours.
    Applicant Contact: Mr. Darius Ruen, P.E., NortHydro, LLC, 3201
Huetter Road, Suite 102, Coeur d'Alene, Idaho 83814; phone (208) 292-
0820.
    FERC Contact: Patrick Murphy; phone<PHONE_NUMBER>.
    Deadline for Filing Comments, Motions to Intervene, Competing
Applications (Without Notices of Intent), or Notices of Intent to File
Competing Applications: 60 days from the issuance of this notice.
Competing applications and notices of intent must meet the requirements
of 18 CFR 4.36. Comments, motions to intervene, notices of intent, and
competing applications may be filed electronically via the Internet.
See 18 CFR 385.2001(a)(1)(iii) and the instructions on the Commission's
Web site http://www.ferc.gov/docs-filing/efiling.asp. Commenters can
submit brief comments up to 6,000 characters, without prior
registration, using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information
at the end of your comments. For assistance, please contact FERC Online
Support at<EMAIL_ADDRESS>or toll free at 1-866-208-3676,
or for TTY,<PHONE_NUMBER>. Although the Commission strongly encourages
electronic filing, documents may also be paper-filed. To paper-file,
mail an original and seven copies to: Kimberly D. Bose, Secretary,
Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426.
    More information about this project, including a copy of the
application, can be viewed or printed on the ``eLibrary'' link of the
Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the docket number (P-14236-000) in the docket number field to
access the document. For assistance, contact FERC Online Support.

    Dated: September 29, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-25836 Filed 10-5-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 29 (Wednesday, February 12, 2020)]
[Notices]
[Pages 8048-8052]
[FR Doc No: 2020-02747]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88133; File No. SR-LTSE-2020-03]

Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Initial Listing Fee and Annual Listing Fee

February 6, 2020.
    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 January 30, 2020, Long-Term Stock Exchange, Inc. (``LTSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The Exchange originally filed to establish a fee schedule of
listing fees for issuers of primary equity securities on January 22,
2020 (SR-LTSE-2020-02). On January 30, 2020, SR-LTSE-2020-02 was
withdrawn and replaced by SR-LTSE-2020-03.
---------------------------------------------------------------------------

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

    LTSE proposes a rule change to establish a fee schedule of listing
fees for issuers of primary equity securities.

    The text of the proposed rule change is available at the Exchange's
website at https://longtermstockexchange.com/, at the principal office
of the Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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 is filing this proposed rule change to amend Rule
14.601 to establish a schedule of Initial Listing Fees and Annual
Listing Fees for issuers' Primary Equity Securities.\4\ Both the
Initial Listing Fee and Annual Listing Fee for an issuer's Primary
Equity Securities on the Exchange is proposed to be based on the
company's market capitalization of its Primary Equity Securities and is
proposed to be calculated as described below.
---------------------------------------------------------------------------

    \4\ ``Primary Equity Security'' means a Company's first class of
Common Stock, Ordinary Shares, Shares or Certificates of Beneficial
Interest of Trust, Limited Partnership Interests or American
Depositary Receipts (``ADRs'') or Shares (``ADSs''). See Rule
14.002(a)(24).
---------------------------------------------------------------------------

(a) Initial Listing Fee
    If a company has been a public reporting company continuously
listed on a national securities exchange for at least 12 months prior
to listing on the Exchange, then its market capitalization shall be an
unweighted average based on data derived in part from its Form 10-Q and
Form 10-K filings over the prior four quarters. Specifically, the
Exchange proposes to multiply the basic weighted average shares
outstanding as provided in a company's Form 10-Q or Form 10-K for the
end of the quarter times the closing price of the security on the final
trading day of such quarter as determined from the primary listing
market. For example, a company with 500 million basic weighted average
shares outstanding in its most recent Form 10-Q and a closing price of
$20 per share on the last trading day of the quarter would have a
market capitalization for that quarter of $10 billion. The market
capitalization for purposes of assessing a listing fee would be the
unweighted average of the company's market capitalization as determined
on the last trading day of each of the prior four quarters (``Reporting
Company Market Capitalization'').\5\
---------------------------------------------------------------------------

    \5\ Because the deadline to file a Form 10-Q or Form 10-K occurs
after the end of the quarter, it is possible that a company that has
been a public reporting company continuously listed on a national
securities exchange for at least 12 months prior to listing on the
Exchange would have made only three such filings at the time of its
initial listing on the Exchange. In such a scenario, the market
capitalization shall be derived from its three most recent filings.
---------------------------------------------------------------------------

    If a company has not been a public reporting company continuously
listed on a national securities exchange for at least 12 months prior
to listing on the Exchange, then the market capitalization for purposes
of the Initial Listing Fee shall be the lesser of: (i) The number of
shares of common stock to be outstanding after its initial public
offering as provided in the final effective registration statement
times the price per share at which the company's shares were sold to
the underwriters pursuant to its initial public offering (``IPO Market
Capitalization''),\6\ or (ii) the Reporting Company Market
Capitalization method for each available quarter (i.e., one, two, or
three) for which the company has filed a Form 10-Q or 10-K.
---------------------------------------------------------------------------

    \6\ In the case of a direct offering for which there are no
underwritten securities, the price of the company's securities as of
the commencement of trading on the primary listing market (i.e.,
opening cross) shall be used in lieu of an initial public offering
price.
---------------------------------------------------------------------------

    If a company conducts an underwritten initial public offering and
commences trading on the Exchange, then the Initial Listing Fee shall
be based on the IPO Market Capitalization as described above. The
company would not be eligible to use the Reporting Company Market
Capitalization method because it would not, by definition, have made
any Form 10-Q or Form 10-K filings as a public reporting company while
listed on a national securities exchange.
    The Initial Listing Fee would be valid for the remainder of the
calendar year and would be prorated based on the number of remaining
trading days after listing on the Exchange.
(b) Annual Listing Fee
    The Annual Listing Fee for a company's Primary Equity Securities
also is proposed to be based on the company's market capitalization.
Specifically, the Annual Listing Fee for the upcoming calendar year
would be calculated on December 1 (or such date of listing if after
December 1), and would be based on the company's Form 10-Q and Form 10-
K filings over the prior four fiscal quarters. Thus, the Annual Listing
Fee would be calculated from filings covering the fourth quarter of the
prior calendar year and the first three quarters of the current
calendar year. Where a company does not have filings for the prior four
fiscal quarters, its Annual Listing Fee would be calculated in the same
manner as its Initial Listing Fee (but not at the prorated level).
    The Annual Listing Fee would not be refunded if a company is
delisted or elects to delist during the calendar year.
(c) Fee Schedule
    The proposed Initial Listing Fee and Annual Listing Fee would be
identical, though the former would be prorated as noted above.
    The listing fees are proposed to be as follows:

------------------------------------------------------------------------
                  Market capitalization                    Amount of fee
------------------------------------------------------------------------
Up to $1 billion........................................        $150,000
More than $1 billion and up to $3 billion...............         200,000
More than $3 billion and up to $5 billion...............         250,000
More than $5 billion and up to $10 billion..............         300,000
More than $10 billion and up to $15 billion.............         350,000
More than $15 billion and up to $30 billion.............         400,000
More than $30 billion and up to $50 billion.............         450,000
More than $50 billion...................................         500,000
------------------------------------------------------------------------

    The Exchange believes that setting fees based on market
capitalization is appropriate in that it would allow the Exchange to
attract listings by both larger and smaller companies. Tiering of
listing fees based on the size of a company is a long-standing practice
of the two primary equity listing exchanges. While these exchanges tier
their fees based on the number of total shares outstanding, they do so
as a means to differentiate between larger and smaller companies.\7\
LTSE does not believe using total shares outstanding, a practice that
dates back decades, is compelling in today's markets where shares can
trade in fractions \8\ or where stock splits are far less common.\9\ In
addition, basing listing fees on total shares outstanding can create
incentives for an issuer to maintain a higher price per share instead
of offering more shares.\10\ The use of market capitalization as
compared to total shares outstanding also avoids potentially anomalous
results from stock splits or reverse mergers.\11\
---------------------------------------------------------------------------

    \7\ See, e.g., Securities Exchange Act Release No. 34-68117
(October 26, 2012), 77 FR 66207, 66208 (November 2, 2012) (``Total
shares outstanding provides a simple, objective, and efficient
metric to take into account the relative size of issuers so that the
Exchange can continue to incentivize listing by both large and small
qualified companies . . . .''). Cf. ``Equity Issuers on Nasdaq
Stockholm (Prices in SEK exclusive of VAT),'' Nasdaq (eff. July 1,
2019), https://www.nasdaq.com/docs/Nasdaq_Main_Market_Stockholm_Pricelist_2019_1.pdf (setting listing
fees based on market capitalization on Nasdaq's foreign affiliate
exchanges).
    \8\ LTSE does not believe that some of the previously stated
rationales--such as companies with more shares outstanding ``have a
larger number of shareholders that benefit from the liquidity and
transparency that the . . . listing offers''--are necessarily true
today. See Securities Exchange Act Release No. 34-68117 (October 26,
2012), 77 FR 66207 (November 2, 2012). The shortcomings of using
total shares outstanding were also noted by another national
securities exchange. See Securities Exchange Act Release No. 34-
81725 (September 26, 2017), 82 FR 45917 (October 2, 2017). See also
Lisa Beilfuss, ``Schwab, in Bid for Younger Clients, to Allow
Investors to Buy and Sell Fractions of Stocks,'' Wall St. J.
(October 17, 2019), https://www.wsj.com/articles/schwab-in-bid-for-younger-clients-to-allow-investors-to-buy-and-sell-fractions-of-stocks-11571334424.
    \9\ See Lu Wang, ``Stock Split Is All But Dead and a New Study
Says Save Your Tears,'' Bloomberg (Aug. 23, 2017), https://www.bloomberg.com/news/articles/2017-08-23/stock-split-is-all-but-dead-and-a-new-study-says-save-your-tears?sref=CDdNJ6yd; Steven
Russolillo, ``The Average Stock Price Is Expensive; Get Used to
It,'' Wall St. J. (Jun 4, 2013), https://blogs.wsj.com/moneybeat/2013/06/04/the-average-stock-price-is-expensive-get-used-to-it/?mod=article_inline.
    \10\ See Alexander Osipovich, ``Tiny `Odd Lot' Trades Reach
Record Share of U.S. Stock Market,'' Wall St. J. (October 23, 2019),
https://www.wsj.com/articles/tiny-odd-lot-trades-reach-record-share-of-u-s-stock-market-11571745600.
    \11\ See, e.g., Securities Exchange Act Release No. 34-85252
(March 6, 2019), 84 FR 8919, 8919-20 (March 12, 2019); Securities
Exchange Act Release No. 34-81725 (September 26, 2017), 82 FR 45917,
45918 (October 2, 2017).
---------------------------------------------------------------------------

    Finally, the Exchange does not presently contemplate proposing any
other issuer fees with respect to a listing of Primary Equity
Securities, such as listing application fees, entry fees, fees for the
listing of additional shares, recordkeeping fees, substitution listing
fees, fees for a written interpretation of the listing rules, or
hearing fees, all of which are or have been charged by other national
securities exchanges.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the requirements of Section 6(b) of the Act \12\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \13\ in
particular, because it provides for the equitable allocation of
reasonable dues, fees, and other charges among its members, issuers,
and other persons using its facilities. The Exchange also believes that
the proposed rule change is consistent with the requirements of Section
6(b)(5) of the Act \14\ because it is designed 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 and is not designed to permit
unfair discrimination between customers, issuers, brokers and dealers.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(4).
    \14\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed Initial Listing Fees and
Annual Listing Fees are reasonable in view of the value and benefits
that an LTSE listing would provide to a listed company in terms of
enabling the company to demonstrate its commitment to long-termism and
the Long-Term Policies set forth in Rule 14.425. The benefits to a
company, its shareholders and stakeholders from pursuing long-term
value creation were discussed extensively in the background and
rationale for LTSE's Long-Term Policies.\15\ The Exchange believes
companies will find these listing expenses, whether through a sole
listing or a dual listing on LTSE, as reasonable and likely offering
significant value in relation to the types of expenses a public company
might otherwise incur to demonstrate its commitment to long-termism and
creating lasting shareholder value. The Exchange also believes that it
is reasonable to charge higher fees to companies with larger market
capitalizations because a larger company has more potential for
realizing even greater value from listing with LTSE. Conversely,
companies with smaller market capitalizations may find the higher
listing fees proposed to be charged for larger companies to be a
greater burden, and thus the Exchange proposes to offer a fee that
starts low but increases as a company's market capitalization
increases.
---------------------------------------------------------------------------

    \15\ See Securities Exchange Act Release No. 34-86327 (July 8,
2019), 84 FR 33293 (July 12, 2019).
---------------------------------------------------------------------------

    The proposed fees are also reasonable insofar as they fall
generally within the range of listing fees charged by other national
securities exchanges.\16\ Moreover, the proposed Initial Listing Fees
and Annual Listing Fees reflect the ``all-in'' costs of listing on the
Exchange; that is, the Exchange does not currently contemplate having
listing application fees, entry fees, fees for the listing of
additional shares, stock splits, recordkeeping fees, substitution
listing fees, fees for a written interpretation of the listing rules,
or hearing fees.
---------------------------------------------------------------------------

    \16\ See NYSE Listed Company Manual at Sec.  902.03 (Fees for
Listed Equity Securities) (fee per share of primary class of common
shares is $0.00113 as of January 1, 2020, subject to a minimum of
$71,000); Id. at Sec.  902.02 (General Information on Fees) (``The
total fees that may be billed to an issuer in a calendar year are
capped at $500,000 . . . .''); Nasdaq Rule 5910(b) (All-Inclusive
Annual Listing Fee) (ranges from $45,000 to $155,000 for equity
securities). See also Nasdaq Rule 5901 (Preamble to Company Listing
Fees) (``With certain exceptions, a Company that submits an
application to list any class of its securities must pay a non-
refundable application fee, and an entry fee as described in Rule
5910(a), which is based on the number of shares being listed. Listed
Companies must also pay an All-Inclusive Annual Listing Fee.'');
Nasdaq Rule 5910(a) (Entry Fee) (ranges from $150,000 to $295,000
for equity securities in 2020).
---------------------------------------------------------------------------

    Additionally, the Exchange operates in a highly competitive
marketplace for the listing of primary equity securities. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets.
    The Exchange believes that the ever-shifting market share among the
exchanges with respect to new listings and the transfer of existing
listings between competitor exchanges demonstrates that issuers can
choose different listing markets in response to fee changes.\17\ Every
company considering whether to list on LTSE has at least two
established alternatives in NYSE and Nasdaq. Accordingly, competitive
forces constrain exchange listing fees. Stated otherwise, changes to
exchange listing fees can have a direct

effect on the ability of an exchange to compete for new listings and
retain existing listings.
---------------------------------------------------------------------------

    \17\ See Securities Exchange Act Release No. 34-87832 (December
20, 2019), 84 FR 72047 (December 30, 2019).
---------------------------------------------------------------------------

    LTSE, as the newest entrant into the listing business, has no
pricing power. If a company does not believe that LTSE's proposed
listing fees are reasonable, then there is no reason for it to list on
the Exchange; there are no regulatory requirements or pressures for any
company to list on a particular exchange. A company only needs to list
on a single exchange to fall within the scope and protections of being
part of the SEC's national market system. Given this competitive
environment, the Exchange believes that its proposed fees are
reasonable while at the same time provide revenue to support the
Exchange's listings program and other regulatory requirements.
    The Exchange also believes its proposed tiered fee structure, where
issuers with a larger market capitalization pay relatively higher
Initial Listing Fees and Annual Listing Fees, is equitable and not
unfairly discriminatory because setting fees based on market
capitalization would allow the Exchange to attract listings by both
larger and smaller companies. The Exchange notes that other national
securities exchanges similarly have tiered listing fees.\18\ While
these exchanges tier their fees based on the number of total shares
outstanding, they do so as a means to differentiate between larger and
smaller companies.\19\ LTSE does not believe using total shares
outstanding, a practice that dates back decades, is compelling in
today's world where shares commonly trade in fractions \20\ or where
stock splits are far less common.\21\ In addition, basing listing fees
based on total shares outstanding can create incentives for an issuer
to maintain a higher price per share instead of offering more
shares.\22\ The use of market capitalization as compared to total
shares outstanding also avoids potentially anomalous results from stock
splits or reverse mergers.\23\
---------------------------------------------------------------------------

    \18\ See supra note 16.
    \19\ See supra note 7.
    \20\ See supra note 8.
    \21\ See supra note 9.
    \22\ See supra note 10.
    \23\ See supra note 11.
---------------------------------------------------------------------------

    The Exchange further believes that the proposed fees would be an
equitable allocation of reasonable dues, fees, and other charges among
its members and issuers and other persons using its facilities, and are
not unfairly discriminatory. As the Commission noted in its Concept
Release Concerning Self-Regulation:

    The Commission to date has not issued detailed rules specifying
proper funding levels of [self-regulatory organization (``SRO'')]
regulatory programs, or how costs should be allocated among the
various SRO constituencies. Rather, the Commission has examined the
SROs to determine whether they are complying with their statutory
responsibilities. This approach was developed in response to the
diverse characteristics and roles of the various SROs and the
markets they operate. The mechanics of SRO funding, including the
amount of revenue that is spent on regulation and how that amount is
allocated among various regulatory operations, is related to the
type of market that an SRO is operating. . . . Thus, each SRO and
its financial structure is, to a certain extent, unique. While this
uniqueness can result in different levels of SRO funding across
markets, it also is a reflection of one of the primary underpinnings
of the National Market System. Specifically, by fostering an
environment in which diverse markets with diverse business models
compete within a unified National Market System, investors and
market participants benefit.\24\
---------------------------------------------------------------------------

    \24\ 69 FR 71255, 71267-68 (December 8, 2004).

    The portion of an exchange's revenue derived from each of these
constituencies can vary widely and is highly-dependent on an exchange's
business model. An exchange that does not operate a listings program
naturally derives no revenue from issuers. On the other hand, an
exchange that intends to operate without trading fees or a proprietary
market data feed, as is presently the case with LTSE, will be more
reliant upon revenue from listings and/or membership fees.\25\
---------------------------------------------------------------------------

    \25\ The Exchange believes that the Commission has not
historically set limits on the percentage of revenues from various
lines of business, noting for example, that listing fees constituted
40% and the largest single source of revenues for the NYSE in 1998.
See Jonathan R. Macey and Maureen O'Hara, ``The Economics of Stock
Exchange Listing Fees and Listing Requirements,'' 11 J. of Fin.
Intermediation 297-319 (2002).
---------------------------------------------------------------------------

    The LTSE business focuses on uniting bold ideas with patient
capital, companies, and investors who measure success over years and
decades, not financial quarters. As such, LTSE does not aim to compete
with other exchanges for market share or trading volume, and, thus,
many of the fees commonly imposed by other exchanges--such as
transaction fees or market data fees--are not germane to the LTSE
business model.\26\ The proposed rule change recognizes the value that
LTSE brings to companies. Its proposed fee structure is expected to be
more reliant on companies than broker-dealers, which the Exchange
believes is reasonable for an exchange that sees its strength in
listings rather than principally as an execution venue.
---------------------------------------------------------------------------

    \26\ The Exchange intends to establish an annual membership fee
in a forthcoming proposed rule change.
---------------------------------------------------------------------------

    Effective regulation is central to the proper functioning of the
securities markets. Recognizing the importance of such efforts,
Congress decided to require national securities exchanges to register
with the Commission as self-regulatory organizations to carry out the
purposes of the Act. The Exchange therefore believes that it is
critical to ensure that regulation is appropriately funded. The Initial
Listing Fees and Annual Listing Fees are expected to represent a key
element of funding for the Exchange's total regulatory costs. Unlike
other national securities exchanges with a listings program, the
Exchange does not presently contemplate imposing trading fees,
proprietary market data fees, co-location, or connectivity fees.

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

    LTSE does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change would
establish a schedule of Initial Listing Fees and Annual Listing Fees
that falls generally within the range of listing fees charged by other
national securities exchanges.\27\
---------------------------------------------------------------------------

    \27\ See supra text accompanying note 16.
---------------------------------------------------------------------------

    The market for listing services is highly competitive. Each listing
exchange has a different fee schedule that applies to issuers seeking
to list securities on its exchange. Issuers have the option to list
their securities on these alternative venues based on the fees charged
and the value provided by each listing. Because issuers have a choice
to list their securities on a different national securities exchange,
the Exchange does not believe that the proposed rule change imposes a
burden on competition.
    Intramarket Competition. The proposed rule change would establish
listing fees that will be charged to all listed issuers on the same
basis. The Exchange does not believe that the proposed fees will have
any meaningful effect on the competition among issuers listed on the
Exchange.
    Intermarket Competition. The Exchange operates in a highly
competitive market in which issuers can readily choose to list
securities on other exchanges and transfer listings to other exchanges
if they deem fee levels at those other venues to be more favorable.
Because competitors are free to modify their own fees in response, and
because issuers may change their chosen listing

venue, the Exchange does not believe the proposed rule change will
impose any burden on intermarket competition.

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

    Written comments were neither solicited nor received.

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

    The foregoing proposal has become effective pursuant to section
19(b)(3)(A) of the Act,\28\ and Rule 19b-4(f)(2) \29\ thereunder. At
any time within 60 days of the filing of such proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
---------------------------------------------------------------------------

    \28\ 15 U.S.C. 78s(b)(3)(A).
    \29\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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-LTSE-2020-03 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-LTSE-2020-03. 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-LTSE-2020-03, and should be submitted on
or before March 4, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-02747 Filed 2-11-20; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 14 (Tuesday, January 22, 2013)]
[Rules and Regulations]
[Page 4333]
[FR Doc No: 2013-01191]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 300

[EPA-HQ-SFUND-2012-0738; FRL-9772-9]
RIN 2050-AG73

National Oil and Hazardous Substances Pollution Contingency Plan;
Revision To Increase Public Availability of the Administrative Record
File

AGENCY: Environmental Protection Agency (EPA).

ACTION: Withdrawal of direct final rule.

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SUMMARY: Because EPA received adverse comment, we are withdrawing the
direct final rule for National Oil and Hazardous Substances Pollution
Contingency Plan; Revision to Increase Public Availability of the
Administrative Record File, published on November 7, 2012.

DATES: Effective January 22, 2013, EPA withdraws the direct final rule
published at 77 FR 66729 on November 7, 2012.

FOR FURTHER INFORMATION CONTACT: For general information, contact
Melissa Dreyfus at<PHONE_NUMBER> (dreyfus.melissa@epa.gov), U.S.
Environmental Protection Agency, 1200 Pennsylvania Avenue NW.,
Washington, DC 20460-0002, Mail Code 5204P.

SUPPLEMENTARY INFORMATION: Because EPA received adverse comment, we are
withdrawing the direct final rule for National Oil and Hazardous
Substances Pollution Contingency Plan; Revision to Increase Public
Availability of the Administrative Record File, published on November
7, 2012 (77 FR 66729). We stated in that direct final rule that if we
received adverse comment by December 7, 2012, the direct final rule
would not take effect and we would publish a timely withdrawal in the
Federal Register. We subsequently received adverse comment on that
direct final rule, which we plan to address in a subsequent final
rulemaking based on the parallel proposed rule also published on
November 7, 2012 (77 FR 66783). As stated in the direct final rule and
the parallel proposed rule, we will not institute a second comment
period on this action.

List of Subjects in 40 CFR Part 300

    Environmental protection, Air pollution control, Chemicals,
Hazardous substances, Hazardous waste, Intergovernmental relations,
Penalties, Reporting and recordkeeping requirements, Superfund, Water
pollution control, Water supply.

    Dated: January 15, 2013.
Mathy Stanislaus,
Assistant Administrator, Office of Solid Waste and Emergency Response.

    Accordingly, EPA withdraws the amendment to 40 CFR 300.805(c),
published in the Federal Register on November 7, 2012 (77 FR 66729), as
of January 22, 2013.

[FR Doc. 2013-01191 Filed 1-18-13; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 85, Number 141 (Wednesday, July 22, 2020)]
[Notices]
[Pages 44348-44349]
[FR Doc No: 2020-15795]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

    Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549

    Extension: Investor Form SEC File No. 270-485, OMB Control No.
3235-0547

    Notice is hereby given pursuant to the Paperwork Reduction Act of
1995 (44 U.S.C. 3501 et seq.) that 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 (``OMB'') for extension and approval.
    Each year the Commission receives several thousand contacts from
investors who have complaints or questions on a wide range of
investment-related issues. To make it easier for the public to contact
the agency electronically, the Commission's Office of Investor
Education and Advocacy (``OIEA'') created an electronic form (the
Investor Form) that provides drop down options to choose from in order
to categorize the investor's complaint or question, and may also
provide the investor with automated information about their issue. The
Investor Form asks investors to provide information concerning, among
other things, their names, how they can be reached, the names of the
individuals or entities involved, the nature of their complaint or tip,
what documents they can provide, and what, if any, actions they have
taken. Use of the Investor Form is voluntary. Absent the forms, the
public still has several ways to contact the agency, including
telephone, facsimile, letters, and email. Investors can access the
Investor Form through the consolidated Investor Complaint and Question
web page.
    OIEA receives approximately 20,000 contacts each year through the
Investor Form. Investors who choose not to use the Investor Form
receive the same level of service as those who do. The dual purpose of
the form is to make it easier for the public to contact the agency with
complaints, questions, tips, or other feedback and to further
streamline the workflow of Commission staff that record, process, and
respond to investor contacts.
    The Commission uses the information that investors supply on the
Investor Form to review and process the contact (which may, in turn,
involve responding to questions, processing complaints, or, as
appropriate, initiating enforcement investigations), to maintain a
record of contacts, to track the volume of investor complaints, and to
analyze trends. Use of the Investor Form is voluntary. The Investor
Form asks investors to provide information concerning, among other
things, their names, how they can be reached, the names of the
individuals or entities involved, the nature of their complaint or tip,
what documents they can provide, and what, if any, actions they have
taken.
    The staff of the Commission estimates that the total reporting
burden for using the Investor Form is 5,000 hours. The calculation of
this estimate depends on the number of investors who use the forms each
year and the estimated time it takes to complete the forms: 20,000
respondents x 15 minutes = 5,000 burden hours.
    The Commission may not conduct or sponsor a collection of
information unless it displays a currently valid control number. No
person shall be subject to any penalty for failing to comply with a
collection of information subject to the PRA that does not display a
valid OMB control number.
    Written comments are invited on: (a) Whether the 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 of 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.
    Please direct your written comments to David Bottom, Chief
Information Officer, Securities and Exchange Commission, c/o Cynthia
Roscoe, 100 F St. NE, Washington DC, 20549; or send an email to:
<EMAIL_ADDRESS>
    Dated: July 16, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-15795 Filed 7-21-20; 8:45 am]
BILLING CODE 8011-01-P