[Federal Register Volume 85, Number 151 (Wednesday, August 5, 2020)]
[Notices]
[Pages 47370-47372]
[FR Doc No: 2020-17102]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OARM-2016-0762; FRL-10012-85-OMS]

Proposed Information Collection Request; Comment Request; General
Administrative Requirements for Assistance Programs

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Environmental Protection Agency (EPA) is planning to
submit an information collection request (ICR), ``General
Administrative Requirements for Assistance Programs'' (EPA ICR No.
0938.22, OMB Control No. 2030-0020 to the Office of Management and
Budget (OMB) for review and approval in accordance with the Paperwork
Reduction Act. Before doing so, EPA is soliciting public comments on
specific aspects of the proposed information collection as described
below. This is a proposed extension of the ICR, which is currently
approved through April 30, 2021. An Agency may not conduct or sponsor
and a person is not required to respond to a collection of information
unless it displays a currently valid OMB control number.

DATES: Comments must be submitted on or before October 5, 2020.

ADDRESSES: Submit your comments, referencing Docket ID No. EPA-HQ-OARM-
2016-0762 online using www.regulations.gov (our preferred method), by
email to<EMAIL_ADDRESS>or by mail to: EPA Docket Center,
Environmental Protection Agency, Mail Code 28221T, 1200 Pennsylvania
Ave. NW, Washington, DC 20460.

    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Elizabeth January, Office of Grants
and Debarment, National Policy, Training and Compliance Division, Mail
Code: 3903R, Environmental Protection Agency, 1200 Pennsylvania Ave.
NW, Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax number:
(202) 565-2470; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Supporting documents which explain in detail
the information that the EPA will be collecting are available in the
public docket for this ICR. The docket can be viewed online at
www.regulations.gov or in person at the EPA Docket Center, WJC West,
Room 3334, 1301 Constitution Ave. NW, Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit http://www.epa.gov/dockets.
    Pursuant to section 3506(c)(2)(A) of the PRA, EPA is soliciting
comments and information to enable it to: (i) Evaluate 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; (ii) evaluate the accuracy of
the Agency's estimate of the burden of the proposed collection of
information, including the validity of the methodology and assumptions
used; (iii) enhance the quality, utility, and clarity of the
information to be collected; and (iv) minimize the burden of the
collection of information on those who are to respond, including
through the use of appropriate automated electronic, mechanical, or
other technological collection techniques or other forms of information
technology, e.g., permitting electronic submission of responses. EPA
will consider the comments received and amend the ICR as appropriate.
The final ICR package will then be submitted to OMB for review and
approval. At that time, EPA will issue another Federal Register notice
to announce the submission of the ICR to OMB and the opportunity to
submit additional comments to OMB.
    Abstract: The information is collected from applicants and
recipients of EPA assistance to monitor adherence to the programmatic
and administrative requirements of the Agency's financial assistance
program. The information collected is used to make awards, pay
recipients, and collect information on how Federal funds are being
spent. EPA needs this information to meet its Federal stewardship
responsibilities. This ICR renewal requests authorization for the
collection of information under EPA's General Regulation for Assistance
Programs, which establishes minimum management requirements for all
recipients of EPA grants or cooperative agreements (assistance
agreements). Recipients must respond to these information requests to
obtain and/or retain a benefit (Federal funds). For awards made prior
to December 26, 2014, 40 CFR part 30, ``Grants and Agreements with
Institutions of Higher Education, Hospitals, and Other Non-Profit
Organizations,'' establishes the management requirements for
institutions of higher education, hospitals, and other non-profit
organizations, as well as procurement requirements for non-governmental
recipients. For awards made prior to December 26, 2014, 40 CFR part 31,
``Uniform Administrative Requirements for Grants and Cooperative
Agreements to State and Local Governments,'' includes the management
requirements for States, local governments, and Indian Tribal
governments. These regulations include only those provisions mandated
by statute, required by Office of Management and Budget (OMB)
Circulars, or added by EPA to ensure sound and effective financial
assistance management. For awards made after December 26, 2014, 2 CFR
200 and EPA's implementation of 2 CFR 200 at 2 CFR 1500 ``Uniform
Administrative Requirements, Cost Principles and Audit Requirements for
Federal Awards'' establishes the management requirements for all entity
types. These regulations include only those provisions mandated by
statute, required by OMB Circulars, or added by EPA to ensure sound and
effective financial assistance management. This ICR combines all of
these requirements under OMB Control Number 2030-0020. The information
required by these regulations will be used by EPA award officials to
make assistance awards and assistance payments and to verify that the
recipient is using Federal funds appropriately.

    Form Numbers: EPA Form 190-F-04-001, ``EPA Payment Request''

EPA Form 190-F-05-001, ``Fellowship Stipend Payment Enrollment Form''
EPA Form 4700-4, ``Preaward Compliance Review Report for All Applicants
and Recipients Requesting Federal Financial Assistance''
EPA Form 5700-52A, ``MBE/WBE Utilization Under Federal Grants and
Cooperative Agreements''
EPA Form 5700-53, ``Lobbying and Litigation Certification for Grants
and Cooperative Agreements''
EPA Form 5700-54, ``Key Contacts Form,'' and EPA Form 5700-54-2, ``Key
Contacts Form for Multiple Principal Investigators''
EPA Form 5770-2, ``Fellowship Application''
EPA Form 5770-3, ``Fellowship Facilities and Commitment Statement''
EPA Form 5770-5, ``Agency Fellowship Certification''
EPA Form 5770-7, ``EPA Fellowship Activation Notice''
EPA Form 5770-8, ``Fellowship Agreement''
EPA Form 5770-9, ``Completion of Studies Notice''
EPA Form 6600-01, ``EPA Administrative and Financial Onsite Review
Questionnaire''
EPA Form 6600-06, ``Certification Regarding Lobbying''
EPA Form 6600-08, ``Lobbying Cost Certificate for Indirect Costs/
Certificate of Indirect Costs for State and Local Governments''
EPA Form 6600-09, ``EPA Administrative Capability Questionnaire''
NCER Form 5, ``Current and Pending Support''

    Respondents/affected entities: The primary recipients of EPA
assistance agreements are State and local governments, Indian Tribes,
educational institutions, and not-for-profit institutions.
    Respondent's obligation to respond: Required to obtain an
assistance agreement (40 CFR part 30 and 40 CFR part 31 for awards made
prior to December 26, 2014, and 2 CFR 200 and 2 CFR 1500 for awards
made after December 26, 2014).
    Estimated number of respondents: 5,492 (total).
    Frequency of response: On occasion, quarterly, and annually.
    Total estimated burden: 90,124 hours (per year). Burden is defined
at 5 CFR 1320.03(b)
    Total estimated cost: $5,263,533 (per year), includes $0 annualized
capital or operation & maintenance costs.
    Changes in Estimates: Estimates are likely to stay substantially
the same compared with the ICR currently approved by OMB due to limited
programmatic changes or changes in the estimated respondent universe.

    Dated: July 30, 2020.
Michael Osinski,
Acting Director of the Office of Grants and Debarment.
[FR Doc. 2020-17102 Filed 8-4-20; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: July 23, 2009 (Volume 74, Number 140)]
[Notices]
[Page 36484-36485]
[DOCID:fr23jy09-36]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RM98-1-000]

Records Governing Off-the-Record Communications; Public Notice

July 16, 2009.
    This constitutes notice, in accordance with 18 CFR 385.2201(b), of
the receipt of prohibited and exempt off-the-record communications.
    Order No. 607 (64 FR 51222, September 22, 1999) requires Commission
decisional employees, who make or receive a prohibited or exempt off-
the-record communication relevant to the merits of a contested
proceeding, to deliver to the Secretary of the Commission, a copy of
the communication, if written, or a summary of the substance of any
oral communication.
    Prohibited communications are included in a public, non-decisional
file associated with, but not a part of, the decisional record of the
proceeding. Unless the Commission determines that the prohibited
communication and any responses thereto should become a part of the
decisional record, the prohibited off-the-record communication will not
be considered by the Commission in reaching its decision. Parties to a
proceeding may seek the opportunity to respond to any facts or
contentions made in a prohibited off-the-record communication, and may
request that the Commission place the prohibited communication and
responses thereto in the decisional record. The Commission will grant
such a request only when it determines that fairness so requires. Any
person identified below as having made a prohibited off-the-record
communication shall serve the document on all parties listed on the
official service list for the applicable proceeding in accordance with
Rule 2010, 18 CFR 385.2010.
    Exempt off-the-record communications are included in the decisional
record of the proceeding, unless the communication was with a
cooperating agency as described by 40 CFR 1501.6, made under 18 CFR
385.2201(e)(1)(v).
    The following is a list of off-the-record communications recently
received by the Secretary of the Commission. The communications listed
are grouped by docket numbers in ascending order. These filings are
available for review at the Commission in the Public Reference Room or
may be viewed on the Commission's Web site at http://www.ferc.gov using
the eLibrary

link. Enter the docket number, excluding the last three digits, in the
docket number field to access the document. For assistance, please
contact FERC, Online Support at<EMAIL_ADDRESS>or toll free
at<PHONE_NUMBER>, or for TTY, contact<PHONE_NUMBER>.

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                                                        Presenter or
            Docket No.                 File date          requester
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Exempt:
    1. OA08-52-006................         7-13-09  Hon. Maurice D.
                                                     Hinchey, Hon. John
                                                     Hall, Hon. Michael
                                                     A. Arcuri.
    2. P-2232-570.................         7-02-09  Hon. Patrick
                                                     McHenry.
    3. P-13416-000................         7-08-09  Hon. Timothy J.
                                                     Walz.
    4. P-13416-000................         7-02-09  Hon. Gene Pelowski,
                                                     Jr.
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Kimberly D. Bose,
Secretary.
[FR Doc. E9-17497 Filed 7-22-09; 8:45 am]

BILLING CODE 6717-01-P


Exchange Rule 2621 regarding clearly erroneous executions, which will
be identical in all material respects to the standardized rules of
other equity exchanges governing clearly erroneous executions.\84\
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    \84\ See IEX Rule 11.270, Clearly Erroneous Executions.
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LULD Plan and Trading Halts
    Market-Wide Circuit Breakers. The Exchange proposes to adopt Rule
2622, paragraphs (a) through (d) of which provides for the market-wide
circuit breaker pilot program and be identical to that of other equity
exchanges.\85\ Proposed Exchange Rule 2622(a)-(d) will operate on a
pilot basis set to expire at the close of business on October 18, 2020
and will be identical in all material respects to the standardized
market-wide circuit breaker rules of other equity exchanges. If the
pilot is not either extended or approved permanently at the end of the
pilot period, the Exchange shall amend proposed Exchange Rule 2622 to
be consistent with similar rules of other equity exchanges.
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    \85\ See IEX Rule 11.280, BYX and BZX Rules 11.18, and EDGA and
EDGX Rules 11.16.
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    LULD Plan Compliance. Proposed Exchange Rule 2622(e) sets forth the
Exchange's mechanism for complying with the LULD Plan and is identical
in all material respects to the rules of other equities exchanges.\86\
In sum, proposed Exchange Rule 2622(e) states that the Exchange is a
Participant in the LULD Plan \87\ and requires that Equity Members
comply with the LULD Plan's provisions.
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    \86\ See BYX and BZX Rule 11.18(e), and EDGA and EDGX Rule
11.16(e). See also IEX Rule 11.280.
    \87\ See supra note 5. The Exchange intends to become a
Participant in the LULD Plan prior to launching PEARL Equities.
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    Proposed Exchange Rule 2622(e) also describes the Exchange's order
handling procedures to comply with the LULD Plan. In sum, depending on
a User's instructions, the System will re-price and/or cancel buy
(sell) interest that is priced or could be executed above (below) the
Upper (Lower) Price Band. When re-pricing resting orders because such
orders are above (below) the Upper (Lower) Price Band, the Exchange
will provide new timestamps to such orders.\88\ The Exchange will also
provide new timestamps to resting orders at the less aggressive price
to which such orders are re-priced. Like other equity exchanges, any
resting interest that is re-priced pursuant to proposed Exchange Rule
2622(e) will maintain priority ahead of interest that was originally
less aggressively priced, regardless of the original timestamps for
such orders.
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    \88\ As proposed, only limit priced interest with a time-in-
force of RHO may rest on the PEARL Equities Book.
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    The System will only execute Market Orders or orders that include a
time-in-force of IOC at or within the LULD Price Bands. The Exchange
proposes to re-price limit-priced interest that is priced outside of
the LULD Price Bands as follows: Limit-priced interest to buy (sell)
that is priced above (below) the Upper (Lower) Price Band will be re-
priced to the Upper (Lower) Price Band. The System will re-price
resting limit-priced interest to buy (sell) to the Upper (Lower) Price
Band if Price Bands move such that the price of resting limit-priced
interest to buy (sell) would be above (below) the Upper (Lower) Price
Band. If the Price Bands move again and a User has opted into the
Exchange's optional multiple price sliding process, as described in
proposed Exchange Rule 2614(g)(1)(C), the System shall re-price such
limit-priced interest to the most aggressive permissible price to the
order's limit price. Otherwise, the order will not be re-priced again.
All other displayed and non-displayed limit interest repriced pursuant
to proposed Exchange Rule 2622(e) will remain at its new price unless
the Price Bands move such that the price of resting limit-priced
interest to buy (sell) would again be above (below) the Upper (Lower)
Price Band. Limit-priced interest priced above (below) the Upper
(Lower) Price Band will be cancelled if the User elected that the order
not be re-priced pursuant to the above described process.
    The Exchange will not route buy (sell) interest at a price above
(below) the Upper (Lower) Price Band. During a Short Sale Period, as
defined in proposed Exchange Rule 2614(g)(3)(A), short sale orders not
marked short exempt priced below the Lower Price Band shall be repriced
to the higher of the Lower Price Band or the Permitted Price, as
defined in proposed Exchange Rule 2614(g)(3)(A).
    At the end of the Trading Pause (as defined in the LULD Plan), the
Exchange will re-open the security in a manner similar to its opening
procedures set forth in proposed Exchange Rule 2615, described above.
On the occurrence of any trading halt pursuant to proposed market-wide
circuit breaker mechanism or LULD Plan, all outstanding orders in the
System will remain on the PEARL Equities Book, unless the User has
designated that its orders be cancelled.
    Proprietary Market Data. The Exchange will offer two standard
proprietary market data products for PEARL Equites, the Top of Market
feed and the Depth of Market feed. Each of these proprietary market
data products are described in proposed Exchange Rule 2625.
    Proposed Exchange Rule 2625(a) provides that the Depth of Market
feed is a data feed that contains the displayed price and size of each
order in an Equity Security entered in the Trading System, as well as
order execution information, order cancellations, order modifications,
order identification numbers, and administrative messages.\89\ Proposed
Exchange Rule 2625(b) provides that the Top of Market Feed is a data
feed that contains the price and aggregate size of displayed top of
book quotations, order execution information, and administrative
messages for Equity Securities entered into the Trading System.\90\
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    \89\ The description of the Depth of Market feed under proposed
Exchange Rule 2625(a) is based on EDGA Rule 13.8(a), EDGX Rule
13.8(a), and IEX Rule 11.330(a)(3).
    \90\ The description of the Top of Market feed under proposed
Exchange Rule 2625(b) is based on EDGA Rule 13.8(c), EDGX Rule
13.8(c), and IEX Rule 11.330(a)(1).
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    The Exchange will also offer historical data for PEARL Equities
upon request. As such, proposed Exchange Rule 2625(c) provides that
Historical Data is a data product that offers historical equity
security data for orders entered into the System upon request.\91\
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    \91\ The description of Historical Data under proposed Exchange
Rule 2625(b) is based on BYX Rule 11.22(h), BZX Rule 11.22(h), and
IEX Rule 11.330(a)(5).
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    Retail Order Attribution Program. As described above, the Exchange
proposes to allow Users to attach an ``Attributable'' instruction to
their displayed orders so that their MPID is included with their order
on the Exchange's proprietary market data feeds. The Exchange also
proposes to offer another form of attribution to Equity Members that
qualify as Retail Member Organizations (``RMOs'') (defined below). In
sum, under the

proposed Retail Order Attribution Program (``Program''), RMOs will be
able to designate that their Retail Orders (defined below) be
identified as ``Retail'', rather than by their MPID, on the Exchange's
proprietary data feeds.\92\ Proposed Exchange Rule 2626(f) describes
the Retail Order Attribution and provides that RMOs may designate that
their Retail Orders be identified as Retail on an order-by-order basis.
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    \92\ The Exchange's proposed Retail Order Attribution Program is
substantially similar to EDGX Rule 11.21, with the only differences
being that (1) proposed Exchange Rule 2622(e) will not provide for
dedicated ports for Retail Orders, (2) Exchange Rule 2626(e) will be
marked ``Reserved'' and not account for dedicated retail order ports
as is done on EDGX, and (3) Exchange Rule 2626(f) will not account
for Retail Priority Orders, as this functionality would not be
offered by PEARL Equites.
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    Proposed Exchange Rule 2626(a) sets forth definitions applicable to
the Program. Retail Member Organization or RMO is be defined as ``an
Equity Member (or a division thereof) that has been approved by the
Exchange under this Rule to submit Retail Orders.'' A ``Retail Order''
is defined as an agency or riskless principal order that meets the
criteria of FINRA Rule 5320.03 that originates from a natural person
and is submitted to the Exchange by a Retail Member Organization,
provided that no change is made to the terms of the order with respect
to price or side of market and the order does not originate from a
trading algorithm or any other computerized methodology.
    Proposed Exchange Rule 2626(b) through (d) sets forth the
qualification and application process for Equity Members to become RMOs
and participate in the Program, how an Equity Member's RMO status may
be revoked, and the process to appeal a denial or revocation of RMO
status.
    Proposed Exchange Rule 2626(b) sets forth the RMO qualification and
application process. To qualify as an RMO, an Equity Member must
conduct a retail business or route retail orders on behalf of another
broker-dealer. For purposes of this Exchange Rule, conducting a retail
business shall include carrying retail customer accounts on a fully
disclosed basis.
    To become a Retail Member Organization, a Member must submit: (A)
An application form; (B) supporting documentation, which may include
sample marketing literature, website screenshots, other publicly
disclosed materials describing the Equity Member's retail order flow,
and any other documentation and information requested by the Exchange
in order to confirm that the applicant's order flow will meet the
requirements of the Retail Order definition; and (C) an attestation, in
a form prescribed by the Exchange, that substantially all orders
submitted as Retail Orders will qualify as such under this Exchange
Rule.
    After an applicant submits the application form, supporting
documentation, and attestation, the Exchange shall notify the applicant
of its decision in writing. A disapproved applicant may: (A) Request an
appeal of such disapproval by the Exchange as provided in proposed
Exchange Rule 2626(d), described below; and/or (B) reapply for RMO
status 90 days after the disapproval notice is issued by the Exchange.
An RMO may voluntarily withdraw from such status at any time by giving
written notice to the Exchange.
    An RMO must have written policies and procedures reasonably
designed to assure that it will only designate orders as Retail Orders
if all requirements of a Retail Order are met. Such written policies
and procedures must require the Equity Member to: (i) Exercise due
diligence before entering a Retail Order to assure that entry as a
Retail Order is in compliance with the requirements of this Exchange
Rule, and (ii) monitor whether orders entered as Retail Orders meet the
applicable requirements. If an RMO does not itself conduct a retail
business but routes Retail Orders on behalf of another broker-dealer,
the RMO's supervisory procedures must be reasonably designed to assure
that the orders it receives from such other broker-dealer that are
designated as Retail Orders meet the definition of a Retail Order. The
RMO must: (i) Obtain an annual written representation, in a form
acceptable to the Exchange, from each other broker-dealer that sends
the RMO orders to be designated as Retail Orders that entry of such
orders as Retail Orders will be in compliance with the requirements of
this Exchange Rule; and (ii) monitor whether Retail Order flow routed
on behalf of such other broker-dealers meets the applicable
requirements.
    Proposed Exchange Rule 2626(c) states that if an RMO designates
orders submitted to the Exchange as Retail Orders and the Exchange
determines, in its sole discretion, that such orders fail to meet any
of the requirements set forth in proposed Exchange Rule 2626(a)
described above, the Exchange may disqualify an Equity Member from its
status as an RMO. The Exchange shall determine if and when an Equity
Member is disqualified from its status as an RMO. When disqualification
determinations are made, the Exchange shall provide a written
disqualification notice to the Equity Member.
    Exchange Rule 2626(d) provides for an appeal process for RMOs that
are disqualified or denied RMO status. An RMO that is disqualified
under proposed Exchange Rule 2626(c) may appeal the disqualification,
and/or reapply for RMO status 90 days after the date of the
disqualification notice from the Exchange. If an Equity Member disputes
the Exchange's decision to disapprove its RMO application or disqualify
it as an RMO, the Equity Member (``appellant'') may request, within
five business days after notice of the decision is issued by the
Exchange, that the Retail Attribution Panel (the ``Panel'') review the
decision to determine if it was correct. The Panel will consist of the
Exchange's Chief Regulatory Officer (``CRO''), or a designee of the
CRO, and two officers of the Exchange designated by the Chief
Information Officer (``CIO''). The Panel will review the facts and
render a decision within the time frame prescribed by the Exchange and
may overturn or modify an action taken by the Exchange under proposed
Exchange Rule 2626. A determination by the Panel shall constitute final
action by the Exchange.
    Miscellaneous Rules based on other Equity Exchanges. The Exchange
also proposes to adopt the following rules, which are identical in all
material respects to those of other equities exchanges: Rule 2619,
Trade Reporting and Execution,\93\ Rule 2620, Clearance and Settlement,
Anonymity,\94\ Rule 2623, Short Sales,\95\ and Rule 2624, Locking or
Crossing Quotations in NMS Stocks.\96\
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    \93\ See BYX and BZX Rules 11.14, and EDGA and EDGX Rules 11.12.
    \94\ See BYX and BZX Rules 11.15, and EDGA and EDGX Rules 11.13.
See also IEX Rule 11.250.
    \95\ See BYX and BZX Rules 11.19. See also IEX Rule 11.290.
    \96\ See BYX and BZX Rules 11.20. See also IEX Rule 11.310.
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Conduct and Operational Rules for Equity Members
    The Exchange proposes to adopt rules that are identical in all
material respects to the approved rules of other equity exchanges,\97\
including rules covering similar subject matter as existing Exchange
Rules and, the Exchange's affiliate, Miami International Securities

Exchange, LLC (``MIAX'') applicable to options.\98\ Thus, the Exchange
proposes to adopt rules regarding: Rules of Fair Practice (Chapter
XXI), Books, Records, and Reports (Chapter XXII), Supervision (Chapter
XXIII), Margin (Chapter XXIV), Chapter XXVII (Trading Practice Rules),
and other miscellaneous provisions (Chapter XXVIII). At times, certain
proposed Rules for PEARL Equities cross reference an existing Exchange
Rule applicable to options where the subject matter is either identical
or substantially similar. In other cases, the Exchange proposes to
adopt a standalone Rule for PEARL Equities where an existing Exchange
Rule for options contained terminology specific for options trading.
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    \97\ See, e.g., IEX Chapter 3 (Rules of Fair Practice), Rule
4.200 (Margin), Chapter 5 (Supervision), Chapter 6 (Miscellaneous
Provisions), and Chapter 10 (Trading Practice Rules). The Exchange
will request an exemption from the rule filing requirements of
Section 19(b) of the Exchange Act for those rules of another self-
regulatory organization (``SRO'') that it proposes to incorporate by
reference and to the extent such rules are effected solely by virtue
of a change to any of those rules.
    \98\ Under the proposed rules for PEARL Equities, the Exchange
incorporated by reference an existing Exchange rule applicable
options where that rule did not solely incorporate a rule of the
Exchange's affiliate, MIAX, by reference, but also included
substantive requirements. In the case where an existing Exchange
Rule applicable to options incorporated by reference a MIAX Rule,
the Exchange proposed a rule for equities that directly incorporated
the same MIAX rule by reference.
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    The Exchange notes that certain requirements that will be
applicable to Equity Members are contained in other sections of the
Exchange's existing Rules. For example, the Exchange has included rules
regarding equity participation into proposed Exchange Rule 2000, but
also proposed to include references to applicable registration
requirements that are already contained in Chapter II of the Exchange's
existing Rules.
Unlisted Trading Privileges
    The Exchange proposes to adopt Chapter XXIX regarding securities
traded pursuant to unlisted trading privileges and setting standards
for certain equity derivative securities that are identical to the
rules of equity exchanges.\99\ Proposed Exchange Rule 2900, Unlisted
Trading Privileges, provide that the Exchange may extend unlisted
trading privileges (``UTP'') to any NMS Stock that is listed on another
national securities exchange or with respect to which UTP may otherwise
be extended in accordance with Section 12(f) of the Exchange Act and
any such security shall be subject to all Exchange rules applicable to
trading on the Exchange, unless otherwise noted.
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    \99\ See, e.g., proposed MEMX Rule 14.1. See also BYX, EDGA, and
EDGX Rules 14.1.
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    Any UTP security that is a UTP Exchange Traded Product, as defined
in proposed Exchange Rule 1901, will be subject to the additional
following requirements set forth in proposed Exchange Rule 2900 and
based on the rules of other equity exchanges.
    Proposed Exchange Rule 2900(b)(1) provides that the Exchange will
distribute an information circular prior to the commencement of trading
in each such UTP Exchange Traded Product that generally includes the
same information as is contained in the information circular provided
by the listing exchange, including (a) the special risks of trading the
new Exchange Traded Product, (b) the Exchange Rules that will apply to
the new Exchange Traded Product, and (c) information about the
dissemination of value of the underlying assets or indices.
    Proposed Exchange Rule 2900(b)(2) sets forth requirements regarding
the product's description and applies only to UTP Exchange Traded
Products that are the subject of an order by the Commission exempting
such series from certain prospectus delivery requirements under Section
24(d) of the Investment Company Act of 1940 and are not otherwise
subject to prospectus delivery requirements under the Securities Act of
1933.
    The Exchange will inform Equity Members of the application of the
provisions of proposed Exchange Rule 2900(b)(2)(B) to UTP Exchange
Traded Products by means of an information circular. Proposed Exchange
Rule 2900(b)(2)(B) requires that Equity Members provide each purchaser
of UTP Exchange Traded Products a written description of the terms and
characteristics of those securities, in a form approved by the Exchange
or prepared by the open-ended management company issuing such
securities, not later than the time a confirmation of the first
transaction in such securities is delivered to such purchaser. In
addition, Equity Members will include a written description with any
sales material relating to UTP Exchange Traded Products that is
provided to customers or the public. Any other written materials
provided by an Equity Member to customers or the public making specific
reference to the UTP Exchange Traded Products as an investment vehicle
must include a statement substantially in the following form:
    ``A circular describing the terms and characteristics of [the UTP
Exchange Traded Products] has been prepared by the [open-ended
management investment company name] and is available from your broker.
It is recommended that you obtain and review such circular before
purchasing [the UTP Exchange Traded Products].''
    An Equity Member carrying an omnibus account for a non-Member is
required to inform such non-Member that execution of an order to
purchase UTP Exchange Traded Products for such omnibus account will be
deemed to constitute an agreement by the non-Member to make such
written description available to its customers on the same terms as are
directly applicable to the Equity Member under this Rule.
    Proposed Exchange Rule 2900(b)(2)(C) provides that upon request of
a customer, an Equity Member will also provide a prospectus for the
particular UTP Exchange Traded Product.
    Proposed Exchange Rule 2900(b)(3) governs trading halts and
provides that the Exchange will halt trading in a UTP Exchange Traded
Product as provided for in proposed Exchange Rule 2622. Nothing in
proposed Exchange Rule 2900(b)(3) is intended to limit the power of the
Exchange under the Rules or procedures of the Exchange with respect to
the Exchange's ability to suspend trading in any securities if such
suspension is necessary for the protection of investors or in the
public interest.
    Proposed Exchange Rule 2900(b)(4) sets forth restriction on Equity
Members acting as Equities Market Makers on the Exchange in a UTP
Exchange Traded Product that derives its value from one or more
currencies, commodities, or derivatives based on one or more currencies
or commodities, or is based on a basket or index composed of currencies
or commodities (collectively, ``Reference Assets''):
    First, Equities Market Makers must file with the Exchange, in a
manner prescribed by the Exchange, and keep current a list identifying
all accounts for trading the underlying physical asset or commodity,
related futures or options on futures, or any other related derivatives
(collectively with Reference Assets, ``Related Instruments''), which
the Equity Member acting as a registered Equites Market Maker on the
Exchange may have or over which it may exercise investment discretion.
No Equities Market Maker will be permitted to trade in the underlying
physical asset or commodity, related futures or options on futures, or
any other related derivatives, in an account in which an Equity Member
acting as a registered Equities Market Maker on the Exchange, directly
or indirectly, controls trading activities, or has a direct interest in
the profits or losses thereof, which has not been reported to the
Exchange as required by proposed Exchange Rule 2900.
    Second, an Equities Market Maker on the Exchange will, in a manner
prescribed by the Exchange, be required to file with the Exchange and
keep current a list identifying any accounts (``Related Instrument
Trading

Accounts'') for which Related Instruments are traded: (i) In which the
Equities Market Maker holds an interest; (ii) over which it has
investment discretion; or (iii) in which it shares in the profits and/
or losses. An Equities Market Maker on the Exchange will not be
permitted to have an interest in, exercise investment discretion over,
or share in the profits and/or losses of a Related Instrument Trading
Account that has not been reported to the Exchange as required by
proposed Exchange Rule 2900.
    Third, in addition to the existing obligations under Exchange rules
regarding the production of books and records under proposed Chapter
XXII described above, an Equities Market Maker on the Exchange will be
required to, upon request by the Exchange, make available to the
Exchange any books, records, or other information pertaining to any
Related Instrument Trading Account or to the account of any registered
or non-registered employee affiliated with the Equities Market Maker on
the Exchange for which Related Instruments are traded.
    Lastly, proposed Exchange Rule 2900(b)(4) provides that an Equities
Market Maker on the Exchange will not use any material nonpublic
information in connection with trading a Related Instrument.
    Proposed Exchange Rule 2900(b)(5) provides that the Exchange will
enter into comprehensive surveillance sharing agreements with markets
that trade components of the index or portfolio on which the UTP
Exchange Traded Product is based to the same extent as the listing
exchange's rules require the listing exchange to enter into
comprehensive surveillance sharing agreements with such markets.
Dues, Fees, Assessments, and Other Charges
    The Exchange proposes to adopt rules with regard to fees it may
charge that are identical or substantially similar to the rules of the
Cboe Equity Exchanges and IEX.\100\ Proposed Exchange Rule 3000(a) will
set forth the Exchange's general ability to prescribe dues, fees,
assessments and other charges.
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    \100\ See Chapter 15 of IEX Rules and Chapter 15 of the Rules of
each of the Cboe Equity Exchanges. The Exchange will file a separate
proposed rule change with the Commission to establish its fee
structure.
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    Proposed Exchange Rule 3000(b) describes the manner in which the
Exchange will assess fees related to Section 31 of the Exchange Act to
Member transactions on PEARL Equities. Proposed Exchange Rule 3000(c)
provides that the Exchange will provide Equity Members notice of all
relevant dues, fees, assessment and other charges and that such notice
will be made via the Exchange's website or other reasonable method.
Proposed Exchange Rule 3000(d) provides that to the extent the Exchange
is charged a fee by a third party that results directly from an Equity
Member cross-connecting its trading hardware to the Exchange's System
from another Trading Center's system that is located in the same data
center as the Exchange, the Exchange will pass that fee on, in full, to
the Equity Member.\101\
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    \101\ Proposed Exchange Rule 3000(d) is based on IEX Rule
15.110(d).
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    Proposed Exchange Rule 3001 provides that any revenues received by
the Exchange from fees derived from its regulatory function or
regulatory fines related to PEARL Equities will not be used for non-
regulatory purposes or distributed to the stockholder, but rather,
shall be applied to fund the legal and regulatory operations of the
Exchange (including surveillance and enforcement activities), or, as
the case may be, shall be used to pay restitution and disgorgement of
funds intended for customers (except in the event of liquidation of the
Exchange, in which case Miami International Holdings, Inc. will be
entitled to the distribution of the remaining assets of the
Exchange).\102\
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    \102\ Proposed Exchange Rule 3001 is based on Rule 15.2 of each
of the Cboe Equity Exchanges.
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    Proposed Exchange Rule 3002(a) provides that each Equity Member,
and all applicants for registration as such, shall be required to
provide a clearing account number for an account at the National
Securities Clearing Corporation (``NSCC'') for purposes of permitting
the Exchange to debit any undisputed or final fees, fines, charges and/
or other monetary sanctions or other monies due and owing to the
Exchange or other charges pursuant to Exchange Rule 3000, including the
Exchange Fee Schedule thereto; Regulatory Transaction Fees pursuant to
Exchange Rule 3000(b); dues, assessments and other charges pursuant to
Exchange Rules 1202 and 1203 to the extent the Exchange were to
determine to charge such fees; and fines, sanctions and other charges
pursuant to Chapters IX, X, and XI of the Exchange Rulebook which are
due and owing to the Exchange.\103\
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    \103\ Proposed Exchange Rule 3002 is based on IEX Rule 15.120.
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    Proposed Exchange Rule 3002(b) provides that all disputes
concerning fees, dues or charges assessed by the Exchange must be
submitted to the Exchange in writing and must be accompanied by
supporting documentation. All disputes related to fees, dues or other
charges must be submitted to the Exchange no later than sixty (60) days
after the date of the monthly invoice. All Exchange invoices are due in
full on a timely basis and payable in accordance with proposed Exchange
Rule 3002(a). Any disputed amount resolved in the Member's favor will
be subsequently credited to the clearing account number for an account
at the NSCC.
National Market System Plans
    The Exchange will operate as a full and equal participant in the
national market system for equity trading established under Section 11A
of the Exchange Act, just as its options market participates today. The
Exchange is currently a member of the National Market System Plan for
the Selection and Reservation of Securities Symbols. The Exchange will
also become a member of the following national market systems plans
applicable to the trading of equity securities:
     The National Market System Plan to Address Extraordinary
Market Volatility;
     The Joint Self-Regulatory Organization Plan Governing the
Collection, Consolidation and Dissemination of Quotation and
Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privileges Basis (``NASDAQ/UTP Plan,''
``UTP Plan'');
     The Second Restatement of the Consolidated Tape
Association (``CTA'') Plan and the Restated Consolidated Quotation
(``CQ'') Plan (``CTA/CQ Plans''); and
     The National Market System Plan Establishing Procedures
Under Rule 605 of Regulation NMS.
    The Exchange expects to participate in those plans on the same
terms currently applicable to current members of those plans, and it
expects little or no plan impact due to the proposed operation of PEARL
Equities is similar to several other existing equity exchanges.
Regulation
    The Exchange will leverage many of the structures it established to
operate as a national securities exchange in compliance with Section 6
of the Exchange Act. As described in more detail below, there will be
three elements of that regulation: (1) The Exchange will join the
existing equities industry agreements and establish new agreements, as
necessary, pursuant to Section 17(d) of the Exchange Act, as it has
with respect to its options market, (2) the Exchange's Regulatory
Services Agreement (``RSA'') with FINRA will

govern many aspects of the regulation and discipline of Members that
participate in equities trading, just as it does for options market
regulation, and (3) the Exchange will authorize Equity Members to trade
on PEARL Equities and conduct surveillance of equity trading as it does
today for options.
    Section 17(d) of the Exchange Act and the related Exchange Act
rules permit SROs to allocate certain regulatory responsibility to
avoid duplicative oversight and regulation. Under Exchange Act Rule
17d-1, the Commission designates one SRO to be the Designated Examining
Authority, or DEA, for each broker-dealer that is a member of more than
one SRO. The DEA is responsible for the financial aspects of that
broker-dealer's regulatory oversight. Because Members also must be
members of at least one other SRO, the Exchange will generally not be
designated as the DEA for any of its Members.
    Rule 17d-2 of the Exchange Act permits SROs to file with the
Commission plans under which the SROs allocate among each other the
responsibility to receive regulatory reports from, and examine and
enforce compliance with specified provisions of the Exchange Act and
rules thereunder and SRO rules by, firms that are members of more than
one SRO (``common members''). If such plan is declared effective by the
Commission, an SRO that is a party to the plan is relieved of
regulatory responsibility as to any common member for whom
responsibility is allocated under the plan to another SRO. The Exchange
will establish 17d-2 Plans for Allocation of Regulatory
Responsibilities, including, subject to Commission approval, (i) a plan
with FINRA pursuant to which the Exchange and FINRA will agree to
allocate to FINRA, with respect to common members, regulatory
responsibility for overseeing and enforcing certain applicable laws,
rules, and regulations of PEARL Equities, (ii) joining the multi-party
plan with FINRA and other national securities exchanges for the
surveillance, investigation, and enforcement of common insider trading
rules, and (iii) joining the multi-party plan with FINRA and other
national securities exchanges for the allocation of regulatory
responsibilities with respect to certain Regulation NMS Rules. In
addition, the Exchange will (i) expand its existing RSA with FINRA,
pursuant to which FINRA performs various regulatory services on behalf
of the Exchange, subject to the Exchange's ultimate responsibility,
including the review of membership applications and the conduct of
investigations, disciplinary and hearing services, (ii) join the
Intermarket Surveillance Group (``ISG''), and (iii) submit a Minor Rule
Violation Plan to the Commission under Rule 19d-1(c)(2) of the Exchange
Act.
    FINRA also currently surveils options trading on behalf of the
Exchange pursuant to an existing RSA designed to detect violations of
Exchange rules and applicable federal securities laws. This existing
RSA will be expanded to provide for FINRA to also surveil equities
trading on PEARL Equities on behalf of the Exchange and the Exchange
will remain responsible for FINRA's performance under this RSA. The
Exchange represents that these procedures are adequate to properly
monitor Exchange trading of equity securities and to deter and detect
violations of Exchange rules and applicable federal securities laws.
The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    Pursuant to proposed Exchange Rule 2900(b)(5), with respect to
securities traded under proposed Chapter 14 of the Exchange Rules
pursuant to unlisted trading privileges, the Exchange shall enter into
a comprehensive surveillance sharing agreement with markets trading
components of the index or portfolio on which shares of an exchange-
traded product is based to the same extent as the listing exchange's
rules require the listing exchange to enter into a comprehensive
surveillance sharing agreement with such markets. FINRA, on behalf of
the Exchange, may obtain information, and will communicate information
as needed, regarding trading in the shares of the exchange-traded
products, as well as in the underlying exchange-traded securities and
instruments with other markets and other entities that are members of
ISG. In addition, the Exchange may obtain information regarding trading
in such shares and underlying securities and instruments from markets
and other entities that are members of ISG or with which the Exchange
has in place a comprehensive surveillance sharing agreement. In
addition, FINRA, on behalf of the Exchange, is able to access, as
needed, trade information for certain fixed income securities held by
the Fund reported to FINRA's Trade Reporting and Compliance Engine
(``TRACE'').
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \104\ and 11A of the Act \105\ in general,
and furthers the objectives of Sections 6(b)(5) \106\ and 11A(a)(1) of
the Act \107\ in particular, in that 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 are not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers.
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    \104\ 15 U.S.C. 78f(b).
    \105\ 15 U.S.C. 78k-1.
    \106\ 15 U.S.C. 78f(b)(5).
    \107\ 15 U.S.C. 78k-1(a)(1).
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    As described above, the fundamental premise of the proposal is that
the Exchange will operate its equity market in a manner similar to that
of other equity exchanges, with a suite of order types and
deterministic functionality leveraging the Exchange's existing robust
and resilient technology platform. The Exchange believes PEARL Equities
will benefit individual investors, equity trading firms, and the
equities market generally by providing much needed competition to the
existing three dominant exchange groups. The entry of an innovative,
cost competitive market such as PEARL Equities will promote
competition, spurring existing exchanges to improve their own
executions systems and reduce trading costs.
    The Exchange proposes to offer a suite of conventional order types
and order type modifiers that are designed to provide for an efficient,
robust, and transparent order matching process. The basis for a
majority of the rules of PEARL Equities are the approved rules of other
equity exchanges, which have already been found consistent with the
Exchange Act. Therefore, the Exchange does not believe that any of the
proposed order types and order type functionality raise any new or
novel issues that have not been previously considered by the
Commission.
    In few instances where the Exchange proposed functionality that
differs from that of other equities exchanges, it has done so either to
improve upon an existing process, such as in the case of the proposed
Opening Process \108\ and

proposed risk controls,\109\ or to adopt functionality to address and
maintain a fair and orderly market, such as re-pricing of odd lot sized
orders.\110\
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    \108\ See proposed Exchange Rule 2615.
    \109\ See proposed Exchange Rules 2614(a)(1)(I) and 2618.
    \110\ See proposed Exchange Rule 2611.
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    Specifically, the Exchange believes proposed Exchange Rules 2611(b)
describing how the Exchange will re-price an odd-lot order removes
impediments to and perfect the mechanism of a free and open market and
a national market system by reducing the potential for an odd lot order
to appear on the Exchange's proprietary data feeds as though it is
locking or crossing the PBBO. The proposed re-pricing of odd lot orders
is also similar to that of other equity exchanges.\111\
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    \111\ Proposed Exchange Rule 2611 would differ from NYSE Rule
7.38, NYSE Arca Rule 7.38-E, NYSE American Rule 7.38E, and NYSE
National Rule 7.38 by re-pricing the odd lot order to buy (sell) to
the PBB (PBO) of the Exchange when the PBB (PBO) of the Exchange was
previously locked or crossed by an away Trading Center.
---------------------------------------------------------------------------

    The Exchange further believes that the functionality that it
proposes to offer is consistent with Section 6(b)(5) of the Act \112\
because the System is designed to be efficient and its operation
transparent, thereby facilitating transactions in securities, removing
impediments to and perfecting the mechanisms of a free and open
national market system. As noted above, the Exchange's proposed rules,
order type functionality, and order matching process are designed to
comply with all applicable regulatory requirements, including
Regulation NMS, Regulation SHO, and the LULD Plan.
---------------------------------------------------------------------------

    \112\ 15 U.S.C. 78(f)(5).
---------------------------------------------------------------------------

    The Exchange believes that the rules of PEARL Equities as well as
the proposed method of monitoring for compliance with and enforcing
such rules is also consistent with the Exchange Act, particularly
Sections 6(b)(1), 6(b)(5) and 6(b)(6) of the Act, which require, in
part, that an exchange have the capacity to enforce compliance with,
and provide appropriate discipline for, violations of the rules of the
Commission and of the exchange.\113\ The Exchange has proposed to adopt
rules necessary to regulate Equity Members that are nearly identical to
the approved rules of other equities exchanges. The Exchange proposes
to regulate activity on PEARL Equities in the same way it regulates
activity on its options market, specifically through various Exchange
specific functions, an RSA with FINRA, as well as participation in
industry plans, including plans pursuant to Rule 17d-2 under the
Exchange Act.
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    \113\ 15 U.S.C. 78f(b)(1), 78f(b)(5) and 78f(b)(6).
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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
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
operates in an intensely competitive global marketplace for transaction
services. Relying on its array of services and benefits, the Exchange
competes for the privilege of providing market services to broker-
dealers. The Exchange's ability to compete in this environment is based
in large part on the quality of its trading systems, the overall
quality of its market and its attractiveness to the largest number of
investors, as measured by speed, likelihood and cost of executions, as
well as spreads, fairness, and transparency.
    Consolidation amongst U.S. equities exchanges has led to nearly all
being owned and operated by three primary exchange groups,\114\ thereby
diminishing the competitive landscape among equities exchanges. This
proposal will enhance competition by allowing the Exchange to leverage
its existing robust technology platform to provide a resilient,
deterministic, and transparent execution platform for equity
securities. The proposed rule change will insert an additional, much
needed, competitive dynamic to existing equities landscape by allowing
the Exchange to compete with existing equity exchanges on order types,
order type functionality, risk controls, and order matching processes.
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    \114\ Currently, 12 of the 14 registered U.S. equity exchanges
are owned by three groups: Cboe Holdings, Inc. operates four
equities exchanges, BYX, BZX, EDGA, and EDGX; the Intercontinental
Exchange Group, Inc. (``ICE'') operates five equities exchanges,
NYSE, NYSE American, NYSE Arca, NYSE National, and NYSE Chicago; and
Nasdaq, Inc. operates three equities exchanges, Nasdaq, Nasdaq Phlx,
and Nasdaq BX. IEX and the Long Term Stock Exchange, Inc. (``LTSE'')
are the only two independently operated equities exchanges. The LTSE
has yet to commence operations.
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    The proposed rule change will reduce overall trading costs and
increase price competition, both pro-competitive developments, and will
promote further initiative and innovation among market centers and
market participants.

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

    Within 45 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 shall: (a) By order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-PEARL-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-PEARL-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-PEARL-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.\115\
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    \115\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-02750 Filed 2-11-20; 8:45 am]
 BILLING CODE 8011-01-P