[Federal Register Volume 81, Number 174 (Thursday, September 8, 2016)]
[Notices]
[Pages 62229-62233]
[FR Doc No: 2016-21486]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78738; File No. SR-NASDAQ-2016-103]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order
Granting Approval of Proposed Rule Change, as Modified by Amendment No.
1 Thereto, To List and Trade Exchange-Traded Managed Funds

August 31, 2016.

I. Introduction

    On July 13, 2016, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade the common shares (``Shares'')
of the following Exchange-Traded Managed Funds: Ivy Focused Growth
NextShares; Ivy Focused Value NextShares; and Ivy Energy NextShares
(individually, ``Fund,'' and collectively, ``Funds''). On July 14,
2016, the Exchange filed Amendment No. 1 to the proposed rule
change.\3\ The proposed rule change, as modified by Amendment No. 1
thereto, was published for comment in the Federal Register on July 27,
2016.\4\ The Commission received no comments on the proposed rule
change. This order grants approval of the proposed rule change, as
modified by Amendment No. 1 thereto.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 amended and replaced the proposed rule
change in its entirety.
    \4\ See Securities Exchange Act Release No. 78385 (Jul. 21,
2016), 81 FR 49341 (``Notice'').

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II. Exchange's Description of Proposed Rule Change

    The Exchange proposes to list and trade the Shares of each Fund
under Nasdaq Rule 5745, which governs the listing and trading of
Exchange-Traded Managed Fund Shares, as defined in Nasdaq Rule
5745(c)(1). Each Fund is a series of Ivy NextShares (``Trust'').\5\ The
Exchange represents that the Trust is registered with the Commission as
an open-end investment company and has filed a registration statement
on Form N-1A (``Registration Statement'') with the Commission.\6\
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    \5\ According to the Exchange, the Trust and certain affiliates
of the Trusts have obtained exemptive relief under the Investment
Company Act of 1940 (``1940 Act''). See Investment Company Act
Release No. 31816 (Sept. 9, 2015) (File No. 812-14526). The Exchange
represents that, in compliance with Nasdaq Rule 5745(b)(5), which
applies to Shares based on an international or global portfolio, the
Trust's application for exemptive relief under the 1940 Act states
that each Fund will comply with the federal securities laws in
accepting securities for deposits and satisfying redemptions with
securities, including that the securities accepted for deposits and
the securities used to satisfy redemption requests are sold in
transactions that would be exempt from registration under the
Securities Act of 1933, as amended.
    \6\ See Registration Statement on Form N-1A for the Trust dated
April 18, 2016 (File Nos. 333-210814 and 811-23155).
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    Ivy Investment Management Company (``Adviser'') will be the adviser
to the Funds. ALPS Distributors, Inc. will be the principal underwriter
and distributor of each Fund's Shares. Waddell & Reed Services Company,
doing business as WI Services Company (``WISC''), will act as the
administrator and accounting agent to the Funds. State Street Bank and
Trust Company (``State Street'') will act as the custodian and transfer
agent to the Funds. In addition, State Street has entered into
agreements with WISC pursuant to which State Street will serve as sub-
administrator and sub-accounting agent to the Funds.
    The Exchange has made the following representations and statements
in describing the Funds.\7\
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    \7\ The Commission notes that additional information regarding
the Trust, the Funds, and the Shares, including investment
strategies, risks, creation and redemption procedures, calculation
of net asset value (``NAV''), fees, distributions, and taxes, among
other things, can be found in the Notice and Registration Statement,
as applicable. See supra notes 4 and 6, respectively, and
accompanying text.
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A. Principal Investment Strategies of the Funds

    According to the Exchange, each Fund will be actively managed and
will pursue the various principal investment strategies described
below.\8\
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    \8\ According to the Exchange, additional information regarding
the Funds also will be available on the public Web site for the
Funds.
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1. Ivy Focused Growth NextShares
    The investment objective of this Fund is to provide growth of
capital. The Fund normally will invest primarily in a portfolio of
common stocks issued by large-capitalization, growth-oriented companies
with above-average levels of profitability and that the Adviser
believes have the ability to sustain growth over the long term.
Although the Fund primarily will invest in securities issued by large-
capitalization companies (defined as companies with market
capitalizations of at least $10 billion at the time of acquisition), it
may invest in securities issued by companies of any size.
2. Ivy Focused Value NextShares
    The investment objective of this Fund is to provide capital
appreciation, with a secondary objective of providing current income.
The Fund normally will invest in the common stocks of companies that
the Adviser believes are undervalued, trading at a significant discount
relative to the intrinsic value of the company as estimated by the
Adviser and/or are out of favor in the financial markets, but have a
favorable outlook for capital appreciation. Although the Fund will
often invest in securities issued by large-capitalization companies
(defined as companies with market capitalizations of at least $10
billion at the time of acquisition), it may invest in securities issued
by companies of any size.
3. Ivy Energy NextShares
    The investment objective of this Fund is to provide capital growth
and appreciation. The Fund will invest, under normal circumstances, at
least 80% of its net assets in the common stock of companies within the
energy sector, which includes all aspects of the energy industry, such
as exploration, discovery, production, distribution or infrastructure
of energy, and/or alternative energy sources.

B. Portfolio Disclosure & Composition File

    Consistent with the disclosure requirements that apply to
traditional open-end investment companies, a complete list of current
Fund portfolio positions will be made available at least once each
calendar quarter, with a reporting lag of not more than 60 days. Funds
may provide more frequent disclosures of portfolio positions at their
discretion.
    As defined in Nasdaq Rule 5745(c)(3), the ``Composition File'' is
the specified portfolio of securities and/or cash that a Fund will
accept as a deposit in issuing a Creation Unit of Shares, and the
specified portfolio of securities and/or cash that a Fund will deliver
in a redemption of a Creation Unit of Shares. The Composition File will
be disseminated through the National Securities Clearing Corporation
once each business day before the open of trading in Shares on such day
and also will be made available to the public each day on a free Web
site.\9\ Because the Funds seek to preserve the confidentiality of
their current portfolio trading program, a Fund's Composition File
generally will not be a pro rata reflection of the Fund's investment
positions. Each security included in the Composition File will be a
current holding of the Fund, but the Composition File generally will
not include all of the securities in the Fund's portfolio or match the
weightings of the included securities in the portfolio. Securities that
the Adviser is in the process of acquiring for a Fund generally will
not be represented in the Fund's Composition File until their purchase
has been completed. Similarly, securities that are held in a Fund's
portfolio but in the process of being sold may not be removed from its
Composition File until the sale program is substantially completed.
Funds creating and redeeming Shares in kind will use cash amounts to
supplement the in-kind transactions to the extent necessary to ensure
that Creation Units are purchased and redeemed at NAV. The Composition
File also may consist entirely of cash, in which case it will not
include any of the securities in the Fund's portfolio.\10\
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    \9\ The free Web site containing the Composition File will be
www.nextshares.com.
    \10\ In determining whether a Fund will issue or redeem Creation
Units entirely on a cash basis, the key consideration will be the
benefit that would accrue to the Fund and its investors. For
instance, in bond transactions, the Adviser may be able to obtain
better execution for a Fund than Authorized Participants because of
the Adviser's size, experience and potentially stronger
relationships in the fixed- income markets.
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C. Intraday Indicative Value

    For each Fund, an estimated value of an individual Share, defined
in Nasdaq Rule 5745(c)(2) as the ``Intraday Indicative Value,'' will be
calculated and disseminated at intervals of not more than 15 minutes
throughout the Regular Market Session \11\ when Shares trade on the
Exchange. The Exchange will obtain a representation from the issuer of
the Shares that the Intraday

Indicative Value will be calculated on an intraday basis and provided
to Nasdaq for dissemination via the Nasdaq Global Index Service. The
Intraday Indicative Value will be based on current information
regarding the value of the securities and other assets held by a
Fund.\12\ The purpose of the Intraday Indicative Value is to enable
investors to estimate the next-determined NAV so they can determine the
number of Shares to buy or sell if they want to transact in an
approximate dollar amount (e.g., if an investor wants to acquire
approximately $5,000 of a Fund, how many Shares should the investor
buy?).\13\
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    \11\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 4:00 a.m. to
9:30 a.m. Eastern Time or ``E.T.''; (2) Regular Market Session from
9:30 a.m. to 4:00 p.m. or 4:15 p.m. E.T.; and (3) Post-Market
Session from 4:00 p.m. or 4:15 p.m. to 8:00 p.m. E.T.).
    \12\ The Intraday Indicative Value disseminated throughout each
trading day would be based on the same portfolio as used to
calculate that day's NAV. Funds will reflect purchases and sales of
portfolio positions in their NAV the next business day after trades
are executed.
    \13\ Because, in NAV-Based Trading, prices of executed trades
are not determined until the reference NAV is calculated, buyers and
sellers of Shares during the trading day will not know the final
value of their purchases and sales until the end of the trading day.
A Fund's Registration Statement, Web site, and any advertising or
marketing materials will include prominent disclosure of this fact.
Although Intraday Indicative Values may provide useful estimates of
the value of intraday trades, they cannot be used to calculate with
precision the dollar value of the Shares to be bought or sold.
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D. NAV-Based Trading

    Shares will be purchased and sold in the secondary market at prices
directly linked to the Fund's next-determined NAV using a new trading
protocol called ``NAV-Based Trading.'' All bids, offers, and execution
prices of Shares will be expressed as a premium/discount (which may be
zero) to the Fund's next-determined NAV (e.g., NAV-$0.01,
NAV+$0.01).\14\ A Fund's NAV will be determined each business day,
normally as of 4:00 p.m. Eastern Time. Trade executions will be binding
at the time orders are matched on Nasdaq's facilities, with the
transaction prices contingent upon the determination of NAV. Nasdaq
represents that all Shares listed on the Exchange will have a unique
identifier associated with their ticker symbols, which will indicate
that the Shares are traded using NAV-Based Trading.
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    \14\ According to the Exchange, the premium or discount to NAV
at which Share prices are quoted and transactions are executed will
vary depending on market factors, including the balance of supply
and demand for Shares among investors, transaction fees and other
costs in connection with creating and redeeming creation units of
Shares, the cost and availability of borrowing Shares, competition
among market makers, the Share inventory positions and inventory
strategies of market makers, the profitability requirements and
business objectives of market makers, and the volume of Share
trading.
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    According to the Exchange, member firms will utilize certain
existing order types and interfaces to transmit Share bids and offers
to Nasdaq, which will process Share trades like trades in shares of
other listed securities.\15\ In the systems used to transmit and
process transactions in Shares, a Fund's next-determined NAV will be
represented by a proxy price (e.g., 100.00) and a premium/discount of a
stated amount to the next-determined NAV to be represented by the same
increment/decrement from the proxy price used to denote NAV (e.g., NAV-
$0.01 would be represented as 99.99; NAV+$0.01 as 100.01).
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    \15\ According to the Exchange, all orders to buy or sell Shares
that are not executed on the day the order is submitted will be
automatically cancelled as of the close of trading on such day.
Prior to the commencement of trading in a Fund, the Exchange will
inform its members in an Information Circular of the effect of this
characteristic on existing order types.
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    To avoid potential investor confusion, Nasdaq represents that it
will work with member firms and providers of market data services to
seek to ensure that representations of intraday bids, offers and
execution prices of Shares that are made available to the investing
public follow the ``NAV-0.01/NAV+$0.01'' (or similar) display format.
Specifically, the Exchange will use the NASDAQ Basic and NASDAQ Last
Sale data feeds to disseminate intraday price and quote data for Shares
in real time in the ``NAV-$0.01/NAV+$0.01'' (or similar) display
format. Member firms may use the NASDAQ Basic and NASDAQ Last Sale data
feeds to source intraday Share prices for presentation to the investing
public in the ``NAV-$0.01/NAV+$0.01'' (or similar) display format.
Alternatively, member firms may source intraday Share prices in proxy
price format from the Consolidated Tape and other Nasdaq data feeds
(e.g., Nasdaq TotalView and Nasdaq Level 2) and use a simple algorithm
to convert prices into the ``NAV-$0.01/NAV+$0.01'' (or similar) display
format. Prior to the commencement of trading in a Fund, the Exchange
will inform its members in an Information Circular of the identities of
the specific Nasdaq data feeds from which intraday Share prices in
proxy price format may be obtained.

III. Discussion and Commission Findings

    After careful review, the Commission finds that the Exchange's
proposal to list and trade the Shares is consistent with the Act and
the rules and regulations thereunder applicable to a national
securities exchange.\16\ In particular, the Commission finds that the
proposed rule change is consistent with section 6(b)(5) of the Act,\17\
which requires, among other things, that the Exchange's rules be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in 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.
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    \16\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \17\ 15 U.S.C. 78f(b)(5).
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    The Shares will be subject to Rule 5745, which sets forth the
initial and continued listing criteria applicable to Exchange-Traded
Managed Fund Shares. A minimum of 50,000 Shares and no less than two
creation units of each Fund will be outstanding at the commencement of
trading on the Exchange.
    Nasdaq deems the Shares to be equity securities, thus rendering
trading in the Shares subject to the Exchange's existing rules
governing the trading of equity securities. Every order to trade Shares
of the Funds is subject to the proxy price protection threshold of
plus/minus $1.00, which determines the lower and upper threshold for
the life of the order and whereby the order will be cancelled at any
point if it exceeds $101.00 or falls below $99.00, the established
thresholds.\18\ With certain exceptions, each order also must contain
the applicable order attributes, including routing instructions and
time-in-force information, as described in Nasdaq Rule 4703.\19\
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    \18\ See Nasdaq Rule 5745(h).
    \19\ See Nasdaq Rule 5745(b)(6).
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    Nasdaq also represents that trading in the Shares will be subject
to the existing trading surveillances, administered by both Nasdaq and
the Financial Industry Regulatory Authority (``FINRA'') on behalf of
the Exchange, which are designed to detect violations of Exchange rules
and applicable federal securities laws.\20\ The Exchange represents
that its surveillance procedures are adequate to properly monitor
trading of Shares on the Exchange and to deter and detect violations of
Exchange rules and applicable federal securities laws. FINRA, on behalf
of the Exchange, will communicate as needed with other

markets and other entities that are members of the Intermarket
Surveillance Group (``ISG'') \21\ regarding trading in Shares, and in
exchange-traded securities and instruments held by the Funds (to the
extent such exchange-traded securities and instruments are known
through the publication of the Composition File and periodic public
disclosures of a Fund's portfolio holdings), and FINRA may obtain
trading information regarding such trading from other markets and other
entities. In addition, the Exchange may obtain information regarding
trading in Shares, and in exchange-traded securities and instruments
held by the Funds (to the extent such exchange-traded securities and
instruments are known through the publication of the Composition File
and periodic public disclosures of a Fund's portfolio holdings), from
markets and other entities that are members of ISG, which includes
securities and futures exchanges, or with which the Exchange has in
place a comprehensive surveillance sharing agreement.
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    \20\ The Exchange states that FINRA provides surveillance of
trading on the Exchange pursuant to a regulatory services agreement,
and that the Exchange is responsible for FINRA's performance under
this regulatory services agreement.
    \21\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of a
Fund's portfolio may trade on markets that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
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    Prior to the commencement of trading, the Exchange will inform its
members in an Information Circular of the special characteristics and
risks associated with trading the Shares. Specifically, the Information
Circular will discuss the following: (a) The procedures for purchases
and redemptions of Shares in creation units (and that Shares are not
individually redeemable); (b) Nasdaq Rule 2111A, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Shares to customers; (c) the dissemination of
information regarding the Intraday Indicative Value and Composition
File; (d) the requirement that members deliver a prospectus to
investors purchasing Shares prior to or concurrently with the
confirmation of a transaction; and (e) information regarding NAV-Based
Trading protocols.
    The Information Circular also will identify the specific Nasdaq
data feeds from which intraday Share prices in proxy price format may
be obtained. As noted above, all orders to buy or sell Shares that are
not executed on the day the order is submitted will be automatically
cancelled as of the close of trading on such day. The Information
Circular will discuss the effect of this characteristic on existing
order types. In addition, Nasdaq intends to provide its members with a
detailed explanation of NAV-Based Trading through a Trading Alert
issued prior to the commencement of trading in Shares on the Exchange.
    Nasdaq states that the Adviser is not a registered broker-dealer,
although it is affiliated with a broker-dealer.\22\ The Exchange
represents that the Adviser has implemented a fire wall with respect to
its affiliated broker-dealer regarding access to information concerning
the composition of, and changes to, each Fund's portfolio.\23\ The
Reporting Authority \24\ will ensure that the Composition File will
implement and maintain, or be subject to, procedures designed to
prevent the use and dissemination of material non-public information
regarding each Fund's portfolio positions and changes in the positions.
In the event that (a) the Adviser registers as a broker-dealer or
becomes newly affiliated with a broker-dealer, or (b) any new adviser
or a sub-adviser to a Fund is a registered broker-dealer or becomes
affiliated with a broker-dealer, the applicable entity will implement a
fire wall with respect to its relevant personnel and/or such broker-
dealer affiliate, as the case may be, regarding access to information
concerning the composition of, and changes to, the relevant Fund's
portfolio, and will be subject to procedures designed to prevent the
use and dissemination of material non-public information regarding such
portfolio.
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    \22\ See Notice, supra note 4, 81 FR at 49341.
    \23\ See id. The Exchange further represents that an investment
adviser to an open-end fund is required to be registered under the
Investment Advisers Act of 1940 (``Advisers Act''). As a result, the
Adviser and its related personnel are subject to the provisions of
Rule 204A-1 under the Advisers Act relating to codes of ethics. This
Rule requires investment advisers to adopt a code of ethics that
reflects the fiduciary nature of the relationship to clients as well
as compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has (i) adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
    \24\ See Nasdaq Rule 5745(c)(4).
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    The Commission also finds that the proposal to list and trade the
Shares on the Exchange is consistent with section 11A(a)(1)(C)(iii) of
the Act,\25\ which sets forth Congress' finding that it is in the
public interest and appropriate for the protection of investors and the
maintenance of fair and orderly markets to assure the availability to
brokers, dealers, and investors of information with respect to
quotations for, and transactions in, securities. Information regarding
NAV-based trading prices, best bids and offers for Shares, and volume
of Shares traded will be continually available on a real-time basis
throughout the day on brokers' computer screens and other electronic
services. All bids and offers for Shares and all Share trade executions
will be reported intraday in real time by the Exchange to the
Consolidated Tape and separately disseminated to member firms and
market data services through the Exchange data feeds. Once a Fund's
daily NAV has been calculated and disseminated, Nasdaq will price each
Share trade entered into during the day at the Fund's NAV plus/minus
the trade's executed premium/discount. Using the final trade price,
each executed Share trade will then be disseminated to member firms and
market data services via an FTP file \26\ to be created for exchange-
traded managed funds and confirmed to the member firms participating in
the trade to supplement the previously provided information to include
final pricing. The Exchange will obtain a representation from the
issuer of the Shares that the NAV per Share will be calculated daily
(on each business day that the New York Stock Exchange is open for
trading) and provided to Nasdaq via the Mutual Fund Quotation Service
(``MFQS'') by the fund accounting agent. As soon as the NAV is entered
into MFQS, Nasdaq will disseminate the value to market participants and
market data vendors via the Mutual Fund Dissemination Service so all
firms will receive the NAV per share at the same time.
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    \25\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \26\ According to Nasdaq, File Transfer Protocol (``FTP'') is a
standard network protocol used to transfer computer files on the
Internet. Nasdaq will arrange for the daily dissemination of an FTP
file with executed Share trades to member firms and market data
services.
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    The Exchange further represents that it may consider all relevant
factors in exercising its discretion to halt or suspend trading in
Shares. Nasdaq will halt trading in Shares under the conditions
specified in Nasdaq Rule 4120 and in Nasdaq Rule 5745(d)(2)(C).
Additionally, Nasdaq may cease trading Shares if other unusual
conditions or circumstances exist which, in the opinion of Nasdaq, make
further

dealings on Nasdaq detrimental to the maintenance of a fair and orderly
market. To manage the risk of a non-regulatory Share trading halt,
Nasdaq has in place back-up processes and procedures to ensure orderly
trading.
    Prior to the commencement of market trading in Shares, each Fund
will be required to establish and maintain a public Web site through
which its current prospectus may be downloaded. In addition, a separate
Web site (www.nextshares.com) will include the prior business day's
NAV, and the following trading information for such business day
expressed as premiums/discounts to NAV: (a) Intraday high, low, average
and closing prices of Shares in Exchange trading; (b) the midpoint of
the highest bid and lowest offer prices as of the close of Exchange
trading, expressed as a premium/discount to NAV (``Closing Bid/Ask
Midpoint''); and (c) the spread between highest bid and lowest offer
prices as of the close of Exchange trading (``Closing Bid/Ask
Spread.''). The Web site at www.nextshares.com will also contain charts
showing the frequency distribution and range of values of trading
prices, Closing Bid/Ask Midpoints, and Closing Bid/Ask Spreads over
time.
    The Exchange represents that all statements and representations
made in this filing regarding (a) the description of the Funds'
portfolios, (b) limitations on portfolio holdings or reference assets,
or (c) the applicability of Exchange rules and surveillance procedures
shall constitute continued listing requirements for listing the Shares
of the Funds on the Exchange. The issuer has represented to the
Exchange that it will advise the Exchange of any failure by any Fund to
comply with the continued listing requirements, and, pursuant to its
obligations under section 19(g)(1) of the Act, the Exchange will
monitor for compliance with the continued listing requirements.\27\ If
a Fund is not in compliance with the applicable listing requirements,
the Exchange will commence delisting procedures under Nasdaq Rule 5800,
et seq.
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    \27\ The Commission notes that certain other proposals for the
listing and trading of Managed Fund Shares include a representation
that the exchange will ``surveil'' for compliance with the continued
listing requirements. See, e.g., Securities Exchange Act Release No.
78005 (Jun. 7, 2016), 81 FR 38247 (Jun. 13, 2016) (SR-BATS-2015-
100). In the context of this representation, it is the Commission's
view that ``monitor'' and ``surveil'' both mean ongoing oversight of
a fund's compliance with the continued listing requirements.
Therefore, the Commission does not view ``monitor'' as a more or
less stringent obligation than ``surveil'' with respect to the
continued listing requirements.
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    This approval order is based on all of the Exchange's
representations, including those set forth above and in the Notice,\28\
and the Exchange's description of the Funds. The Commission notes that
the Funds and the Shares must comply with the requirements of Nasdaq
Rule 5745 and conditions set forth in this proposed rule change to be
listed and traded on the Exchange on an initial and continued basis.
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    \28\ See supra note 4.
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    For the foregoing reasons, the Commission finds that the proposed
rule change, as modified by Amendment No. 1 thereto, is consistent with
section 6(b)(5) of the Act \29\ and the rules and regulations
thereunder applicable to a national securities exchange.
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    \29\ 15 U.S.C. 78f(b)(5).
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IV. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\30\ that the proposed rule change (SR-NASDAQ-2016-103), as
modified by Amendment No. 1 thereto, be, and it hereby is, approved.
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    \30\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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    \31\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-21486 Filed 9-7-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: October 29, 2010 (Volume 75, Number 209)]
[Notices]
[Page 66748]
[DOCID:fr29oc10-53]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2677-019]

City of Kaukauna, WI; Notice of Authorization for Continued
Project Operation

October 22, 2010.
    On August 29, 2007, the City of Kaukauna, Wisconsin, licensee for
the Badger-Rapide Croche Hydroelectric Project, filed an Application
for a New License pursuant to the Federal Power Act (FPA) and the
Commission's regulations thereunder. The Badger-Rapide Croche
Hydroelectric Project is on the Fox River in Outagamie County, near the
City of Kaukauna, Wisconsin.
    The license for Project No. 2677, as amended, ended on August 9,
2010. Section 15(a)(1) of the FPA, 16 U.S.C. 808(a)(1), requires the
Commission, at the expiration of a license term, to issue from year-to-
year an annual license to the then licensee under the terms and
conditions of the prior license until a new license is issued, or the
project is otherwise disposed of as provided in section 15 or any other
applicable section of the FPA. If the project's prior license waived
the applicability of section 15 of the FPA, then, based on section 9(b)
of the Administrative Procedure Act, 5 U.S.C. 558(c), and as set forth
at 18 CFR 16.21(a), if the licensee of such project has filed an
application for a subsequent license, the licensee may continue to
operate the project in accordance with the terms and conditions of the
license after the minor or minor part license expires, until the
Commission acts on its application. If the licensee of such a project
has not filed an application for a subsequent license, then it may be
required, pursuant to 18 CFR 16.21(b), to continue project operations
until the Commission issues someone else a license for the project or
otherwise orders disposition of the project.
    If the project is subject to section 15 of the FPA, notice is
hereby given that an annual license for Project No. 2677 is issued to
the City of Kaukauna, Wisconsin for a period effective August 10, 2010
through August 9, 2011, or until the issuance of a new license for the
project or other disposition under the FPA, whichever comes first. If
issuance of a new license (or other disposition) does not take place on
or before August 9, 2011, notice is hereby given that, pursuant to 18
CFR 16.18(c), an annual license under section 15(a)(1) of the FPA is
renewed automatically without further order or notice by the
Commission, unless the Commission orders otherwise.
    If the project is not subject to section 15 of the FPA, notice is
hereby given that City of Kaukauna, Wisconsin, is authorized to
continue operation of the Badger-Rapide Croche Hydroelectric Project,
until such time as the Commission acts on its application for a
subsequent license.

Kimberly D. Bose,
Secretary.
[FR Doc. 2010-27401 Filed 10-28-10; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 57 (Wednesday, March 25, 2015)]
[Notices]
[Pages 15829-15831]
[FR Doc No: 2015-06713]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74535; File No. SR-NYSEMKT-2015-18]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Amending Rule
900.3NY(w) and Rule 980NY(d)(1) to Delete the PNP Plus Designation for
Electronic Complex Orders From Its Rules

March 19, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on March 12, 2015, NYSE MKT LLC (the ``Exchange'' or ``NYSE
MKT'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

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

    The Exchange proposes to amend Rule 900.3NY(w) (Orders Defined) and
Rule 980NY(d)(1) (Complex Order Trading) to delete the PNP Plus
designation for Electronic Complex Orders from its rules. The text of
the proposed rule change is available on the Exchange's Web site at
www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend Rule 900.3NY(w) and Rule 980NY(d)(1)
to delete the PNP Plus designation for Electronic Complex Orders from
its rules.
PNP Plus Orders
    The PNP Plus order type was designed to provide ATP Holders with
additional processing capability in order to control the circumstances
under which their Electronic Complex Orders are executed. However, due
to little demand for PNP Plus orders, the Exchange proposes to
discontinue functionality supporting the order type.
    Pursuant to Rule 900.3NY(w), an Electronic Complex Order designated
as PNP Plus (``PNP Plus'') is automatically re-priced by the Exchange
at an MPV greater (less than) the contra-side Complex BBO (as defined
in Rule 900.2NY(7)) for any or all of the order that remains unexecuted
and would otherwise lock or cross the Complex BBO should it be
displayed in the Consolidated Book. The re-priced PNP Plus is then
posted in the Consolidated Book. The Electronic Complex Order
designated as PNP Plus continues to be re-priced at an MPV greater
(less than) than the Complex BBO and re-posted in the Consolidated
Book, with each change in the Complex BBO, until such time as the
Complex BBO has moved to a price where the original limit price of the
order no longer locks or crosses the Complex BBO, at which time the
Electronic Complex Order designated as PNP Plus will revert to its
original limit price. PNP Plus orders are ranked in the Consolidated
Book pursuant to Rule 980NY(b) and assigned a new price time priority
as of the time of each re-posting.
    Given the lack of demand for PNP Plus orders, the Exchange proposes
to decommission the order type and delete the definition of PNP Plus
from Rule 900.3NY(w). The Exchange proposes to hold Rule 900.3NY(w) as
Reserved. Similarly, the Exchange proposes to delete the reference to
``Limit Orders designated as PNP Plus'' from Rule 980NY(d)(1) regarding
the types of allowable Electronic Complex Orders. As proposed Rule
980NY(d)(1) would state that ``Electronic Complex Order must be
designated as Limit Orders.''
    The Exchange believes the proposed change would assist with the
maintenance of fair and orderly markets because it would reduce the
complexity of order types available to market participants and would
help clarify the nature of order types available for trading on the
Exchange.
Implementation
    The Exchange will announce the implementation date of this change
through a Trader Update.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\4\ in general, and
furthers the objectives of Section 6(b)(5),\5\ in particular, in that
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
Specifically, the Exchange believes that by eliminating a little-used
order type the proposal would assist with the maintenance of fair and
orderly markets because it would reduce the complexity of order types
available to market participants, thereby adding transparency and
clarity to the Exchange's rules, and would help clarify the nature of
order types available for trading on the Exchange. The Exchange further
believes that deleting an order type rarely used by investors also
removes impediments to and perfects the mechanism of a free and open
market by ensuring that members, regulators and the public can more
easily navigate the Exchange's rulebook and better understand the order
types available for trading on the Exchange. Moreover, the Exchange
believes that the elimination of the PNP Plus order type would simplify
order processing and reduce the burden on system capacity, which the
Exchange believes is consistent with promoting just and equitable
principles of trade as well as protecting investors and the public
interest.
---------------------------------------------------------------------------

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

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Specifically, the Exchange
believes that the proposed rule change would relieve a burden on
competition by eliminating an order type and streamlining the
Exchange's rules. In doing so, the proposed rule change would also
serve to promote regulatory clarity and consistency, thereby reducing
burdens on the marketplace and facilitating investor protection.

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

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

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \6\ and Rule 19b-4(f)(6) thereunder.\7\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A)

of the Act and Rule 19b-4(f)(6) thereunder.\8\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \7\ 17 CFR 240.19b-4(f)(6).
    \8\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) of the Act \9\ to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEMKT-2015-18 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEMKT-2015-18. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the NYSE's principal office and on its
Internet Web site at www.nyse.com. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NYSEMKT-2015-18 and should be submitted on or before
April 15, 2015.
---------------------------------------------------------------------------

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

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Brent J. Fields,
Secretary.
[FR Doc. 2015-06713 Filed 3-24-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 185 (Thursday, September 24, 2015)]
[Notices]
[Pages 57605-57607]
[FR Doc No: 2015-24198]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OW-2002-0059; FRL-9934-63-OW]

Proposed Information Collection Request; Comment Request; Safe
Drinking Water Act State Revolving Fund Program

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: The U.S. Environmental Protection Agency (EPA) is planning to
submit an information collection request (ICR), ``Safe Drinking Water
Act State Revolving Fund Program'' (EPA ICR No. 1803.07, OMB Control
No. 2040-0185) to the Office of Management and Budget (OMB) for review
and approval in accordance with the

Paperwork Reduction Act (PRA) (44 U.S.C. 3501 et seq.). Before doing
so, EPA is soliciting public comments on specific aspects of the
proposed information collection as described in this renewal notice.
This is a proposed extension of the ICR, which is currently approved
through December 31, 2015. 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 November 23, 2015.

ADDRESSES: Submit your comments, referencing Docket ID No. EPA-HQ-OW-
2002-0059, 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: Nick Chamberlain, Drinking Water
Protection Division, Office of Ground Water and Drinking Water, 4606M,
Environmental Protection Agency, 1200 Pennsylvania Ave. NW.,
Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax number: 202-
564-3754; 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 Safe Drinking Water Act (SDWA) Amendments of 1996
(Pub. L. 104-182) authorized the creation of the Drinking Water State
Revolving Fund (DWSRF; the Fund) program in each state and Puerto Rico
to assist public water systems to finance the costs of infrastructure
needed to achieve or maintain compliance with SDWA requirements and to
protect public health. SDWA section 1452 authorizes the Administrator
of the EPA to award capitalization grants to the states and Puerto Rico
which, in turn, provide low-cost loans and other types of assistance to
eligible drinking water systems. States can also reserve a portion of
their grants to conduct various set-aside activities. The information
collection activities will occur primarily at the program level through
the (1) Capitalization Grant Application and Agreement/State Intended
Use Plan; (2) Biennial Report; (3) Annual Audit; (4) Assistance
Application Review; and (5) DWSRF National Information Management
System and the Projects and Benefits Reporting System.
    (1) Capitalization Grant Application and Agreement/State Intended
Use Plan: The state must prepare a Capitalization Grant Application
that includes an Intended Use Plan (IUP) outlining in detail how it
will use all the funds covered by the capitalization grant. The state
may, as an alternative, develop the IUP in a two part process, with one
part identifying the distribution and uses of the funds among the
various set-asides in the DWSRF program and the other part dealing with
project assistance from the Fund.
    (2) Biennial Report: The state must agree to complete and submit a
Biennial Report on the uses of the capitalization grant. The scope of
the report must cover assistance provided by the Fund and all other
set-aside activities included under the Capital Grant Agreement. States
which jointly administer the DWSRF and the Clean Water State Revolving
Fund (CWSRF) programs, in accordance with section 1452(g)(1), may
submit reports (according to the schedule specified for each program)
which cover both programs.
    (3) Annual Audit: A state must comply with the provisions of the
Single Audit Act Amendments of 1996. Best management practices suggest
and EPA recommends that a state conduct an annual independent audit of
its DWSRF program. The scope of the report must cover the DWSRF Fund
and all other set-aside activities included in the Capitalization Grant
Agreement. States which jointly administer the DWSRF and the CWSRF
programs, in accordance with SDWA section 1452(g)(1), may submit audits
that cover both programs but which report financial information for
each program separately.
    (4) Assistance Application Review: Local applicants seeking
financial assistance must prepare and submit DWSRF loan applications.
States then review completed loan applications and verify that proposed
projects will comply with applicable federal and state requirements.
    (5) DWSRF National Information Management System (DWNIMS) and the
Projects and Benefits Reporting System (PBR): To ensure that funds are
being used in an expeditious and timely manner for eligible projects
and expenses, states must annually enter state-level financial data
into DWNIMS and quarterly enter project-level data into PBR.
    Form Numbers: None.
    Respondents/affected entities: Entities affected by this action are
states and local governments.
    Respondent's obligation to respond: Required to obtain or retain a
benefit per the Safe Drinking Water Act Section 1452(g)(1).
    Estimated number of respondents: 2,015 (total).
    Frequency of response: Varies by requirement (i.e., quarterly,
semi-annually and annually).
    Total estimated burden: 269,800 hours (per year). Burden is defined
at 5 CFR 1320.03(b).
    Total estimated cost: $10,639,925 (per year).
    Changes in Estimates: The EPA expects a decrease in the total
estimated respondent burden hours compared with the ICR currently
approved by OMB. The currently approved ICR includes increased burden
from additional Congressional program

appropriations from the American Recovery and Reinvestment Act (ARRA),
which nearly doubled burden in some years. Inflation will offset some
of the decrease achieved by removing ARRA burden from this ICR.

    Date: September 17, 2015.
Peter Grevatt,
Director, Office of Ground Water and Drinking Water.
[FR Doc. 2015-24198 Filed 9-23-15; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 79, Number 55 (Friday, March 21, 2014)]
[Rules and Regulations]
[Page 15688]
[FR Doc No: 2014-06266]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2014-0109]

Drawbridge Operation Regulation; Sacramento River, Sacramento, CA

AGENCY: Coast Guard, DHS.

ACTION: Notice of deviation from drawbridge regulation.

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

SUMMARY: The Coast Guard has issued a temporary deviation from the
operating schedule that governs the Tower Drawbridge across the
Sacramento River, mile 59.0 at Sacramento, CA. The deviation is
necessary to allow the community to participate in the ``Girls on the
Go'' run event. This deviation allows the bridge to remain in the
closed-to-navigation position during the deviation period.

DATES: This deviation is effective from 8 a.m. to 12 noon on March 30,
2014.

ADDRESSES: The docket for this deviation, [USCG-2014-0109], is
available at http://www.regulations.gov. Type the docket number in the
``SEARCH'' box and click ``SEARCH.'' Click on Open Docket Folder on the
line associated with this deviation. You may also visit the Docket
Management Facility in Room W12-140 on the ground floor of the
Department of Transportation West Building, 1200 New Jersey Avenue SE.,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary deviation, call or email David H. Sulouff, Chief, Bridge
Section, Eleventh Coast Guard District; telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>If you have questions on viewing the docket,
call Cheryl Collins, Program Manager, Docket Operations, telephone 202-
366-9826.

SUPPLEMENTARY INFORMATION: California Department of Transportation has
requested a temporary change to the operation of the Tower Drawbridge,
mile 59.0, over Sacramento River, at Sacramento, CA. The drawbridge
navigation span provides a vertical clearance of 30 feet above Mean
High Water in the closed-to-navigation position. The draw opens on
signal from May 1 through October 31 from 6 a.m. to 10 p.m. and from
November 1 through April 30 from 9 a.m. to 5 p.m. At all other times
the draw shall open on signal if at least four hours notice is given,
as required by 33 CFR 117.189(a). Navigation on the waterway is
commercial and recreational.
    The drawspan will be secured in the closed-to-navigation position 8
a.m. to 12 noon on March 30, 2014, to allow the community to
participate in the ``Girls on the Go'' run event. This temporary
deviation has been coordinated with the waterway users. No objections
to the proposed temporary deviation were raised.
    Vessels able to pass through the bridge in the closed position may
do so at anytime. The bridge will be able to open for emergencies and
there is no immediate alternate route for vessels to pass. The Coast
Guard will also inform the users of the waterway through our Local and
Broadcast Notices to Mariners of the change in operating schedule for
the bridge so that vessels can arrange their transits to minimize any
impact caused by the temporary deviation.
    In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the effective
period of this temporary deviation. This deviation from the operating
regulations is authorized under 33 CFR 117.35.

    Dated: March 10, 2014.
D. H. Sulouff,
District Bridge Chief, Eleventh Coast Guard District.
[FR Doc. 2014-06266 Filed 3-20-14; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 88, Number 240 (Friday, December 15, 2023)]
[Notices]
[Pages 86893-86894]
[FR Doc No: 2023-27579]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: RP24-231-000.
    Applicants: Destin Pipeline Company, L.L.C.
    Description: 4(d) Rate Filing: Destin Pipeline Negotiated Rate
Agreement Filing to be effective 12/10/2023.
    Filed Date: 12/8/23.
    Accession Number: 20231208-5130.
    Comment Date: 5 pm ET 12/20/23.

    Docket Numbers: RP24-232-000.
    Applicants: El Paso Natural Gas Company, L.L.C.
    Description: 4(d) Rate Filing: Non-Conforming Agreement Update (SRP
OPASA) to be effective 1/1/2024.
    Filed Date: 12/8/23.
    Accession Number: 20231208-5142.
    Comment Date: 5 pm ET 12/20/23.

    Docket Numbers: RP24-233-000.
    Applicants: Natural Gas Pipeline Company of America LLC.
    Description: 4(d) Rate Filing: Negotiated Rate Agreements Filing--
MRP Elgin to be effective 12/8/2023.
    Filed Date: 12/8/23.
    Accession Number: 20231208-5183.
    Comment Date: 5 pm ET 12/20/23.

    Docket Numbers: RP24-234-000.
    Applicants: NorthWestern Corporation, NorthWestern Energy Public
Service Corporation.
    Description: Joint Petition for Limited Waiver of Capacity Release
Regulations, et. al. of NorthWestern Corporation et. al.
    Filed Date: 12/8/23.
    Accession Number: 20231208-5214.
    Comment Date: 5 pm ET 12/15/23.

    Docket Numbers: RP24-235-000.
    Applicants: Iroquois Gas Transmission System, L.P.
    Description: 4(d) Rate Filing: 12.11.23 Twin Eagle Resource
Management, LLC R-7300-28 to be effective 1/1/2024.
    Filed Date: 12/11/23.
    Accession Number: 20231211-5041.
    Comment Date: 5 pm ET 12/26/23.

    Docket Numbers: RP24-236-000.
    Applicants: Iroquois Gas Transmission System, L.P.
    Description: 4(d) Rate Filing: 12.11.23 Twin Eagle Resource
Management, LLC R-7300-29 to be effective 1/1/2024.
    Filed Date: 12/11/23.
    Accession Number: 20231211-5042.
    Comment Date: 5 pm ET 12/26/23.

    Docket Numbers: RP24-237-000.
    Applicants: Northwest Pipeline LLC.
    Description: 4(d) Rate Filing: Shipper Imbalance Penalty Assessment
to be effective 1/11/2024.
    Filed Date: 12/11/23.
    Accession Number: 20231211-5077.
    Comment Date: 5 pm ET 12/26/23.

    Any person desiring to intervene, to protest, or to answer a
complaint in any of the above proceedings must file in accordance with
Rules 211, 214, or 206 of the Commission's Regulations (18 CFR 385.211,
385.214, or 385.206) on or before 5:00 p.m. Eastern time on the
specified comment date. Protests may be considered, but intervention is
necessary to become a party to the proceeding.

Filings in Existing Proceedings

    Docket Numbers: RP24-193-000.
    Applicants: El Paso Natural Gas Company, L.L.C.
    Description: Report Filing: Notice of Delayed Service in Docket No.
RP24-193-000 to be effective N/A.
    Filed Date: 12/8/23.

    Accession Number: 20231208-5139.
    Comment Date: 5 pm ET 12/20/23.

    Any person desiring to protest in any the above proceedings must
file in accordance with Rule 211 of the Commission's Regulations (18
CFR 385.211) on or before 5:00 p.m. Eastern time on the specified
comment date.
    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.
    The Commission's Office of Public Participation (OPP) supports
meaningful public engagement and participation in Commission
proceedings. OPP can help members of the public, including landowners,
environmental justice communities, Tribal members and others, access
publicly available information and navigate Commission processes. For
public inquiries and assistance with making filings such as
interventions, comments, or requests for rehearing, the public is
encouraged to contact OPP at<PHONE_NUMBER> or [email protected].

    Dated: December 11, 2023.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2023-27579 Filed 12-14-23; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 39 (Monday, February 28, 2022)]
[Notices]
[Pages 11102-11105]
[FR Doc No: 2022-04082]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94292; File No. SR-CBOE-2022-005]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Permit P.M.-Settled S&P 500 Index
Options That Expire on Tuesday or Thursday Under Its Nonstandard
Expirations Pilot Program

February 22, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on February 8, 2022, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to permit P.M.-settled S&P 500 Index (``SPX'') options that expire on
Tuesday or Thursday under its Nonstandard Expirations Pilot Program.
The text of the proposed rule change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend Rule 4.13(e), which governs its
Nonstandard Expirations Pilot Program (``Pilot Program''), to permit
P.M.-settled SPX options that expire on Tuesday or Thursday. Under the
existing Pilot Program, the Exchange is permitted to list P.M.-settled
options on broad-based indexes that expire on: (1) Any Monday,
Wednesday, or Friday (``Weekly Expirations'' or ``EOWs'') and (2) the
last trading day of the month (``End of Month Expirations'' or
``EOMs'').\3\
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    \3\ See Rule 4.13(e).
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    Specifically, the proposed rule change amends Rule 4.13(e)(1) to
add P.M.-settled SPX Weekly (``SPXW'') options that expire on Tuesday
or Thursday as permissible Weekly Expirations under the Pilot Program
(currently set to expire on May 2, 2022). The Exchange notes that
permitting SPXW options with Tuesday and Thursday expirations, as
proposed, is in addition to the SPXW options with Monday, Wednesday and
Friday expirations that the Exchange may (and does) already list, as
they are permissible Weekly Expirations for options on a broad-based
index (e.g., SPX) pursuant to Rule 4.13(e)(1). The Pilot Program for
Weekly Expirations will apply to SPXW options with Tuesday and Thursday
expirations in the same manner as it currently applies to P.M.-settled
broad-based index options with Monday, Wednesday and Friday
expirations. That is, as proposed, Rule 4.13(e)(1) provides that the
Exchange may open for trading Weekly Expirations on any broad-based
index eligible for standard options trading to expire on any Monday,
Wednesday, or Friday (other than the third Friday-of-the-month or days
that coincide with an EOM expiration). In addition, the Exchange may
also open for trading Weekly Expirations on S&P 500 Index options to
expire on any Tuesday or Thursday (other than days that coincide with
an EOM expiration). Weekly Expirations shall be subject to all
provisions of this Rule and treated the same as options on the same
underlying index that expire on the third Friday of the expiration
month; provided, however, that Weekly Expirations shall be P.M.-settled
and new series in Weekly Expirations may be added up to and including
on the expiration date for an expiring Weekly Expiration. The maximum
number of expirations that may be listed for each Weekly Expiration
(i.e., a Monday expiration, Tuesday expiration, Wednesday expiration,
Thursday expiration, or Friday expiration, as applicable) in a given
class is the same as the maximum number of expirations permitted in
Rule 4.13(a)(2) for standard options on the same broad-based index
(which is 12 for SPX options). Weekly Expirations need not be for
consecutive Monday, Tuesday, Wednesday, Thursday, or Friday expirations
as applicable; however, the expiration date of a non-consecutive
expiration may not be beyond what would be considered the last
expiration date if the maximum number of expirations were listed
consecutively. Weekly Expirations that are first listed in a given
class may expire up to four weeks from the actual listing date. If the
Exchange lists EOMs and Weekly Expirations as applicable in a given
class, the Exchange will list an EOM instead of a Weekly Expiration
that expires on the same day in the

given class.\4\ Other expirations in the same class are not counted as
part of the maximum number of Weekly Expirations for an applicable \5\
broad-based index class. If the Exchange is not open for business on a
respective Monday, the normally Monday expiring Weekly Expirations will
expire on the following business day. If the Exchange is not open for
business on a respective Tuesday, Wednesday, Thursday, or Friday, the
normally Tuesday, Wednesday, Thursday, or Friday expiring Weekly
Expirations will expire on the previous business day. The proposed rule
change also adds that, if two different Weekly Expirations on S&P 500
Index options would expire on the same day because the Exchange is not
open for business on a certain weekday, the Exchange will list only one
of such Weekly Expirations. The Exchange believes it is appropriate to
clarify in the rule text that the Exchange will list just one Weekly
Expiration in such a case, as the two Weekly Expirations would
essentially be the same options contract. For example, if the Exchange
listed SPXW options with proposed Thursday expirations and Friday
expirations and the Exchange was closed for business on a Friday then,
pursuant to current Rule 4.13(e)(1), the normally expiring Friday
expiration would expire on the previous business day--essentially
making it an SPXW option with a Thursday expiration. Thus, expiring
SPXW options in this case will always have the same weekday expiration
(per the example, it is an SPXW option with a Thursday expiration,
whether it was listed as an SPXW with a Thursday expiration or a Friday
expiration). As such, for the sake of clarity in the rules and to
mitigate any confusion regarding the listing of SPXW options when the
Exchange is closed for business, the proposed rule change provides that
the Exchange will list just one Weekly Expiration if two Weekly
Expirations would expire on the same day due to the Exchange being
closed for business. Also, like all Weekly Expirations listed pursuant
to Rule 4.13(e)(4) of the Pilot Program, transactions in expiring SPXW
options with Tuesday and Thursday expirations may be effected on the
Exchange between the hours of 9:30 a.m. and 4:00 p.m. on their last
trading day (Eastern Time). The Exchange makes a nonsubstantive
clarifying change to Rule 4.13(e)(4) to provide that on the last
trading day, Regular Trading Hours for expiring Weekly Expirations and
EOMs are from 9:30 a.m. and 4:00 p.m. As SPXW options are also
available for trading during Global Trading Hours, the proposed update
merely clarifies that Rule 4.13(e)(4) refers to the close of Regular
Trading Hours.\6\ The proposed rule text is substantively identical to
Rule 5.1, which governs trading hours on the Exchange generally, and
provides that, on their last trading day, Regular Trading Hours for
index options with nonstandard expirations are from 9:30 a.m. to 4:00
p.m.\7\
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    \4\ Given that each trading day of the week, as proposed, could
be the last trading day of the month and the day in which a Weekly
Expiration expires, the Exchange updates this rule text to
streamline the language.
    \5\ The Exchange updates the rule text for additional clarity.
    \6\ The Exchange notes that the Exchange's GTH trading session
was adopted after the Nonstandard Expirations Pilot Program. See
Securities Exchange Release Nos. 62911 (September 14, 2010), 75 FR
57539 (September 21, 2010) (SR-CBOE-2009-075) (``Nonstandard
Expirations Pilot Approval Order''); and 34-73704 (November 28,
2014), 79 FR 72044 (December 4, 2014) (SR-CBOE-2014-062) (order
granting approval of proposed rule change to adopt Extended Trading
Hours).
    \7\ See Rule 5.1.(b)(2)(C).
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    The Exchange believes that that [sic] the introduction of SPXW
options with Tuesday and Thursday expirations will expand hedging tools
available to market participants while also providing greater trading
opportunities. By offering SPXW options with Tuesday and Thursday
expirations along with the current Monday, Wednesday and Friday
expirations, the proposed rule change will allow market participants to
purchase SPXW options in a manner more aligned with specific timing
needs and more effectively tailor their investment and hedging
strategies and manage their portfolios. In particular, the proposed
rule change will allow market participants to roll their positions on
more trading days, thus with more precision, spread risk across more
trading days and incorporate daily changes in the markets, which may
reduce the premium cost of buying protection.
    The Exchange proposes to abide by the same reporting requirements
for the trading of SPXW options that expire on any Tuesday or Thursday
that it does for the trading of P.M.-settled options on broad-based
indexes that expire on any Monday, Wednesday, or Friday pursuant to the
Pilot Program. The Exchange proposes to include data regarding SPXW
options that expire on Tuesdays or Thursdays as it does for current
Weekly Expirations on any broad-based index option in the Pilot Program
annual report that it submits to the Securities and Exchange Commission
(``Commission'') at least two months prior to the expiration date of
the Pilot Program.\8\ The Exchange is required to submit an annual
report at least yearly. The annual report to the Commission addresses
the following areas: Analysis of Volume & Open Interest, Monthly
Analysis of Weekly Expirations & EOM Trading Patterns and Provisional
Analysis of Index Price Volatility. Going forward, the Exchange will
include the same areas of analysis for SPXW options with Tuesday and
Thursday expirations in the annual reports. Additionally, the Exchange
will provide the Commission with any additional data or analyses the
Commission requests because it deems such data or analyses necessary to
determine whether the Pilot Program, including SPXW options with
Tuesday and Thursday expirations as proposed, is consistent with the
Exchange Act. As it does for current Pilot Program products, the
Exchange will make public on its website all data and analyses in
connection with SPXW options with Tuesday and Thursday expirations it
submits to the Commission under the Pilot Program.
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    \8\ See Nonstandard Expirations Pilot Approval Order.
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    The Exchange believes there is sufficient investor interest and
demand in SPXW options with Tuesday and Thursday expirations to warrant
inclusion in the Pilot Program and that the Pilot Program, as amended,
will continue to provide investors with additional means of managing
their risk exposures and carrying out their investment objectives.\9\
The Exchange notes that during the Pilot Program's nearly 12-year
tenure, the Exchange has not observed any significant adverse market
effects or identified any regulatory concerns as a result of the Pilot
Program, nor does it believe that additional expirations listed under
the Pilot Program would result in any such impact or regulatory
concerns. Based on a study conducted by Commission staff on the pilot
data (including quarterly, weekly, EOM and third Friday expirations for
P.M.-settled SPX options),\10\ there is no evidence of any

significant adverse economic impact to the futures, index, or
underlying index component securities markets as a result of the
quantity of P.M.-settled SPX options that settle at the close or the
amount of expiring open interest in P.M.-settled SPX options.\11\
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    \9\ The Exchange additionally notes that it already allows SPXW
options to expire on Tuesdays for normally Monday or Wednesday
expiring SPXW options when the Exchange is not open for business on
a respective Monday or Wednesday (as applicable), and already allows
SPXW options to expire on Thursdays for normally Friday expiring
SPXW options when the Exchange is not open for business on a
respective Friday. Also, EOM options may currently be listed to
expire on a Tuesday or Thursday.
    \10\ See Securities and Exchange Commission, Division of
Economic Risk and Analysis, Memorandum, Cornerstone Analysis of PM
Cash-Settled Index Option Pilots (February 2, 2021) (``SEC PM Pilot
Memo'').at 13, available at: https://www.sec.gov/files/Analysis_of_PM_Cash_Settled_Index_Option_Pilots.pdf (``Option
settlement quantity data for A.M.- and P.M.-settled options were
obtained from the Cboe, including the number of contracts that
settled in-the-money for each exchange-traded option series on the
S&P 500 index . . . on expiration days from January 20, 2006 through
December 31, 2018. Daily open interest and volume data for [SPX]
option series were also obtained from Cboe, including open interest
data from January 3, 2006 through December 31, 2018 and trading
volume data from January 3, 2006 through December 31, 2018.'')
    \11\ See id. at 3. For example, the largest settlement event
that occurred during the time period of the study (a settlement of
$100.4 billion of notional on December 29, 2017) had an estimated
impact on the futures price of only approximately 0.02% (a predicted
impact of $0.54 relative to a closing futures price of $2,677).
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    With regard to the impact of this proposal on system capacity, the
Exchange has analyzed its capacity and represents that it believes that
the Exchange and OPRA have the necessary systems capacity to handle any
potential additional traffic associated with trading of SPXW options
with Tuesday and Thursday expirations. The Exchange does not believe
that its Trading Permit Holders (``TPHs'') will experience any capacity
issues as a result of this proposal and represents that it will monitor
the trading volume associated with any possible additional options
series listed as a result of this proposal and the effect (if any) of
these additional series on market fragmentation and on the capacity of
the Exchange's automated systems. Additionally, the Exchange notes that
it recently implemented a strike mitigation initiative to reduce the
number of strikes listed for SPXW options, effectively reducing the
number of SPXW options series listed on the Exchange by approximately
10%; such that, upon adding SPXW options with Tuesday and Thursday
expirations, the number of SPXW options series listed on the Exchange
will be less than the number of such series that were listed prior to
the implementation of the SPXW options strike reduction.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\12\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \13\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitation
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \14\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ Id.
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    In particular, the Exchange does not believe that the addition of
SPXW options with Tuesday and Thursday expirations to the Pilot Program
will raise any prohibitive regulatory concerns, nor adversely impact
fair and orderly markets on expiration days. The Exchange has not
experienced any meaningful regulatory concerns, nor adverse impact on
fair and orderly markets, in connection with the Pilot Program that has
permitted the listing and trading of SPXW options with Monday,
Wednesday and Friday expirations since 2010. Particularly, and as
described above, the Exchange does not believe increases in the number
P.M.-settled SPX options series will have any significant adverse
economic impact on the futures, index, or underlying index component
securities markets. The Exchange believes that the proposed rule change
will provide investors with greater trading and hedging opportunities
and flexibility, allowing them to transact in SPXW options in a manner
more aligned with specific timing needs and more effectively tailor
their investment and hedging objectives by listing SPXW options that
expire each trading day of the week.
    The Exchange notes also that it will include analysis in connection
with SPXW options that expire on Tuesdays and Thursdays, in the same
manner that it currently does for other Pilot Program products, in the
annual reports it submits to the Commission, and will provide the
Commission with any additional data or analyses the it may request if
it deems such data or analyses necessary to determine whether the Pilot
Program, including SPXW options with Tuesday and Thursday expirations
as proposed, is consistent with the Exchange Act. The Exchange
represents that it believes that it has the necessary systems capacity
to support any additional traffic associated with trading of SPXW
options with Tuesday and Thursday expirations and does not believe that
its TPHs will experience any capacity issues as a result of this
proposal. The Exchange will monitor the trading volume associated with
any possible additional options series listed and the effect (if any)
of these additional series on market fragmentation and on the capacity
of the Exchange's automated systems. The Exchange again notes that, as
a result of an SPXW options strike mitigation initiative recently
implemented by the Exchange, the number of SPXW options series listed
on the Exchange once Tuesday and Thursday expirations become available
will be less than the number of such series that were listed prior to
the implementation of the strike mitigation initiative.
    The Exchange also notes that the nonsubstantive proposed rule
change clarifying the trading session to which Rule 4.13(e)(4) refers
will protect investors and the public interest by adding a
clarification to rules governing the Pilot Program, as well as
conforming such provision to Rule 5.1, which governs trading hours on
the Exchange generally and has a substantively identical provision to
that of the proposed rule change.\15\
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    \15\ See supra note 7.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe that the proposed rule change will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because SPXW options with
Tuesday and Thursday expirations will be available to all market
participants. By listing SPXW options that expire Tuesdays and
Thursdays, the proposed rule change will provide all investors that
participate in the SPX options market greater trading and hedging
opportunities and flexibility to meet their investment and hedging
needs. Additionally, Tuesday and Thursday expiring SPXW options will
trade in the same manner as Weekly Expirations currently trade.
    The Exchange does not believe that the proposal to list SPXW
options with

Tuesday and Thursday expirations will impose any burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act because SPX options (including SPXW options) are
proprietary Exchange products. Other exchanges offer nonstandard
expiration programs for index options and are welcome to similarly
propose to list Tuesday and Thursday options on those indexes. To the
extent that the addition of SPXW options that expire on Tuesdays and
Thursdays available for trading on the Exchange makes the Exchange a
more attractive marketplace to market participants at other exchanges,
such market participants are free to elect to become market
participants on the Exchange.
    The proposed rule change to clarify the trading session referred to
in Rule 4.13(e)(4) will not burden intramarket or intermarket
competition because it is not intended to be a competitive rule change
but instead is intended to add clarity to the Rules and conform the
provision to the Rule that governs Exchange trading hours generally.

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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
    A. By order approve 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 protected]. Please include
File Number SR-CBOE-2022-005 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-CBOE-2022-005. 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-CBOE-2022-005, and should be submitted
on or before March 21, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2022-04082 Filed 2-25-22; 8:45 am]
BILLING CODE 8011-01-P