[Federal Register: February 15, 2008 (Volume 73, Number 32)]
[Notices]
[Page 8916-8917]
[DOCID:fr15fe08-117]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57305; File No. SR-NYSE-2007-119]

Self-Regulatory Organizations; New York Stock Exchange LLC; Order
Approving Proposed Rule Change Relating to the Adoption of New Exchange
Rule 309 (Failure To Pay Fees)

February 11, 2008.

I. Introduction

    On December 21, 2007, the New York Stock Exchange LLC (``NYSE'')
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
adopt new Exchange Rule 309, which delineates procedures for the
collection of fee arrearages due to the Exchange. The proposed rule
change was published for comment in the Federal Register on January 7,
2008.\3\ The Commission received no comment letters on the proposed
rule change. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 57065 (December 28,
2007), 73 FR 1248 (``Notice'').
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II. Description of the Proposal

    The Exchange has proposed to establish new procedures to address
members, member organizations, and allied members who fail to pay
``fee[s] or any other sums due to the Exchange.'' \4\ Types of payments
that the Exchange would consider to be a ``fee'' under proposed Rule
309 include, but are not limited to, regulatory fees (i.e., Gross
Financial and Operational Combined Uniform Single Report (FOCUS)
revenue fees and trading floor regulatory fees), trading license fees,
and transaction charges. Types of payments that the Exchange would
consider to be covered by the term ``any other sums'' include, but are
not limited to, charges for using Exchange Floor

facilities and equipment and phone service charges.\5\
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    \4\ See proposed Rule 309. Currently, Exchange Rule 476(k) sets
forth the procedures for addressing the failure of members, member
organizations, or allied members to pay ``a fine, or any other sums
due to the Exchange.'' Rule 476(k) provides that upon written notice
to such members, member organizations, or allied members and
notification of the Chairman of the Board of Directors of the
Exchange of the arrearage, the Board of Directors may suspend the
member, member organization, or allied member for failure to pay the
arrearages due the Exchange until payment is made.
    \5\ Telephone bills for Exchange-provided portable phones are
paid by the Exchange and thereafter the Exchange submits an invoice
to the member, member organization, or allied member for
reimbursement.
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    Pursuant to proposed Rule 309, if a member, member organization, or
allied member fails to make payment within forty-five days after the
fee or other sum becomes payable, notice of the arrearage will be given
to the member and the member will be reported to the Chief Financial
Officer (``CFO'') of the Exchange or a designee. The CFO or designee
will be responsible for taking any remedial action he or she deems
appropriate, including suspension of the delinquent member's, member
organization's, or allied member's access to some or all Exchange
facilities.
    In its filing, the Exchange stated that the terms ``fees'' and
``any other sums'' in the text of proposed Rule 309 will not include
fines levied in connection with a disciplinary proceeding. The proposed
rule provides that failure to pay such disciplinary fines will continue
to be governed by the provisions of Exchange Rule 476(k) (Disciplinary
Proceedings Involving Charges Against Members, Member Organizations,
Allied Members, Approved Persons, Employees, or Others).\6\
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    \6\ The Exchange stated that in the context of Rule 476(k),
``fine'' includes a fine levied in connection with a disciplinary
proceeding and related fees also associated with a disciplinary
proceeding.
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III. Discussion and Commission Findings

    After careful consideration, the Commission finds that the proposed
rule change, as amended, is consistent with the requirements of the Act
and the rules and regulations thereunder applicable to a national
securities exchange \7\ and, in particular, the requirements of section
6 of the Act.\8\ Specifically, the Commission finds that the proposed
rule change is consistent with section 6(b)(5) of the Act,\9\ which
requires, among other things, that the rules of a national securities
exchange be designed to promote just and equitable principles of trade,
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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    \7\ In approving this proposed rule change the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f.
    \9\ 15 U.S.C. 78f(b)(5).
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    Currently, under Exchange Rule 476(k), the ability to suspend
members, member organizations, and allied members for non-payment of
sums due to the Exchange becomes operative after 45 days. According to
the Exchange, this provision currently is not utilized by the Exchange;
instead, arrearages are referred to the Exchange's collections
department for resolution, which generally does not avail itself of the
recourse provided in Exchange Rule 476(k). The Exchange has proposed to
have notice of certain overdue fees (other than disciplinary fines and
fees) reported to the CFO (or his or her designee), and to vest in the
CFO (or his or her designee) the authority to determine what if any
remedial action should be taken upon receipt of a report that a member,
member organization, or allied member failed to pay a fee.
Specifically, the CFO, or his or her designee, would be empowered to
suspend access to some or all of the facilities of the Exchange until
payment of the arrearage is made.
    The Commission believes that the Exchange's proposal to empower its
Chief Financial Officer, or his or her designee, to consider and
address non-payment of certain fees and other sums due to the Exchange,
other than disciplinary fines, after notice has been given of the
arrearage to such member, member organization, or allied member, is
consistent with the Act.
    The proposed rule would not preclude the Exchange's CFO from
presenting notice of any arrearage to the Board pursuant to Exchange
Rule 476(k) where appropriate, but rather provides a more efficient
process for the Exchange's senior management to address non-payment of
certain fees and other sums due to the Exchange, other than
disciplinary fines, without the need to involve the Exchange's Board of
Directors in what is normally a purely business matter.
    In approving the proposed rule change, the Commission has relied on
the Exchange's representation that failure to pay disciplinary fines
and any fees assessed in connection with disciplinary matters will
continue to be governed solely by Rule 476(k), and that suspension of
members for failure to pay fines or fees arising out of disciplinary
actions continues to be subject to consideration by the Exchange's
Board of Directors pursuant to that rule.

IV. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\10\ that the proposed rule change (File No. SR-NYSE-2007-119) be,
and it hereby is, approved.
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    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-2866 Filed 2-14-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 30 (Tuesday, February 16, 2016)]
[Notices]
[Pages 7877-7879]
[FR Doc No: 2016-02989]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77097; File No. SR-MIAX-2016-05]

Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule To Implement a
Professional Rebate Program

February 9, 2016.
    Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'')\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on January 27, 2016, Miami International
Securities Exchange LLC (``MIAX'' or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') a proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is filing a proposal to amend the MIAX Options Fee
Schedule (the ``Fee Schedule'').
    The text of the proposed rule change is available on the Exchange's
Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at
MIAX's principal office, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend its Fee Schedule by implementing a
Professional Rebate Program (the ``Program''). Under the Program, the
Exchange will credit each Member the per contract amount resulting from
any contracts executed from an order submitted by a Member for the
account(s) of a (i) Public Customer that is not a Priority Customer;
(ii) Non-MIAX Market Maker; (iii) Non-Member Broker-Dealer; or (iv)
Firm (for purposes of the Professional Rebate Program,
``Professional'') which is executed electronically on the Exchange in
all multiply-listed option classes (excluding mini-options, Non-
Priority Customer to Non-Priority Customer orders, QCC Orders, PRIME
Orders, PRIME AOC Responses, PRIME Contra-side Orders, and executions
related to contracts that are routed to one or more exchanges in
connection with the Options Order Protection and Locked/Crossed Market
Plan referenced in MIAX Rule 1400 (collectively, for purposes of the
Professional Rebate Program, ``Excluded Contracts'')), provided the
Member achieves certain Professional volume increase percentage
thresholds in the month relative to the fourth quarter of 2015.
    The percentage thresholds in each tier are based upon the increase
in the total volume submitted by a Member and executed for the
account(s) of a Professional on MIAX (not including Excluded Contracts)
during a particular month as a percentage of the total volume reported
by the Options Clearing Corporation (OCC) in MIAX classes during the
same month (the ``Current Percentage''), less the total volume
submitted by that Member and executed for the account(s) of a
Professional on MIAX (not including Excluded Contracts) during the
fourth quarter of 2015 as a percentage of the total volume reported by
OCC in MIAX classes during the fourth quarter of 2015 (the ``Baseline
Percentage'').
    The Member's percentage increase will be calculated as the Current
Percentage less the Baseline Percentage. Members will receive rebates
for contracts submitted by such Member on behalf of a Professional(s)
that are executed within a particular percentage tier based upon that
percentage tier only, and will not receive a rebate for such contracts
that applies to any other tier.
    Thus, the per contract credit of $0.10 for Tier 1 will apply to
percentage thresholds from above 0.00% up to 0.005%. Next, the per
contract credit of $0.15 for Tier 2 will apply only to percentage
thresholds from above 0.005% up to 0.020%, beginning with the first
contract executed in Tier 2, but will not apply to contracts executed
in Tier 1, to which the $0.10 per contract credit applied. Thereafter,
the per contract credit of $0.20 for Tier 3 will apply to percentage
thresholds from above 0.020%, beginning with the first contract
executed in Tier 3, but will not apply to contracts executed in Tier 1,
to which the $0.10 per contract credit applied, and will not apply to
contracts executed in Tier 2, to which the $0.15 per contract credit
applied.
    The below table applies to Members submitting orders for the
account(s) of Professionals, as defined above.

------------------------------------------------------------------------
  Percentage thresholds of volume increase in multiply-
  listed options classes listed on MIAX (Current month     Per contract
           compared to prior calendar quarter)                credit
------------------------------------------------------------------------
Tier 1--Above 0.00%-0.005%..............................           $0.10
Tier 2--Above 0.005%-0.020%.............................            0.15
Tier 3--Above 0.020%....................................            0.20
------------------------------------------------------------------------

    The increase in volume will be recorded for and credits will be
delivered to the Member Firm that submits the order to the Exchange.
The Exchange will aggregate the contracts resulting from Professional
orders transmitted and executed electronically on the Exchange from
affiliated Members for purposes of the thresholds above, provided there
is at least 75% common ownership between the firms as reflected on each
firm's Form BD, Schedule A. A Member may request to receive its credit
under the Program as a separate direct payment.
    In the event of a MIAX System outage or other interruption of
electronic trading on MIAX, the Exchange will adjust the increase in
volume in multiply-listed options (not including Excluded Contracts)
for the duration of the outage.
    The purpose of the Program is to encourage Members to direct
greater Professional trade volume to the Exchange. Increased
Professional volume will provide for greater liquidity, which benefits
all market participants. The practice of incentivizing increased retail
customer order flow in order to attract liquidity is, and has been,
commonly practiced in the options markets. As such, marketing

fee programs,\3\ and customer posting incentive programs,\4\ are based
on attracting public customer order flow. The Program similarly intends
to attract Professional order flow, which will increase liquidity,
thereby providing greater trading opportunities and tighter spreads for
other market participants and causing a corresponding increase in order
flow from such other market participants.
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    \3\ See MIAX Fee Schedule, Section 1(b).
    \4\ See NYSE Arca, Inc. Fees Schedule, page 4 (section titled
``Customer Monthly Posting Credit Tiers and Qualifications for
Executions in Penny Pilot Issues'').
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    The specific volume increase thresholds of the Program's tiers were
set based upon business determinations and an analysis of current
volume levels. The volume increase thresholds are intended to encourage
firms that route some Professional orders to the Exchange to increase
the number of such orders that are sent to the Exchange to achieve the
next threshold and to provide incentive for new participants to send
Professional orders as well. Increasing the number of such orders sent
to the Exchange will in turn provide tighter and more liquid markets,
and therefore attract more business overall. Similarly, the different
credit rates at the different tier levels were based on an analysis of
revenue and volume levels and are intended to provide increasing
rewards for increasing the volume of trades sent to and executed on the
Exchange. The specific amounts of the tiers and rates were set in order
to encourage suppliers of Professional order flow to reach for higher
tiers.
    The purpose of calculating the Baseline Percentage as the total
volume submitted by that Member and executed for the account(s) of a
Professional on MIAX (not including Excluded Contracts) during the
fourth quarter of 2015 as a percentage of the total volume reported by
OCC in MIAX classes during the fourth quarter of 2015 is to maintain a
constant measuring methodology based upon a sample of the most current
market conditions available over a meaningful period of time (e.g.,
three months), which should help Members submitting orders designated
as Professional (as defined above) better understand the volume
thresholds that will result in higher rebate amounts. As overall market
conditions evolve, the Exchange will analyze and re-assess the
calculation of the Baseline Percentage, and if its analysis justifies a
change in the calculation of the Baseline Percentage due to changing
overall market conditions, the Exchange will submit a proposed rule
change reflecting this.
    The Exchange proposes to leave certain Excluded Contracts
(specifically, Non-Priority Customer to Non-Priority Customer orders,
QCC Orders, PRIME Orders, PRIME AOC Responses, and PRIME Contra-side
Orders) out of the calculation of the Current and Baseline percentages
measuring contracts executed on MIAX and accordingly from the
calculation of the percentage thresholds of volume increase. The
Exchange believes that it is unnecessary and redundant to offer an
incentive where both sides of the trade are submitted and executed by
the same Member that submits such orders on behalf of Professionals.
    Executions related to contracts that are routed to one or more
exchanges in connection with the Options Order Protection and Locked/
Crossed Market Plan referenced in MIAX Rule 1400 would be excluded from
the calculation because the execution of such orders occurs on away
markets. Providing rebates to Professional executions that occur on
other trading venues would be inconsistent with the proposal.
Therefore, such volume is excluded from the Program in order to promote
the underlying goal of the proposal, which is to increase liquidity and
execution volume on the Exchange.
    The Exchange also proposes to exclude mini-options from the
calculation of the percentage thresholds of volume increase. Mini-
options contracts are excluded from the Program because the cost to the
Exchange to process quotes, orders and trades in mini-options is the
same as for standard options. This, coupled with the lower per-contract
transaction fees charged to other market participants, makes it
impractical to offer Members a credit for Professional mini-option
volume that they transact.
    The Exchange proposes limiting the Program to multiply-listed
options classes on MIAX because MIAX does not compete with other
exchanges for order flow in the proprietary, singly-listed products. In
addition, the Exchange does not trade any singly-listed products at
this time, but may develop such products in the future. If at such time
the Exchange develops proprietary products, the Exchange anticipates
having to devote a lot of resources to develop them, and therefore
would need to retain funds collected in order to recoup those
expenditures.
    The credits paid out as part of the program will be drawn from the
general revenues of the Exchange.\5\ The proposed rule change is to
take effect February 1, 2016.
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    \5\ Despite providing credits under the Program, the Exchange
represents that it will continue to have adequate resources to fund
its regulatory program and fulfill its responsibilities as a self-
regulatory organization during the limited period that the Program
will be in effect.
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2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \6\ in general, and furthers
the objectives of Section 6(b)(4) of the Act \7\ in particular, in that
it is an equitable allocation of reasonable fees and other charges
among Exchange members, and issuers and other persons using its
facilities.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that the proposed Program is fair, equitable
and not unreasonably discriminatory. The Program is reasonably designed
because it will encourage providers of Professional order flow to send
that Professional order flow to the Exchange in order to receive a
credit in a manner that enables the Exchange to improve its overall
competitiveness and strengthen its market quality for all market
participants. The proposed Program is fair and equitable and not
unreasonably discriminatory because it will apply equally to all
Members submitting orders for the account(s) of Professionals. All
similarly situated Professional orders are subject to the same rebate
schedule, and access to the Exchange is offered on terms that are not
unfairly discriminatory. In addition, the Program is equitable and not
unfairly discriminatory because, while only Professional order flow
qualifies for the Program, an increase in Professional order flow will
bring greater volume and liquidity, which benefit all market
participants by providing more trading opportunities and tighter
spreads. Similarly, offering increasing credits to Members for
submitting and executing higher percentages of total national customer
volume (increased credit rates at increased volume tiers) is equitable
and not unfairly discriminatory because such increased rates and tiers
encourage Members to direct increased amounts of Professional contracts
to the Exchange.

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 believes that the proposed rule change would increase both
intermarket and intramarket competition by incenting Members to direct
orders for the account(s) of Professionals to the Exchange, which
should enhance the quality of the Exchange's markets and increase the
volume of contracts traded here. To the extent that this purpose is
achieved, all the Exchange's market participants should benefit from
the improved market liquidity. Enhanced market quality and increased
transaction volume that results from the anticipated increase in order
flow directed to the Exchange will benefit all market participants and
improve competition on the Exchange. The Exchange notes that it
operates in a highly competitive market in which market participants
can readily favor competing venues if they deem fee levels at a
particular venue to be excessive. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges and to attract order flow to the Exchange. The Exchange
believes that the proposed rule change reflects this competitive
environment because it reduces the Exchange's fees through rebates in a
manner that encourages market participants to direct their customer
order flow, to provide liquidity, and to attract additional transaction
volume to the Exchange. Given the robust competition for volume among
options markets, many of which offer the same products, implementing a
volume increase based rebate program to attract order flow like the one
being proposed in this filing is consistent with the above-mentioned
goals of the Act.

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

    Written comments were neither solicited nor received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\8\ and Rule 19b-4(f)(2) \9\ thereunder. At
any time within 60 days of the filing of the proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-MIAX-2016-05 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-MIAX-2016-05. 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 principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-MIAX-2016-05 and should be
submitted on or before March 8, 2016.
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    \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. 2016-02989 Filed 2-12-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 231 (Monday, December 2, 2013)]
[Rules and Regulations]
[Pages 72022-72023]
[FR Doc No: 2013-28694]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2013-0961]

Drawbridge Operation Regulation; Atlantic Intracoastal Waterway,
Wrightsville Beach, NC

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation from regulations.

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SUMMARY: The Coast Guard has issued a temporary deviation from the
operating schedule that governs the S.R. 74 Bridge, across the Atlantic
Intracoastal Waterway (AICW), mile 283.1, at Wrightsville Beach, NC.
This deviation

is necessary to accommodate the 2014 Quintiles Wrightsville Beach Full
and Half Marathon. This deviation allows the bridge to remain in the
closed position during the race.

DATES: This deviation is effective from 5 a.m. through 10 a.m., Sunday,
March 16, 2014.

ADDRESSES: The docket for this deviation, [USCG-2013-0961] 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 Kashanda Booker, Bridge
Administration Branch, Fifth Coast Guard District; telephone 757-398-
6227, email<EMAIL_ADDRESS>If you have questions on
viewing the docket, call Barbara Hairston, Program Manager, Docket
Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Quintiles Wrightsville Beach Full and
Half Marathon committee on behalf of the North Carolina Department of
Transportation (NCDOT) has requested a temporary deviation from the
current operating schedule for the S.R. 74 Bascule Drawbridge across
the AICW mile 283.1, at Wrightsville Beach, NC. The requested deviation
will accommodate the 2014 Quintiles Wrightsville Beach Full and Half
Marathon scheduled for Sunday, March 16, 2014. To facilitate this
event, the draw of the bridge will be maintained in the closed-to-
navigation position from 5 a.m. until 10 a.m. to allow race
participants to cross during the scheduled event.
    The current operating schedule for the bridge is set out in 33 CFR
117.821(a)(4). The regulation requires the bridge to open on signal for
vessels at all times except that from 7 a.m. until 7 p.m. the bridge
shall open on the hour; every third and fourth Saturday in September
the bridge shall remain closed from 7 a.m. until 11 a.m.; and the last
Saturday of October or the first or second Saturday of November the
bridge shall remain closed from 7 a.m. until 10:30 a.m. The bascule
drawbridge has a vertical clearance of 20 feet above mean high water in
the closed position. Vessels that can pass through the bridge in the
closed position may do so at any time.
    Since the race is an annual event, local waterway users should be
familiar with the closure. To ensure that waterway users are aware of
the closure, the Coast Guard will issue a Local and Broadcast Notice to
Mariners to allow mariners to schedule their transits accordingly.
There are no alternate routes available to vessels. Most waterway
traffic consists of recreational boats with a few barges and tugs
during the daytime. The bridge is able to open for emergencies.
    In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the designated
time period. This deviation from the operating regulations is
authorized under 33 CFR 117.35.

    Dated: November 15, 2013.
Waverly W. Gregory, Jr.,
Bridge Program Manager, Fifth Coast Guard District.
[FR Doc. 2013-28694 Filed 11-29-13; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: July 16, 2010 (Volume 75, Number 136)]
[Notices]
[Page 41507-41508]
[DOCID:fr16jy10-68]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-1911-DR; Docket ID FEMA-2010-0002]

California; Amendment No. 1 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of California (FEMA-1911-DR), dated May 7, 2010, and
related determinations.

DATES: Effective Date: July 4, 2010.

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

SUPPLEMENTARY INFORMATION: Notice is hereby given that the incident
period for this disaster is closed effective July 4, 2010.

The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households In
Presidentially Declared Disaster Areas; 97.049, Presidentially
Declared Disaster Assistance--Disaster Housing Operations for
Individuals and Households; 97.050, Presidentially Declared Disaster
Assistance to Individuals and Households--Other Needs; 97.036,
Disaster Grants--Public Assistance (Presidentially Declared
Disasters); 97.039, Hazard Mitigation Grant.

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2010-17374 Filed 7-15-10; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 88, Number 241 (Monday, December 18, 2023)]
[Proposed Rules]
[Pages 87377-87380]
[FR Doc No: 2023-27658]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2023-2198; Airspace Docket No. 23-AEA-12]
RIN 2120-AA66

Amendment of United States Area Navigation (RNAV) Routes; Eastern
United States

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: This action proposes to establish three and amend three United
States Area Navigation (RNAV) T-routes in the eastern United States.
This action supports Next Generation Air Transportation System
(NextGen) which provides a modern RNAV route structure to improve the
efficiency of the National Airspace System (NAS).

DATES: Comments must be received on or before February 1, 2024.

ADDRESSES: Send comments identified by FAA Docket No. FAA-2023-2198 and
Airspace Docket No. 23-AEA-12 using any of the following methods:
    * Federal eRulemaking Portal: Go to www.regulations.gov and follow
the online instructions for sending your comments electronically.
    * Mail: Send comments to Docket Operations, M-30; U.S. Department
of Transportation, 1200 New Jersey Avenue SE, Room W12-140, West
Building Ground Floor, Washington, DC 20590-0001.
    * Hand Delivery or Courier: Take comments to Docket Operations in
Room W12-140 of the West Building Ground Floor at 1200 New Jersey
Avenue SE, Washington, DC, between 9 a.m. and 5 p.m., Monday through
Friday, except Federal holidays.
    * Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Docket: Background documents or comments received may be read at
www.regulations.gov at any time. Follow the online instructions for
accessing the docket or go to the Docket Operations in Room W12-140 of
the West Building Ground Floor at 1200 New Jersey Avenue SE,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.
    FAA Order JO 7400.11H, Airspace Designations and Reporting Points,
and subsequent amendments can be viewed online at www.faa.gov/air_traffic/publications/. You may also contact the Rules and
Regulations Group, Office of

Policy, Federal Aviation Administration, 800 Independence Avenue SW,
Washington, DC 20591; telephone:<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Brian Vidis, Rules and Regulations
Group, Office of Policy, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
the airspace necessary to ensure the safety of aircraft and the
efficient use of airspace. This regulation is within the scope of that
authority as it amends the route structure to maintain the efficient
flow of air traffic within the NAS.

Comments Invited

    The FAA invites interested persons to participate in this
rulemaking by submitting written comments, data, or views. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal. The most
helpful comments reference a specific portion of the proposal, explain
the reason for any recommended change, and include supporting data. To
ensure the docket does not contain duplicate comments, commenters
should submit only one time if comments are filed electronically, or
commenters should send only one copy of written comments if comments
are filed in writing.
    The FAA will file in the docket all comments it receives, as well
as a report summarizing each substantive public contact with FAA
personnel concerning this proposed rulemaking. Before acting on this
proposal, the FAA will consider all comments it receives on or before
the closing date for comments. The FAA will consider comments filed
after the comment period has closed if it is possible to do so without
incurring expense or delay. The FAA may change this proposal in light
of the comments it receives.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to www.regulations.gov, as described in the system
of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.dot.gov/privacy.

Availability of Rulemaking Documents

    An electronic copy of this document may be downloaded through the
internet at www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's web page at
www.faa.gov/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received and any final disposition in person in the Dockets
Operations office (see ADDRESSES section for address, phone number, and
hours of operations). An informal docket may also be examined during
normal business hours at the office of the Eastern Service Center,
Federal Aviation Administration, Room 210, 1701 Columbia Avenue,
College Park, GA 30337.

Incorporation by Reference

    United States Area Navigation routes are published in paragraph
6011 of FAA Order JO 7400.11, Airspace Designations and Reporting
Points, which is incorporated by reference in 14 CFR 71.1 on an annual
basis. This document proposes to amend the current version of that
order, FAA Order JO 7400.11H, dated August 11, 2023, and effective
September 15, 2023. These updates would be published in the next update
to FAA Order JO 7400.11. That order is publicly available as listed in
the ADDRESSES section of this document.
    FAA Order JO 7400.11H lists Class A, B, C, D, and E airspace areas,
air traffic service routes, and reporting points.

The Proposal

    The FAA is proposing an amendment to 14 CFR part 71 to establish
RNAV routes T-434, T-454, and T-458, and amend RNAV routes T-291, T-
314, and T-634 in the eastern United States. This action supports
NextGen which provides a modern RNAV route structure to improve the
efficiency of the NAS. The proposed changes are described below.
    T-291: T-291 currently extends between the Harcum, VA (HCM), Very
High Frequency Omnidirectional Range/Tactical Air Navigation (VORTAC)
and the Albany, NY (ALB), VORTAC. The FAA proposes to extend T-291 to
the south between the Harcum VORTAC and the Tar River, NC (TYI),
VORTAC. The route overlays a portion of VOR Federal airway V-189
between the Tar River VORTAC and the Franklin, PA (FKN), VORTAC.
Additionally, the FAA proposes to replace the Milton, PA (MIP), VORTAC
with the HYATT, PA, Waypoint (WP), and the Delancey, NY (DNY), VOR/
Distance Measuring Equipment (VOR/DME) with the DANZI, NY, WP.
    T-314: T-314 currently extends between the Barnes, MA (BAF), VORTAC
and the Kennebunk, ME (ENE), VOR/DME. The FAA proposes to extend T-314
to the southwest between the Kingston, NY (IGN), VOR/DME and the Barnes
VORTAC. The route would overlay a portion of VOR Federal airway V-93
between the Kingston VOR/DME and the SASHA, MA, Fix, and a portion of
VOR Federal airway V-292 between the SASHA, Fix and the Barnes VORTAC.
Additionally, the FAA proposes to remove route points from the route's
part 71 description for segments that contain turns of less than one
degree. The following are the route points that the FAA proposes to
remove: FAIDS, MA, Fix; PUDGY, MA, Fix; LAPEL, MA, Fix; JOHNZ, NH, Fix;
MANCH, NH, WP; KHRIS, NH, Fix; RAYMY, NH, Fix; and YUKES, ME, Fix.
    T-434: T-434 is a proposed new route that would extend between the
SCAAM, PA, Fix and the NECCK, NJ, Fix. The route would overlay a
portion of VOR Federal airway V-232 between the Keating, PA (ETG),
VORTAC and the Colts Neck, NJ (COL), VOR/DME.
    T-454: T-454 is a proposed new route that would extend between the
SCAAM, PA, Fix and the NWTON, NJ, Fix. The route would overlay a
portion of VOR Federal airway V-226 between the Keating, PA (ETG),
VORTAC and the Stillwater, PA (STW), VOR/DME.
    T-458: T-458 is a proposed new route that would extend between the
STUBN, NY, WP and the Boston, MA (BOS), VOR/DME. The route would
overlay a portion of VOR Federal airway V-270 between the Elmira, NY
(ULW), VOR/DME and the Boston, MA (BOS), VOR/DME.
    T-634: T-634 currently extends between the Syracuse, NY (SYR),
VORTAC and the VIBRU, NY, WP. The FAA proposes to extend T-634 to the
southeast between the Syracuse VORTAC and the Sandy Point, RI (SEY),
VOR/DME. The route would overlay a portion of VOR Federal airway V-483
between the Syracuse VORTAC and the Carmel, NY (CMK), VOR/DME; VOR
Federal airway V-374 between the Carmel VOR/DME and the CREAM, NY, Fix;
and VOR Federal airway V-34 between the CREAM Fix and the Sandy

Point VOR/DME. Additionally, the FAA proposes to remove the BRUIN, NY,
WP from the route's part 71 description as it is a turn of less than
one degree.

Regulatory Notices and Analyses

    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore: (1) is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a regulatory evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
will only affect air traffic procedures and air navigation, it is
certified that this proposed rule, when promulgated, will not have a
significant economic impact on a substantial number of small entities
under the criteria of the Regulatory Flexibility Act.

Environmental Review

    This proposal will be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    In consideration of the foregoing, the Federal Aviation
Administration proposes to amend 14 CFR part 71 as follows:

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

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

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

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order JO
7400.11H, Airspace Designations and Reporting Points, dated August 11,
2023, and effective September 15, 2023, is amended as follows:

Paragraph 6011 United States Area Navigation Routes.

* * * * *

T-291 Tar River, NC (TYI) to Albany, NY (ALB) [Amended]

Tar River, NC (TYI)                             VORTAC                         (Lat. 35[deg]58'36.21'' N, long. 077[deg]42'13.43'' W)
COUPN, VA                                       WP                             (Lat. 36[deg]42'50.83'' N, long. 077[deg]00'44.04'' W)
Harcum, VA (HCM)                                VORTAC                         (Lat. 37[deg]26'55.18'' N, long. 076[deg]42'40.87'' W)
COLIN, VA                                       FIX                            (Lat. 38[deg]05'59.23'' N, long. 076[deg]39'50.85'' W)
SHLBK, MD                                       WP                             (Lat. 38[deg]20'16.21'' N, long. 076[deg]26'10.51'' W)
LOUIE, MD                                       WP                             (Lat. 38[deg]36'44.33'' N, long. 076[deg]18'04.37'' W)
GRACO, MD                                       FIX                            (Lat. 38[deg]56'29.81'' N, long. 076[deg]11'59.22'' W)
BAABS, MD                                       WP                             (Lat. 39[deg]22'01.36'' N, long. 076[deg]27'31.21'' W)
VINNY, PA                                       FIX                            (Lat. 39[deg]45'16.64'' N, long. 076[deg]36'30.16'' W)
Harrisburg, PA (HAR)                            VORTAC                         (Lat. 40[deg]18'08.06'' N, long. 077[deg]04'10.41'' W)
Selinsgrove, PA (SEG)                           VOR/DME                        (Lat. 40[deg]47'27.09'' N, long. 076[deg]53'02.55'' W)
HYATT, PA                                       FIX                            (Lat. 41[deg]01'24.47'' N, long. 076[deg]39'54.34'' W)
MEGSS, PA                                       FIX                            (Lat. 41[deg]11'13.28'' N, long. 076[deg]12'41.02'' W)
LAAYK, PA                                       FIX                            (Lat. 41[deg]28'32.64'' N, long. 075[deg]28'57.31'' W)
DANZI, NY                                       WP                             (Lat. 42[deg]10'41.86'' N, long. 074[deg]57'24.19'' W)
Albany, NY (ALB)                                VORTAC                         (Lat. 42[deg]44'50.21'' N, long. 073[deg]48'11.46'' W)

                                                                     * * * * * * *
T-314 Kingston, NY (IGN) to Kennebunk, ME (ENE) [Amended]

Kingston, NY (IGN)                              VOR/DME                        (Lat. 41[deg]39'55.63'' N, long. 073[deg]49'20.06'' W)
PAWLN, NY                                       FIX                            (Lat. 41[deg]46'11.51'' N, long. 073[deg]36'02.64'' W)
SASHA, MA                                       FIX                            (Lat. 42[deg]07'58.70'' N, long. 073[deg]08'55.39'' W)
Barnes, MA (BAF)                                VORTAC                         (Lat. 42[deg]09'43.05'' N, long. 072[deg]42'58.32'' W)
Gardner, MA (GDM)                               VOR/DME                        (Lat. 42[deg]32'45.32'' N, long. 072[deg]03'29.48'' W)
Kennebunk, ME (ENE)                             VOR/DME                        (Lat. 43[deg]25'32.42'' N, long. 070[deg]36'48.69'' W)

                                                                     * * * * * * *
T-434 SCAAM, PA to NECCK, NJ [New]

SCAAM, PA                                       FIX                            (Lat. 41[deg]11'37.46'' N, long. 077[deg]58'15.20'' W)
HYATT, PA                                       FIX                            (Lat. 41[deg]01'24.47'' N, long. 076[deg]39'54.34'' W)
BEERS, PA                                       FIX                            (Lat. 40[deg]52'47.50'' N, long. 075[deg]27'37.36'' W)
Solberg, NJ (SBJ)                               VOR/DME                        (Lat. 40[deg]34'58.96'' N, long. 074[deg]44'30.45'' W)
TYKES, NJ                                       FIX                            (Lat. 40[deg]17'22.38'' N, long. 074[deg]23'06.13'' W)
NECCK, NJ                                       FIX                            (Lat. 40[deg]18'41.79'' N, long. 074[deg]09'35.79'' W)

                                                                     * * * * * * *
T-454 SCAAM, PA to NWTON, NJ [New]

SCAAM, PA                                       FIX                            (Lat. 41[deg]11'37.46'' N, long. 077[deg]58'15.20'' W)
FAVUM, PA                                       FIX                            (Lat. 41[deg]15'59.17'' N, long. 077[deg]35'42.32'' W)
Williamsport, PA (FQM)                          VOR/DME                        (Lat. 41[deg]20'18.81'' N, long. 076[deg]46'29.52'' W)
Wilkes-Barre, PA (LVZ)                          VORTAC                         (Lat. 41[deg]16'22.08'' N, long. 075[deg]41'22.08'' W)
NWTON, NJ                                       FIX                            (Lat. 40[deg]59'45.19'' N, long. 074[deg]52'09.21'' W)

                                                                     * * * * * * *
T-458 STUBN, NY to Boston, MA (BOS) [New]

STUBN, NY                                       WP                             (Lat. 42[deg]05'38.58'' N, long. 077[deg]01'28.68'' W)
Binghamton, NY (CFB)                            VOR/DME                        (Lat. 42[deg]09'26.97'' N, long. 076[deg]08'11.30'' W)
DANZI, NY                                       WP                             (Lat. 42[deg]10'41.86'' N, long. 074[deg]57'24.19'' W)
Chester, MA (CTR)                               VOR/DME                        (Lat. 42[deg]17'28.75'' N, long. 072[deg]56'57.82'' W)
SPENO, MA                                       FIX                            (Lat. 42[deg]16'48.55'' N, long. 072[deg]09'14.70'' W)
GLYDE, MA                                       FIX                            (Lat. 42[deg]16'03.84'' N, long. 071[deg]48'42.76'' W)
Boston, MA (BOS)                                VOR/DME                        (Lat. 42[deg]21'26.82'' N, long. 070[deg]59'22.37'' W)

                                                                     * * * * * * *
T-634 VIBRU, NY to Sandy Point, RI (SEY) [Amended]

VIBRU, NY                                       WP                             (Lat. 44[deg]20'21.30'' N, long. 076[deg]01'19.96'' W)
Watertown, NY (ART)                             VORTAC                         (Lat. 43[deg]57'07.67'' N, long. 076[deg]03'52.66'' W)
Syracuse, NY (SYR)                              VORTAC                         (Lat. 43[deg]09'37.87'' N, long. 076[deg]12'16.41'' W)
STODA, NY                                       FIX                            (Lat. 43[deg]07'00.20'' N, long. 075[deg]51'21.23'' W)
RAHKS, NY                                       FIX                            (Lat. 42[deg]27'59.28'' N, long. 075[deg]14'21.68'' W)
DANZI, NY                                       WP                             (Lat. 42[deg]10'41.86'' N, long. 074[deg]57'24.19'' W)
WEETS, NY                                       FIX                            (Lat. 41[deg]51'26.98'' N, long. 074[deg]11'51.51'' W)
Kingston, NY (IGN)                              VOR/DME                        (Lat. 41[deg]39'55.63'' N, long. 073[deg]49'20.06'' W)
CASSH, NY                                       FIX                            (Lat. 41[deg]35'38.16'' N, long. 073[deg]42'17.07'' W)
Carmel, NY (CMK)                                VOR/DME                        (Lat. 41[deg]16'48.32'' N, long. 073[deg]34'52.78'' W)
CREAM, NY                                       FIX                            (Lat. 41[deg]08'55.85'' N, long. 072[deg]31'18.32'' W)
Sandy Point, RI (SEY)                           VOR/DME                        (Lat. 41[deg]10'02.77'' N, long. 071[deg]34'33.91'' W)

* * * * *

    Issued in Washington, DC, on December 12, 2023.
Frank Lias,
Manager, Rules and Regulations Group.
[FR Doc. 2023-27658 Filed 12-15-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 80, Number 6 (Friday, January 9, 2015)]
[Proposed Rules]
[Pages 1382-1385]
[FR Doc No: 2015-00178]

=======================================================================
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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2014-0002]
RIN 1625-AA11

Regulated Navigation Area, Kill Van Kull and Newark Bay; Bayonne,
NJ, NY

AGENCY: Coast Guard, DHS.

ACTION: Notice of proposed rulemaking.

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SUMMARY: The United States Coast Guard proposes to establish a
permanent Regulated Navigation Area (RNA) on the navigable waters of
Kill Van Kull and Newark Bay surrounding the Bayonne Bridge. In
response to a planned Bayonne Bridge construction project, this
proposed rule would establish a speed restriction in the waters
surrounding the Bayonne Bridge. Also, this proposed rule would allow
the Coast Guard to prohibit vessel traffic through the RNA when
necessary to safeguard people and vessels from the hazards associated
with bridge construction.

DATES: Comments and related material must be received by the Coast
Guard on or before February 9, 2015.

ADDRESSES: You may submit comments identified by docket number using
any one of the following methods:
    (1) Federal eRulemaking Portal: http://www.regulations.gov.
    (2) Fax:<PHONE_NUMBER>.
    (3) Mail or Delivery: Docket Management Facility (M-30), U.S.
Department of Transportation, West Building Ground Floor, Room W12-140,
1200 New Jersey Avenue SE., Washington, DC 20590-0001. Deliveries
accepted between 9 a.m. and 5 p.m., Monday through Friday, except
federal holidays. The telephone number is<PHONE_NUMBER>.
    See the ``Public Participation and Request for Comments'' portion
of the SUPPLEMENTARY INFORMATION section below for further instructions
on submitting comments. To avoid duplication, please use only one of
these three methods.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call Lieutenant Commander Myles Greenway, Waterways Management at First
Coast Guard District at<PHONE_NUMBER> or email at
<EMAIL_ADDRESS>or call LT Hannah Eko, Waterways Management
Division at Sector New York at<PHONE_NUMBER>, or email
<EMAIL_ADDRESS>If you have questions on viewing or submitting
material to the docket, call Cheryl Collins, Program Manager, Docket
Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Table of Acronyms

COTP NY Captain of the Port New York
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking
RNA Regulated Navigation Area

A. Public Participation and Request for Comments

    We encourage you to participate in this rulemaking by submitting
comments and related materials. All comments received will be posted
without change to http://www.regulations.gov and will include any
personal information you have provided.

1. Submitting Comments

    If you submit a comment, please include the docket number for this
rulemaking, indicate the specific section of this document to which
each comment applies, and provide a reason for each suggestion or
recommendation. You may submit your comments and material online at
http://www.regulations.gov, or by fax, mail, or hand delivery, but
please use only one of these means. If you submit a comment online, it
will be considered received by the Coast Guard when you successfully
transmit the comment. If you fax, hand deliver, or mail your comment,
it will be considered as having been received by the Coast Guard when
it is received at the Docket Management Facility. We recommend that you
include your name and a mailing address, an email address, or a
telephone number in the body of your document so that we can contact
you if we have questions regarding your submission.
    To submit your comment online, go to http://www.regulations.gov,
type the docket number [USCG-2014-0002] in the ``SEARCH'' box and click
``SEARCH.'' Click on ``Submit a Comment'' on the line associated with
this rulemaking.
    If you submit your comments by mail or hand delivery, submit them
in an unbound format, no larger than 8\1/2\ by 11 inches, suitable for
copying and electronic filing. If you submit comments by mail and would
like to know that they reached the Facility, please enclose a stamped,
self-addressed postcard or envelope. We will consider all comments and
material received during the comment period and may change the rule
based on your comments.

2. Viewing Comments and Documents

    To view comments, as well as documents mentioned in this preamble
as being available in the docket, go to http://www.regulations.gov,
type the docket number (USCG-2014-0002) in the ``SEARCH'' box and click
``SEARCH.'' Click on Open Docket Folder on the line associated with
this rulemaking. 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.

3. Privacy Act

    Anyone can search the electronic form of comments received into any
of

our dockets by the name of the individual submitting the comment (or
signing the comment, if submitted on behalf of an association,
business, labor union, etc.). You may review a Privacy Act notice
regarding our public dockets in the January 17, 2008, issue of the
Federal Register (73 FR 3316).

4. Public Meeting

    We do not now plan to hold a public meeting. But you may submit a
request for one, using one of the methods specified under ADDRESSES.
Please explain why you believe a public meeting would be beneficial. If
we determine that one would aid this rulemaking, we will hold one at a
time and place announced by a later notice in the Federal Register.

B. Regulatory History and Information

    The Port Authority of New York and New Jersey (PANYNJ) have
received approval to perform construction on the Bayonne Bridge, and
the Coast Guard has published certain documents in the Federal Register
related to the bridge construction permit. However, this proposed
rulemaking is the first regulatory action that the Coast Guard has
taken related to regulating vessel traffic along the affected waterway.
    There is insufficient time before the planned start of the
construction project to accommodate the notice and comment process and
have a thirty day period before the effective date of the regulation.
The currently planned start of the construction and the associated
regulated navigation area is February 1, 2015. This date is based on a
number of factors, including weather and the availability of
construction equipment and other resources, and would be difficult to
change. However, the Coast Guard is taking several steps to mitigate
the impact of this shortened period. First, the Coast Guard has reached
out to waterway users to discuss the impact of this regulated
navigation area. In addition, the Coast Guard has drafted a rule
designed to have minimum impact on waterway traffic. Finally, if the
planned construction date remains February 1, 2015, the Coast Guard
intends to continue to receive comments in the first few months of the
effective period of the regulated navigation area, and may change the
regulation as a result of those comments. A good cause statement, if
required, will be published as part of the final rule.

C. Basis and Purpose

    Under the Ports and Waterways Safety Act, the Coast Guard has the
authority to establish Regulated Navigation Areas in defined water
areas that are hazardous or in which hazardous conditions are
determined to exist. See 33 U.S.C. 1231; 46 U.S.C. Chapter 701, 3306,
3703; 50 U.S.C. 191, 195; 33 CFR 1.05-1, 6.04-1, 6.04-6, and 160.5;
Pub. L. 107-295, 116 Stat. 2064; and Department of Homeland Security
Delegation No. 0170.1.
    The purpose of this proposed rulemaking is to ensure the safety of
vessels and workers from hazards associated with construction on the
Bayonne Bridge. The current Bayonne Bridge was built in 1931 and
carries the NY/NJ Route 440. PANYNJ has contracted Skanska-Koch Inc.
and Kiewit Infrastructure for this project.
    Construction operations are sensitive to water movement, and wake
from passing vessels could pose significant risk of injury or death to
construction workers. In order to minimize such unexpected or
uncontrolled movement of water, the RNA will limit vessel speed and
wake of all vessels operating in the vicinity of the bridge
construction zone. This will be achieved by implementing a five (5)
knot speed limit and ``NO WAKE'' zone in the vicinity of the
construction as well as providing a means to suspend all vessel traffic
for emergent situations that pose imminent threat to waterway users in
the area.
    After consulting with PANYNJ, Skanska-Koch Inc, and Kiewit
Infrastructure, the Coast Guard has determined that certain aspects of
the construction project can only be completed in the channel and will
require closing the waterway. For instance, barges are expected to be
used at times while portions of the bridge are being raised and the
barges' presence might limit maneuverability in the waterway. Also, the
Coast Guard anticipates that crane and cutting operations may create
the potential for falling debris into the waterway. It is expected that
the construction efforts that might require waterway closures will not
take place until the fall of 2015.

D. Discussion of Proposed Rule

    To address the aforementioned hazards, this proposed rule would
establish speed and wake restrictions in the vicinity of the Bayonne
Bridge. Also, this proposed rule would establish intermittent closures
of the waterway along portions of Kill Van Kull and Newark Bay when
necessary for the safety of vessels and workers during construction
work in the channel. This proposed regulation will be effective at 8:00
a.m. on February 1, 2015. The proposed speed restrictions of five (5)
knots will be in effect at all times within the RNA and all vessels
must proceed through the area with caution and operate in such a manner
as to produce no wake unless a higher minimum speed is necessary to
maintain bare steerage. The Coast Guard will enforce waterway closures,
however, only when necessary to protect people and vessels from hazards
associated with bridge construction.
    Whenever it is determined that a waterway closure is necessary, the
Coast Guard will provide the public with as much advanced notice as
possible of the closure times. Such notice will be provided via http://homeport.uscg.mil/newyorkvia, via Local Notice to Mariners, via
Broadcast Notice to Mariners, and via other methods described in 33 CFR
165.7.

E. Regulatory Analyses

    We developed this proposed rule after considering numerous statutes
and executive orders related to the rulemaking. Below we summarize our
analyses based on these statutes and executive orders.

1. Regulatory Planning and Review

    This proposed rule is not a significant regulatory action under
section 3(f) of Executive Order 12866, Regulatory Planning and Review,
as supplemented by Executive Order 13563, Improving Regulation and
Regulatory Review, and does not require an assessment of potential
costs and benefits under section 6(a)(3) of Executive Order 12866 or
under section 1 of Executive Order 13563. The Office of Management and
Budget has not reviewed it under those Orders.
    The Coast Guard expects the economic impact of this proposed rule
to be minimal as this proposed RNA will not necessarily prohibit vessel
traffic in the affected waterways. Rather, this proposed RNA will
primarily establish a speed and wake restriction along the waters
surrounding the Bayonne Bridge. There may be times that the Coast Guard
will prohibit vessel traffic through the RNA, but such closures are
expected to take place during off peak hours. Moreover, even when the
Coast Guard generally prohibits vessel traffic through the RNA,
specific vessels may still obtain permission to transit through the
RNA. Additionally, the Coast Guard will provide the public with
advanced notification of waterway closures so that mariners may plan
accordingly. Such notifications will be made through various means,
including, but not limited to, Local Notice to Mariners and at http://homeport.uscg.mil/newyork. For all of these reasons, the Coast Guard
has determined that this proposed

rulemaking would not be a significant regulatory action.

2. Impact on Small Entities

    The Regulatory Flexibility Act of 1980 (RFA), 5 U.S.C. 601-612, as
amended, requires federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. For all of the reasons discussed in the REGULATORY PLANNING AND
REVIEW section, the Coast Guard certifies under 5 U.S.C. 605(b) that
this proposed rule will not have a significant economic impact on a
substantial number of small entities.
    If you think that your business, organization, or governmental
jurisdiction qualifies as a small entity and that this rule would have
a significant economic impact on it, please submit a comment (see
ADDRESSES) explaining why you think it qualifies and how and to what
degree this rule would economically affect it.

3. Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Public Law 104-121), we want to assist small
entities in understanding this proposed rule. If the rule would affect
your small business, organization, or governmental jurisdiction and you
have questions concerning its provisions or options for compliance,
please contact the person listed in the FOR FURTHER INFORMATION
CONTACT, above. The Coast Guard will not retaliate against small
entities that question or complain about this proposed rule or any
policy or action of the Coast Guard.

4. Collection of Information

    This proposed rule will not call for a new collection of
information under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-
3520.).

5. Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this proposed rule under that Order and
determined that this rule does not have implications for federalism.

6. Protest Activities

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

7. Unfunded Mandates Reform Act

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

8. Taking of Private Property

    This proposed rule would not cause a taking of private property or
otherwise have taking implications under Executive Order 12630,
Governmental Actions and Interference with Constitutionally Protected
Property Rights.

9. Civil Justice Reform

    This proposed rule meets applicable standards in sections 3(a) and
3(b)(2) of Executive Order 12988, Civil Justice Reform, to minimize
litigation, eliminate ambiguity, and reduce burden.

10. Protection of Children From Environmental Health Risks

    We have analyzed this proposed rule under Executive Order 13045,
Protection of Children from Environmental Health Risks and Safety
Risks. This rule is not an economically significant rule and would not
create an environmental risk to health or risk to safety that might
disproportionately affect children.

11. Indian Tribal Governments

    This proposed rule does not have tribal implications under
Executive Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it would not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes.

12. Energy Effects

    This proposed rule is not a ``significant energy action'' under
Executive Order 13211, Actions Concerning Regulations That
Significantly Affect Energy Supply, Distribution, or Use.

13. Technical Standards

    This proposed rule does not use technical standards. Therefore, we
did not consider the use of voluntary consensus standards.

14. Environment

    We have analyzed this proposed rule under Department of Homeland
Security Management Directive 023-01 and Commandant Instruction
M16475.lD, which guide the Coast Guard in complying with the National
Environmental Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and
have made a preliminary determination that this action is one of a
category of actions that do not individually or cumulatively have a
significant effect on the human environment. This proposed rule
involves the establishment of a Regulated Navigation Area and thus, is
categorically excluded from further review under paragraph 34(g) of
Figure 2-1 of the Commandant Instruction. A preliminary environmental
analysis checklist supporting this determination and a Categorical
Exclusion Determination will be available in the docket where indicated
under ADDRESSES. We seek any comments or information that may lead to
the discovery of a significant environmental impact from this proposed
rule.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and record
keeping requirements, Security measures and Waterways.

    For the reasons discussed in the preamble, the Coast Guard proposes
to amend 33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority: 33 U.S.C. 1231; 46 U.S.C. Chapter 701, 3306, 3703; 50
U.S.C. 191, 195; 33 CFR 1.05-1, 6.04-1, 6.04-6, 160.5; Pub. L. 107-
295, 116 Stat. 2064; Department of Homeland Security Delegation No.
0170.1.

0
2. Add Sec.  165.168 to read as follows:

Sec.  165.168  Regulated Navigation Area; Kill Van Kull and Newark Bay;
Bayonne, NJ, NY Regulated Area.

    (a) Location. The following area is a Regulated Navigation Area
(RNA): all

waters of Bergen Point East and West Reaches in the Kill Van Kull, and
all waters of Newark Bay South Reach, bound by the following
approximate positions: 40[deg]38'51.93'' N, 074[deg]06'47.90'' W;
thence to 40[deg]38'41.53'' N, 074[deg]07'18.54'' W; thence to
40[deg]38'38.20'' N, 074[deg]07'41.30'' W; thence to 40[deg]38'40.47''
N, 074[deg]08'01.61'' W; thence to 40[deg]38'34.20'' N,
074[deg]08'41.71'' W; thence to 40[deg]38'39.67'' N, 074[deg]08'51.86''
W; thence to 40[deg]38'50.20'' N, 074[deg]08'55.19'' W; thence to
40[deg]39'17.54'' N, 074[deg]08'38.20'' W; thence to 40[deg]39'19.00''
N, 074[deg]08'53.09'' W; thence to 40[deg]39'07.94'' N,
074[deg]08'59.04'' W; thence to 40[deg]38'46.87'' N, 074[deg]09'23.03''
W; thence to 40[deg]38'33.40'' N, 074[deg]09'19.87'' W; thence to
40[deg]38'24.86'' N, 074[deg]09'02.71'' W; thence to 40[deg]38'23.93''
N, 074[deg]08'52.56'' W; thence to 40[deg]38'31.40'' N,
074[deg]08'07.56'' W; thence to 40[deg]38'31.80'' N, 074[deg]07'55.66''
W; thence to 40[deg]38'30.06'' N, 074[deg]07'41.13'' W; thence to
40[deg]38'33.80'' N, 074[deg]07'14.86'' W; thence to 40[deg]38'43.93''
N, 074[deg]06'45.45'' W; thence to the point of origin (NAD 83).
    (b) Regulations. (1) The general regulations contained in 33 CFR
165.10, 165.11, and 165.13 apply within the RNA.
    (2) Any vessel transiting through the RNA must make a direct
passage. No vessel may stop, moor, anchor or loiter within the RNA at
any time unless they are working on the bridge construction. Movement
within the RNA is subject to a ``Slow-No Wake'' speed limit. All
vessels may not produce a wake and may not attain speeds greater than
five (5) knots unless a higher minimum speed is necessary to maintain
bare steerageway.
    (3) There may be times that the First District Commander or the
Captain of the Port (COTP) New York finds it necessary to close the RNA
to vessel traffic. All closures will be limited to specific hours of
the day. Mariners will be advised of all closure dates and times via
Local Notice to Mariners and Broadcast Notice to Mariners in advance of
closure times. During such closures, persons and vessels may request
permission to enter the RNA by contacting the COTP or the COTP's on-
scene representative on VHF-16 or via phone at<PHONE_NUMBER> (Sector New
York Command Center).
    (4) Vessels in the RNA must comply with directions given to them by
the COTP or the COTP's on-scene representative. The ``on-scene
representative'' of the COTP is any Coast Guard commissioned, warrant
or petty officer who has been designated by the COTP to act on the
COTP's behalf. The on-scene representative may be on a Coast Guard
vessel; or other designated craft; or on shore and communicating with a
Vessel Traffic Service New York Watchstander or vessels via VHF-FM
radio or loudhailer. Members of the Coast Guard Auxiliary may be
present to inform vessel operators of this regulation.
    (5) All other relevant regulations, including but not limited to
the Rules of the Road, as codified in 33 CFR Subchapter E, Inland
Navigational Rules, remain in effect within the RNA and must be
strictly followed at all times.
    (c) Enforcement period. This regulation will be in place from 8:00
a.m. on February 1, 2015 until December 31, 2016. This RNA's speed
restrictions are enforceable 24 hours a day as long as this RNA is in
place. The Coast Guard will enforce waterway closures only when
necessary to protect people and vessels from hazards associated with
bridge construction.
    (d) Notification. The Coast Guard will rely on the methods
described in 33 CFR 165.7 to notify the public of the time and duration
of any closure of the RNA. Violations of this RNA may be reported to
the COTP at<PHONE_NUMBER> or on VHF-Channel 16.

    Dated: December 22, 2015.
L.L. Fagan,
Admiral, U.S. Coast Guard, Commander, First Coast Guard District.
[FR Doc. 2015-00178 Filed 1-8-15; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 81, Number 52 (Thursday, March 17, 2016)]
[Notices]
[Pages 14497-14500]
[FR Doc No: 2016-05989]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77355; File No. SR-NASDAQ-2016-031]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Fees Under Rule 7018(a)

March 11, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934

(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on February 29, 2016, The NASDAQ Stock Market LLC (``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I, II, and III, below,
which Items have been prepared by the Exchange. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
---------------------------------------------------------------------------

    \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

    The Exchange proposes to amend Rule 7018(a), concerning the fees
and credits provided for the use of the order execution and routing
services of the Nasdaq Market Center by members for all securities
priced at $1 or more that it trades. While these amendments are
effective upon filing, the Exchange has designated the proposed
amendments to be operative on March 1, 2016.
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaq.cchwallstreet.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 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 purpose of the proposed rule change is to amend Rule 7018(a),
concerning the fees and credits provided for the use of the order
execution and routing services of the Nasdaq Market Center by members
for all securities priced at $1 or more that it trades. The Exchange is
proposing to: (i) Increase a credit provided to a member for displayed
quotes/orders that provide liquidity; (ii) modify the criteria required
to receive a credit; and (iii) eliminate the fees and credits provided
for execution of Orders in Select Symbols, as described further below.
First Change
    The Exchange is proposing to increase a credit that it provides to
members for displayed liquidity under Rule 7018(a). Currently, the
Exchange provides a credit of $0.0030 per share executed to a member
for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) that provide liquidity if the member has (i)
shares of liquidity provided in all securities during the month
representing at least 0.15% of Consolidated Volume during the month,
through one or more of its Nasdaq Market Center MPIDs, and (ii) Adds
[sic] NOM Market Maker liquidity in Penny Pilot Options and/or Non-
Penny Pilot Options of 0.90% or more of total industry ADV in the
customer clearing range for Equity and ETF option contracts per day in
a month on the Nasdaq Options Market. The Exchange provides the credit
with the same criteria to securities of all three Tapes \3\ under Rule
7018(a)(1)-(3).
---------------------------------------------------------------------------

    \3\ Tape C securities are those that are listed on the Exchange,
Tape A securities are those that are listed on NYSE, and Tape B
securities are those that are listed on exchanges other than Nasdaq
or NYSE.
---------------------------------------------------------------------------

    The Exchange is proposing to increase the credit provided from
$0.0030 per share executed to $0.00305 per share executed applicable to
securities of all three Tapes. The Exchange believes that increasing
the credit will provide members with a greater incentive to increase
their provision of liquidity on both the Exchange and the Nasdaq
Options Market.
Second Change
    The Exchange is proposing to modify the criteria required to
receive a credit for providing non-displayed orders (other than
Supplemental Orders) that provide liquidity. Currently, the Exchange
provides a credit of $0.0005 per share executed for other non-displayed
orders if the member provides an average daily volume of 1 million or
more shares per day through midpoint orders or other non-displayed
orders during the month in Tape C securities.
    Similarly, the Exchange provides a credit of $0.0010 per share
executed for other \4\ non-displayed orders if the member provides an
average daily volume of 1 million or more shares per day through
midpoint orders or other non-displayed orders during the month in Tape
A and B securities.
---------------------------------------------------------------------------

    \4\ The Exchange also provides credits for non-displayed mid-
point orders that provide liquidity under the rule.
---------------------------------------------------------------------------

    The Exchange is proposing to modify the qualification criteria for
each of the credit tiers under Rule 7018(a)(1)-(3) to now require that
a member provide 0.03% or more of Consolidated Volume \5\ during the
month through midpoint orders or other non-displayed orders in lieu of
the current requirement that the member have an average daily volume of
1 million or more shares per day through midpoint orders or other non-
displayed orders during the month.
---------------------------------------------------------------------------

    \5\ Consolidated Volume is the total consolidated volume
reported to all consolidated transaction reporting plans by all
exchanges and trade reporting facilities during a month in equity
securities, excluding executed orders with a size of less than one
round lot. For purposes of calculating Consolidated Volume and the
extent of a member's trading activity, expressed as a percentage of
or ratio to Consolidated Volume, the date of the annual
reconstitution of the Russell Investments Indexes shall be excluded
from both total Consolidated Volume and the member's trading
activity. See Rule 7018(a).
---------------------------------------------------------------------------

    The Exchange believes that the new criteria will more closely tie
the amount [sic] midpoint orders and other non-displayed orders
required to receive the credit with the overall market conditions in
any given month.
    The Exchange is also proposing to eliminate the credit it provides
for all other non-displayed orders (other than Supplemental Orders)
that provide liquidity in Tape A and B securities, which do not
otherwise qualify for the higher tier discussed above. Currently, the
Exchange provides a credit of $0.0005 per share executed for other non-
displayed orders in Tape A and B securities that provide liquidity. The
Exchange does not provide a credit and does not assess a fee for such
orders in Tape C securities. The Exchange is proposing to harmonize the
credit tiers for Tape A and B securities with [sic] credit tier for
Tape C securities by eliminating the $0.0005 per share executed credit
and not assessing a fee or credit for such orders.
Third Change
    The Exchange is proposing to eliminate the credit provided for
certain ``select symbols'' under Rule 7018(a)(4). Under the current
rule, [sic] members receiving less than a $0.0029 per share executed
credit in [sic] pursuant to Rule 7018(a)(1)-(3) for displayed quotes/
orders (other than Supplemental Orders or Designated Retail Orders)
that provide liquidity for the securities listed under the rule, the
Exchange will provide a credit of $0.0029 per share executed instead of
the lower credit to these members for those securities. Currently, the
credit provided by the

rule applies to the following securities, by ticker symbol: EEM, EWJ,
GDX, IWM, NUGT, SPY, UWTI, VXX, XIV, and XLF. The Exchange did not
observe an appreciable improvement in market quality in the select
symbols on the Exchange, which was its goal in adopting the credit.\6\
As a consequence, the Exchange is proposing to eliminate the credit
[sic]
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 73967 [sic] (October
29, 2015), 80 FR 68377 (November 4, 2015) (SR-NASDAQ-2015-126).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \7\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act \8\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility or
system which the Exchange operates or controls, and is not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

First Change
    The Exchange believes that the proposed increase to the credit it
provides to members for displayed liquidity is reasonable because it is
designed to further incentivize members to improve the market through
the provision of shares of liquidity in all securities during the
month, consistent with its efforts to draw additional order flow to the
Exchange to improve market quality for all market participants. If
effective, the Exchange believes that the increased incentive will
improve overall market quality on both the Exchange and NOM. The
Exchange believes that the proposed increased credit is an equitable
allocation and is not unfairly discriminatory because the Exchange will
provide the credit to all members that qualify for it under the rule.
Second Change
    The Exchange believes that modifying the criteria required to
receive the credit for providing non-displayed orders (other than
Supplemental Orders) that provide liquidity is reasonable because the
proposed change will more closely align the level of liquidity provided
by the members in comparison to the market as a whole.
    Specifically, the Exchange is tying the requirement to Consolidated
Volume provided during the month through midpoint orders or other non-
displayed orders in lieu of the current requirement that the member
have an average daily volume of 1 million or more shares per day
through midpoint orders or other non-displayed orders during the month.
    The Exchange believes that the new criteria may potentially make
achieving the credit more difficult to the extent Consolidated Volume
is high in a given month and will likely represent a stricter criterion
upon adoption. The Exchange believes it is a better metric to apply to
measure a member's participation through midpoint orders or other non-
displayed orders during the month in contrast to a static criteria
average daily volume. The Exchange believes that the proposed
modification of the criteria is equitably allocated [sic] and not
unfairly discriminatory because the amended credit criteria applies
uniformly to securities across all Tapes and all members that elect to
meet the criteria of the credit tier will receive the credit.
    The Exchange believes reducing the credit it provides for all other
non-displayed orders (other than Supplemental Orders) that provide
liquidity in Tape A and B securities that do not otherwise qualify for
the higher tier is reasonable because the Exchange must periodically
assess the effectiveness of the incentives it provides in the form of
reduced fees and credits and, in certain cases, change or eliminate
those fees and credits once they are no longer needed. By doing so, the
Exchange is able to deploy incentives in other areas that the Exchange
determines are in need of market improvement. The Exchange notes that
it currently does not provide any credit for such orders in Tape C
securities.
    The Exchange believes that the proposed elimination of the credits
is equitably allocated and not unfairly discriminatory because all
members will neither receive a credit nor be assessed a fee under the
tier, regardless of the listing venue of the security.
Third Change
    The Exchange believes that eliminating the credit provided to
members for transactions in ``select symbols'' under Rule 7018(a) is
reasonable because the Exchange did not observe an appreciable
improvement in market quality in the select symbols which, as
explained, was the Exchange's goal in adopting the credit.
    As noted above, the Exchange must periodically assess the
effectiveness of the incentives it provides in the form of reduced fees
and credits and, in the case of ineffective incentives, eliminate the
incentive so that the Exchange may apply its resources to other,
possibly more effective, incentives.
    The Exchange believes that elimination of the credit is equitably
allocated and not unfairly discriminatory because it will apply to all
members equally. In this regard, the credit was available to any member
that met the criteria and in the absence of the credit, members may now
qualify for other, albeit lower, credits under Rule 7018(a).

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 not necessary or appropriate in
furtherance of the purposes of the Act. In terms of inter-market
competition, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive, or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees to remain competitive with other exchanges and with
alternative trading systems that have been exempted from compliance
with the statutory standards applicable to exchanges. Because
competitors are free to modify their own fees in response, and because
market participants may readily adjust their order routing practices,
the Exchange believes that the degree to which fee changes in this
market may impose any burden on competition is extremely limited.
    In this instance, the proposed changes to the credits available to
member firms for execution of securities of the three Tapes do not
impose a burden on competition because the Exchange's execution
services are completely voluntary and subject to extensive competition
both from other exchanges and from off-exchange venues.
    The proposed changes to the credits provided to members are
reflective of a robust and competitive securities market, where trading
venues must provide incentives to participants in the form of credits
to attract order flow and adjust those incentives to make them more
competitive or to allow the Exchange to provide other market-improving
incentives elsewhere.
    Moreover, trading venues are free to adjust their fees and credits
in response to any changes that the Exchange makes to its fees and
credits. If any of the changes proposed herein are [sic] unattractive
to market participants, it is likely that the Exchange will lose

market share as a result. Accordingly, the Exchange does not believe
that the proposed changes will impair the ability of members or
competing order execution venues to maintain their competitive standing
in the financial markets [sic].

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\9\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

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-NASDAQ-2016-031 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-NASDAQ-2016-031. 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 principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2016-031 and should
be submitted on or before April 7, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Lynn M. Powalski,
Deputy Secretary.
[FR Doc. 2016-05989 Filed 3-16-16; 8:45 am]
 BILLING CODE 8011-01-P