[Federal Register Volume 77, Number 216 (Wednesday, November 7, 2012)]
[Notices]
[Pages 66825-66826]
[FR Doc No: 2012-27178]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP13-8-000; PF12-6-000]

Columbia Gas Transmission, LLC.; Notice of Application

    Take notice that on October 22, 2012, Columbia Gas Transmission,
LLC. (Columbia) filed with the Federal Energy Regulatory Commission an
application under section 7 of the Natural Gas Act to construct, and
operate approximately 21.1 miles of 26-inch diameter natural gas
pipeline and appurtenant facilities designed to enhance the safety of
its aging infrastructure and to increase service reliability to its
customers. Columbia's proposal, known as the Line MB Extension Project,
would be constructed parallel and adjacent to its existing Line MA for
most of its length and is located in Baltimore and Hartford Counties,
Maryland. The Line MB Extension project would provide Columbia
operational flexibility and reduce the risk of service outages on a
vulnerable part of its system that supplies service to large
northeastern metropolitan markets. The total cost of the project is
estimated to be approximately $131,942,000, all as more fully set forth
in the application which is on file with the Commission and open to
public inspection. This filing is available for review at the
Commission in the Public Reference Room or may be viewed on the
Commission's Web site at http://www.ferc.gov using the ``eLibrary''
link. Enter the docket number excluding the last three digits in the
docket number field to access the document. For assistance, contact
FERC at<EMAIL_ADDRESS>or call toll-free,<PHONE_NUMBER> or
TYY,<PHONE_NUMBER>.
    Any questions regarding the application should be directed to
Michael Walker, Manager, FERC Certificates, Columbia Gas Transmission,
LLC, P.O. Box 1273, Charleston, West Virginia 25325-1273, by phone at
304-357-2443 or by email at<EMAIL_ADDRESS>or to Alex Oehler,
Director, Government Affairs & Community Relations, Columbia Gas
Transmission, LLC, 10 G Street NE., Suite 400, Washington, DC 20002, by
phone at<PHONE_NUMBER>, by fax at<PHONE_NUMBER> or by email at
<EMAIL_ADDRESS>    On January 24, 2012, the Commission staff granted Columbia's
request to utilize the Pre-Filing Process and assigned Docket No. PF12-
6-000 to staff activities involved the Line MB

Extension Project. Now as of the filing the October 22, 2012
application, the Pre-Filing Process for this project has ended. From
this time forward, this proceeding will be conducted in Docket No.
CP13-8-000, as noted in the caption of this Notice.
    Pursuant to section 157.9 of the Commission's rules, 18 CFR 157.9,
within 90 days of this Notice the Commission staff will either:
complete its environmental assessment (EA) and place it into the
Commission's public record (eLibrary) for this proceeding; or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or EA for this
proposal. The filing of the EA in the Commission's public record for
this proceeding or the issuance of a Notice of Schedule for
Environmental Review will serve to notify federal and state agencies of
the timing for the completion of all necessary reviews, and the
subsequent need to complete all federal authorizations within 90 days
of the date of issuance of the Commission staff's FEIS or EA.
    There are two ways to become involved in the Commission's review of
this project. First, any person wishing to obtain legal status by
becoming a party to the proceedings for this project should, on or
before the comment date stated below file with the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426, a
motion to intervene in accordance with the requirements of the
Commission's Rules of Practice and Procedure (18 CFR 385.214 or
385.211) and the Regulations under the NGA (18 CFR 157.10). A person
obtaining party status will be placed on the service list maintained by
the Secretary of the Commission and will receive copies of all
documents filed by the applicant and by all other parties. A party must
submit seven copies of filings made in the proceeding with the
Commission and must mail a copy to the applicant and to every other
party. Only parties to the proceeding can ask for court review of
Commission orders in the proceeding.
    However, a person does not have to intervene in order to have
comments considered. The second way to participate is by filing with
the Secretary of the Commission, as soon as possible, an original and
two copies of comments in support of or in opposition to this project.
The Commission will consider these comments in determining the
appropriate action to be taken, but the filing of a comment alone will
not serve to make the filer a party to the proceeding. The Commission's
rules require that persons filing comments in opposition to the project
provide copies of their protests only to the party or parties directly
involved in the protest.
    Persons who wish to comment only on the environmental review of
this project should submit an original and two copies of their comments
to the Secretary of the Commission. Environmental commentors will be
placed on the Commission's environmental mailing list, will receive
copies of the environmental documents, and will be notified of meetings
associated with the Commission's environmental review process.
Environmental commentors will not be required to serve copies of filed
documents on all other parties. However, the non-party commentors will
not receive copies of all documents filed by other parties or issued by
the Commission (except for the mailing of environmental documents
issued by the Commission) and will not have the right to seek court
review of the Commission's final order.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the ``eFiling'' link
at http://www.ferc.gov. Persons unable to file electronically should
submit an original and seven copies of the protest or intervention to
the Federal Energy regulatory Commission, 888 First Street NE.,
Washington, DC 20426.
    Comment Date: 5:00 p.m. Eastern Time on November 23, 2012.

    Dated: November 1, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-27178 Filed 11-6-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 96 (Tuesday, May 19, 2015)]
[Rules and Regulations]
[Pages 28559-28561]
[FR Doc No: 2015-12121]

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

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2015-0300]
RIN 1625-AA00

Safety Zone; Agat Marina, Agat, Guam

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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

SUMMARY: The Coast Guard will establish a safety zone in the waters of
Agat Marina, Guam, to be enforced daily during the repairs to the Agat
marina channel markers from 7:30 a.m. through 6:00 p.m. from May 25,
2015 through June 8, 2015 while the construction barge is in the
channel. The safety zone will encompass all waters within 25 yards of
the construction barge in the Agat Marina Channel. This safety zone is
necessary to protect the crew working the channel markers, and the
mariners from the hazards of the repairs taking place at the Agat
Marina.

DATES: This rule is effective from 7:30 a.m. May 25, 2015 through 6:00
p.m., (local Kilo time) on August 8, 2015. This rule is enforced daily
Monday through Saturday from 7:30 a.m. to 6:00 p.m. May 25, 2015
through June 8, 2015 (local Kilo time).

ADDRESSES: Documents indicated in this preamble as being available in
the docket are part of docket USCG-2015-0300 and are available online
by going to http://www.regulations.gov, inserting USCG-2015-0300 in the
``Keyword'' box, and then clicking ``Search.'' They are also available
for inspection or copying at the 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, 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 rule, call Chief Kristina Gauthier, U.S. Coast Guard Sector
Guam at<PHONE_NUMBER>.
    If you have questions on viewing the docket, call Cheryl Collins,
Program Manager, Docket Operations; telephone<PHONE_NUMBER>, or 1-800-
647-5527.

SUPPLEMENTARY INFORMATION:

Table of Acronyms

DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking
COTP Captain of the Port
PAG Port Authority Guam

Regulatory Information

    The Coast Guard is issuing this temporary final rule without prior
notice and opportunity to comment pursuant to authority under section
4(a) of the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because the official notification of Agat
Marina Channel repairs, and the need for this safety zone, was not
finalized 60 days prior to the start of the repairs. Publishing an NPRM
and delaying the effective date would be contrary to the public
interest since the event would occur before the rulemaking process was
complete, thereby jeopardizing the safety of the people and property
unknowingly transiting or remaining in the area.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for not publishing an NPRM prior to making this rule effective
30 days after publication in the Federal Register. The COTP finds this
good cause to be the immediate need for a safety zone to allay the
aforementioned safety concerns surrounding the construction work to be
undertaken at Agat Marina.

Basis and Purpose

    The legal basis for this rule is the Coast Guard's authority to
establish limited access areas: 33 U.S.C. 1231; 46 U.S.C. Chapter 701,
3306, 3703; 50 U.S.C. 191, 195; 33 CFR 1.05-1, 6.04-6, 160.5; Public
Law 107-295, 116 Stat. 2064; and Department of Homeland Security
Delegation No. 0170.1.
    A safety zone is a water area, shore area, or water and shore area,
for which access is limited to authorized person, vehicles, or vessels
for safety or environmental purposes. The purpose of this rulemaking is
to protect mariners from the potential hazards associated with the
construction barge operating in a narrow channel.

Discussion of Rule

    In order to protect the public from the hazards of the construction
associated with the channel marker replacement, the Coast Guard is
establishing a temporary safety zone, enforced daily Monday through
Saturday, from 7:30 a.m. to 6:00 p.m. May 25, 2015 through June 8, 2015
(Kilo, Local Time). Enforcement dates may need to be changed or
adjusted in the event that sea or weather conditions are not conducive
to safe operations. In the event of a change in dates the new dates and
times will be broadcast in a Broadcast Notice to Mariners and
transmited via email to all port partners. The safety zone is located
within the Guam COTP Zone (See 33 CFR 3.70-15), and will cover all
waters of the Agat Marina Channel located at 13 degrees 28 minutes 54
seconds North and 144 degrees 47 minutes 30 seconds East (NAD 1983),
from the surface of the water to the ocean floor within 25 yards of the
construction barge KIWI 1. There will be a no wake zone while
transiting the entire channel. The general regulations governing safety
zones contained in 33 CFR 165.23 apply. Any Coast Guard commissioned,
warrant or petty officer, and any COTP representative permitted by law,
may enforce the zone. The COTP may waive any of the requirements of
this rule for any person, vessel, or class of vessel upon finding that
application of the safety zone is unnecessary or impractical for the
purpose of maritime safety. Vessels or persons violating this rule are
subject to the penalties set forth in 33 U.S.C. 1232.

Regulatory Analyses

    We developed this rule after considering numerous statutes and
executive orders related to rulemaking. Below we summarize our analyses
based on 13 of these statutes or executive orders.

Regulatory Planning and Review

    This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory Planning and Review, and does not
require an assessment of potential costs and benefits under section
6(a)(3) of that Order. The Office of Management and Budget has not
reviewed it under that Order.

Small Entities

    Under the Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered whether this rule would have a significant economic impact
on a substantial number of small entities. The term ``small entities''
comprises small businesses, not-for-profit organizations that are
independently owned and operated and are not dominant in their fields,
and governmental jurisdictions with populations of less than 50,000.
    The Coast Guard certifies under 5 U.S.C. 605(b) that this rule will
not have a significant economic impact on a

substantial number of small entities. This rule would affect the
following entities, some which might be small entities: The owners or
operators of vessels intending to transit the Agat Marina Channel daily
from 07:30 a.m. May 25, 2015 through 6 p.m. June 8, 2015. Due to the
nature of the work to be undertaken to ensure the proper demarkation of
the Agat Marina Channel, the channel will be adversely affected during
the anticipated 14 days of construction. The narrowing of the channel
in the area around the construction barge will require additional
safety precautions be taken by local mariners. The safety zone will not
have significant economic impact on a substantial number small entities
for the following reasons. The nature of the work and location of the
barge may cause some delays in the entering and exiting of the channel
by small boat operators berthed in the Agat Marina, however traffic
will still be allowed to transit around the construction barge with no
wake. Before the activation of the zone, maritime advisories will be
widely available to users of the channel.

Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we offer to assist small
entities in understanding the rule so that they can better evaluate its
effects on them and participate in the rulemaking process.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

Collection of Information

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

Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on State or local
governments and would either preempt State law or impose a substantial
direct cost of compliance on them. We have analyzed this rule under
that Order and have determined that it does not have implications for
federalism.

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 or more in any
one year. Though this rule will not result in such an expenditure, we
do discuss the effects of this rule elsewhere in this preamble.

Taking of Private Property

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

Civil Justice Reform

    This 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.

Protection of Children

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

Indian Tribal Governments

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

Energy Effects

    We have analyzed this rule under Executive Order 13211, Actions
Concerning Regulations That Significantly Affect Energy Supply,
Distribution, or Use.

Technical Standards

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

Environment

    We have analyzed this 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 concluded
this action is one of a category of actions which do not individually
or cumulatively have a significant effect on the human environment.
This rule is categorically excluded, under figure 2-1, paragraph
(34)(g), of the Instruction. This rule involves is categorically
excluded from further environmental documentation because it is a
regulation establishing a safety zone. An environmental analysis
checklist and a categorical exclusion determination are available in
the docket where indicated under ADDRESSES.

List of Subjects in 33 CFR Part 165

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

    For the reasons discussed in the preamble, the Coast Guard amends
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. 1226, 1231; 46 U.S.C. Chapter 701; 50
U.S.C. 191, 195; 33 CFR 1.05-1(g), 6.04-1, 6.04-6, and 160.5; Pub.
L. 107-295, 116 Stat. 2064; Department of Homeland Security
Delegation No. 0170.1.

0
2. Add Sec.  165.T14-300 to read as follows:

Sec.  165.T14-300  Safety Zone; Agat Marina, Agat, Guam.

    (a) Location. The following area, within the Guam COTP Zone (See 33
CFR 3.70-15), from the surface of the water to the ocean floor, is a
safety zone: 25 yards around the construction barge KIWI 1 in the
waters of Agat Marina, Guam located at 13 degrees 28 minutes 54 seconds
North and 144 degrees 47 minutes 30 seconds East (NAD 1983). There is a
no wake zone established for the entire length of the Agat Channel.
    (b) Effective Dates. This rule is effective from 7:30 a.m. May 25,
2015 through 6:00 p.m. on August 8, 2015 (Kilo, Local Time) while the
construction barge KIWI 1 is in the channel.

    (c) Regulations. The general regulations governing safety zones
contained in 33 CFR 165.23 apply. Entry into, transit through or
anchoring within this zone is prohibited unless authorized by the COTP
or a designated representative thereof. Authorization can be requested
from PAG Harbor Master via phone at<PHONE_NUMBER> ext 533.
    (d) Enforcement. This rule is enforced daily Monday through
Saturday from 7:30 a.m. to 6:00 p.m. May 25, 2015 through June 8, 2015
(Kilo, Local Time) while the construction barge KIWI 1 is in the
channel. Any Coast Guard commissioned, warrant, or petty officer, and
any other COTP representative permitted by law, may enforce this
temporary safety zone.
    (e) Waiver. The COTP may waive any of the requirements of this rule
for any person, vessel, or class of vessel upon finding that
application of the safety zone is unnecessary or impractical for the
purpose of maritime security.
    (f) Penalties. Vessels or persons violating this rule are subject
to the penalties set forth in 33 U.S.C. 1232.

    Dated: April 30, 2015.
James B. Pruett,
Captain, U.S. Coast Guard, Captain of the Port Guam.
[FR Doc. 2015-12121 Filed 5-18-15; 8:45 am]
 BILLING CODE P


[Federal Register Volume 84, Number 167 (Wednesday, August 28, 2019)]
[Notices]
[Pages 45205-45206]
[FR Doc No: 2019-18571]

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

DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2019-0333]

Qualification of Drivers; Exemption Applications; Epilepsy and
Seizure Disorders

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of applications for exemption; request for comments.

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

SUMMARY: FMCSA announces receipt of applications from five individuals
for an exemption from the prohibition in the Federal Motor Carrier
Safety Regulations (FMCSRs) against persons with a clinical diagnosis
of epilepsy or any other condition that is likely to cause a loss of
consciousness or any loss of ability to control a commercial motor
vehicle (CMV) to drive in interstate commerce. If granted, the
exemptions would enable these individuals who have had one or more
seizures and are taking anti-seizure medication to operate CMVs in
interstate commerce.

DATES: Comments must be received on or before September 27, 2019.

ADDRESSES: You may submit comments identified by the Federal Docket
Management System (FDMS) Docket No. FMCSA-2019-0333 using any of the
following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov/docket?D=FMCSA-2019-0333. Follow the online
instructions for submitting comments.
     Mail: Docket Management Facility; U.S. Department of
Transportation, 1200 New Jersey Avenue SE, West Building Ground Floor,
Room W12-140, Washington, DC 20590-0001.
     Hand Delivery: West Building Ground Floor, Room W12-140,
1200 New Jersey Avenue SE, Washington, DC, between 9 a.m. and 5 p.m.,
ET, Monday through Friday, except Federal Holidays.
     Fax:<PHONE_NUMBER>.
    To avoid duplication, please use only one of these four methods.
See the ``Public Participation'' portion of the SUPPLEMENTARY
INFORMATION section for instructions on submitting comments.

FOR FURTHER INFORMATION CONTACT: Ms. Christine A. Hydock, Chief,
Medical Programs Division,<PHONE_NUMBER><EMAIL_ADDRESS>FMCSA,
Department of Transportation, 1200 New Jersey Avenue SE, Room W64-224,
Washington, DC 20590-0001. Office hours are 8:30 a.m. to 5 p.m., ET,
Monday through Friday, except Federal holidays. If you have questions
regarding viewing or submitting material to the docket, contact Docket
Services,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Public Participation

A. Submitting Comments

    If you submit a comment, please include the docket number for this
notice (Docket No. FMCSA-2019-0333), 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 or by fax, mail, or hand delivery, but please use only
one of these means. FMCSA recommends that you include your name and a
mailing address, an email address, or a phone number in the body of
your document so that FMCSA can contact you if there are questions
regarding your submission.
    To submit your comment online, go to http://www.regulations.gov/docket?D=FMCSA-2019-0333. Click on the ``Comment Now!'' button and type
your comment into the text box on the following screen. Choose whether
you are submitting your comment as an individual or on behalf of a
third party and then submit.
    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.
    FMCSA will consider all comments and material received during the
comment period.

B. Viewing Documents and Comments

    To view comments, as well as any documents mentioned in this notice
as being available in the docket, go to http://www.regulations.gov/docket?D=FMCSA-2019-0333 and choose the document to review. If you do
not have access to the internet, you may view the docket online by
visiting the Docket Management Facility in Room W12-140 on the ground
floor of the DOT West Building, 1200 New Jersey Avenue SE, Washington,
DC 20590, between 9 a.m. and 5 p.m., ET, Monday through Friday, except
Federal holidays.

C. Privacy Act

    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.

II. Background

    Under 49 U.S.C. 31136(e) and 31315(b), FMCSA may grant an exemption
from the FMCSRs for no longer than a 5-year period if it finds such
exemption would likely achieve a level of safety that is equivalent to,
or greater than, the level that would be achieved absent such
exemption. The statute also allows the Agency to renew exemptions at
the end of the 5-year period. FMCSA grants medical exemptions from the
FMCSRs for a 2-year period to align with the maximum duration of a
driver's medical certification.
    The five individuals listed in this notice have requested an
exemption from the epilepsy and seizure disorders prohibition in 49 CFR
391.41(b)(8). Accordingly, the Agency will evaluate the qualifications
of each applicant to determine whether granting the exemption will
achieve the required level of safety mandated by statute.
    The physical qualification standard for drivers regarding epilepsy
found in Sec.  391.41(b)(8) states that a person is physically
qualified to drive a CMV if that person has no established medical

history or clinical diagnosis of epilepsy or any other condition which
is likely to cause the loss of consciousness or any loss of ability to
control a CMV.
    In addition to the regulations, FMCSA has published advisory
criteria \1\ to assist medical examiners (MEs) in determining whether
drivers with certain medical conditions are qualified to operate a CMV
in interstate commerce.
---------------------------------------------------------------------------

    \1\ These criteria may be found in APPENDIX A TO PART 391--
MEDICAL ADVISORY CRITERIA, section H. Epilepsy: Sec.  391.41(b)(8),
paragraphs 3, 4, and 5, which is available on the internet at
https://www.gpo.gov/fdsys/pkg/CFR-2015-title49-vol5/pdf/CFR-2015-title49-vol5-part391-appA.pdf.
---------------------------------------------------------------------------

    The criteria states that if an individual has had a sudden episode
of a non-epileptic seizure or loss of consciousness of unknown cause
that did not require anti-seizure medication, the decision whether that
person's condition is likely to cause the loss of consciousness or loss
of ability to control a CMV should be made on an individual basis by
the ME in consultation with the treating physician. Before
certification is considered, it is suggested that a 6-month waiting
period elapse from the time of the episode. Following the waiting
period, it is suggested that the individual have a complete
neurological examination. If the results of the examination are
negative and anti-seizure medication is not required, then the driver
may be qualified.
    In those individual cases where a driver has had a seizure or an
episode of loss of consciousness that resulted from a known medical
condition (e.g., drug reaction, high temperature, acute infectious
disease, dehydration, or acute metabolic disturbance), certification
should be deferred until the driver has recovered fully from that
condition, has no existing residual complications, and is not taking
anti-seizure medication.
    Drivers who have a history of epilepsy/seizures, off anti-seizure
medication and seizure-free for 10 years, may be qualified to operate a
CMV in interstate commerce. Interstate drivers with a history of a
single unprovoked seizure may be qualified to drive a CMV in interstate
commerce if seizure-free and off anti-seizure medication for a 5-year
period or more.
    As a result of MEs misinterpreting advisory criteria as regulation,
numerous drivers have been prohibited from operating a CMV in
interstate commerce based on the fact that they have had one or more
seizures and are taking anti-seizure medication, rather than an
individual analysis of their circumstances by a qualified ME based on
the physical qualification standards and medical best practices.
    On January 15, 2013, FMCSA announced in a Notice of Final
Disposition titled, ``Qualification of Drivers; Exemption Applications;
Epilepsy and Seizure Disorders,'' (78 FR 3069), its decision to grant
requests from 22 individuals for exemptions from the regulatory
requirement that interstate CMV drivers have ``no established medical
history or clinical diagnosis of epilepsy or any other condition which
is likely to cause loss of consciousness or any loss of ability to
control a CMV.'' Since that time, the Agency has published additional
notices granting requests from individuals for exemptions from the
regulatory requirement regarding epilepsy found in Sec.  391.41(b)(8).
    To be considered for an exemption from the epilepsy and seizure
disorders prohibition in Sec.  391.41(b)(8), applicants must meet the
criteria in the 2007 recommendations of the Agency's Medical Expert
Panel (78 FR 3069).

III. Qualifications of Applicants

Lucas Meeker

    Mr. Meeker is a 25-year-old class D driver in Ohio. He has a
history of epilepsy and has been seizure free since 2002. He takes
anti-seizure medication with the dosage and frequency remaining the
same since 2017. His physician states that he is supportive of Mr.
Meeker receiving an exemption.

Michael Miller

    Mr. Miller is a 42-year-old class C driver in Texas. He has a
history of a seizure disorder and has been seizure free since 2005. He
takes anti-seizure medication with the dosage and frequency remaining
the same since 2009. His physician states that he is supportive of Mr.
Miller receiving an exemption.

Jason A. Plummer

    Mr. Plummer is a 44-year-old Chauffeur license holder in Indiana.
He has a history of seizure disorder and has been seizure free since
2011. He takes anti-seizure medication with the dosage and frequency
remaining the same since 2011. His physician states that he is
supportive of Mr. Plummer receiving an exemption.

Keith Sayre

    Mr. Sayre is a 45-year-old class D driver in Ohio. He has a history
of a seizure disorder and has been seizure free since 2001. He takes
anti-seizure medication with the dosage and frequency remaining the
same since 2009. His physician states that he is supportive of Mr.
Sayre receiving an exemption.

Tyler Tilseth

    Mr. Tilseth is a 29-year-old class D driver in New Mexico. He has a
history of seizure disorder and has been seizure free since 2007. He
takes anti-seizure medication with the dosage and frequency remaining
the same since 2007. His physician states that he is supportive of Mr.
Tilseth receiving an exemption.

IV. Request for Comments

    In accordance with 49 U.S.C. 31136(e) and 31315(b), FMCSA requests
public comment from all interested persons on the exemption petitions
described in this notice. We will consider all comments received before
the close of business on the closing date indicated under the DATES
section of the notice.

    Issued on: August 16, 2019.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2019-18571 Filed 8-27-19; 8:45 am]
 BILLING CODE 4910-EX-P


[Federal Register Volume 77, Number 8 (Thursday, January 12, 2012)]
[Notices]
[Pages 1968-1969]
[FR Doc No: 2012-481]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66116; File No. SR-BX-2012-001]

Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Remove
References to the Russell[reg] 2000 Index (RUT)

January 6, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 5, 2012, NASDAQ OMX BX, Inc. (the ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared by the self-regulatory organization. The Exchange filed the
proposal as a ``non-controversial'' proposed rule change pursuant to
Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\
which renders the proposal effective upon filing with the Commission.
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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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

    The Exchange proposes to amend Chapter XIV (Index Rules) of the
Rules of the Boston Options Exchange Group, LLC (``BOX'') to remove
references to the Russell[reg] 2000 Index (RUT). The text of the
proposed rule change is available from the principal office of the
Exchange, at the Commission's Public Reference Room and also on the
Exchange's Internet Web site at http://nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/Filings/.

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

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

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

1. Purpose
    Options on the Russell[reg] 2000 Index (RUT) are no longer listed
or traded on BOX, and as such, the Exchange proposes to remove the
references to RUT cited below from Chapter XIV (Index Rules) of the BOX
Trading Rules.
    Supplementary Material .01 to Section 2 of the Index Rules
identifies the reporting authorities designated in respect of each
underlying index for options traded on BOX, including the Frank Russell
Company for RUT.
    Section 5 of the Index Rules specifies position limits for certain
broad-based index options, including RUT, and the Russell 2000 Value
Index and Russell 2000 Growth Index. Neither of these indexes is traded
on BOX so the Exchange proposes to delete these references as well.
    Section 7 of the Index Rules provides certain exemptions from
position limits, and provides a specific exemption related to RUT or
the Nasdaq 100 Index. The Exchange proposes to delete the reference to
RUT as inapplicable.
    Section 10 of the Index Rules permits the Exchange to list up to
seven expiration months at any one time for certain broad-based index
options, including RUT. Additionally, Section 10(a)(4) specifically
references options on RUT as one of the European-style index options
approved for trading on BOX, Section 10(a)(5)(ii) references options on
RUT as A.M.-settled index options approved for trading on BOX and
Section 10 (c) references RUT in its ``Procedures for Adding and
Deleting Strike Prices.'' These references will now be inapplicable as
RUT will no longer be traded on BOX. As such, the Exchange proposes to
delete them.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\5\ in general, and Section
6(b)(5) of the Act,\6\ in particular, in that it is designed to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism for a free and open market and a national market
system and, in general, to protect investors and the public interest.
In particular, this proposed change removes from the BOX Trading Rules
references to RUT that are no longer applicable because options on RUT
have been delisted and are no longer traded on BOX.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.

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

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

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

    Because the foregoing proposed rule does not (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
30 days from the date on which it was filed, or such shorter time as
the Commission may designate if consistent with the protection of
investors and the public interest, provided that the self-regulatory
organization has given the Commission written notice of its intent to
file the proposed rule change at least five business days prior to the
date of filing of the proposed rule change or such shorter time as
designated by the Commission,\7\ the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\
---------------------------------------------------------------------------

    \7\ The Exchange has satisfied this requirement.
    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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.

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-BX-2012-001 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549.

All submissions should refer to File Number SR-BX-2012-001. 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 a.m. and 3
p.m. Copies of such 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-BX-2012-001 and should be submitted on
or before February 2, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

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

Kevin M. O'Neill.
Deputy Secretary.
[FR Doc. 2012-481 Filed 1-11-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 150 (Friday, August 3, 2018)]
[Notices]
[Pages 38187-38191]
[FR Doc No: 2018-16596]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83738; File No. SR-CboeBYX-2018-012]

Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to
Exchange Rule 11.13, Order Execution and Routing, To Amend the
Operation of the Super Aggressive Order Instruction

July 30, 2018.
    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 July 16, 2018, Cboe BYX Exchange, Inc. (the ``Exchange'' or ``BYX'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Exchange has designated this
proposal as a ``non-controversial'' proposed rule change pursuant to
Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\
which renders it effective upon filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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

    The Exchange filed a proposal to amend paragraph (b)(4)(C) of
Exchange Rule 11.13 related to Super Aggressive order instructions.
    The text of the proposed rule change is available at the Exchange's
website at www.markets.cboe.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 parts 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 the description of the Super
Aggressive Re-Route instruction (``Super Aggressive instruction'')
under paragraph (b)(4)(C) of Exchange Rule 11.13, Order Execution and
Routing to: (i) Specify that an incoming BYX Post Only Order or Partial
Post Only at Limit Order that would lock a resting order with a Super
Aggressive instruction must be designated as eligible for display on
the Exchange (a ``displayed order'') for the order with a Super
Aggressive instruction to engage in a liquidity swap and execute
against that incoming order; and (ii) modify language from the
description of the Super Aggressive instruction that states if an order
that does not contain a Super Aggressive instruction maintains higher
priority than one or more Super Aggressive eligible orders, the Super
Aggressive eligible order(s) with lower priority would not be converted
and an incoming BYX Post Only Order or Partial Post Only at Limit Order
would be posted or cancelled in accordance with Exchange Rule
11.9(c)(6) or 11.9(c)(7).
    At the outset, the Exchange notes that based on the Exchange's
current pricing schedule, because BYX offers rebates to remove
liquidity and charges fees to add liquidity, BYX Post Only Orders and
Partial Post Only at Limit Orders remove liquidity on entry against
resting interest and are not booked/displayed if there is contra-side
interest. As such, the descriptions below of the changes to Rule
11.13(b)(4)(C), including the examples of the revised operation of the
Super Aggressive functionality are currently inapplicable because BYX
Post Only Orders and Partial Post Only at Limit Orders execute against
resting liquidity first, before the logic discussed below is triggered.
However, consistent with its prior practice, the Exchange is proposing
the changes to Rule 11.13(b)(4)(C) related to the Super Aggressive
instruction in this filing in order to retain consistent rules and
functionality with its affiliated exchanges \5\ to the extent the
Exchange decides to propose changes to its fee structure in the future
such that ``Post Only'' functionality is more relevant to the operation
of the Exchange.
---------------------------------------------------------------------------

    \5\ The Exchange notes that its affiliates, Cboe BZX Exchange,
Inc. and Cboe EDGX Exchange, Inc., also recently filed to adopt the
functionality described in this filing and such functionality is
applicable on such exchanges because orders equivalent to BYX Post
Only Orders and/or Partial Post Only at Limit Orders can be entered
on such exchanges and do not always remove against contra-side
interest on entry pursuant to such exchanges' fee schedules. See SR-
CboeBZX-2018-051 and SR-CboeEDGX-2018-025, each filed July 11, 2018.
---------------------------------------------------------------------------

    Super Aggressive is an optional order instruction that directs the
System \6\ to route an order when an away Trading Center locks or
crosses the limit price of the order resting on the BYX Book.\7\ If an
order with a Super Aggressive instruction were to be locked by an
incoming BYX Post Only Order or Partial Post Only at Limit Order
(hereafter collectively referred to as a ``Post Only Order'') that does
not remove liquidity pursuant to Rule 11.9(c)(6) or 11.9(c)(7),
respectively,\8\

the order with a Super Aggressive instruction would be converted to an
executable order and would remove liquidity against such incoming
order.
---------------------------------------------------------------------------

    \6\ The term ``System'' is defined as ``the electronic
communications and trading facility designated by the Board through
which securities orders of Users are consolidated for ranking,
execution and, when applicable, routing away.'' See Exchange Rule
1.5(aa).
    \7\ See Exchange Rule 1.5(e).
    \8\ A BYX Post Only Order will remove contra-side liquidity from
the BYX Book if the order is an order to buy or sell a security
priced below $1.00 or if the value of such execution when removing
liquidity equals or exceeds the value of such execution if the order
instead posted to the BYX Book and subsequently provided liquidity,
including the applicable fees charged or rebates provided. See
Exchange Rule 11.9(c)(6). A Partial Post Only at Limit Order will
remove liquidity from the BYX Book up to the full size of the order
if, at the time of receipt, it can be executed at prices better than
its limit price. See Exchange Rule 11.9(c)(7). As noted above, due
to the current BYX pricing schedule, which offers rebates to remove
liquidity, Post Only Orders are not booked/displayed if there is
contra-side interest and instead remove liquidity against resting
interest. Accordingly, an order with a Super Aggressive instruction
will not be converted under the current fee schedule.
---------------------------------------------------------------------------

    First, the Exchange proposes to modify the Super Aggressive
instruction to require that the incoming Post Only Order that would
lock a resting order with a Super Aggressive instruction must be
designated as a displayed order for an execution to occur. The Super
Aggressive instruction is generally utilized for best execution
purposes because it enables the order to immediately attempt to access
displayed liquidity on another Trading Center that is either priced
equal to or better than the order with a Super Aggressive instruction's
limit price. The Super Aggressive instruction would also enable the
order to execute against an equally priced incoming Post Only Order
that would otherwise not execute by being willing to act as the
liquidity remover in such a scenario.\9\ Under BYX Rules, the incoming
Post Only Order could either be a displayed order or a non-displayed
order for it to engage in a liquidity swap with an order with a Super
Aggressive instruction resting on the BYX Book.
---------------------------------------------------------------------------

    \9\ But see supra note 8.
---------------------------------------------------------------------------

    Consistent with the Super Aggressive instruction to access
liquidity displayed on other Trading Centers, the Exchange proposes to
amend the Super Aggressive instruction such that an order with such
instruction would execute against an equally priced incoming Post Only
Order only when such order would be displayed on the BYX Book. The
order with a Super Aggressive instruction would act as a liquidity
remover in such a scenario. Should an equally priced incoming Post Only
Order not be designated as a displayed order, the resting order with a
Super Aggressive instruction would remain on the BYX Book and await an
execution where it may act as a liquidity provider. An incoming Post
Only Order that would also be designated as a non-displayed order would
be posted to the BYX Book at its limit price, creating an internally
locked non-displayed book. As is the case today, an execution would
continue to occur where an incoming Post Only Order is priced more
aggressively than the order with a Super Aggressive instruction resting
on the BYX Book, regardless of whether the incoming Post Only Order was
designated as a displayed order or a non-displayed order.\10\
---------------------------------------------------------------------------

    \10\ See id.
---------------------------------------------------------------------------

    The Exchange notes that Users seeking to act as a liquidity remover
once resting on the BYX Book in all cases (i.e., seeking to execute
against incoming Post Only orders regardless of the display
instruction) would be able to attach the Non-Displayed Swap (``NDS'')
instruction to their order.\11\ The NDS instruction is similar to the
Super Aggressive instruction, in that it also would be an optional
order instruction that a User may include on an order that directs the
Exchange to have such order, when resting on the BYX Book, execute
against an incoming Post Only Order rather than have it be locked by
the incoming order. Under BYX Rules, because orders with either
instruction (i.e., Super Aggressive and NDS) would execute against
incoming Post Only Orders regardless of whether the order is to be
displayed, the instructions are currently identical with two
exceptions. First, an order with a Super Aggressive instruction would
not convert into a liquidity removing order and execute against a Post
Only Order if there is an order on the order book with priority over
such order that does not also contain a Super Aggressive instruction.
As further described below, the Exchange is proposing to modify this
feature of the Super Aggressive instruction. The second current
distinction between the two instructions, which would remain, is that
an order with a Super Aggressive instruction can be displayed on the
Exchange whereas an order with the NDS instruction must be non-
displayed. As amended, the additional distinction between the two
instructions would be whether an order would become a liquidity
removing order against any Post Only Order that would lock it (i.e.,
NDS) or only when the Post Only Order that would lock it also is a
displayed order (i.e., Super Aggressive).
---------------------------------------------------------------------------

    \11\ See Exchange Rule 11.9(c)(12).
---------------------------------------------------------------------------

    The below examples illustrate the proposed behavior should the
Exchange propose to change its fee schedule such that ``Post Only''
functionality is more relevant to the operation of the Exchange.\12\
Assume the National Best Bid and Offer (``NBBO'') is $10.00 by $10.10.
An order to buy is displayed on the BYX Book at $10.00 with a Super
Aggressive instruction. There are no other orders resting on the BYX
Book. An order to sell at $10.00 with a Post Only that is designated as
a displayed order is entered. The incoming order to sell would execute
against the resting order to buy at $10.00, the locking price, because
the incoming order was designated as a displayed order. The order to
buy would act as the liquidity remover and the order to sell would act
as the liquidity adder. However, no execution would occur if the
incoming order to sell was designated as a non-displayed order.
Instead, the incoming order to sell would be posted non-displayed to
the BYX Book at $10.00, its limit price, causing the BYX Book to be
internally locked.
---------------------------------------------------------------------------

    \12\ See supra note 8.
---------------------------------------------------------------------------

    Second, the Exchange proposes to enable a Post Only Order that is
designated as a displayed order to execute against an equally priced
non-displayed order with a Super Aggressive instruction where a non-
displayed order without a Super Aggressive instruction maintains time
priority over the Super Aggressive eligible order at that price. In
such case, the non-displayed, non-Super Aggressive order would seek to
remain a liquidity provider and would cede time priority to the order
with a Super Aggressive instruction, which is willing to act as a
liquidity remover to facilitate the execution. The Exchange proposes to
effect this change by modifying language in the description of the
Super Aggressive instruction to state that if an order displayed on the
BYX Book does not contain a Super Aggressive instruction and maintains
higher priority than one or more Super Aggressive eligible orders, the
Super Aggressive eligible order(s) with lower priority will not be
converted and the incoming Post Only Order will be posted or cancelled
in accordance with Exchange Rule 11.9(c)(6) or Rule 11.9(c)(7). Thus,
an order with a Super Aggressive instruction, whether displayed on the
Exchange or non-displayed, would never execute ahead of a displayed
order that maintains time priority.
    Should the Exchange determine to change its fee schedule, the
operation of the Super Aggressive instruction with respect to incoming
contra-side orders received by the Exchange, would be designed to
facilitate executions that would otherwise not occur due to the Post
Only Order requirement to not remove liquidity. Users entering orders
with the Super Aggressive instruction tend to be fee agnostic because
an order with a Super Aggressive instruction is willing to route to an
away Trading Center displaying an equally or better priced order (i.e.,
pay a fee at such Trading Center). Meanwhile, an order without the
Super Aggressive instruction elects to remain on the BYX Book as the
liquidity provider until it may execute against an incoming order that
would act as the liquidity remover.

Therefore, if the fee schedule is changed in the future, the proposed
change to enable the Super Aggressive order to execute against an
incoming order, regardless of whether a non-displayed order without a
Super Aggressive instruction maintains priority, would be consistent
with the User's intent for both orders--one choses to remain the
liquidity provider and forgo the execution while the other is willing
to execute irrespective of whether it is the liquidity provider or
remover. The Exchange notes that similar behavior occurs for orders
utilizing the NDS instruction,\13\ which also would seek to engage in a
liquidity swap against incoming Post Only Orders. The Exchange,
however, has proposed to retain the existing limitation with respect to
orders displayed on the BYX Book.
---------------------------------------------------------------------------

    \13\ See Exchange Rule 11.9(c)(12). See also Securities Exchange
Act Release No. 83536 (June 28, 2018), (SR-CboeBYX-2018-009)
(including an example where an order cedes execution priority to an
order with an NDS instruction).
---------------------------------------------------------------------------

    The following example illustrates the operation of an order with a
Super Aggressive instruction under the proposed rule change should the
Exchange propose to change its fee schedule such that ``Post Only''
functionality is more relevant to the operation of the Exchange.\14\
Assume the NBBO is $10.00 by $10.04. There is a non-displayed Limit
Order to buy resting on the BYX Book at $10.03 (``Order A''). A second
non-displayed Limit Order to buy at $10.03 is then entered with a Super
Aggressive instruction and has time priority behind the first Limit
Order (``Order B''). A Post Only Order to sell priced at $10.03 is
entered. Under current behavior, the incoming sell Post Only Order
would not execute against Order A and would post to the BYX Book \15\
because the value of such execution against the resting buy order when
removing liquidity does not equal or exceed the value of such execution
if the order instead posted to the BYX Book and subsequently provided
liquidity, including the applicable fees charged or rebates provided.
Further, the incoming sell Post Only Order could not execute against
Order B because Order A is on the BYX Book and maintains time priority
over Order B. Under the proposed change, the incoming sell order, if it
was designated as a displayed order, would execute against Order B and
Order B would become the remover of liquidity while the incoming sell
Post Only Order would become the liquidity provider. In such case,
Order A cedes priority to Order B because Order A did not also include
a Super Aggressive instruction \16\ and thus the User that submitted
the order did not indicate the preference to be treated as the remover
of liquidity in favor of an execution; instead, by not using Super
Aggressive, a User indicates the preference to remain posted on the BYX
Book as a liquidity provider. However, if the incoming sell order was
priced at $10.02, it would receive sufficient price improvement to
execute upon entry against all resting buy Limit Orders in time
priority at $10.03.\17\ Also, if Order A was displayed on the BYX Book,
no execution would occur, as the proposed change would only apply to
non-displayed liquidity.
---------------------------------------------------------------------------

    \14\ See supra note 8.
    \15\ Such order would be posted to the BYX Book in accordance
with the Exchange's re-pricing instructions to comply with Rule
610(d) of Regulation NMS. See Exchange Rules 11.9(g)(1) and (g)(2).
See also 242 CFR 242.610(d).
    \16\ This behavior is consistent with the operation of the
Exchange's NDS instruction. See supra note 13.
    \17\ The execution occurs here because the value of the
execution against the buy order when removing liquidity exceeds the
value of such execution if the order instead posted to the BYX Book
and subsequently provided liquidity, including the applicable fees
charged or rebates provided. See supra note 8.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \18\ in general, and furthers the objectives of Section
6(b)(5) of the Act \19\ in particular, in that it is designed to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The proposed changes to the Super Aggressive order instruction are
designed to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, to protect investors and the public interest. The Super
Aggressive instruction is an optional feature that is intended to
reflect the order management practices of various market participants.
The proposal to limit the execution of an order with a Super Aggressive
instruction to execute against incoming Post Only Orders that also are
designated as displayed orders promotes just and equitable principles
of trade because it would enable Users to elect an order instruction
consistent with their intent to execute only against displayed orders,
in part, for best execution purposes. The amended Super Aggressive
instruction would ensure executions at the best available price
displayed on another Trading Center or against an incoming order that
would have been displayed on the BYX Book. Users seeking to act as a
liquidity remover once resting on the BYX Book and execute against an
incoming Post Only Order that is also designated as a non-displayed
order may attach the NDS instruction to their order.\20\
---------------------------------------------------------------------------

    \20\ See Exchange Rule 11.9(c)(12).
---------------------------------------------------------------------------

    Should the Exchange determine to change its fee schedule such that
``Post Only'' functionality is more relevant to the operation of the
Exchange, the proposed change to the Super Aggressive instruction would
also remove impediments to and perfect the mechanism of a free and open
market and a national market system because it would be designed to
facilitate executions that would otherwise not occur due to the Post
Only Order requirement to not remove liquidity under such amended fee
schedule.\21\ The proposal enables non-displayed Super Aggressive
orders to execute against an incoming order, regardless of whether
another non-displayed order without a Super Aggressive instruction
maintains priority consistent with the User's intent for both orders--
one chooses to remain the liquidity provider and forgo the execution
while the other is willing to execute irrespective of whether it is the
liquidity provider or remover. The non-Super Aggressive order would
seek to remain a liquidity provider and would cede its time priority to
the order with a Super Aggressive instruction, which would be willing
to act as a liquidity remover to facilitate the execution. It also
would enable an order without the Super Aggressive instruction to
remain on the BYX Book as a liquidity provider, consistent with the
expected operation of their resting order. The Exchange notes that
similar behavior occurs for orders utilizing the NDS \22\ instruction,
which also seeks to engage in a liquidity swap against incoming Post
Only Orders. Finally, by limiting the proposed change to non-displayed
orders, the proposal would remain consistent with NDS and also would
retain existing functionality with respect to the handling of displayed
orders.
---------------------------------------------------------------------------

    \21\ See supra note 8.
    \22\ See supra note 13.

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

    For the reasons set forth above, the Exchange believes the proposal
removes impediments to and perfects the mechanism of a free and open
market and a national market system, and, in general, protects
investors and the public interest.

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

    The Exchange notes that there will be no burden on competition
based on the Exchange's current fee schedule, because as described
above, Post Only Orders remove against resting contra-side interest on
entry, and thus, the revised functionality is inapplicable.\23\
Further, in the event the Exchange modifies its fee schedule, 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, as amended. On the contrary,
the proposed changes to the Super Aggressive order instruction are
intended to improve the usefulness of the instruction and to align its
operation with the intention of the User, resulting in enhanced
competition through increased usage and execution quality on the
Exchange. Thus, to the extent the change is intended to improve
functionality on the Exchange to encourage Users to direct their orders
to the Exchange, the change is competitive, but the Exchange does not
believe the proposed change will result in any burden on intermarket
competition as it is a minor change to available functionality. The
proposed changes to the Super Aggressive order instruction also promote
intramarket competition because they will facilitate the execution of
orders that would otherwise remain unexecuted consistent with the
intent of the User entering the order, thereby increasing the efficient
functioning of the Exchange. Further, the Super Aggressive order
instruction will remain available to all Users in the same way it is
today. Thus, Users can continue to choose between various optional
order instructions, including Super Aggressive, NDS, and others,
depending on the order handling they prefer the Exchange to utilize.
Therefore, the Exchange does not believe the proposed rule change will
result in any burden on intramarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \23\ See supra note 8.
---------------------------------------------------------------------------

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

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

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \24\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\25\
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \25\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of the filing. However,
Rule 19b-4(f)(6)(iii) \26\ permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. In its filing, BYX requested that
the Commission waive the 30-day operative delay so that the Exchange
can implement the proposed rule change promptly after filing. The
proposed changes to the Super Aggressive instruction would not impact
trading under the current pricing schedule, but the Exchange noted that
it intends to update its systems to implement the proposed changes on a
similar schedule to its affiliates.\27\ BYX indicated its desire to
maintain rules and functionality similar to its affiliated exchanges
and noted that the proposed rule changes would be relevant if the
Exchange decides to alter its pricing.
---------------------------------------------------------------------------

    \26\ 17 CFR 240.19b-4(f)(6)(iii).
    \27\ See note 4 supra.
---------------------------------------------------------------------------

    Should BYX determine to change its fee schedule such that the Post
Only functionality is more relevant to the operation of the Exchange,
BYX stated that the proposal to allow an order with a Super Aggressive
instruction to execute against an incoming Post Only order only if the
Post Only order is displayable would be consistent with the use of the
Super Aggressive instruction to access liquidity displayed on other
Trading Centers. Further, according to the Exchange, users seeking to
execute against incoming non-displayable Post Only orders would
continue to be able to attach the NDS order instruction, as well as
other order instructions that may permit such executions. In addition,
the Exchange stated that the proposed priority change where non-
displayed orders without a Super Aggressive instruction would cede
priority to non-displayed orders with a Super Aggressive instruction is
similar to, and consistent with, the Exchange's priority ceding
functionality for orders with an NDS instruction and would facilitate
executions that would otherwise not occur due to an incoming Post Only
order's requirement not to remove liquidity.
    The Commission believes that waiver of the 30-day operative delay
is consistent with the protection of investors and the public interest,
as such waiver will permit the Exchange to promptly update its rules
and systems to maintain consistency with its affiliate exchanges. The
Commission also notes that the proposed rule change relates to optional
functionality that is consistent with existing functionality and, if
selected by Exchange users, may enable them to better manage their
orders and may increase order interaction on the Exchange in the event
the Exchange changes its fee schedule such that the Post Only
functionality is more relevant to the operation of the Exchange.
Accordingly, the Commission hereby waives the 30-day operative delay
and designates the proposed rule change operative upon filing.\28\
---------------------------------------------------------------------------

    \28\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    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 protected]. Please include
File Number SR-CboeBYX-2018-012 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-CboeBYX-2018-012. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeBYX-2018-012, and should be
submitted on or before August 24, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
---------------------------------------------------------------------------

    \29\ 17 CFR 200.30-3(a)(12) and (59).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018-16596 Filed 8-2-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 174 (Monday, September 11, 2023)]
[Notices]
[Pages 62417-62420]
[FR Doc No: 2023-19470]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-98285; File No. SR-NASDAQ-2023-031]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify Requirements Relating to the Waiver of the Code of Conduct in
Listing Rule 5610 and IM-5610

September 5, 2023.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 21, 2023, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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 modify the requirements related to the
waiver of the code of conduct in Listing Rules 5610 and IM-5610.
    The text of the proposed rule change is set forth below. Proposed
new language is italicized; deleted text is in brackets.
* * * * *

The Nasdaq Stock Market Rules

* * * * *

5610. Code of Conduct

    Each Company shall adopt a code of conduct applicable to all
directors, officers and employees, which shall be publicly
available. A code of conduct satisfying this rule must comply with
the definition of a ``code of ethics'' set out in section 406(c) of
the Sarbanes-Oxley Act of 2002 (``the Sarbanes-Oxley Act'') and any
regulations promulgated thereunder by the Commission. [See 17 CFR
228.406 and 17 CFR 229.406.] In addition, the code must provide for
an enforcement mechanism. Any waivers of the code for directors or
Executive Officers must be approved by the [B]board or a board
committee. Companies, other than Foreign Private Issuers, shall
disclose such waivers within four business days by filing a current
report on Form 8-K with the Commission or, in cases where a Form 8-K
is not required, by distributing a press release. Foreign Private
Issuers shall disclose such waivers within four business days either
by distributing a press release or including disclosure in a Form 6-
K[ or in the next Form 20-F or 40-F]. Alternatively, within four
business days, a Company, including a Foreign Private Issuer, may
disclose waivers on the Company's website in a manner that satisfies
the requirements of Item 5.05(c) of Form 8-K.

IM-5610. Code of Conduct

    Ethical behavior is required and expected of every corporate
director, officer and employee whether or not a formal code of
conduct exists. The requirement of a publicly available code of
conduct applicable to all directors, officers and employees of a
Company is intended to demonstrate to investors that the board and
management of Nasdaq Companies have carefully considered the
requirement of ethical dealing and have put in place a system to
ensure that they become aware of and take prompt action against any
questionable behavior. For Company personnel, a code of conduct with
enforcement provisions provides assurance that reporting of
questionable behavior is protected and encouraged, and fosters an
atmosphere of self-awareness and prudent conduct.
    Rule 5610 requires Companies to adopt a code of conduct
complying with the definition of a ``code of ethics'' under section
406(c) of the Sarbanes-Oxley Act of 2002 (``the Sarbanes-Oxley
Act'') and any regulations promulgated thereunder by the Commission.
[See 17 CFR 228.406 and 17 CFR 229.406.] Thus, the code must include
such standards as are reasonably necessary to promote the ethical
handling of conflicts of interest, full and fair disclosure, and
compliance with laws, rules and regulations, as specified by the
Sarbanes-Oxley Act. However, the code of conduct required by Rule
5610 must apply to all directors, officers, and employees. Companies
can satisfy this obligation by adopting one or more codes of
conduct, such that all directors, officers and employees are subject
to a code that satisfies the definition of a ``code of ethics.''
    As the Sarbanes-Oxley Act recognizes, investors are harmed when
the real or perceived private interest of a director, officer or
employee is in conflict with the interests of the Company, as when
the individual receives improper personal benefits as a result of
his or her position with the Company, or when the individual has
other duties, responsibilities or obligations that run counter to
his or her duty to the Company. Also, the disclosures a Company
makes to the Commission are the essential source of information
about the Company for regulators and investors--there can be no
question about the duty to make them fairly, accurately and timely.
Finally, illegal action must be dealt with swiftly and the violators
reported to the appropriate authorities. Each code of conduct must
require that any waiver of the code for Executive Officers or
directors may be made only by the board or a board committee and
must be disclosed to Shareholders, along with the reasons for the
waiver. All Companies, other than Foreign Private Issuers, must
disclose such waivers within four business days by filing a current
report on Form 8-K with the Commission, providing website disclosure
that satisfies the requirements of Item 5.05(c) of Form 8-K, or, in
cases where a Form 8-K is not required, by distributing a press
release. Foreign Private Issuers must disclose such waivers within
four business days either by providing website disclosure that
satisfies the requirements of Item 5.05(c) of Form 8-K, by including
disclosure in a Form 6-K[ or in the next Form 20-F or 40-F] or by
distributing a press release. This disclosure requirement provides
investors the comfort that waivers are not granted except where they
are truly necessary and warranted, and that they are limited and
qualified so as to protect the Company and its Shareholders to the
greatest extent possible.
    Each code of conduct must also contain an enforcement mechanism
that ensures prompt and consistent enforcement of the code,
protection for persons reporting questionable behavior, clear and
objective standards for compliance, and a fair process by which to
determine violations.
* * * * *

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.
* * * * *
    (b) Not applicable.
    (c) Not applicable.

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

1. Purpose
    Nasdaq is proposing to amend Listing Rules 5610 and IM-5610 to
provide that waivers of the code of conduct for directors or executive
officers may be approved by a board committee rather than exclusively
by the board, as this rule currently requires and to require that
Foreign Private Issuers must disclose such waivers within four business
days.
    Ethical behavior is required and expected of every corporate
director, officer and employee whether or not a formal code of conduct
exists. The requirement of a publicly available code of conduct
applicable to all directors, officers and employees of a company is
intended to demonstrate to investors that the board and management of
Nasdaq companies have carefully considered the requirement of ethical
dealing and have put in place a system to ensure that they become aware
of and take prompt action against any questionable behavior. For
company personnel, a code of conduct with enforcement provisions
provides assurance that reporting of questionable behavior is protected
and encouraged, and fosters an atmosphere of self-awareness and prudent
conduct.
    Listing Rules 5610 and IM-5610 require companies to adopt a code of
conduct applicable to directors, officers, and employees, which shall
be publicly available. A code of conduct satisfying this rule must
comply with the definition of a ``code of ethics'' set out in section
406(c) of the Sarbanes-Oxley Act of 2002 and any regulations
promulgated thereunder by the Commission.\3\ In addition, the code must
provide for an enforcement mechanism. Any waivers of the code for
directors or executive officers must be approved by the board and
publicly disclosed to shareholders, along with the reasons for the
waiver. Companies, other than foreign private issuers, must disclose
such waivers within four business days by filing a current report on
Form 8-K with the Commission or, in cases where a Form 8-K is not
required, by distributing a press release. Foreign private issuers must
disclose such waivers either by distributing a press release or
including disclosure in a Form 6-K or in the next Form 20-F or 40-F.\4\
Nasdaq believes this

disclosure requirement provides investors the comfort that waivers are
not granted except where they are truly necessary and warranted, and
that they are limited and qualified so as to protect the company and
its shareholders to the greatest extent possible.
---------------------------------------------------------------------------

    \3\ See 17 CFR 229.406.
    \4\ See Listing Rule 5610. Alternatively, a company, including a
foreign private issuer, may disclose waivers on the company's
website in a manner that satisfies the requirements of Item 5.05(c)
of Form 8-K. If a company elects to disclose the information through
its website, such information must remain available on the website
for at least a 12-month period. Following the 12-month period, the
company must retain the information for a period of not less than
five years. See also instructions to Item 16B of Form 20-F.
---------------------------------------------------------------------------

    By expressly setting out the inherent obligation of ethical conduct
in this manner, Nasdaq provides assurance to investors, regulators and
itself that each of its issuers has in place a system to focus
attention throughout the company on the obligation of ethical conduct,
encourage reporting of potential violations, and deal fairly and
promptly with questionable behavior.
    Nasdaq is proposing to allow waivers of the code to be approved
either by the board of directors or a committee of the board. This
would give listed companies flexibility to place the oversight of a
company's code of conduct within the jurisdiction of a particular
committee if that structure is more effective and appropriate, while
following the obligations of ethical conduct required by Listing Rules
5610 and IM-5610. The approach of delegating oversight authority to a
board committee is also consistent with the provisions of Listing Rule
5630 that requires approval of related party transactions by the
company's audit committee or another independent body of the board of
directors.\5\ In addition, Nasdaq believes that the proposed change
would align the requirements of this rule with the requirements of Rule
303A.10 of the Listed Company Manual of the New York Stock Exchange
(``NYSE'').\6\
---------------------------------------------------------------------------

    \5\ See Listing Rule 5630.
    \6\ In 2002, the NASD, through its subsidiary, The Nasdaq Stock
Market, Inc., filed with the Commission a proposed rule change to
amend NASD Rules to adopt the code of conduct requirements. See
Securities Exchange Act Release No. 48125 (July 2, 2003), 68 FR
41194 (July 10, 2003) (SR-NASD-2002-139) (``Nasdaq Code of Conduct
Proposal''). At about the same time, NYSE proposed similar changes
to its listing standards. See Securities Exchange Act Release No.
47672 (April 11, 2003) 68 FR 19051 (April 17, 2003) (``NYSE
Corporate Governance Proposal''). The Commission discussed and
approved both the Nasdaq Code of Conduct Proposal and the NYSE
Corporate Governance Proposal in one order (the ``2003 Order''). See
Securities Exchange Act Release No. 48745 (November 4, 2003), 68 FR
64154 (November 12, 2003).
---------------------------------------------------------------------------

    Nasdaq is also proposing to clarify that Foreign Private Issuers
are required to disclose any waivers of the code for directors or
executive officers within four business days by providing website
disclosure that satisfies the requirements of Item 5.05(c) of Form 8-K,
by including disclosure in a Form 6-K or by distributing a press
release. The disclosure of any code of conduct waivers provides
investors the comfort that waivers are not granted except where they
are truly necessary and warranted, and that they are limited and
qualified so as to protect the company and its shareholders to the
greatest extent possible. Accordingly, Nasdaq believes that Foreign
Private Issuers, like other Nasdaq listed companies, should be required
to make such disclosure within four business days by providing website
disclosure that satisfies the requirements of Item 5.05(c) of Form 8-K,
by including disclosure in a Form 6-K or by distributing a press
release rather than providing such disclosure in the next Form 20-F or
40-F.\7\
---------------------------------------------------------------------------

    \7\ Listing Rules 5610 and IM-5610 already specifically provide
that companies, other than Foreign Private Issuers, must disclose
code of conduct waivers within four business. Nasdaq is proposing to
remove references in Listing Rules 5610 and IM-5610 to Forms 20-F
and 40-F as an alternative disclosure venue for code of conduct
waivers.
---------------------------------------------------------------------------

    Finally, Nasdaq proposes to remove citation to 17 CFR 228.406 and
17 CFR 229.406 from the rule language, without changing the substance
of Rules 5610 and IM-5610, to maintain consistency within the rulebook.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with section
6(b) of the Act,\8\ in general, and furthers the objectives of section
6(b)(5) of the Act,\9\ in particular, in that it is 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.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Nasdaq believes that the proposed amendments to Listing Rules 5610
and IM-5610 to provide that waivers of the code of conduct for
directors or executive officers may be approved by a board committee
and to require that Foreign Private Issuers must disclose such waivers
within four business days are designed to protect investors and the
public interest because there would continue to be other significant
protections for shareholders with respect to the waivers of the code of
conduct. Specifically, consistent with the provisions of Listing Rule
5630, waivers of the code of conduct for directors or executive
officers would be approved by the board or a board committee and
publicly disclosed, as described above. Nasdaq believes this disclosure
requirement provides investors the comfort that waivers are not granted
except where they are truly necessary and warranted, and that they are
limited and qualified so as to protect the company and its shareholders
to the greatest extent possible. The proposed amendment would make
Nasdaq's requirements regarding the granting of the waivers by the
board or a board committee of the code of conduct substantively similar
to those of the NYSE.\10\ In the 2003 Order, the Commission determined
that this approach is consistent with the requirements of the Exchange
Act.
---------------------------------------------------------------------------

    \10\ Nasdaq reviewed recent code of ethics disclosure of a
sample of NYSE listed companies and observed that a number of
companies provide for waivers to the code of conduct to be approved
by the board or a board committee.
---------------------------------------------------------------------------

    Finally, Nasdaq believes that removing citation from the rule
language is consistent with the requirements of the Exchange Act
because the removal does not change the substance of the rule.

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. The proposed rule change will
make Nasdaq requirements with respect to the waivers of the code of
conduct substantively similar to those of the NYSE. All listed
companies would be affected in the same manner by these changes. As
such, these changes are neither intended to, nor expected to, impose
any burden on competition.

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

    Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to section

19(b)(3)(A)(iii) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    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.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
file number SR-NASDAQ-2023-031 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-2023-031. 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 website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-NASDAQ-2023-031 and should
be submitted on or before October 2, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-19470 Filed 9-8-23; 8:45 am]
BILLING CODE 8011-01-P