[Federal Register Volume 85, Number 92 (Tuesday, May 12, 2020)]
[Notices]
[Pages 28028-28031]
[FR Doc No: 2020-10044]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2020-0022]

Assistance to Firefighters Grant Program--COVID-19 Supplemental
(AFG-S)

AGENCY: Federal Emergency Management Agency (FEMA), Department of
Homeland Security (DHS).

ACTION: Notice of availability.

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SUMMARY: On March 27, 2020, the President signed into law the
Coronavirus Aid, Relief, and Economic Security Act (``CARES Act'').
This bill provides $100 million for AFG-S to prevent, prepare for, and
respond to coronavirus, domestically or internationally. Specifically,
AFG-S funds shall be for the purchase of Personal Protective Equipment
(PPE) and related supplies, including reimbursements for previously
purchased PPE back to January 1, 2020. Pursuant to the Federal Fire
Prevention and Control Act of 1974, as amended, the Administrator of
FEMA is publishing this notice describing the AFG-S application
process, deadlines, and award selection criteria. This notice explains
the differences, if any, between these guidelines and those recommended
by representatives of the national fire service leadership during a
Criteria Development meeting, which was held April 20, 2020. The
application period for the FY 2020 AFG-S Program opened on April 28,
2020, and will close on May 15, 2020, and was announced on the AFG
website at: https://www.fema.gov/welcome-assistance-firefighters-grant-program, as well as at www.grants.gov.

DATES: Grant applications for AFG-S will be accepted electronically at
https://go.fema.gov, from April 28, 2020, at 8:00 a.m. Eastern Standard
Time through May 15, 2020, at 5:00 p.m. Eastern Standard Time.

ADDRESSES: Assistance to Firefighters Grant Branch, DHS/FEMA, 400 C
Street SW, 3N, Washington, DC 20472-3635.

FOR FURTHER INFORMATION CONTACT: Catherine Patterson, Branch Chief,
Assistance to Firefighters Grant Branch, 1-866-274-0960.

SUPPLEMENTARY INFORMATION: The FY 2020 AFG-S is a supplemental funding
opportunity under the Assistance to Firefighters Grant Program (AFG).
The AFG is one of three grant programs that constitute DHS/FEMA's focus
on enhancing the safety of the public and firefighters with respect to
fire and fire-related hazards. AFG-S accomplishes this by providing
financial assistance directly to eligible fire departments,
nonaffiliated emergency medical service (NAEMS) organizations, and
State Fire Training Academies (SFTAs) for critical PPE and supplies
needed to prevent, prepare for, and respond to the COVID-19 public
health emergency. Applications for AFG-S will be submitted and
processed online at https://go.fema.gov. Before the application period
started, the FY 2020 AFG-S Notice of Funding Opportunity (NOFO) was
published on the AFG website. The AFG website provides additional
information and materials useful to applicants including Frequently
Asked Questions. FEMA anticipates receiving 1,000-5,000 applications
for AFG-S, and the ability to award approximately 1,000 grants.
    Congressional Appropriations: Congress appropriated $100 million
for AFG-S (Coronavirus Aid, Relief, and Economic Security (CARES) Act,
Div. B (Pub. L. 116-136)). The CARES Act provides an additional amount
of Federal assistance through the Assistance to Firefighters Grant
Program to prevent, prepare for, and respond to coronavirus,
domestically or internationally. Accordingly, the amount provided shall
be for the purchase of PPE and related supplies, including
reimbursements.
    Allocations and Restrictions of Available Grant Funds by
Organization Type:
    Aggregate Cap: Awards are capped at 1 percent of the total AFG-S
grant funding.
    Nonaffiliated EMS (NAEMS) Organizations: Not more than 2 percent of
available grant funds shall be collectively awarded to all NAEMS
organization recipients.
    Emergency Medical Services Providers: Not less than 3.5 percent of
available grant funds shall fund emergency medical services provided by
fire departments and NAEMS organizations.
    State Fire Training Academies (SFTAs): Not more than 3 percent of
available grant funds shall be collectively awarded to all SFTA
recipients. Further, not more than $500,000 of available grant funds
are eligible per applicant.
    Micro Grants: The selection of the voluntary Micro Grant option
(cumulative Federal funding of $3,000) for eligible activities does not
impact an applicant's request or Federal participation under regional
projects. Applicants who select Micro Grants as

a funding opportunity choice may still apply for a regional project.
Further, at least $150,000 of the available funds will be allocated
toward this applicant type.
    Regional Projects: A regional application is an opportunity for a
Fire Department or a NAEMS organization to act as a host and apply for
funding on behalf of itself and any number of other participating AFG
eligible organizations (a NAEMS organization who is a host regional
applicant can only host other NAEMS organizations). Fire Departments
that serve as host regional applicants can apply on behalf of other
eligible fire departments and NAEMS organizations within the same
application. SFTAs are not eligible to apply under the regional
activity. Regional activities should achieve cost effectiveness,
support regional efficiency and resilience, and benefit more than one
local jurisdiction (county, parish, town, township, city, or village)
directly from the activities implemented with the grant funds.

Application Evaluation Criteria

    Prior to making a grant award, FEMA is required by 31 U.S.C. 3321
note, 41 U.S.C. 2313, and 2 CFR 200.205 to review information available
through any Office of Management and Budget (OMB) designated
repositories of government-wide eligibility qualification or financial
integrity information. Therefore, application evaluation criteria may
include the following risk-based considerations of the applicant: (1)
Financial stability; (2) quality of management systems and ability to
meet management standards; (3) history of performance in managing
Federal awards; (4) reports and findings from audits; and (5) ability
to effectively implement statutory, regulatory, or other requirements.
    Funding priorities and criteria for evaluating AFG-S applications
are established by FEMA based on the recommendations from the Criteria
Development Panel (CDP). The CDP is comprised of fire service
professionals that make recommendations to FEMA regarding the creation
of new or the modification of previously established funding
priorities, as well as developing criteria for awarding grants. The
content of the NOFO reflects implementation of the CDP's
recommendations with respect to the priorities and evaluation criteria
for awards.
    The nine major fire service organizations represented on the CDP
are:

 International Association of Fire Chiefs
 International Association of Fire Fighters
 National Volunteer Fire Council
 National Fire Protection Association
 National Association of State Fire Marshals
 International Association of Arson Investigators
 International Society of Fire Service Instructors
 North American Fire Training Directors
 Congressional Fire Service Institute

Review and Selection Process

    AFG applications will be reviewed through a multi-phase process.
All applications will be electronically pre-scored and ranked based on
how well they align with the funding priorities outlined in the NOFO.
Applications with the highest pre-score rankings will then be scored
competitively by (no less than three) members of the Peer Review Panel
process. Applications will also be evaluated through a series of
internal FEMA review processes for completeness, adherence to
programmatic guidelines, technical feasibility, and anticipated
effectiveness of the proposed project(s). Below is the process by which
applications will be reviewed.

i. Pre-Scoring Process

    The application undergoes an electronic pre-scoring process based
on established program priorities listed within the NOFO and answers to
activity-specific questions within the online application. Application
narratives are not reviewed during pre-scoring. Request details and
budget information should comply with program guidance and statutory
funding limitations. The pre-score is 50 percent of the total
application score.

ii. Peer Review Panel Process

    Applications with the highest pre-score will undergo peer review.
The peer review panel is comprised of fire service representatives
recommended by CDP national organizations. The panelists assess the
merits of each application based on the narrative section of the
application, including the evaluation elements listed in the Narrative
Evaluation Criteria below. Panelists will independently score each
project within the application, discuss the merits and/or shortcomings
of the application with his or her peers, and document the findings. A
consensus is not required. The panel score is 50 percent of the total
application score.

iii. Technical Evaluation Process

    The highest ranked applications are considered within the fundable
range. Applications that are in the fundable range undergo both a
technical review by a subject-matter expert, as well as a FEMA AFG
Branch review prior to being recommended for an award. The FEMA AFG
Branch will assess the request with respect to costs, quantities,
feasibility, eligibility, and recipient responsibility prior to
recommending an application for award. Once the technical evaluation
process is complete, the cumulative score for each application will be
determined and FEMA will generate a final application ranking. FEMA
will award grants based on this final ranking and the statutorily
required funding limitations listed in this notice and the NOFO.

Narrative Evaluation Criteria

1. Financial Need (25 Percent)

    Applicants should describe their financial need and how consistent
it is with the intent of the AFG-S Program. This statement should
include details describing the applicant's financial distress, such as
summarized budget constraints, unsuccessful attempts to secure other
funding, and proving that the financial distress is out of their
control.

2. Project Description and Budget (25 Percent)

    The Project Description and Budget statement should clearly explain
the applicant's project objectives and its relationship to the
applicant's budget and risk analysis. Applicants should link the
proposed expenses to operations and safety, as well as to the
completion of the project's goals. Applicants should describe how their
current response capabilities are impacted by COVID-19 as well as the
overall rate of COVID-19 in their community. Applicants can reference
data supported by the Centers for Disease Control and Prevention (CDC)
through referencing state level data from the following website https://www.cdc.gov/coronavirus/2019-ncov/cases-updates/cases-in-us.html. This
data will be taken into consideration when prioritizing funding.

3. Cost Benefit (25 Percent)

    Applicants should describe how they plan to address the operations
and personal safety needs of their organization, including cost
effectiveness and sharing assets. This statement should also include
details about gaining the maximum benefits from grant funding by citing
reasonable or required costs, such as specific overhead and
administrative costs. The applicant's request should also be

consistent with their mission and identify how funding will benefit
their organization and personnel.

4. Statement of Effect on Daily Operations (25 Percent)

    The Statement of Effect on Operations should explain how this
funding request will enhance an organization's overall effectiveness.
It should address how an award will impact the daily operations and
reduce an organization's risk(s). Applicants should include how
frequently the requested item(s) will be used and in what capacity.
Applicants should detail whether award funding will seek reimbursement
of pre-award expenses related to the acquisition of eligible PPE,
acquire PPE for immediate use, or acquire PPE resources to strengthen
future response capabilities. Applicants will be evaluated on the
current inventory of supplies, response usage of requested supplies,
and anticipated future needs (i.e., actual or anticipated burn rate
percentage of PPE resources).

Eligible Applicants

    Fire Departments: Fire departments operating in any of the 50
States, as well as fire departments in the District of Columbia, the
Commonwealth of the Northern Mariana Islands, the U.S. Virgin Islands,
Guam, American Samoa, the Commonwealth of Puerto Rico, or any
Federally-recognized Indian Tribe or Tribal organization.
    A fire department is an agency or organization having a formally-
recognized arrangement with a State, local, Tribal, or territorial
authority (city, county, parish, fire district, township, town, or
other governing body) to provide fire suppression to a population
within a geographically fixed primary first due response area.
    NAEMS organizations: NAEMS organizations operating in any of the 50
States, as well as the District of Columbia, the Commonwealth of the
Northern Mariana Islands, the U.S. Virgin Islands, Guam, American
Samoa, the Commonwealth of Puerto Rico, or any Federally-recognized
Indian Tribe or Tribal organization.
    A nonaffiliated EMS organization is an agency or organization that
is a public or private nonprofit emergency medical services entity
providing medical transport that is not affiliated with a hospital and
does not serve a geographic area in which emergency medical services
are adequately provided by a fire department.
    FEMA considers the following as hospitals under the AFG-S Program:

 Clinics
 Medical centers
 Medical colleges or universities
 Infirmaries
 Surgery centers
 Any other institutions, associations, or foundations providing
medical, surgical, or psychiatric care and/or treatment for the sick or
injured.

    State Fire Training Academies (SFTAs): An SFTA operates in any of
the 50 States, as well as the District of Columbia, the Commonwealth of
the Northern Mariana Islands, the U.S. Virgin Islands, Guam, American
Samoa, and the Commonwealth of Puerto Rico. Applicants must be
designated either by legislation or by a Governor's declaration as the
sole fire service training agency within a State, territory, or the
District of Columbia. The designated SFTA shall be the only agency/
bureau/division, or entity within that State, territory, or the
District of Columbia to be an eligible AFG-S SFTA applicant. SFTAs are
limited to applying for activities that are directly associated with
Personal Protective Equipment and supplies needed to respond to the
COVID-19 public health emergency.

Cost Sharing and Maintenance of Effort

    Grant recipients must share in the costs of the projects funded
under this grant program as required by 15 U.S.C. 2229(k)(1) and in
accordance with applicable Federal regulations at 2 CFR part 200, but
they are not required to have the cost-share at the time of application
nor at the time of award. However, before a grant is awarded, FEMA will
contact potential awardees to determine whether the grant recipient has
the funding in hand or if the grant recipient has a viable plan to
obtain the funding necessary to fulfill the cost-sharing requirement.
    In general, an eligible applicant seeking a grant shall agree to
make available non-Federal funds equal to not less than 15 percent of
the grant awarded. However, the cost share will vary as follows based
on the size of the population served by the organization, with
exceptions to this general requirement for entities serving smaller
communities:
     Applicants that serve populations of 20,000 or less shall
agree to make available non-Federal funds in an amount equal to not
less than 5 percent of the grant awarded.
     Applicants serving areas with populations above 20,000,
but not more than 1 million, shall agree to make available non-Federal
funds in an amount equal to not less than 10 percent of the grant
awarded.
     Applicants serving areas with populations above 1 million
shall agree to make available non-Federal funds in an amount equal to
not less than 10 percent of the grant awarded. The cost share for SFTAs
will apply the requirements above based on the total population of the
State.
    Cost share of non-Federal cash is the only allowable recipient
contribution for AFG-S activity. On a case-by-case basis, FEMA may
allow recipients already owning assets acquired with non-Federal cash,
to use the trade-in allowance/credit value of those assets as cash for
the purpose of meeting the cost-share obligation. For FEMA to consider
a trade-in allowance/credit value as cash, the allowance amount must be
reasonable, and the allowance amount must be a separate entity clearly
identified in the acquisition documents. In-kind cost share is not
allowable for AFG-S.
    In cases of demonstrated economic hardship, and at the request of
the grant recipient, the Administrator of FEMA may waive or reduce
certain recipient's AFG-S cost-share requirement or maintenance of
expenditure requirement. FY 2020 AFG-S applicants must indicate at the
time of application whether they are requesting a waiver and whether
the waiver is for the cost-share requirement, maintenance of effort
requirement, or both. The FEMA Administrator is required by statute to
establish guidelines for determining what constitutes economic
hardship. FEMA has published these guidelines at FEMA's website:
https://www.fema.gov/media-library-data/1518026897046-483d76a37022b8a581ffb7d42fa9b17e/Eco_Hardship_Waiver_FPS_SAFER_AFG_IB_FINAL.pdf.
    Prior to the start of the FY 2020 AFG-S application period, FEMA
conducted applicant workshops and/or internet webinars to inform
potential applicants AFG-S. In addition, FEMA provided applicants with
information at the AFG website: https://www.fema.gov/welcome-assistance-firefighters-grant-program to help them prepare quality
grant applications. The AFG Help Desk is staffed throughout the
application period to assist applicants with the automated application
process as well as assistance with any questions.
    Applicants can reach the AFG Help Desk through a toll-free
telephone number during normal business hours (1-866-274-0960) or
electronic mail at<EMAIL_ADDRESS>
Application Process

    Organizations may submit one application per application period in
each of the three AFG program activities (e.g., one application for
Operations and Safety, and/or a separate application to

be a Joint/Regional Project host). If an organization submits more than
one application for any single AFG program activity (e.g., two
applications for Operations and Safety, two for Joint/Regional Project,
etc.), either intentionally or unintentionally, both applications may
be disqualified.
    Applicants can access the grant application electronically at
https://portal.fema.gov. The application is also accessible from the
U.S. Fire Administration's website http://www.usfa.fema.gov and http://www.grants.gov. New applicants must register and establish a username
and password for secure access to the grant application. Previous AFG
grant applicants must use their previously established username and
passwords.
    Applicants must answer questions about their grant request that
reflect the AFG-S funding priorities, described above. In addition,
each applicant must complete a separate narrative for each project or
grant activity requested. Grant applicants will also provide relevant
information about their organization's characteristics, call volume,
and existing organizational capabilities.

System for Award Management (SAM)

    Per 2 CFR 25.200, all Federal grant applicants and recipients must
register in https://SAM.gov. SAM is the Federal Government's System for
Awards Management, and registration is free of charge. Applicants must
maintain current information in SAM that is consistent with the data
provided in their AFG-S grant application and in the Dun & Bradstreet
(DUNS) database. FEMA may not accept any application, process any
awards, and consider any payment or amendment requests, unless the
applicant or grant recipient has complied with the requirements to
provide a valid DUNS number and an active SAM registration. The grant
applicant's banking information, EIN, organization/entity name,
address, and DUNS number must match the same information provided in
SAM.

Pete Gaynor,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2020-10044 Filed 5-11-20; 8:45 am]
BILLING CODE 9111-64-P


[Federal Register: October 18, 2010 (Volume 75, Number 200)]
[Notices]
[Page 63876-63878]
[DOCID:fr18oc10-115]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63071; File No. SR-Phlx-2010-139]

Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Floor Broker Responsibilities

October 8, 2010.
    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 October 5, 2010, NASDAQ OMX PHLX, Inc. (``Phlx'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend Exchange Rule 1063, Responsibility
of Floor Brokers, and Option Floor Procedure Advice (``OFPA'') C-2,
Options Floor Broker Management System: to: (i) Require floor brokers
to enter specific identifying information on their orders; and (ii)
amend the current language applicable to the entry of clearing
information by floor brokers.
    The text of the proposed rule change is available on the Exchange's
Web site at http://www.nasdaqtrader.com/micro.aspx?id=PHLXRulefilings,
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 those statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant parts of such
statements.

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

1. Purpose
    The purpose of the proposed rule change is to require floor brokers
to enter certain identifying information on their orders to enhance the
Exchange's audit trail to provide more specificity in identifying a
market participant's executing order. The Exchange is proposing to
require floor brokers \3\ to

enter certain alpha/numeric identifying information in addition to
their own account number.
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    \3\ An Options Floor Broker (``Floor Broker'') is an individual
who is registered with the Exchange for the purpose, while on the
Options Floor, of accepting and executing options orders received
from members and member organizations. An Options Floor Broker shall
not accept an order from any other source unless he is the nominee
of a member organization qualified to transact business with the
public in which event he may accept orders from public customers of
the organization. See Exchange Rule 1060.
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    Currently, floor brokers enter their own alpha/numeric
identification information,\4\ assigned by the Exchange, on the Options
Floor Broker Management System,\5\ for each order they receive and
represent in the trading crowd.\6\ Similarly, Advice F-1 requires ROTs
to enter their complete alpha/numeric identification assigned by the
Exchange on the FBMS for each order they receive in the trading crowd.
The Exchange is proposing to amend Exchange Rule 1063 and Option Floor
Procedure Advice C-2 to require Floor Brokers to enter alpha/numeric
identification for all orders entered on behalf of ROTs,\7\ not just
for orders they receive and represent themselves in a trading crowd.
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    \4\ This is an identifying letter that is assigned by the
Exchange that follows the account number and identifies a Registered
Options Trader (``ROT''). A Registered Options Trader may have more
than one alpha/numeric.
    \5\ The Options Floor Broker Management System (``FBMS'') is a
component of the Exchange's system designed to enable Floor Brokers
and/or their employees to enter, route and report transactions
stemming from options orders received on the Exchange. The FBMS also
is designed to establish an electronic audit trail for options
orders represented and executed by Floor Brokers on the Exchange,
such that the audit trial provides an accurate, time-sequenced
record of electronic and other orders, quotations and transactions
on the Exchange, beginning with the receipt of an order by the
Exchange, and further documenting the life of the order through the
process of execution, partial execution, or cancellation of that
order.
    \6\ See Option Floor Procedure Advice F-1 titled Use of
Identification Letters and Numbers. Specialists and ROTs are also
required to comply with F-1 in addition to Floor Brokers.
    \7\ A ROT includes a Streaming Quote Trader (``SQT''), a Remote
Streaming Quote Trader (``RSQT'') and a Non-SQT, which by definition
is neither a SQT or a RSQT. See Exchange Rule 1014 (b)(i) and (ii).
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    Additionally, the Exchange is proposing to amend the timeframe
within which floor brokers enter certain clearing information into the
FBMS. Currently, a floor broker is required to contemporaneously upon
receipt of an order and prior to the representation of such an order
record the following specific information with respect to orders
represented by a floor broker into FBMS: (i) The order type (i.e.,
customer, firm, broker-dealer, professional); (ii) the option symbol;
(iii) buy, sell, cross or cancel; (iv) call, put, complex (i.e.,
spread, straddle), or contingency order as described in Rule 1066; (v)
number of contracts; (vi) limit price or market order or, in the case
of a complex order, net debit or credit, if applicable; (vii) whether
the transaction is to open or close a position; and (viii) The Options
Clearing Corporation (``OCC'') clearing number of the broker-dealer
that submitted the order (collectively, the ``required
information'').\8\
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    \8\ The required information complies with the Consolidated
Options Audit Trail System (``COATS'') requirements. COATS
effectively enhances intermarket options surveillance by enabling
the options exchanges to reconstruct the market promptly to
effectively surveil certain rules. Through its participation in the
Intermarket Surveillance Group (``ISG''), the Exchange shares
information and coordinates inquiries and investigations with other
exchanges designed to address potential intermarket manipulation and
trading abuses. The Exchange's participation in ISG helps it to
satisfy the Exchange Act requirement that it have coordinated
surveillance with markets on which security futures are traded and
markets on which any security underlying security futures are traded
to detect manipulation and insider trading. ISG is an industry
organization formed in 1983 to coordinate intermarket surveillance
among the SROs by cooperatively sharing regulatory information
pursuant to a written agreement between the parties. The goal of the
ISG's information sharing is to coordinate regulatory efforts to
address potential intermarket trading abuses and manipulations.
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    In addition, floor brokers or their employees are required to enter
clearing information onto the FBMS no later than five minutes after the
execution of the trade. The clearing information, which is the contra-
side clearing information, is not required to be entered pursuant to
COATS.\9\ Rather, this information facilitates the identification of
the trade for clearing.\10\ The Exchange proposes to amend the current
language to state any additional information with respect to the order
shall be inputted into the Exchange's systems contemporaneously upon
receipt, which may occur after the representation and execution of the
order.\11\
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    \9\ This COATS requirement is not to be confused with the
requirement to submit the clearing information of the Broker-Dealer
that submitted the order.
    \10\ Such clearing information includes the account number(s) of
each contra-side participant to the floor broker's trade in the
crowd and the number of contracts bought or sold. This information
would be immediately reported to the clearing firm of each crowd
participant involved in the trade.
    \11\ See Chicago Board Options Exchange, Inc. (``CBOE'') Rule
6.24(a)(2) which contains similar language.
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    The Exchange believes this amendment to the time, from a five
minute timer to a ``upon receipt'' requirement, is necessary to allow
floor brokers to enter the requisite clearing information. Currently,
certain types of trades that are handled in a trading crowd are being
entered upon receipt and prior to the expiration of the five minute
timer without incident. Other types of transactions which are received
by a floor broker from an upstairs firm \12\ which may involve Prime
Brokerage \13\ relationships may require additional time, beyond five
minutes, because the clearing information may not be readily
ascertainable. Likewise, complex orders with multiple legs can take
longer than five minutes to input into the FBMS system simply because
of the quantity of information that is required to be entered. The
Exchange believes that upon receipt means as soon as that clearing
information becomes available to a floor broker. That timeframe must be
reasonable and will be monitored by the Exchange's surveillance staff
to ensure such timing is not unreasonable.
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    \12\ An ``upstairs firm'' is a broker-dealer, not located on the
trading floor that submits an order to a floor broker for execution.
The floor brokers typically are not affiliated with the ``upstairs
firms''.
    \13\ Prime Brokerage is a mechanism for centralized securities
clearing at one facility which allows multiple execution
arrangements. A customer who has a Prime Brokerage account may have
accounts with multiple firms used for executing trades.
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    The Exchange believes that this modification to the rules will
prevent a large number of change orders from floor brokers who are
concerned with meeting the current five minute timer and enter
information which is later found out to be inaccurate and a change
order is required. With the more reasonable timeframe, a floor broker
may properly enter the information the first time. Also, the additional
flexibility will allow floor brokers with complex orders to comply with
Exchange rules. Today, even if a floor broker begins to enter the
clearing information for a complex order immediately after the trade
was executed, they may run afoul of the five minute timer simply
because the information is too large in volume to physically input
within five minutes. This amendment would alleviate these concerns. The
Exchange does not anticipate a change in behavior for the remainder of
the floor brokers who are currently able to enter the clearing
information promptly upon execution and do so today.
    The Exchange previously amended its rules to add the five minute
timer because once the clearing information is reported crowd
participants involved in the trade would receive a position update
enabling them to know their respective positions on a real-time basis
and to make appropriate informed and timely hedging transactional
decisions. The Exchange believes that this language will continue to
enable to allow Specialists and ROTs, in particular, to receive such
position updates going forward. Additionally, FBMS technology provided
to floor brokers offers them an efficient means to enter clearing
information for trade participants contemporaneously upon

receipt. This technology was not previously available.
    The Exchange proposes this amendment to both Exchange Rule 1063 as
well as OFPA C-2, which is part of the minor rule plan.\14\
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    \14\ The Exchange's minor rule plan consists of options floor
procedure advices (``OFPAs'' or ``Advices'') with preset fines,
pursuant to Rule 19d-1(c) under the Act. 17 CFR 240.19d-1(c). Most
OFPAs have corresponding options rules.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \15\ in general, and furthers the objectives of Section
6(b)(5) of the Act \16\ 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, by requiring a floor broker to enter more specific
information to identify trades. This proposal would enhance the
Exchange's audit trail.
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    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
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    Further, the Exchange believes that amending the language
concerning clearing information related to the contra-side of the trade
to require the information to be entered into FBMS contemporaneously
upon receipt on the Exchange is consistent with the language of other
exchanges and still allows for the timely entry of information for
clearing purposes.

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

    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: (i) Does not
significantly affect the protection of investors or the public
interest; (ii) does not impose any significant burden on competition;
and (iii) by its terms, does not 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, it has become effective pursuant to Section
19(b)(3)(A) of the Act \17\ and Rule 19b-4(f)(6) thereunder.\18\
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the self-regulatory organization to submit to 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. 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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-Phlx-2010-139 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 20549-1090.

All submissions should refer to File Number SR-Phlx-2010-139. This file
number should be included on the subject line if e-mail 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-Phlx-2010-139 and should be
submitted on or before November 8, 2010.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-26130 Filed 10-15-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 144 (Tuesday, July 28, 2015)]
[Rules and Regulations]
[Pages 44870-44873]
[FR Doc No: 2015-18346]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R07-OAR-2015-0357; FRL-9931-33-Region 7]

Approval and Promulgation of Air Quality Implementation Plans;
State of Iowa; Revisions to Linn County Air Quality Ordinance

AGENCY: Environmental Protection Agency (EPA).

ACTION: Direct final rule.

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

SUMMARY: The Environmental Protection Agency (EPA) is approving
revisions to the State Implementation Plan (SIP) for the State of Iowa.
The purpose of these revisions is to update the Linn County Air Quality
Ordinance, Chapter 10. These revisions reflect updates to the Iowa
statewide rules previously approved by EPA and will ensure consistency
between the applicable local agency rules and Federally-approved rules.

DATES: This direct final rule will be effective September 28, 2015,
without further notice, unless EPA receives adverse comment by August
27, 2015. If EPA receives adverse comment, we will publish a timely
withdrawal of the direct final rule in the Federal Register informing
the public that the rule will not take effect.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R07-
OAR-2015-0357, by one of the following methods:
    1. www.regulations.gov. Follow the on-line instructions for
submitting comments.
    2. Email<EMAIL_ADDRESS>    3. Mail or Hand Delivery: Heather Hamilton, Environmental
Protection Agency, Air Planning and Development Branch, 11201 Renner
Boulevard, Lenexa, Kansas 66219.
    Instructions: Direct your comments to Docket ID No. EPA-R07-OAR-
2015-0357. EPA's policy is that all comments received will be included
in the public docket without change and may be made available online at
www.regulations.gov, including any personal information provided,
unless the comment includes information claimed to be Confidential
Business Information (CBI) or other information whose disclosure is
restricted by statute. Do not submit through www.regulations.gov or
email information that you consider to be CBI or otherwise protected.
The www.regulations.gov Web site is an ``anonymous access'' system,
which means EPA will not know your identity or contact information
unless you provide it in the body of your comment. If you send an email
comment directly to EPA without going through www.regulations.gov, your
email address will be automatically captured and included as part of
the comment that is placed in the public docket and made available on
the Internet. If you submit an electronic comment, EPA recommends that
you include your name and other contact information in the body of your
comment and with any disk or CD-ROM you submit. If EPA cannot read your
comment due to technical difficulties and cannot contact you for
clarification, EPA may not be able to consider your comment. Electronic
files should avoid the use of special characters, any form of
encryption, and be free of any defects or viruses.
    Docket: All documents in the docket are listed in the
www.regulations.gov index. Although listed in the index, some
information is not publicly available, i.e., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, will be publicly available only in hard copy
form. Publicly available docket materials are available either
electronically in www.regulations.gov or in hard copy at the
Environmental Protection Agency, Air Planning and Development Branch,
11201 Renner Boulevard, Lenexa, Kansas 66219. The Regional Office's
official hours of business are Monday through Friday, 8:00 a.m. to 4:30
p.m. excluding legal holidays. The interested persons wanting to
examine these documents should make an appointment with the office at
least 24 hours in advance.

FOR FURTHER INFORMATION CONTACT: Heather Hamilton, Environmental
Protection Agency, Air Planning and Development Branch, 11201 Renner
Boulevard, Lenexa, Kansas 66219, at<PHONE_NUMBER>, or by email at
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document ``we,'' ``us,'' or
``our'' refer to EPA. This section provides additional information by
addressing the following:

I. What is being addressed in this document?
II. Have the requirements for approval of a SIP Revision been met?
III. What action is EPA taking?
IV. Statutory and Executive Order Reviews

I. What is being addressed in this document?

    The State of Iowa has requested EPA approval of revisions to the
local agency's rules and regulations, Linn County Air Quality
Ordinance, Chapter 10, as a revision to the SIP. In order for the local
program's ``Air Quality Ordinance'' to be incorporated into the
Federally-enforceable SIP, on behalf of the local agency, the state
must submit the formally adopted regulations and control strategies,
which are consistent with the state and Federal requirements, to EPA
for inclusion in the SIP. The regulation adoption process generally
includes public notice, a public comment period and a public hearing,
and formal adoption of the rule by the state authorized rulemaking
body. In this case, that rulemaking body is the local agency. After the
local agency formally adopts the rule, the local agency submits the
rulemaking to the

state, and then the state submits the rulemaking to EPA for
consideration for formal action (inclusion of the rulemaking into the
SIP). EPA must provide public notice and seek additional public comment
regarding the proposed Federal action on the state's submission.
    EPA received the request from the state to adopt revisions to the
local air agency rules into the SIP on May 4, 2015. The revisions were
adopted by the local agency on January 28, 2015, and became effective
on January 30, 2015. EPA is approving the requested revisions to the
Iowa SIP relating to the following:
     Chapter 10.1 ``Purpose and Ambient Air Quality
Standards'';
     Chapter 10.2 ``Definitions'';
     Chapter 10.5 ``Locally Required Permits'';
     Chapter 10.6 ``Permit Fees'';
     Chapter 10.8 ``Emissions from Fuel-Burning Equipment'';
     Chapter 10.12 ``Sulfur Compounds'';
     Chapter 10.13 ``Fugitive Dust,'' and,
     Chapter 10.17 ``Testing and Sampling of New and Existing
Equipment.''

II. Have the requirements for approval of a SIP Revision been met?

    The state submission has met the public notice requirements for SIP
submissions in accordance with 40 CFR 51.102. The submission also
satisfied the completeness criteria of 40 CFR part 51, appendix V.

III. What action is EPA taking?

    We are taking direct final action to approve the amendments to the
Linn County Air Quality Ordinance, Chapter 10. The local agency
routinely revises its ``Air Quality Ordinance'' regulations to be
consistent with the Federally-approved Iowa Administrative Code and are
revised as follows:
    Chapter 10.1, ``Purpose and Ambient Air Quality Standards'' is
revised to cite the cross reference to state-approved rules at (455B).
    Chapter 10.2, ``Definitions'' is revised to add ``major
modification,'' ``replacement unit,'' and to revise the definitions of
``regulated New Source Review (NSR) pollutant,'' ``significant,'' and
``untreated.'' Punctuation and grammar corrections were made to the
definitions of ``Emissions Unit,'' ``Responsible Official,'' and
``Startup.''
    Chapter 10.5, ``Locally Required Permits,'' includes revisions to
10.5(9), ``Exemptions from the Authorization to Install Permit and
Permit to Operate Requirements.'' For the purposes of this publication,
the exemptions are abbreviated but can be found in their entirety in
the Technical Support Document included in the rulemaking docket: f.
The equipment in laboratories, n. Asbestos demolition and renovation
projects, u. Incinerators and pyrolysis cleaning furnaces, dd.
Production welding, and ee. Electric hand soldering, wave soldering and
electric solder paste reflow ovens. The following exemptions have been
added with this rulemaking: mm. Equipment related to research and
development activities at a stationary source, and, nn. A non-road
diesel fueled engine as defined in 40 CFR 1068.30 and as amended
through October 8, 2008.
    Chapter 10.6, ``Permit Fees,'' is revised for administrative
corrections to the fourth paragraph of item 2. ``Annual Fee for Permit
to Operate.''
    Chapter 10.8, ``Emissions from Fuel-Burning Equipment,'' ``d'' has
been removed in its entirety as it refers to the State of Iowa
Compliance Sampling Manual which is now obsolete.
    Chapter 10.12, ``Sulfur Compounds,'' item 2, ``Other Processes
Capable of Emitting Sulfur Dioxide'' is revised to add a sentence that
the paragraph shall not apply to devices which have been installed for
air pollution abatement purposes where it is demonstrated by the owner
of the source that the ambient air quality standards are not being
exceeded.
    Chapter 10.13, ``Fugitive Dust'' item 1, ``Attainment and
Unclassified Areas,'' is revised to add that a person shall take
reasonable precautions to prevent particulate matter from becoming
airborne in quantities sufficient to cause a nuisance as defined in
Iowa Code section 657.1 when the person allows, causes or permits any
materials to be handled, transported or stored or a building, its
appurtenances or a construction haul road to be used, constructed,
altered, repaired or demolished. This does not apply to farming
operations or dust generated by ordinary travel on unpaved roads. The
revision further states what ordinary travel includes, and the public
highway authority shall be responsible for taking corrective action in
cases where said authority has received complaints.
    Chapter 10.13, ``Fugitive Dust'' item 2, ``Nonattainment Areas'' is
revised for administrative changes for clarification.
    Chapter 10.17, ``Testing and Sampling of New and Existing
Equipment,'' is revised for administrative, grammar, and punctuation
corrections for clarification as follows: Item 1, ``Continuous
Monitoring of Opacity from Coal-Fired Steam Generating Units,'' item 5,
``Maintenance of Records of Continuous Monitors,'' item 6, ``Reporting
of Continuous Monitoring Information,'' item 7, ``Tests by Owner,''
item 8, ``Tests by Department,'' item 9, ``Methods and Procedures,''
and item 10, ``Exemptions from Continuous Monitoring Requirements.''
    Chapter 10.17, item 7, ``Tests by Owner'' is also revised to
clarify when pretest meetings should be conducted and to clarify
reporting requirements. Item 9, ``Methods and Procedures,'' is revised
to cite the cross reference to state-approved rules as they apply to
permit and compliance demonstration requirements.
    As previously mentioned, additional information on the details of
the Linn County Air Quality Ordinance revisions can be found in the
Technical Support Document in the docket for this action.
    We are publishing this direct final rule without a prior proposed
rule because we view this as a noncontroversial action and anticipate
no adverse comment. However, in the ``Proposed Rules'' section of this
Federal Register, we are publishing a separate document that will serve
as the proposed rule if adverse comments are received on this direct
final rule. We will not institute a second comment period on this
action. Any parties interested in commenting must do so at this time.
For further information about commenting on this rule, see the
ADDRESSES section of this document.
    If EPA receives adverse comment, we will publish a timely
withdrawal in the Federal Register informing the public that this
direct final rule will not take effect. We will address all public
comments in any subsequent final rule based on the proposed rule.

Statutory and Executive Order Reviews

    In this rule, EPA is finalizing regulatory text that includes
incorporation by reference. In accordance with requirements of 1 CFR
51.5, EPA is finalizing the incorporation by reference of Iowa
Regulations for Chapter 10 Linn County Air Quality Ordinance, described
in the direct final amendments to 40 CFR part 52 set forth below. EPA
has made, and will continue to make, these documents generally
available electronically through www.regulations.gov and/or in hard
copy at the appropriate EPA office (see the ADDRESSES section of this
preamble for more information).
    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Act and
applicable Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, EPA's role is to approve state
choices, provided that they meet

the criteria of the Clean Air Act. Accordingly, this action merely
approves state law as meeting Federal requirements and does not impose
additional requirements beyond those imposed by state law. For that
reason, this action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21, 2011);
     does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the Clean Air Act; and
     does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    The SIP is not approved to apply on any Indian reservation land or
in any other area where EPA or an Indian tribe has demonstrated that a
tribe has jurisdiction. In those areas of Indian country, the rule does
not have tribal implications and will not impose substantial direct
costs on tribal governments or preempt tribal law as specified by
Executive Order 13175 (65 FR 67249, November 9, 2000).
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register.
    A major rule cannot take effect until 60 days after it is published
in the Federal Register. This action is not a ``major rule'' as defined
by 5 U.S.C. 804(2).
    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by September 28, 2015. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this action for the purposes of
judicial review nor does it extend the time within which a petition for
judicial review may be filed, and shall not postpone the effectiveness
of such rule or action. This action may not be challenged later in
proceedings to enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Incorporation by reference, Intergovernmental relations, Lead, Nitrogen
dioxide, Ozone, Particulate matter, Reporting and recordkeeping
requirements, Sulfur oxides, Volatile organic compounds.

    Dated: July 17, 2015.
Mark Hague,
Acting Regional Administrator, Region 7.
    For the reasons stated in the preamble, EPA amends 40 CFR part 52
as set forth below:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

    Authority:  42 U.S.C. 7401 et seq.

Subpart Q--Iowa

0
2. In Sec.  52.820, the table in paragraph (c) is amended by revising
the entry for ``Chapter 10'' under the heading ``Linn County'' to read
as follows:

Sec.  52.820  Identification of plan.

* * * * *
    (c) * * *

                                          EPA-Approved Iowa Regulations
----------------------------------------------------------------------------------------------------------------
                                                          State
         Iowa citation                  Title        effective date   EPA approval date        Explanation
----------------------------------------------------------------------------------------------------------------
                 Iowa Department of Natural Resources Environmental Protection Commission [567]
----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
                                                  * * * * * * *
                                                   Linn County
----------------------------------------------------------------------------------------------------------------
Chapter 10.....................  Linn County Air            1/30/15  7/28/15 and         The following
                                  Quality                             [Insert Federal     definitions are not
                                  Ordinance,                          Register            SIP-approved in
                                  Chapter 10.                         citation].          Chapter 10.2;
                                                                                Anaerobic lagoon,
                                                                                Biomass, Chemical
                                                                                processing plants
                                                                                (ethanol production
                                                                                facilities that
                                                                                produce ethanol by
                                                                                natural fermentation
                                                                                included in NAICS code
                                                                                325193 or 312140 are
                                                                                not included in this
                                                                                definition); Federally
                                                                                Enforceable;
                                                                                Greenhouse gases;
                                                                                Maximum Achievable
                                                                                Control Technology
                                                                                (MACT); MACT floor.
                                                                                The following sections
                                                                                are not SIP approved:
                                                                                10.4(1), Title V
                                                                                Permits; 10.5(9)``b''
                                                                                Locally Required
                                                                                Permits; Exemptions
                                                                                from the Authorization
                                                                                to Install Permit to
                                                                                Operate Requirements;
                                                                                10.5(9) ``ll'',
                                                                                Exemption for
                                                                                production painting,
                                                                                adhesive or coating
                                                                                units; 10.8(2)``b''
                                                                                Emissions From Fuel-
                                                                                Burning Equipment;
                                                                                Emission Limitation;
                                                                                10.8(3) Emissions From
                                                                                Fuel-Burning
                                                                                Equipment; Exemptions
                                                                                for Residential
                                                                                Heaters Burning Solid
                                                                                Fuels; 10.8(4)
                                                                                Emissions from Fuel-
                                                                                Burning Equipment;
                                                                                Nuisance Conditions
                                                                                for Fuel Burning
                                                                                Equipment; 10.9(2),
                                                                                NSPS; 10.9(3),
                                                                                Emission Standards for
                                                                                HAPs; 10.9(4),
                                                                                Emission Standards for
                                                                                HAPs for Source
                                                                                Categories; 10.10(4)
                                                                                Variance from rules;
                                                                                10.11, Emission of
                                                                                Objectionable Odors;
                                                                                10.15, Variances,
                                                                                10.17(13) Continuous
                                                                                Emissions Monitoring
                                                                                from Acid Rain
                                                                                Program, and 10.24,
                                                                                Penalty.

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------

* * * * *
[FR Doc. 2015-18346 Filed 7-27-15; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 86, Number 119 (Thursday, June 24, 2021)]
[Notices]
[Pages 33393-33395]
[FR Doc No: 2021-13243]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92201; File No. SR-CboeBZX-2021-045]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule

June 17, 2021.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on June 9, 2021, Cboe BZX Exchange, Inc. (the ``Exchange''
or ``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'' or ``BZX
Equities'') is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to amend its fee schedule. The
text of the proposed rule change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend its fee schedule to define the term
``Step-Up ADV'' and introduce a new Single Market Participant
Identifier (``MPID'') Investor Tier.\4\
---------------------------------------------------------------------------

    \4\ The Exchange initially filed the proposed fee changes June
1, 2021 (SRCboeBZX-2021-044). On June 9, 2021, the Exchange withdrew
that filing and submitted this proposal.
---------------------------------------------------------------------------

    The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues
that do not have similar self-regulatory responsibilities under the
Exchange Act, to which market participants may direct their order flow.
Based on publicly available information,\5\ no single registered
equities exchange has more than 15% of the market share. Thus, in such
a low-concentrated and highly competitive market, no single equities
exchange possesses significant pricing power in the execution of order
flow. The Exchange in particular operates a ``Maker-Taker'' model
whereby it pays credits to Members that add liquidity and assesses fees
to those that remove liquidity. The Exchange's fee schedule sets forth
the standard rebates and rates applied per share for orders that
provide and remove liquidity, respectively. Particularly, for
securities at or above $1.00, the Exchange provides a standard rebate
of $0.0018 per share for orders that add liquidity and assesses a fee
of $0.0030 per share for orders that remove liquidity. Additionally, in
response to the competitive environment, the Exchange also offers
tiered pricing which provides Members opportunities to qualify for
higher rebates or reduced fees where certain volume criteria and
thresholds are met. Tiered pricing provides an incremental incentive
for Members to strive for higher tier levels, which provides
increasingly higher benefits or discounts for satisfying increasingly
more stringent criteria.
---------------------------------------------------------------------------

    \5\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (May 26, 2021), available at https://markets.cboe.com/us/equities/market_statistics/.
---------------------------------------------------------------------------

    The ``definitions'' section of the Exchange's fee schedule defines
various terms used throughout the fee schedule. The Exchange proposes
to adopt a new definition for the term ``Step-Up ADV''. Specifically,
as proposed ``Step-up ADV'' means ADV \6\ in the relevant baseline
month subtracted from current day ADV. Such definition would be
referenced in Tiers designed to incentivize Members to grow their ADV
from the baseline month, such as the proposed Single MPID Investor
Tier, as discussed below.
---------------------------------------------------------------------------

    \6\ ADV means average daily volume calculated as the number of
shares added or removed, combined, per day. ADV is calculated on a
monthly basis.
---------------------------------------------------------------------------

    Pursuant to footnote 4 of the fee schedule, the Exchange currently
offers the Single MPID Investor Tiers that provide Members an
opportunity to receive an enhanced rebate from the standard rebate for
liquidity adding orders that yield fee codes B,\7\ V,\8\ and

Y \9\ and meet certain required volume-based criteria. Specifically,
Tier 1 of the Single MPID Investor Tiers provides an enhanced rebate of
$0.0031 per share when (1) an MPID has an ADAV \10\ as a percentage of
TCV \11\ greater than or equal to 0.30%; and (2) the MPID has an ADAV
as a percentage of ADV greater than or equal to 90%. Tier 2 of the
Single MPID Investor Tiers provides an enhanced rebate of $0.0032 per
share when (1) an MPID has an ADAV as a percentage of TCV greater than
or equal to 0.75%; and (2) the MPID has an ADAV as a percentage of ADV
greater than or equal to 80%.
---------------------------------------------------------------------------

    \7\ Fee code B is appended to displayed orders adding liquidity
to BZX (Tape B).
    \8\ Fee code V is appended to displayed orders adding liquidity
to BZX (Tape A).
    \9\ Fee code Y is appended to displayed orders adding liquidity
to BZX (Tape C).
    \10\ ADAV means average daily added volume calculated as the
number of shares added per day. ADAV is calculated on a monthly
basis.
    \11\ TCV means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
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    Now, the Exchange proposes to offer Tier 3 of the Single MPID
Investor Tiers. Proposed Tier 3 would provide a rebate of $0.0032 per
share in Tape B securities (i.e., orders yielding fee code B) and
$0.0033 per share in Tape A and C securities (i.e., orders yielding fee
codes V and Y, respectively) when (1) an MPID has a Step-Up ADV as a
percentage of TCV is greater than or equal to 0.10% from May 2021; or
an MPID has a Step-Up ADV greater than or equal to 8,000,000 from May
2021; and (2) the MPID has an ADAV as a percentage of TCV greater than
or equal to 0.55%; or the MPID has an ADAV greater than or equal to
50,000,000. Members that achieve the proposed Single MPID Investor Tier
must therefore increase the amount of liquidity that they provide on
BZX, thereby contributing to a deeper and more liquid market.
Furthermore, the Exchange proposes to offer a higher rebate for Tape A
and C securities to further incentivize Members to increase their
liquidity on the Exchange in those securities.

2. Statutory Basis

    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\12\ in general, and
furthers the objectives of Section 6(b)(4) and 6(b)(5),\13\ in
particular, as it is designed to provide for the equitable allocation
of reasonable dues, fees and other charges among its Members, issuers
and other persons using its facilities. The Exchange operates in a
highly competitive market in which market participants can readily
direct order flow to competing venues if they deem fee levels at a
particular venue to be excessive or incentives to be insufficient. The
proposed rule changes reflect a competitive pricing structure designed
to incentivize market participants to direct their order flow to the
Exchange, which the Exchange believes would enhance market quality to
the benefit of all Members.
---------------------------------------------------------------------------

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

    In particular, the Exchange notes that volume-based rebates such as
that proposed herein have been widely adopted by exchanges, including
the Exchange, and are equitable because they are open to all Members on
an equal basis and provide additional benefits or discounts that are
reasonably related to: (i) The value to an exchange's market quality;
(ii) associated higher levels of market activity, such as higher levels
of liquidity provision and/or growth patterns; and (iii) introduction
of higher volumes of orders into the price and volume discovery
processes. The Exchange believes that the proposed Single MPID Investor
Tier 3 is a reasonable, fair and equitable, and not unfairly
discriminatory allocation of fees and rebates because it will continue
to provide Members with an incentive to reach certain volume thresholds
on the Exchange.
    More specifically, the Exchange believes the proposed additional
Single MPID Investor Tier is a reasonable means to encourage Members to
increase their liquidity on the Exchange in order to meet the proposed
criteria to receive the proposed enhanced rebates. The Exchange further
believes that the proposed tier represents an equitable allocation of
reasonable dues, fees, and other charges because the threshold
necessary to achieve the tier encourages Members to add increased
liquidity to the BZX and the Exchange believes the proposed enhanced
rebates are commensurate with the proposed thresholds. The Exchange
also believes that it is an equitable allocation of reasonable fees to
offer a different enhanced rebate for Tape B securities as compared to
Tape A and C securities under proposed Tier 3 of the Single MPID
Investor Tiers. As described above, enhanced rebates are designed to
incentivize increased liquidity on the Exchange, and the Exchange
believes that the proposal to offer a higher enhanced rebate for Tape A
and C securities will incentivize increased liquidity in Tape A and C
securities specifically. Furthermore, the Exchange believes the
proposed rebate for Tape B is sufficient to incentivize increased
liquidity in those securities. The increased liquidity benefits all
investors by deepening the Exchange's liquidity pool, offering
additional flexibility for all investors to enjoy cost savings,
supporting the quality of price discovery, promoting market
transparency and improving investor protection. The Exchange also
believes that the proposed rebates are reasonable based on the
difficulty of satisfying the tier's proposed criteria as compared to
the existing Single MPID Investor Tiers, which provide equal or lower
rebates for less stringent criteria. Furthermore, the Exchange believes
that the proposed tier is not unfairly discriminatory as it applies to
all Members that meet the required criteria.
    Additionally, a number of Members have a reasonable opportunity to
satisfy proposed Single MPID Investor Tier 3, which the Exchange
believes is more stringent than existing Tier 1 and Tier 2. While the
Exchange has no way of knowing whether this proposed rule change would
definitively result in any particular Member qualifying for the
proposed tier, the Exchange anticipates at least two Members to compete
for and reasonably achieve the proposed tier; however, the proposed
tier is open to any Member that satisfies the tier's criteria. The
Exchange believes the proposed tier could provide an incentive for
other Members to submit additional liquidity on the Exchange to qualify
for the proposed enhanced rebate.

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 intramarket or intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act. The
Exchange does not believe the proposed change to adopt a new Single
MPID Investor Tier burdens competition, but rather, enhances
competition as it is intended to increase the competitiveness of BZX by
adopting an additional pricing incentive in order to attract order flow
and incentivize participants to increase their participation on the
Exchange.
    As previously discussed, the Exchange operates in a highly
competitive market. In such an environment, the Exchange must
continually review, and consider adjusting, its fees and rebates to
remain competitive with other exchanges. Members have numerous
alternative venues that they may participate on and direct their order
flow, including other equities exchanges, off-exchange venues, and
alternative trading systems. Additionally, the Exchange represents a

small percentage of the overall market. Based on publicly available
information, no single equities exchange has more than 15% of the
market share.\14\ Therefore, no exchange possesses significant pricing
power in the execution of order flow. Indeed, participants can readily
choose to send their orders to other exchange and off-exchange venues
if they deem fee levels at those other venues to be more favorable.
Moreover, the Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. Specifically, in
Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \15\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. Securities and Exchange Commission, the D.C.
Circuit stated as follows: ``[n]o one disputes that competition for
order flow is `fierce.' . . . As the SEC explained, `[i]n the U.S.
national market system, buyers and sellers of securities, and the
broker-dealers that act as their order-routing agents, have a wide
range of choices of where to route orders for execution'; [and] `no
exchange can afford to take its market share percentages for granted'
because `no exchange possesses a monopoly, regulatory or otherwise, in
the execution of order flow from broker dealers'. . . .''.\16\
Accordingly, the Exchange does not believe its proposed fee changes
imposes any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \14\ Supra note 3[sic].
    \15\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \16\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
---------------------------------------------------------------------------

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

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

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \17\ and paragraph (f) of Rule 19b-4 \18\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-CboeBZX-2021-045 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-CboeBZX-2021-045. 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-CboeBZX-2021-045, and should be
submitted on or before July 15, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-13243 Filed 6-23-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 116 (Monday, June 17, 2019)]
[Notices]
[Pages 28030-28031]
[FR Doc No: 2019-12737]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 1494-448]

Notice of Application for Amendment of License and Soliciting
Comments, Motions To Intervene, and Protests: Grand River Dam Authority

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Application Type: Amendment to extend the license term, modify
the current process plan and integrated licensing process schedule,
amend the November 8, 2018 Study Plan Determination, and extend the
deadlines for filing revised Exhibit G drawings and an updated
Shoreline Management Plan.
    b. Project Number: 1494-448.
    c. Date Filed: May 21, 2019.
    d. Applicant: Grand River Dam Authority.
    e. Name of Project: Pensacola Hydroelectric Project.
    f. Location: The project is located on the Grand (Neosho) River in
Craig, Delaware, Mayes, and Ottawa Counties, Oklahoma.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Ms. Jacklyn Jaggars, Director of Hydropower
Projects, Grand River Dam Authority, P.O. Box 70, Langley, OK 74350;
(918) 256-0723<EMAIL_ADDRESS>    i. FERC Contacts: Rachel McNamara;<PHONE_NUMBER>;
<EMAIL_ADDRESS>    j. Deadline for filing comments, motions to intervene, and protests
is 30 days from the issuance date of this notice by the Commission. The
Commission strongly encourages electronic filing. Please file motions
to intervene, protests, and comments using the Commission's eFiling
system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can
submit brief comments up to 6,000 characters, without prior
registration, using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information
at the end of your comments. For assistance, please contact FERC Online
Support at<EMAIL_ADDRESS>(866) 208-3676 (toll free), or
(202) 502-8659 (TTY). In lieu of electronic filing, please send a paper
copy to: Secretary, Federal Energy Regulatory Commission, 888 First
Street NE, Washington, DC 20426. The first page of any filing should
include docket number P-1494-448. Comments emailed to Commission staff
are not considered part of the Commission record.
    k. Description of Filing: Grand River Dam Authority (GRDA), is
requesting to extend the project's license term from March 31, 2022 to
December 31, 2026, modify the relicensing process plan and schedule,
amend the November 8, 2018 Study Plan Determination, and extend the
deadlines for filing revised Exhibit G drawings and an updated
Shoreline Management Plan.
    At present, GRDA is required to file a final application for a new
license by March 31, 2020, two years prior to license expiration. GRDA
requests an extension of the existing license and modification of the
relicensing process plan and schedule to: (1) Account for a delay that
occurred in initiating the relicensing process; (2) provide additional
time for GRDA to complete the required bathymetric survey of Grand Lake
and its tributaries; and (3) provide sufficient time for GRDA to
incorporate complete results from the required studies and consultation
with stakeholders in its preliminary licensing proposal or draft
license application. In addition, GRDA proposes that the deadlines
required under its current license to file an updated Shoreline
Management Plan and revised Exhibit G drawings be extended to coincide
with the filing of the final application for a new license.
    l. Locations of Applications: A copy of the application is
available for inspection and reproduction at the Commission's Public
Reference Room, located at 888 First Street NE, Room 2A, Washington, DC
20426, or by calling<PHONE_NUMBER>. This filing may also be viewed on
the Commission's website at http://www.ferc.gov/docs-filing/elibrary.asp. Enter the docket number excluding the last three digits
in the docket number field to access the document. You may also
register online at http://www.ferc.gov/docs-filing/esubscription.asp to
be notified via email of new filings and issuances related to this or
other pending projects. For assistance, call 1-866-208-3676 or email
<EMAIL_ADDRESS>for TTY, call<PHONE_NUMBER>. A copy is
also available for inspection and reproduction at the address in item
(h) above.
    m. Individuals desiring to be included on the Commission's mailing
list should do so by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions To Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    o. Filing and Service of Responsive Documents: All filings must (1)
bear in all capital letters the title ``PROTEST'', ``MOTION TO
INTERVENE'', or

``COMMENTS;'' (2) set forth in the heading the name of the applicant
and the project number of the application to which the filing responds;
(3) furnish the name, address, and telephone number of the person
protesting or intervening; and (4) otherwise comply with the
requirements of 18 CFR 385.2001 through 385.2005. All comments, motions
to intervene or protests must set forth their evidentiary basis and
otherwise comply with the requirements of 18 CFR 4.24(b). All comments,
motions to intervene, or protests should relate to the amendment
application. A copy of any protest or motion to intervene must be
served upon each representative of the applicant specified in the
particular application. If an intervener files comments or documents
with the Commission relating to the merits of an issue that may affect
the responsibilities of a particular resource agency, they must also
serve a copy of the document on that resource agency. A copy of all
other filings in reference to this application must be accompanied by
proof of service on all persons listed in the service list prepared by
the Commission in this proceeding, in accordance with 18 CFR 4.34(b)
and 385.2010.

    Dated: June 11, 2019.
Kimberly D. Bose,
Secretary.
[FR Doc. 2019-12737 Filed 6-14-19; 8:45 am]
 BILLING CODE 6717-01-P