[Federal Register Volume 76, Number 132 (Monday, July 11, 2011)]
[Notices]
[Pages 40722-40723]
[FR Doc No: 2011-17288]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 14145-000]

Pacific Green Power, LLC; Notice Of Preliminary Permit
Application Accepted for Filing and Soliciting Comments, Motions To
Intervene, and Competing Applications

    On April 1, 2011, Pacific Green Power, LLC filed an application for
a preliminary permit, pursuant to section

4(f) of the Federal Power Act (FPA), proposing to study the feasibility
of the Two Girls Creek Hydroelectric Project (Two Girls Creek Project
or project) to be located on Two Girls Creek, near Sweet Home, Linn
County, Oregon. The project would occupy in part lands managed by the
U.S. Forest Service as part of the Willamette National Forest. The sole
purpose of a preliminary permit, if issued, is to grant the permit
holder priority to file a license application during the permit term. A
preliminary permit does not authorize the permit holder to perform any
land-disturbing activities or otherwise enter upon lands or waters
owned by others without the owners' express permission.
    The proposed project would consist of the following: (1) A new 9.5-
foot-high, 60-foot-long concrete weir impounding a 6,000-square-foot
reservoir with a storage capacity of 1.2 acre-feet; (2) a new 19,365-
foot-long buried penstock made up of 30-inch-diameter steel pipe and
36-inch-diameter high-density polyethylene (HDPE) pipe; (3) a new 30-
foot by 40-foot concrete block powerhouse containing one Pelton turbine
and generator with a capacity of 5.0 megawatts; (4) a new 40-foot-long,
42-inch-diameter HDPE tailrace returning flows to Two Girls Creek above
a natural fish barrier; and (5) a new 12-kilovolt, 7.2-mile-long
transmission line. The estimated annual generation would be 36.87
gigawatt-hours.
    Applicant Contact: Mr. David G. Harmon, P.E., Pacific Green Power,
LLC, P.O. Box 44, Sweet Home, Oregon 97386; phone:<PHONE_NUMBER>.
    FERC Contact: Dianne Rodman; phone:<PHONE_NUMBER>.
    Deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications: 60 days from the issuance of this notice.
Competing applications and notices of intent must meet the requirements
of 18 CFR 4.36. Comments, motions to intervene, notices of intent, and
competing applications may be filed electronically via the Internet.
See 18 CFR 385.2001(a)(1)(iii) and the instructions on the Commission's
Web site 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>or toll free at 1-866-208-3676,
or for TTY,<PHONE_NUMBER>. Although the Commission strongly encourages
electronic filing, documents may also be paper-filed. To paper-file,
mail an original and seven copies to: Kimberly D. Bose, Secretary,
Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426.
    More information about this project, including a copy of the
application, can be viewed or printed on the ``eLibrary'' link of
Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the docket number (P-14145-000) in the docket number field to
access the document. For assistance, contact FERC Online Support.

    Dated: July 5, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-17288 Filed 7-8-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 107 (Tuesday, June 4, 2013)]
[Notices]
[Pages 33403-33406]
[FR Doc No: 2013-13117]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. PF13-5-000]

Transcontinental Gas Pipe Line Company, LLC; Notice of Intent To
Prepare an Environmental Assessment for the Planned Leidy Southeast
Expansion Project, Request for Comments on Environmental Issues, and
Notice of Public Scoping Meetings

    The staff of the Federal Energy Regulatory Commission (FERC or
Commission) will prepare an environmental assessment (EA) that will
discuss the environmental impacts of the Leidy Southeast Expansion
Project involving construction and operation of facilities by
Transcontinental Gas Pipe Line Company, LLC (Transco) in Pennsylvania,
New Jersey, Maryland, Virginia, and North Carolina. The Commission will
use this EA in its decision-making process to determine whether the
project is in the public convenience and necessity.
    This notice announces the opening of the scoping process the
Commission will use to gather input from the public and interested
agencies on the project.

Your input will help the Commission staff determine what issues they
need to evaluate in the EA. The Commission staff will also use the
scoping process to help determine whether preparation of an
environmental impact statement is more appropriate for this project
based upon the potential significance of the anticipated levels of
impact. Please note that the scoping period will close on June 24,
2013. This is not your only public input opportunity; please refer to
the Environmental Review Process flow chart in appendix 1.\1\
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    \1\ The appendices referenced in this notice are not being
printed in the Federal Register. Copies of appendices were sent to
all those receiving this notice in the mail and are available at
www.ferc.gov using the link called ``eLibrary'' or from the
Commission's Public Reference Room, 888 First Street NE.,
Washington, DC 20426, or call<PHONE_NUMBER>. For instructions on
connecting to eLibrary, refer to the last page of this notice.
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    You may submit comments in written form or verbally. Further
details on how to submit written comments are in the Public
Participation section of this notice. In lieu of or in addition to
sending written comments, the Commission invites you to attend the
public scoping meeting(s) scheduled as follows:

------------------------------------------------------------------------
            Date and time                           Location
------------------------------------------------------------------------
June 12, 2013, 7:00 PM...............  The Woodlands Inn, 1073 Highway
                                        315, Wilkes-Barre, PA 18702.
June 13, 2013, 7:00 PM...............  Hillsborough Township Middle
                                        School, 260 Triangle Road,
                                        Hillsborough Township, NJ 08844.
------------------------------------------------------------------------

    The scoping meetings will commence at the times listed above;
however, representatives from Transco will be present one hour before
each meeting to describe their proposal, present maps, and answer
questions.
    This notice is being sent to the Commission's current environmental
mailing list for this project. State and local government
representatives should notify their constituents of this proposed
project and encourage them to comment on their areas of concern.
    If you are a landowner receiving this notice, a pipeline company
representative may contact you about the acquisition of an easement to
construct, operate, and maintain the proposed facilities. The company
would seek to negotiate a mutually acceptable agreement. However, if
the Commission approves the project, that approval conveys with it the
right of eminent domain. Therefore, if easement negotiations fail to
produce an agreement, the pipeline company could initiate condemnation
proceedings where compensation would be determined in accordance with
state law.
    Transco provided landowners with a fact sheet prepared by the FERC
entitled ``An Interstate Natural Gas Facility On My Land? What Do I
Need To Know?''. This fact sheet addresses a number of typically-asked
questions, including the use of eminent domain and how to participate
in the Commission's proceedings. It is also available for viewing on
the FERC Web site (www.ferc.gov).

Summary of the Planned Project

    Transco plans to build approximately 30.1 miles of 42-inch-diameter
natural gas pipeline in four loop \2\ segments, consisting of 6.4 miles
in Mercer and Somerset Counties, New Jersey (Skillman Loop), 6.9 miles
in Somerset and Hunterdon Counties, New Jersey (Pleasant Run Loop),
11.5 miles in Monroe and Luzerne Counties, Pennsylvania (Franklin
Loop), and 5.3 miles in Luzerne County, Pennsylvania (Dorrance Loop).
The new pipeline loops would primarily be installed adjacent to
Transco's existing rights-of-way.
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    \2\ A pipeline loop is a segment of pipe constructed parallel
(and is connected) to an existing pipeline to increase capacity.
---------------------------------------------------------------------------

    The project would also include installing an approximate total of
84,500 horsepower of compression and making other modifications at
existing compressor stations in Mercer County, New Jersey and Luzerne,
Columbia, and Lycoming Counties, Pennsylvania, and modifying various
existing valve sites and meter stations along Transco's mainline system
in Maryland, Virginia, and North Carolina. As designed, the project
would enable Transco to provide an additional 525,000 dekatherms per
day of natural gas transportation capacity from receipt points on
Transco's Leidy Line in Pennsylvania to delivery points on Transco's
mainline system as far south as Choctaw County, Alabama. A map
depicting the general location of the project facilities is included in
appendix 2.
    Transco plans to begin construction of the project in late 2014 and
place the facilities in service by December 2015.

Land Requirements for Construction and Operation

    Transco is still in the planning phase for the project, and
workspace requirements have not been finalized at this time. As
currently planned, construction would disturb approximately 485 acres
of land for the aboveground facilities and the pipeline loops.
Following construction, about 95 acres outside of Transco's existing
easement would be maintained for permanent operation of the project
facilities. The remaining acreage would be restored and allowed to
revert to former uses. As planned, the new pipeline loops would
primarily be installed adjacent to Transco's existing pipeline system.

The EA Process

    The National Environmental Policy Act (NEPA) requires the
Commission to take into account the environmental impacts that could
result from an action whenever it considers the issuance of a
Certificate of Public Convenience and Necessity. NEPA also requires us
\3\ to discover and address concerns the public may have about
proposals. This process is referred to as ``scoping.'' The main goal of
the scoping process is to focus the analysis in the EA on the important
environmental issues. By this notice, the Commission requests public
comments on the scope of the issues to address in the EA. We will
consider all filed comments during the preparation of the EA.
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    \3\ ``Us,'' ``we,'' and ``our'' refer to the environmental staff
of the Commission's Office of Energy Projects.
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    In the EA we will discuss impacts that could occur as a result of
the construction and operation of the planned project under these
general headings:
     Geology and soils;
     Water resources, fisheries, and wetlands;
     Vegetation, wildlife, and endangered and threatened
species;
     Socioeconomics;
     Cultural resources;
     Land use and cumulative impacts;
     Air quality and noise; and
     Public safety.
    We will also evaluate reasonable alternatives to the proposed
project or portions of the project, and make recommendations on how to
lessen or avoid impacts on the various resource areas.
    Although no formal application has been filed, we have already
initiated our NEPA review under the Commission's Pre-filing Process.
The purpose of the Pre-filing Process is to encourage early involvement
of interested stakeholders and to identify and resolve issues before an
application is filed with the FERC. As part of our pre-filing review,
we have begun to contact some federal and state agencies to discuss
their involvement in the scoping process and the preparation of the EA.
In addition, representatives from FERC participated in the public

open houses sponsored by Transco in the project area in April 2013 to
explain the environmental review process to interested stakeholders.
    The EA will present our independent analysis of the issues. The EA
will be available in the public record through eLibrary. We will
consider all comments on the EA before making our recommendations to
the Commission. To ensure we have the opportunity to consider and
address your comments, please carefully follow the instructions in the
Public Participation section beginning on page 5.
    With this notice, we are asking agencies with jurisdiction by law
and/or special expertise with respect to the environmental issues of
this project to formally cooperate with us in the preparation of the
EA.\4\ Agencies that would like to request cooperating agency status
should follow the instructions for filing comments provided under the
Public Participation section of this notice. Currently, the U.S.
Department of Transportation's Pipeline and Hazardous Materials Safety
Administration has expressed its intention to participate as a
cooperating agency in the preparation of the EA.
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    \4\ The Council on Environmental Quality regulations addressing
cooperating agency responsibilities are at Title 40, Code of Federal
Regulations, Part 1501.6.
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Consultations Under Section 106 of the National Historic Perservation
Act

    In accordance with the Advisory Council on Historic Preservation's
implementing regulations for section 106 of the National Historic
Preservation Act, we are using this notice to initiate consultation
with applicable State Historic Preservation Offices (SHPO), and to
solicit their views and those of other government agencies, interested
Indian tribes, and the public on the project's potential effects on
historic properties.\5\ We will define the project-specific Area of
Potential Effects (APE) in consultation with the SHPOs as the project
is further developed. On natural gas facility projects, the APE at a
minimum encompasses all areas subject to ground disturbance (examples
include construction right-of-way, contractor/pipe storage yards,
compressor stations, and access roads). Our EA for this project will
document our findings on the impacts on historic properties and
summarize the status of consultations under section 106.
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    \5\ The Advisory Council on Historic Preservation's regulations
are at Title 36 of the Code of Federal Regulations, Part 800.
Historic properties are defined in those regulations as any
prehistoric or historic district, site, building, structure, or
object included in or eligible for inclusion in the National
Register for Historic Places.
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Currently Identified Environmental Issues

    We have already identified several issues that we think deserve
attention based on a preliminary review of the planned facilities, the
environmental information provided by Transco, and comments received by
the public. This preliminary list of issues may be changed based on
your comments and our analysis:
     Residential impacts, including the potential for decreased
property values;
     Impacts on forest and unique habitats;
     Impacts on conservation lands;
     Impacts on water resources;
     The purpose and need for the project;
     Consideration of alternatives, including renewable energy
sources; and
     Public safety.

Public Participation

    You can make a difference by providing us with your specific
comments or concerns about the project. Your comments should focus on
the potential environmental effects, reasonable alternatives, and
measures to avoid or lessen environmental impacts. The more specific
your comments, the more useful they will be. To ensure that your
comments are timely and properly recorded, please send your comments so
that they will be received in Washington, DC on or before June 24,
2013.
    For your convenience, there are four methods you can use to submit
your comments to the Commission. In all instances, please reference the
project docket number (PF13-5-000) with your submission. The Commission
encourages electronic filing of comments and has expert eFiling staff
available to assist you at<PHONE_NUMBER> or<EMAIL_ADDRESS>    1. You can file your comments electronically by using the eComment
feature, which is located on the Commission's Web site at www.ferc.gov
under the link to Documents and Filings. This is an easy method for
interested persons to submit brief, text-only comments on a project;
    2. You can file your comments electronically by using the eFiling
feature, which is located on the Commission's Web site at www.ferc.gov
under the link to Documents and Filings. With eFiling, you can provide
comments in a variety of formats by attaching them as a file with your
submission. New eFiling users must first create an account by clicking
on ``eRegister.'' You must select the type of filing you are making. If
you are filing a comment on a particular project, please select
``Comment on a Filing'';
    3. You can attend and provide either oral or written comments at a
public scoping meeting. A transcript of each meeting will be made so
that your comments will be accurately recorded and included in the
public record; or
    4. You can file a paper copy of your comments by mailing them to
the following address: Kimberly D. Bose, Secretary, Federal Energy
Regulatory Commission, 888 First Street NE., Room 1A, Washington, DC
20426

Environmental Mailing List

    The environmental mailing list includes federal, state, and local
government representatives and agencies; elected officials;
environmental and public interest groups; Native American Tribes; other
interested parties; and local libraries and newspapers. This list also
includes all affected landowners (as defined in the Commission's
regulations) who are potential right-of-way grantors, whose property
may be used temporarily for project purposes, or who own homes within
certain distances of aboveground facilities, and anyone who submits
comments on the project. We will update the environmental mailing list
as the analysis proceeds to ensure that we send the information related
to this environmental review to all individuals, organizations, and
government entities interested in and/or potentially affected by the
planned project.
    When the EA is published for distribution, copies will be sent to
the environmental mailing list for public review and comment. If you
would prefer to receive a paper copy of the document instead of the CD
version, or would like to remove your name from the mailing list,
please return the attached Information Request (appendix 3).

Becoming an Intervenor

    Once Transco files its application with the Commission, you may
want to become an ``intervenor'' which is an official party to the
Commission's proceeding. Intervenors play a more formal role in the
process and are able to file briefs, appear at hearings, and be heard
by the courts if they choose to appeal the Commission's final ruling.
An intervenor formally participates in the proceeding by filing a
request to intervene. Instructions for becoming an intervenor are
included in the User's Guide under the ``e-Filing'' link on the
Commission's Web site. Please note that

the Commission will not accept requests for intervenor status at this
time. You must wait until a formal application for the project is filed
with the Commission.

Additional Information

    Additional information about the project is available from the
Commission's Office of External Affairs, at (866) 208-FERC, or on the
FERC Web site (www.ferc.gov) using the eLibrary link. Click on the
eLibrary link, click on ``General Search'' and enter the docket number,
excluding the last three digits in the Docket Number field (i.e., PF13-
5). Be sure you have selected an appropriate date range. For
assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>or toll free at<PHONE_NUMBER>, or for TTY,
contact<PHONE_NUMBER>. The eLibrary link also provides access to the
text of formal documents issued by the Commission, such as orders,
notices, and rulemakings.
    In addition, the Commission offers a free service called
eSubscription which allows you to keep track of all formal issuances
and submittals in specific dockets. This can reduce the amount of time
you spend researching proceedings by automatically providing you with
notification of these filings, document summaries, and direct links to
the documents. Go to www.ferc.gov/esubscribenow.htm.
    Public meetings or site visits will be posted on the Commission's
calendar located at www.ferc.gov/EventCalendar/EventsList.aspx along
with other related information.
    Finally, Transco has established a Web site for this project at
http://leidysoutheast.wordpress.com/. The Web site includes a project
overview, environmental information, and information for affected
stakeholders.

    Dated: May 24, 2013.
Kimberly D. Bose,
Secretary.
[FR Doc. 2013-13117 Filed 6-3-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 29 (Friday, February 11, 2011)]
[Notices]
[Page 7839]
[FR Doc No: 2011-3156]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Commission Staff Attendance at North American Electric
Reliability Corporation (NERC) Meetings from January-June 2011

    The Federal Energy Regulatory Commission hereby gives notice that
members of the Commission and Commission staff may attend the following
NERC related meetings:
     NERC Planning Committee Meetings and its sub-committee
meetings on, but not limited to:
     [cir] Wednesday-Thursday, February 9-10 Charlotte, NC (2)
     [cir] Tuesday-Wednesday, March 8-9, Phoenix Convention Center--
North Building, Phoenix, AZ (3)
     [cir] Thursday, March 10 Teleconference (TBD)
     [cir] Wednesday-Thursday, April 6-7 Las Vegas, NV (2)
     [cir] Tuesday-Wednesday, June 7-8 Toronto, ON, Canada (2)
     [cir] Tuesday-Thursday, June 28-30 Austin, TX (3)
     NERC Operating Committee Meetings and its sub-committee
meetings on, but not limited to:
     [cir] Tuesday-Wednesday, March 8-9, Phoenix Convention Center--
North Building, Phoenix, AZ (2)
     [cir] Tuesday-Wednesday, June 7-8 Toronto, ON, Canada (2)
     NERC Standards Committee Meetings and its sub-committee
meetings on, but not limited to:
     [cir] Friday, February 11 Teleconference (1)
     [cir] Thursday, March 10 Teleconference (1)
     [cir] Wednesday-Thursday, April 13-14 Salt Lake City, UT (2)
     [cir] Thursday, May 12 Teleconference (1)
     [cir] Thursday, June 9 Teleconference (1)
     NERC Member Representative Committee Meetings and its sub-
committee meetings on, but not limited to:
     [cir] Wednesday, February 16, Hyatt Regency Phoenix, Phoenix, AZ
(1)
     [cir] Tuesday, May 10 Arlington, VA (1)
     NERC Board of Trustees Meetings and its sub-committee
meetings on, but not limited to:
     [cir] Wednesday-Thursday, February 16-17, Hyatt Regency Phoenix,
Phoenix, AZ (2)
     [cir] Tuesday-Wednesday, May 10-11 Arlington, VA (2)
     NERC Finance and Audit Committee Meetings on, but not
limited to:
     [cir] Wednesday, February 9 Teleconference (1)
     [cir] Tuesday, May 10, Washington, DC (1)
     Critical Infrastructure Protection Committee Quarterly
Meetings and its sub-committee meetings on, but not limited to:
     [cir] Wednesday-Thursday, March 9-10, Phoenix Convention Center--
North Building, Phoenix, AZ (2)
     [cir] Wednesday-Thursday, June 8-9 Phoenix, AZ (TBD)
    The meetings will be held at the following locations:
    1. North American Electric Reliability Corporation, 116-390 Village
Boulevard, Princeton, NJ 08540,<PHONE_NUMBER>.
    2. Western Electricity Coordination Council, 155 North 400 West,
Suite 200, Salt Lake City, UT 84103.
    3. Electric Reliability Council of Texas (ERCOT)--ERCOT MET Center,
7620 Metro Center Drive, Austin, TX 78744.
    4. Oncor Electric Delivery Building, 115 W. 7th St., Room 1025,
Fort Worth, TX 76102.
    5. The SERC Reliability Corporation, 2815 Coliseum Centre Drive,
Suite 500, Charlotte, NC 28217.
    6. NV Energy--Beltway Complex, 7155 Lindell Road, Las Vegas, NV
89118.
    7. Toronto Airport Marriott, 901 Dixon Road, Toronto, ON, Canada.
    8. Phoenix Convention Center--North Building, 100 North Street,
Phoenix, AZ 85004.
    9. Hyatt Regency Phoenix, 122 N Street, Phoenix, AZ 85004.
    10. Westin Arlington Gateway, 801 North Glebe Road, Arlington, VA
22203.
    Further information may be found at: http://www.nerc.com.
    The above-referenced meetings are open to the public.
    For more information, contact: Mary Agnes Nimis, Office of Electric
Reliability, Federal Energy Regulatory Commission at<PHONE_NUMBER> or
<EMAIL_ADDRESS>or Tim Friel, Office of Electric Reliability,
Federal Energy Regulatory Commission at<PHONE_NUMBER> or
<EMAIL_ADDRESS>
    Dated: February 4, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-3156 Filed 2-10-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 88 (Tuesday, May 9, 2017)]
[Notices]
[Pages 21581-21584]
[FR Doc No: 2017-09312]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80585; File No. SR-NASDAQ-2017-041]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Exchange's Fees at Rule 7047

May 3, 2017.
    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 April 20, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to amend the Exchange's fees at Rule 7047 to
clarify the application of Nasdaq fees to Derived Data in light of
changing industry practices. Specifically, the proposed changes will:
(i) Limit application of the Derived Data Distributor Fee for Nasdaq
Basic in Rule 7047(c)(2) only to those Distributors that both create
and distribute Derived Data; (ii) clarify that the Nasdaq Basic per
Subscriber user fees in Rules 7047(b)(1) and (b)(2), and the
distributor fee in Rule 7047(c)(1), cover both Nasdaq data feeds and
Derived Data therefrom; and (iii) clarify that the enterprise licenses
for Professional and Non-Professional Subscribers in Rules 7047(b)(4)
and (b)(5) cover the distribution of Derived Data from Nasdaq Basic.
The proposal is described in further detail below.
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaq.cchwallstreet.com, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The purpose of the proposed rule change is to clarify the
application of Nasdaq fees to Derived Data in light of changing
industry practices. Specifically, the proposed changes will: (i) Limit
application of the Derived Data Distributor Fee for Nasdaq Basic in
Rule 7047(c)(2) only to those Distributors that both create and
distribute Derived Data; (ii) clarify that the Nasdaq Basic per
Subscriber user fees in Rules 7047(b)(1) and (b)(2), and the
distributor fee in Rule 7047(c)(1), cover both Nasdaq data feeds and
Derived Data therefrom; and (iii) clarify that the enterprise licenses
for Professional and Non-Professional Subscribers in Rules 7047(b)(4)
and (b)(5) cover the distribution of Derived Data from Nasdaq Basic.
Nasdaq Basic
    Nasdaq Basic provides best bid and offer information from the
Nasdaq Market Center, as well as last sale transaction reports from
both the Nasdaq Market Center and the FINRA/Nasdaq Trade Reporting
Facility (``TRF''). This is a subset of the ``core'' quotation and last
sale data provided by securities information processors under the CQ/CT
Plan and the UTP Plan. The three components of Nasdaq Basic, which may
be purchased individually or in combination, are: (i) Nasdaq Basic for
Nasdaq, which contains the best bid and offer on the Nasdaq Market
Center and last sale transaction reports for Nasdaq and the FINRA/
Nasdaq TRF for Nasdaq-listed stocks; (ii) Nasdaq Basic for NYSE, which
covers NYSE-listed stocks, and (iii) Nasdaq Basic for NYSE MKT, which
provides data on stocks listed on NYSE MKT and other listing venues
whose quotes and trade reports are disseminated on Tape B.
Derived Data Distributor Fee
    A Distributor \3\ of Derived Data \4\ from Nasdaq Basic may pay a
$1,500 per month fee to disseminate such data to an unlimited number of
Non-Professional Subscribers \5\ under Rule 7047(c)(2). If a
Distributor elects not to pay the Derived Data Distributor Fee, the
Distributor must pay the per Subscriber charges for Non-Professionals
set forth in Rule 7047(b)(2). In either case, Distributors of Derived
Data must also pay the

Distributor fee set forth in Rule 7047(c)(1).
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    \3\ A ``Distributor'' is ``any entity that receives NASDAQ Basic
data directly from NASDAQ or indirectly through another entity and
then distributes it to one or more Subscribers.'' Nasdaq Rule
7047(d)(1).
    \4\ ``Derived Data'' is ``pricing data or other information that
is created in whole or in part from NASDAQ information; it cannot be
reverse engineered to recreate NASDAQ information, or be used to
create other data that is recognizable as a reasonable substitute
for NASDAQ information.'' Nasdaq Rule 7047(d)(5).
    \5\ A ``Non-Professional Subscriber'' is a natural person who is
not (i) registered or qualified in any capacity with the Commission,
the Commodity Futures Trading Commission, any state securities
agency, any securities exchange or association, or (ii) any
commodities or futures contract market or association; engaged as an
``investment adviser'' as that term is defined in Section 201(11) of
the Investment Advisers Act of 1940 (whether or not registered or
qualified under that Act); or (iii) employed by a bank or other
organization exempt from registration under federal or state
securities laws to perform functions that would require registration
or qualification if such functions were performed for an
organization not so exempt. Nasdaq Rule 7047(d)(3)(A).
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    The Exchange has recently become aware that certain Distributors
create Derived Data (``Primary Distributors''), and send it to other
Distributors, which transmit the Derived Data in the same form that it
was received to Subscribers (``Secondary Distributors''). The Exchange,
in its initial filing for the Derived Data Distributor Fee in 2011,
stated that the fee applied only to firms that ``derive data from
Nasdaq Basic'' \6\--i.e., the Primary Distributors. The text of Rule
7047(c)(2), however, does not distinguish between Primary and Secondary
Distributors. Rule 7047(c)(2) states that ``[a] Distributor may pay
$1,500 per month to distribute Derived Data from Nasdaq Basic,''
implying that all Distributors--both Primary and Secondary--may pay
that fee. Further clarification appeared to be unnecessary at the time
because the Exchange was not aware of the existence of Secondary
Distributors.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 64994 (July 29,
2011), 76 FR 47621 (August 5, 2011) (SR-NASDAQ-2011-091).
---------------------------------------------------------------------------

    In light of changing industry practice, the Exchange proposes to
clarify the Rule to state that only Distributors that ``create and
distribute Derived Data from Nasdaq Basic'' pay the fee, thereby
excluding Secondary Distributors from application of Rule 7047(c)(2).
This is a codification of Nasdaq's intent as set forth in the initial
filing and Nasdaq's interpretation of Rule 7047(c)(2) based on that
rule and related filings, and will not change customer fees.
User Fees for Nasdaq Basic
    Professional Subscribers \7\ to Nasdaq Basic pay per Subscriber
monthly charges of $13.00 for Nasdaq Basic for Nasdaq, $6.50 for Nasdaq
Basic for NYSE, and $6.50 for Nasdaq Basic for NYSE MKT under Rule
7047(b)(1). Non-Professional Subscribers pay at the reduced monthly
rates of $0.50, $0.25, and $0.25, respectively, under Rule 7047(b)(2).
---------------------------------------------------------------------------

    \7\ A ``Professional Subscriber'' is any Subscriber other than a
Non-Professional Subscriber. Nasdaq Rule 7047(d)(3)(B).
---------------------------------------------------------------------------

    When the Derived Data Distributor Fee, currently set forth in Rule
7047(c)(2) was introduced in 2011, the Exchange explained in the
accompanying filing that the fee ``would be in lieu of non-professional
subscriber fees,'' \8\ indicating that the monthly per Subscriber fees
set forth in Rule 7047(b)(2) applied to Derived Data. There was no
explicit reference to Derived Data in Rule 7047(b)(2) because the
Exchange was not aware of instances in which Derived Data was
distributed without a Nasdaq Basic data feed, rendering such a
reference unnecessary.
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 64994 (July 29,
2011), 76 FR 47621 (August 5, 2011) (SR-NASDAQ-2011-091).
---------------------------------------------------------------------------

    The Exchange has recently become aware, however, that certain
Subscribers purchase Derived Data without a Nasdaq Basic data feed. The
Exchange proposes to clarify Rule 7047(b)(2), and the parallel rule for
Professional Subscribers at Rule 7047(b)(1), to state that the per
Subscriber monthly charges allow the transmission of both Nasdaq Basic
feeds and/or any Derived Data therefrom.
    Similarly, the distributor fee for Nasdaq Basic in Rule 7047(c)(1)
did not separately reference Derived Data because such data was not
distributed without a Nasdaq Basic data feed. Because industry practice
has changed, the Exchange proposes to clarify that the distributor fee
in Rule 7047(c)(1) covers Derived Data, as well as the Nasdaq Basic
data feed.
    These proposed changes will not change prices, but rather are a
codification of the Exchange's original intent and its interpretation
of these Rules based on the text of the Rules and their related
filings, in light of changes in industry practice.
Nasdaq Basic Enterprise Licenses
    Broker-dealers may purchase two enterprise licenses for Nasdaq
Basic in lieu of per Subscriber user fees: (i) An enterprise license
for Professional and Non-Professional Subscribers with whom the broker-
dealer has a brokerage relationship under Rule 7047(b)(5); or (ii) an
enterprise license for internal Professional Subscribers under Rule
7047(b)(4). The enterprise license for Subscribers in a brokerage
relationship was introduced in 2011,\9\ but the rule did not specify
whether that license would cover the distribution of Derived Data. The
enterprise license for internal Professional Subscribers, introduced in
2014,\10\ did not explicitly reference Derived Data either.
---------------------------------------------------------------------------

    \9\ See Securities Exchange Act Release No. 65526 (October 11,
2011), 76 FR 64137 (October 17, 2011) (SR-NASDAQ-2011-130).
    \10\ See Securities Exchange Act Release No. 71507 (February 7,
2014), 79 FR 8763 (February 13, 2014) (SR-NASDAQ-2014-011).
---------------------------------------------------------------------------

    The enterprise license for internal Professional Subscribers was
introduced as an alternative to the Nasdaq Basic user fees set forth in
Rule 7047(b)(1), and the enterprise license for Subscribers with whom
the broker-dealer has a brokerage relationship was designed as an
alternative to the user fees set forth in Rule 7047(b)(1) and (b)(2).
For the reasons set forth above, the fees set forth at Rules 7047(b)(1)
and (b)(2) were intended to cover the distribution of Derived Data.
Because these enterprise licenses were introduced as alternatives to
Rules 7047(b)(1) and (b)(2), these licenses were intended to cover
Derived Data as well. In light of a change in industry practice in
which Derived Data is sometimes distributed without a proprietary data
feed, the Exchange proposes to codify the original intent of the
Exchange, and its interpretation of the Rules and related filings, and
explicitly state that the enterprise licenses at Rules 7047(b)(4) and
(b)(5) cover the distribution of Derived Data from Nasdaq Basic.
    In summary, the proposed changes clarify how Nasdaq Basic fees set
forth in Rule 7047 apply to Derived Data. The first change clarifies
that the Derived Data Distributor Fee does not apply to Secondary
Distributors, i.e., entities that distribute, but do not create,
Derived Data. The second change clarifies that the per Subscriber user
fees set forth in Rule 7047(b)(1) and (b)(2), and the distributor fee
in Rule 7047(c)(1) also allow the distribution of Derived Data. The
third change clarifies that the enterprise licenses under Rules
7047(b)(4) and (b)(5) cover the distribution of Derived Data. None of
these proposed changes raise the cost of Nasdaq Basic or any other
Nasdaq product, but rather codify the original intent and ongoing
interpretation of Rule 7047.
    The fees for all Nasdaq Basic products--including Derived Data from
Nasdaq Basic--are entirely optional, in that they apply only to
Distributors or Subscribers that opt to purchase Nasdaq Basic or
Derived Data therefrom. The proposed changes do not impact the cost of
any Nasdaq product, including Nasdaq Basic and any Derived Data from
Nasdaq Basic.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\11\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\12\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Commission and the courts have repeatedly expressed their
preference for competition over regulatory

intervention in determining prices, products, and services in the
securities markets. In Regulation NMS, while adopting a series of steps
to improve the current market model, 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.'' \13\
---------------------------------------------------------------------------

    \13\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
---------------------------------------------------------------------------

    Likewise, in NetCoalition v. Securities and Exchange Commission
\14\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of
a market-based approach in evaluating the fairness of market data fees
against a challenge claiming that Congress mandated a cost-based
approach.\15\ As the court emphasized, the Commission ``intended in
Regulation NMS that `market forces, rather than regulatory
requirements' play a role in determining the market data . . . to be
made available to investors and at what cost.'' \16\
---------------------------------------------------------------------------

    \14\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
    \15\ See NetCoalition, at 534-535.
    \16\ Id. at 537.
---------------------------------------------------------------------------

    Further, ``[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' . . . .'' \17\
---------------------------------------------------------------------------

    \17\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008)
(SR-NYSEArca-2006-21)).
---------------------------------------------------------------------------

    The Exchange believes that the current proposals--(i) to limit
application of the Derived Data Distributor Fee, (ii) clarify the
application of Nasdaq Basic per Subscriber user fees and a distributor
fee to Derived Data, and (iii) establish that Derived Data is included
in the Professional and Non-Professional enterprise licenses--are fair
and equitable in accordance with Section 6(b)(4) of the Act, and not
unreasonably discriminatory in accordance with Section 6(b)(5) of the
Act. The proposed changes do not change any fee, but rather codify and
clarify Nasdaq's interpretation of its rules. Moreover, fees for Nasdaq
Basic and its associated Derived Data, like all market data fees, are
constrained by the Exchange's need to compete for order flow, and are
subject to competition from other exchanges and among broker-dealers
for customers. If Nasdaq is incorrect in its assessment, there is no
barrier to block a competitor from entering the market with
substantially similar products.
    The Exchange believes that the proposed changes are an equitable
allocation and not unfairly discriminatory because the Exchange will
apply the same fees to all similarly-situated Distributors.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. In terms of inter-market
competition, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive, or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees to remain competitive with other exchanges and with
alternative trading systems that have been exempted from compliance
with the statutory standards applicable to exchanges. Because
competitors are free to modify their own fees in response, and because
market participants may readily adjust their order routing practices,
the Exchange believes that the degree to which fee changes in this
market may impose any burden on competition is extremely limited.
    Nasdaq Basic--and all data derived from Nasdaq Basic--is subject to
competition from the NYSE, BATS, and other exchanges that offer similar
products. If Nasdaq Basic were to prove unattractive to market
participants, it is likely that the Exchange would lose market share as
a result.
    As noted above, the proposed changes do not affect any existing
fees, which are, in any event, constrained by market forces in three
distinct respects. First, all fees related to Nasdaq Basic are
constrained by the competition among exchanges and other entities in
attracting order flow. Firms make decisions regarding this and other
proprietary data products based on the total cost of interacting with
the Exchange, and, because the supracompetitive pricing of any
proprietary data product increases the total cost of interacting with
the Exchange, such pricing would harm order flow. Second, the price of
Nasdaq Basic is constrained by the existence of multiple substitutes
that are offered, or may be offered, by entities that offer proprietary
or non-proprietary data. Third, the proposed fee will be constrained by
competition among Distributors for Subscribers.
Competition for Order Flow
    All fees related to Nasdaq Basic are constrained by competition
among exchanges and other entities seeking to attract order flow. Order
flow is the ``life blood'' of the exchanges. Broker-dealers currently
have numerous alternative venues for their order flow, including
thirteen self-regulatory organization (``SRO'') markets, as well as
internalizing broker-dealers (``BDs'') and various forms of alternative
trading systems (``ATSs''), including dark pools and electronic
communication networks (``ECNs''). Each SRO market competes to produce
transaction reports via trade executions, and two FINRA-regulated TRFs
compete to attract internalized transaction reports. The existence of
fierce competition for order flow implies a high degree of price
sensitivity on the part of BDs, which may readily reduce costs by
directing orders toward the lowest-cost trading venues.
    The level of competition and contestability in the market for order
flow is demonstrated by the numerous examples of entrants that swiftly
grew into some of the largest electronic trading platforms and
proprietary data producers: Archipelago, Bloomberg Tradebook, Island,
RediBook, Attain, and TracECN. A proliferation of dark pools and other
ATSs operate profitably with fragmentary shares of consolidated market
volume. For a variety of reasons, competition from new entrants,
especially for order execution, has increased dramatically over the
last decade.
    Each SRO, TRF, ATS, and BD that competes for order flow is
permitted to produce proprietary data products. Many currently do or
have announced plans to do so, including NYSE, NYSE Amex, NYSE Arca,
and the BATS exchanges. This is because Regulation NMS deregulated the
market for proprietary data. While BDs had previously published their
proprietary data individually, Regulation NMS encourages market data
vendors and BDs to produce proprietary products cooperatively in a
manner never before possible. Order routers and market data vendors can
facilitate production of proprietary data products for single or
multiple BDs. The potential sources of

proprietary products are virtually limitless.
    The markets for order flow and proprietary data are inextricably
linked: A trading platform cannot generate market information unless it
receives trade orders. Firms make decisions on how much and what types
of data to consume based on the total cost of interacting with an
exchange, and data fees are a factor in the total platform analysis. A
supracompetitive increase in the fees charged for proprietary data has
the potential to impair revenue for the exchange as a result. The
competition for order flow will therefore constrain prices for
proprietary data products, including charges relating to Nasdaq Basic.
Substitute Products
    The price of data derived from Nasdaq Basic is also constrained by
the existence of multiple substitutes offered by numerous entities,
including both proprietary data offered by other SROs or other
entities, and non-proprietary data disseminated by Nasdaq in its
capacity as a Securities Information Processor (``SIP'') for the
national market system plan governing securities listed on Nasdaq as a
national securities exchange (``Nasdaq UTP Plan'').
    The information provided through Nasdaq Basic is a subset of the
best bid and offer and last sale data provided by the SIP. The ``core''
data disseminated by the SIP consists of best-price quotations and last
sale information from all markets in U.S.-listed equities; Nasdaq Basic
provides best bid and offer and last sale information for all U.S.
exchange-listed stocks based on trade reports from the Nasdaq Market
Center and the FINRA/Nasdaq Trade Reporting Facility. Many customers
that purchase SIP data do not also purchase Nasdaq Basic. Where
customers buy both products, they may shift the extent to which they
purchase one or the other based on relative price changes. The SIP
constrains the price of Nasdaq Basic because no purchaser would pay an
excessive price for Nasdaq Basic when similar data is available from
the SIP.
    Proprietary data sold by other exchanges also constrain the price
of Nasdaq Basic because other exchanges, such as NYSE and BATS, also
sell proprietary non-core data that include best bid and offer and last
sale data. Customers would not pay an excessive price for Nasdaq Basic
when substitute data is available from other proprietary sources, and
customers would not typically purchase proprietary best bid and offer
and last sale data from multiple exchanges.
Competition for Subscribers
    Distributors that disseminate data derived from Nasdaq Basic are in
competition for Subscribers. If the price of such data were set above
competitive levels, Distributors would be at a competitive disadvantage
relative to their competitors, and may lower their costs by
substituting Nasdaq data with other products, in whole or in part.
Competition for Subscribers therefore provides another constraint on
the cost of Derived Data.
    In summary, market forces constrain the price of Nasdaq Basic
through competition for order flow, competition from substitute data
products, and in the competition among Distributors for Subscribers.
For these reasons, the Exchange has provided a substantial basis
demonstrating that the fee is equitable, fair, reasonable, and not
unreasonably discriminatory, and therefore consistent with and in
furtherance of the purposes of the Exchange 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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\18\
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2017-041 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-2017-041. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2017-041 and should
be submitted on or before May 30, 2017.

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

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

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-09312 Filed 5-8-17; 8:45 am]
BILLING CODE P


[Federal Register: August 31, 2009 (Volume 74, Number 167)]
[Notices]
[Page 44836]
[DOCID:fr31au09-67]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 13534-000]

Green Hydropower Inc.; Notice of Preliminary Permit Application
Accepted for Filing and Soliciting Comments, Motions To Intervene, and
Competing Applications

August 25, 2009.
    On July 7, 2009,\1\ Green Hydropower Inc. filed an application for
a preliminary permit, pursuant to section 4(f) of the Federal Power Act
(FPA) \2\ to study the feasibility of the proposed 2-megawatt (MW)
Green Hydropower Rocky Reach Project No. 13534. The project would be
located in Douglas and Chelan Counties, Washington. The sole purpose of
a preliminary permit, if issued, is to grant the permit holder priority
to file a license application during the permit term. A preliminary
permit does not authorize the permit holder to perform any land-
disturbing activities or otherwise enter upon lands or waters owned by
others without the owners' express permission.
---------------------------------------------------------------------------

    \1\ Applicant submitted supplemental information to answer
deficiencies in initial permit application on August 17, 2009.
    \2\ 16 U.S.C. 797(f). Three years is the maximum term for a
preliminary permit. See FPA Section 5, 16 U.S.C. 798.
---------------------------------------------------------------------------

    The proposed Green Hydropower Rocky Reach Project is an in-river
development that would be located 0.25-miles downstream of the Rocky
Reach Dam (FERC Project No. 2145) on the Columbia River. The project
would consist of: (1) Multiple 10-foot-diameter to 40-foot-diameter sea
anchors (pieces of high-strength synthetic material that inflate to
roughly the shape of a parachute in the presence of an underwater
current); (2) an up to 1.25-mile-long synthetic rope; (3) an electric-
driven traction winch or an electric-driven capstan; (4) a generator
attached to the winch or capstan; (5) a floating vessel, such as a
boat; (6) a new approximately 480-volt, 500-foot-long transmission
line; and (7) appurtenant facilities. The sea anchors would be attached
to a rope that is connected to the winch or capstan. The winch or
capstan would be mounted on shore or on a floating vessel. The sea
anchors would be pulled downstream by the existing current, pulling the
rope through a winch or capstan, which will turn the generator. The
project would have an estimated annual generation of between 8,750-
megawatt hours (MWh) and 17,500 MWhs per year.
    Applicant Contact: Mr. Joseph Allan Francis, Owner, Green
Hydropower Inc., 5316 North Shirley Street, Ruston, WA 98407; phone:
(253) 732-6532.
    FERC Contact: Jennifer Harper,<PHONE_NUMBER>.
    Deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications: 60 days from the issuance of this notice.
Comments, motions to intervene, notices of intent, and competing
applications may be filed electronically via the Internet. See 18 CFR
385.2001(a)(1)(iii) and the instructions on the Commission's Web site
under the ``e-Filing'' link. If unable to be filed electronically,
documents may be paper-filed. To paper-file, an original and eight
copies should be mailed to: Kimberly D. Bose, Secretary, Federal Energy
Regulatory Commission, 888 First Street, NE., Washington, DC 20426. For
more information on how to submit these types of filings please go to
the Commission's Web site located at http://www.ferc.gov/filing-
comments.asp. More information about this project, including a copy of
the application, can be viewed or printed on the ``eLibrary'' link of
Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the docket number (P-13534) in the docket number field to access
the document. For assistance, call toll-free 1-866-208-3372.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-20940 Filed 8-28-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 148 (Thursday, August 5, 2021)]
[Notices]
[Pages 42907-42911]
[FR Doc No: 2021-16678]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92536; File No. SR-NYSEARCA-2021-66]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Reformat the
Basic Rates Section of the NYSE Arca Equities Fees and Charges

July 30, 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 July 20, 2021, NYSE Arca, Inc. (``NYSE Arca'' 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 self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to reformat the Basic rates section of the
NYSE Arca Equities Fees and Charges (``Fee Schedule'') applicable to
securities priced at or above $1.00 and the rates applicable to
securities priced below $1.00 without making any substantive changes to
the current fees and credits for each group of securities. The Exchange
proposes to implement the fee changes effective July 20, 2021.\4\ The
proposed rule change is available on the Exchange's website at
www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.
---------------------------------------------------------------------------

    \4\ The Exchange originally filed to amend the Fee Schedule on
July 1, 2021 (SR-NYSEArca-2021-59). SR-NYSEArca-2021-59 was
subsequently withdrawn and replaced by SR-NYSEArca-2021-62. SR-
NYSEArca-2021-62 was subsequently withdrawn and replaced by this
filing.
---------------------------------------------------------------------------

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

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

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

1. Purpose
    The Exchange proposes to reformat the Basic rates section of the
Fee Schedule applicable to securities priced at or above $1.00 and the
rates applicable to securities priced below $1.00 without making any
substantive changes to the current fees and credits for each group of
securities. The Exchange proposes to implement the fee changes
effective July 20, 2021.
    The Exchange proposes the following non-substantive changes to
reorganize the presentation of the Fee Schedule in order to enhance its
clarity and transparency, thereby making the Fee Schedule easier to
navigate.
    In connection with the proposed rule change, the Exchange would add
new section I titled ``Definitions'' that would adopt several
definitions that would apply only for purposes of the fees and credits
on the Fee Schedule. As proposed, section I would set forth the
following twelve definitions applicable to Exchange Transactions:
     ``ADV'' would mean average daily volume.
     ``Adding Liquidity'' would mean the execution of an order
on the Exchange that provided liquidity.

     ``Auction'' would mean Early Open Auction, Core Open
Auction, Trading Halt Auction and Closing Auction on NYSE Arca.
     ``Auction Orders'' would mean Market Orders, Market-On-
Close Orders, Limit-On-Close Orders and Auction-Only Orders executed in
a NYSE Arca auction.
     ``Cboe BZX Auction'' would mean orders routed for
execution in the open or closing auction on Cboe BZX.
     ``Closing Orders'' would mean Market, Market-On-Close,
Limit-On-Close, and Auction-Only Orders executed in a Closing Auction.
     ``Nasdaq Auction'' would mean orders routed for execution
in the open or closing auction on Nasdaq.
     ``NYSE American Auction'' would mean orders routed for
execution in the open or closing auction on NYSE American.
     ``NYSE Auction'' would mean orders routed for execution in
the open or closing auction on NYSE.
     ``Opening Orders'' would mean Market and Auction-Only
Orders executed in an Early Open Auction, Core Open Auction or Trading
Halt Auction.
     ``Removing Liquidity'' would mean the execution of an
order that removed liquidity.
     ``US CADV'' would mean the United States consolidated
average daily volume of transactions reported to a securities
information processor (``SIP''). Transactions that are not reported to
a SIP are not included in the US CADV.\5\
---------------------------------------------------------------------------

    \5\ The proposed definition differs from the definition in
current footnote 3, which is marked for deletion under this proposed
rule change. The current definition includes a reference to odd lots
that is no longer applicable. The current definition also includes
references to exclusion of volume on days when the market closes
early and the date of the annual reconstitution of the Russell
Investments Indexes. The references to exclusion of volume appear in
current footnote 1 and would therefore continue to apply to Exchange
Transactions.
---------------------------------------------------------------------------

    The Exchange proposes these definitions to use consistent terms
throughout the Fee Schedule relating to Exchange Transactions.
Specifically, the Exchange proposes to use the term ``Adding
Liquidity'' when referring to an order that when executed, provides
liquidity, and to use the term ``Removing Liquidity'' when referring to
an order that when executed, takes liquidity. By consolidating
definitions used in this part of the Fee Schedule, the Exchange would
eliminate the need to separately define these terms within the tables
of the Fee Schedule or in footnotes. Additionally, with the proposed
adoption of the terms ADV and US CADV in proposed Section I of the Fee
Schedule, the Exchange proposes to delete references to current
footnotes 3 and 4 throughout the Fee Schedule, where footnote 3 of the
Fee Schedule currently defines the term US CADV and footnote 4 of the
Fee Schedule currently defines the term ADV. The Exchange further
proposes to amend current footnote 1 to delete an internal reference to
footnote 3 and delete the words ``average daily volume'' as the
definition for ADV now appears in proposed Section I titled
Definitions. The Exchange also proposes to renumber footnotes through
the Fee Schedule in conjunction to the changes discussed herein.\6\
---------------------------------------------------------------------------

    \6\ In connection with the proposed renumbering of footnotes,
the Exchange also proposes to delete current footnote 6 in its
entirety because the Exchange previously removed the term ``Allied
Person'' from its rules. See Securities Exchange Act Release No.
84857 (December 19, 2018), 83 FR 66824 (December 27, 2018) (SR-
NYSEArca-2018-97).
---------------------------------------------------------------------------

    Next, the Exchange proposes to add new section II titled
``General'' that would set forth general information regarding the way
the Exchange has always interpreted and applied fees and credits to
Exchange Transactions. As proposed, this section would contain the
following general information applicable to Exchange Transactions:
     Rebates indicated by parentheses ( ).
     All fees and credits and tier requirements apply to ETP
Holders and Market Makers.
     All fees and credits are per share unless noted otherwise.
    Next, the Exchange proposes a non-substantive change to the
presentation of the Basic rates applicable to securities priced at or
above $1.00 and the rates applicable to securities priced below
$1.00.\7\ The Exchange proposes a table presentation. The proposed
changes would appear in the Fee Schedule in two tables, one that would
appear under proposed new section III titled ``Standard Rates--
Transactions'' and a second table that would appear under proposed new
section V titled ``Standard Rates--Routing.'' \8\ The Exchange also
proposes to simplify the presentation in each table by using sub-titles
to identify the type of activity (i.e., Adding Liquidity, Adding
Liquidity--Retail Orders, Adding Liquidity--MPL Orders, Removing
Liquidity, Opening Orders and Closing Orders in the table titled
``Standard Rates--Transactions'') and then listing the corresponding
rates under each category. The proposed changes would appear as follows
in the Fee Schedule:
---------------------------------------------------------------------------

    \7\ In connection with this change, the Exchange proposes to
amend the description of Rounds Lots and Odd Lots under Exchange
Transactions to include both securities with a Per Share Price $1.00
or Above and securities with a Per Share Price Below $1.00. This
proposed change would provide consistency between the description
and the table presentation which includes rates for both groups of
securities.
    \8\ With this proposed rule change, the Exchange also proposes
to use the term ``Standard'' rates rather than ``Basic'' rates.

                                                              Standard Rates--Transactions
                                                        [Applicable when Tier Rates do not apply]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          Adding
                                   Adding liquidity     liquidity--         Adding        Removing liquidity      Opening orders        Closing orders
             Category                   (a)(b)         retail orders    liquidity-- MPL           (d)                 (e)(g)                (f)(g)
                                                            (c)             orders
--------------------------------------------------------------------------------------------------------------------------------------------------------
Securities priced at or above             ($0.0020)         ($0.0032)         ($0.0010)  $0.0030.............  $0.0015; $0.0005 for  $0.0012; $0.0008
 $1.00.                                                                                Retail Orders.        for Retail Orders.
Securities priced below $1.00....        ($0.00004)        ($0.00004)        ($0.00004)  0.295% of Dollar      0.1% of Dollar Value  0.1% of Dollar
                                                                                Value.                                      Value.
--------------------------------------------------------------------------------------------------------------------------------------------------------

                                                                                Standard Rates--Routing
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                            Primary until
                                                                           9:45 orders and    Primary only
                                                                            primary after    (``PO'') orders    PO orders in     PO orders in     PO orders in     PO orders in    PO orders in
                                                                             3:55 orders        in tape A          tape B           tape A           tape B           tape B          tape C
                 Category                     Orders routed that remove     designated as      securities        securities       securities       securities       securities      securities
                                                      liquidity             retail orders    routed to NYSE    routed to NYSE   routed to NYSE   routed to NYSE   routed to Cboe     routed to
                                                                            and routed to       that add        American that       auction     American auction    BZX auction   NASDAQ auction
                                                                             the primary        liquidity       add liquidity
                                                                               market
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Securities priced at or above $1.00.......  $0.0035.....................           $0.0010         ($0.0012)         No Credit         $0.0010           $0.0005         $0.0030         $0.0030
Securities priced below $1.00.............  0.3% of Dollar Value (a)....               n/a               n/a               n/a             n/a               n/a             n/a             n/a
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

    The Exchange notes that each of the rates that currently appear in
the Basic rates section of the Fee Schedule, with one exception
discussed below, and in the section of the Fee Schedule applicable to
securities priced below $1.00 have been relocated in the tables
proposed above and in proposed footnotes (a) through (g) for the table
under proposed section III titled ``Standard Rates--Transactions'' and
in proposed footnote (a) for the table under proposed section V titled
``Standard Rates--Routing.'' The Exchange proposes to relocate certain
of these rates in footnotes because these rates do not have a logical
place in the proposed tables. The proposed footnotes under proposed
section III titled ``Standard Rates--Transactions'' would be as
follows:

    (a) For securities priced at or above $1.00, an
additional credit in Tape B Securities shall apply to LMMs and to
Market Makers affiliated with LMMs that provide displayed liquidity
based on the number of Less Active ETP Securities in which the LMM
is registered as the LMM. The applicable tiered-credits are noted
below (See LMM Transaction Fees and Credits).
    (b) In securities priced below $1.00, this credit
applies to all orders that provide liquidity.
    (c) Retail Order means an order as defined in Rule
7.44-E(a)(3).
    (d) In securities priced at or above $1.00, this fee
also applies to Non-Displayed Limit Orders that remove liquidity.
    (e) In securities priced at or above $1.00, this fee
is capped at $20,000 per month per Equity Trading Permit ID.
    (f) Fee applies to orders in Tape A Securities, Tape
C Securities, and NYSE Arca primary listed securities (includes all
ETFs/ETNs).
    (g) In securities priced at or above $1.00, this fee
applies to executions resulting from Auction Orders. In securities
priced below $1.00, this fee applies to all orders executed in the
Early Open Auction, Core Open Auction, Trading Halt Auction or
Closing Auction.

    Additionally, the proposed footnote under proposed section V titled
``Standard Rates--Routing'' would be as follows:

    (a) Applicable to orders of listed and Nasdaq
securities routed away and executed by another market center or
participant.

    As noted above, each of the rates that currently appear in the
Basic rates section of the Fee Schedule have been relocated in the
proposed new table format. With respect to MPL orders, the Exchange
proposes to relocate the base credit of $0.0010 per share for MPL
orders that provide liquidity \9\ to the table titled ``Standard
Rates--Transactions'' and relocate the remaining two tiers of MPL order
credits to the Tier Rates section of the Fee Schedule. The Exchange
believes the proposed new location for these credits is a logical place
as they would appear along with tiered pricing related to MPL Orders,
i.e., MPL Orders Step Up Tier 1 and MPL Orders Step Up Tier 2.
---------------------------------------------------------------------------

    \9\ The base credit of $0.0010 per share applies for MPL orders
providing liquidity when MPL Adding ADV during the billing month is
less than 1.5 million shares.
---------------------------------------------------------------------------

    Further, the Exchange proposes to relocate and display certain
rates in bullet form because these rates do not have a logical place in
the proposed tables. Accordingly, the Exchange proposes new section IV
titled ``Other Standard Rates for Securities with a Per Share Price
$1.00 or Above'' that would provide these additional rates, as follows:
     No fee or credit for Non-Displayed Limit Orders that add
liquidity.
     $0.0030 fee for MPL Orders removing liquidity; $0.0010 if
such orders are designated as Retail Orders.
     $0.0006 fee for executions in an Auction other than for
executions from Auction Orders.
    Next, the Exchange proposes to adopt the heading ``Tier Rates--
Round Lots and Odd Lots (Per Share Price $1.00 or Above)'' under
proposed new section VI that would appear at the end of the proposed
new section V titled ``Standard Rates--Routing'' to distinguish
Standard Rates from Tier Rates, which begin on the Fee Schedule with
Tier 1.
    Finally, with the proposed relocation of the rates applicable to
securities priced below $1.00 from their current location on the Fee
Schedule to the proposed table presentation, the Exchange proposes to
adopt the heading ``Tier Rates--Round Lots and Odd Lots (Per Share
Price below $1.00)'' under proposed new section VII and keep the Sub-
Dollar Adding Step Up Tier where it currently appears and that pricing
tier would be the only pricing tier under this section.
    As noted above, the Exchange is not proposing any substantive
change to any current fee or credit. The purpose of the proposed rule
change is to make a non-substantive change to reorganize the
presentation of the Fee Schedule in order to enhance its clarity and
transparency, thereby making the Fee Schedule easier to navigate.
    The proposed changes are not otherwise intended to address any
other issues, and the Exchange is not aware of any significant problems
that market participants would have in complying with the proposed
changes.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\10\ Specifically, the
Exchange believes the proposed rule change is consistent with Section
6(b)(4) of the Act,\11\ which provides that Exchange rules may provide
for the equitable allocation of reasonable dues, fees, and other
charges among its members and other persons using its facilities.
Additionally, the Exchange believes the proposed rule change is

consistent with the Section 6(b)(5) \12\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4).
    \12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed changes are reasonable and
equitable because they are clarifying, and non-substantive and the
Exchange is not changing any current fees or credits that apply to
trading activity on the Exchange or to routed executions. Further, the
changes are designed to make the Fee Schedule easier to read and make
it more user-friendly to better display the allocation of fees and
credits among Exchange members. The Exchange believes that this
proposed format will provide additional transparency of Exchange fees
and credits. The Exchange also believes that the proposal is non-
discriminatory because it applies uniformly to all ETP Holders, and
again, the Exchange is not making any changes to existing fees and
credits. Finally, the Exchange believes that the reformatted Fee
Schedule, as proposed herein, will be clearer and less confusing for
investors and will eliminate potential investor confusion, thereby
removing impediments to and perfecting the mechanism of a free and open
market and a national market system, and, in general, protecting
investors and the public interest.
    The Exchange believes that the proposed reformatted the Fee
Schedule is equitable and not unfairly discriminatory because the
resulting streamlined Fee Schedule would continue to apply to ETP
Holders as it does currently because the Exchange is not adopting any
new fees or credits or removing any current fees or credits from the
Fee Schedule that impact ETP Holders. All ETP Holders would continue to
be subject to the same fees and credits that currently apply to them.
    For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\13\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

    Intramarket Competition. The Exchange's proposal to reformat its
Fee Schedule will not place any undue burden on intramarket competition
that is not necessary or appropriate in furtherance of the purposes of
the Act because all ETP Holders would continue to be subject to the
same fees and credits that currently apply to them. The Exchange notes
that the proposal does not change the amount of any current fees or
rebates, but rather makes clarifying and formatting changes, and
therefore does not raise any competitive issues. To the extent the
proposed rule change places a burden on competition, any such burden
would be outweighed by the fact that a streamlined Fee Schedule would
promote clarity and reduce confusion with respect to the fees and
credits that ETP Holders would be subject to.
    Intermarket Competition. The Exchange believes the proposed rule
change does not impose any burden on intermarket competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
The Exchange operates in a highly competitive market in which market
participants can readily choose to send their orders to other exchanges
and off-exchange venues if they deem fee levels at those other venues
to be more favorable. Market share statistics provide ample evidence
that price competition between exchanges is fierce, with liquidity and
market share moving freely from one execution venue to another in
reaction to pricing changes.

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

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

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \14\ of the Act and subparagraph (f)(2) of Rule
19b-4 \15\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \16\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEARCA-2021-66 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-NYSEARCA-2021-66. 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-NYSEARCA-2021-66 and

should be submitted on or before August 26, 2021.
---------------------------------------------------------------------------

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

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-16678 Filed 8-4-21; 8:45 am]
BILLING CODE 8011-01-P