[Federal Register Volume 76, Number 216 (Tuesday, November 8, 2011)]
[Notices]
[Pages 69302-69303]
[FR Doc No: 2011-28905]

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

SECURITIES AND EXCHANGE COMMISSION

Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.

Extension:
    Form N-54C; SEC File No. 270-184; OMB Control No. 3235-0236.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.) (the ``PRA''), the Securities and
Exchange Commission (the ``Commission'') has submitted to the Office of
Management and Budget a request for extension of the previously
approved collection of information discussed below.
    Under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.)
(the ``Investment Company Act''), certain investment companies can
elect to be regulated as business development companies, as defined in
Section 2(a)(48) of the Investment Company Act (15 U.S.C. 80a-
2(a)(48)). Under Section 54(a) of the Investment Company Act (15 U.S.C.
80a-53(a)), any company defined in Section 2(a)(48)(A) and (B) of the
Investment Company Act (15 U.S.C. 80a-2(a)(48)(A) and (B)), may, if it
meets certain enumerated eligibility requirements, elect to be subject
to the provisions of Sections 55 through 65 of the Investment Company
Act (15 U.S.C. 80a-54 to 80a-64) by filing with the Commission a
notification of election on Form N-54A (17 CFR 274.53). Under Section
54(c) of the Investment Company Act (15 U.S.C. 80a-53(c)), any business
development company may voluntarily withdraw its election under Section
54(a) of the Investment Company Act (15 U.S.C. 80a-53(a)) by filing a
notice of withdrawal of election with the Commission. The Commission
has adopted Form N-54C (17 CFR 274.54) as the form for notification of
withdrawal of election to be subject to Sections 55 through 65 of the
Investment Company Act.

    The purpose of Form N-54C is to notify the Commission that the
business development company withdraws its election to be subject to
Sections 55 through 65 of the Investment Company Act, enabling the
Commission to administer those provisions of the Investment Company Act
to such companies.
    The Commission estimates that on average approximately 10 business
development companies file these notifications each year. Each of those
business development companies need only make a single filing of Form
N-54C. The Commission further estimates that this information
collection imposes a burden of one hour, resulting in a total annual
PRA burden of 10 hours. Based on the estimated wage rate, the total
cost to the business development industry of the hour burden for
complying with Form N-54C would be approximately $3,200.00.
    The collection of information under Form N-54C is mandatory. The
information provided by the form is not kept confidential. An agency
may not conduct or sponsor, and a person is not required to respond to,
a collection of information unless it displays a currently valid
control number.
    The public may view the background documentation for this
information collection at the following Web site, http://www.reginfo.gov. Comments should be directed to: (i) Desk Officer for
the Securities and Exchange Commission, Office of Information and
Regulatory Affairs, Office of Management and Budget, Room 10102, New
Executive Office Building, Washington, DC 20503, or by sending an email
to<EMAIL_ADDRESS>and (ii) Thomas Bayer, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an
email to<EMAIL_ADDRESS>Comments must be submitted to OMB
within 30 days of this notice.

    Dated: November 3, 2011.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-28905 Filed 11-7-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 126 (Tuesday, June 30, 2020)]
[Notices]
[Pages 39267-39268]
[FR Doc No: 2020-14048]

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

DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2020-0025]

Qualification of Drivers; Exemption Applications; Hearing

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

ACTION: Notice of final disposition.

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

SUMMARY: FMCSA announces its decision to exempt 11 individuals from the
hearing requirement in the Federal Motor Carrier Safety Regulations
(FMCSRs) to operate a commercial motor vehicle (CMV) in interstate
commerce. The exemptions enable these hard of hearing and deaf
individuals to operate CMVs in interstate commerce.

DATES: The exemptions were applicable on June 18, 2020. The exemptions
expire on June 18, 2022.

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

SUPPLEMENTARY INFORMATION:

I. Public Participation

A. Viewing Documents and Comments

    To view comments, as well as any documents mentioned in this notice
as being available in the docket, go to http://www.regulations.gov/docket?D=FMCSA-2020-0025 and choose the document to review. If you do
not have access to the internet, you may view the docket online by
visiting the Docket Operations in Room W12-140 on the ground floor of
the DOT West Building, 1200 New Jersey Avenue SE, Washington, DC 20590,
between 9 a.m. and 5 p.m., ET, Monday through Friday, except Federal
holidays. To be sure someone is there to help you, please call (202)
366-9317 or<PHONE_NUMBER> before visiting Docket Operations.

B. Privacy Act

    In accordance with 5 U.S.C. 553(c), DOT solicits comments from the
public to better inform its rulemaking process. DOT posts these
comments, without edit, including any personal information the
commenter provides, to

www.regulations.gov, as described in the system of records notice (DOT/
ALL-14 FDMS), which can be reviewed at www.transportation.gov/privacy.

II. Background

    On May 19, 2020, FMCSA published a notice announcing receipt of
applications from 11 individuals requesting an exemption from the
hearing requirement in 49 CFR 391.41(b)(11) to operate a CMV in
interstate commerce and requested comments from the public (85 FR
30009). The public comment period ended on June 18, 2020, and no
comments were received.
    FMCSA has evaluated the eligibility of these applicants and
determined that granting exemptions to these individuals would achieve
a level of safety equivalent to, or greater than, the level that would
be achieved by complying with Sec.  391.41(b)(11).
    The physical qualification standard for drivers regarding hearing
found in Sec.  391.41(b)(11) states that a person is physically
qualified to drive a CMV if that person first perceives a forced
whispered voice in the better ear at not less than 5 feet with or
without the use of a hearing aid or, if tested by use of an audiometric
device, does not have an average hearing loss in the better ear greater
than 40 decibels at 500 Hz, 1,000 Hz, and 2,000 Hz with or without a
hearing aid when the audiometric device is calibrated to American
National Standard (formerly ASA Standard) Z24.5--1951.
    This standard was adopted in 1970 and was revised in 1971 to allow
drivers to be qualified under this standard while wearing a hearing
aid, 35 FR 6458, 6463 (April 22, 1970) and 36 FR 12857 (July 3, 1971).

III. Discussion of Comments

    FMCSA received no comments in this proceeding.

IV. Basis for Exemption Determination

    Under 49 U.S.C. 31136(e) and 31315(b), FMCSA may grant an exemption
from the FMCSRs for no longer than a 5-year period if it finds such
exemption would likely achieve a level of safety that is equivalent to,
or greater than, the level that would be achieved absent such
exemption. The statute also allows the Agency to renew exemptions at
the end of the 5-year period. FMCSA grants medical exemptions from the
FMCSRs for a 2-year period to align with the maximum duration of a
driver's medical certification.
    The Agency's decision regarding these exemption applications is
based on current medical information and literature, and the 2008
Evidence Report, ``Executive Summary on Hearing, Vestibular Function
and Commercial Motor Driving Safety.'' The evidence report reached two
conclusions regarding the matter of hearing loss and CMV driver safety:
(1) No studies that examined the relationship between hearing loss and
crash risk exclusively among CMV drivers were identified; and (2)
evidence from studies of the private driver's license holder population
does not support the contention that individuals with hearing
impairment are at an increased risk for a crash. In addition, the
Agency reviewed each applicant's driving record found in the Commercial
Driver's License Information System, for commercial driver's license
(CDL) holders, and inspections recorded in the Motor Carrier Management
Information System. For non-CDL holders, the Agency reviewed the
driving records from the State Driver's Licensing Agency. Each
applicant's record demonstrated a safe driving history. Based on an
individual assessment of each applicant that focused on whether an
equal or greater level of safety is likely to be achieved by permitting
each of these drivers to drive in interstate commerce as opposed to
restricting him or her to driving in intrastate commerce, the Agency
believes the drivers granted this exemption have demonstrated that they
do not pose a risk to public safety.
    Consequently, FMCSA finds that in each case exempting these
applicants from the hearing standard in Sec.  391.41(b)(11) is likely
to achieve a level of safety equal to that existing without the
exemption.

V. Conditions and Requirements

    The terms and conditions of the exemption are provided to the
applicants in the exemption document and includes the following: (1)
Each driver must report any crashes or accidents as defined in Sec.
390.5; (2) each driver must report all citations and convictions for
disqualifying offenses under 49 CFR part 383 and 49 CFR part 391 to
FMCSA; and (3) each driver is prohibited from operating a motorcoach or
bus with passengers in interstate commerce. The driver must also have a
copy of the exemption when driving, for presentation to a duly
authorized Federal, State, or local enforcement official. In addition,
the exemption does not exempt the individual from meeting the
applicable CDL testing requirements.

VI. Preemption

    During the period the exemption is in effect, no State shall
enforce any law or regulation that conflicts with this exemption with
respect to a person operating under the exemption.

VII. Conclusion

    Based upon its evaluation of the 11 exemption applications, FMCSA
exempts the following drivers from the hearing standard, Sec.
391.41(b)(11), subject to the requirements cited above:

Joshua Affholter (MI)
Gantulga Badarach (IL)
Awash Demoz (MD)
Daniel DeSimone (MD)
Muhammad Javed (IN)
Charles O'Bryan (NY)
Darrell Pfaff (TX
Juan Reyes, Jr. (TX)
Steven Rice (NY)
Anna Ruiz (AZ)
Kyle Taylor (GA)

    In accordance with 49 U.S.C. 31315(b), each exemption will be valid
for 2 years from the effective date unless revoked earlier by FMCSA.
The exemption will be revoked if the following occurs: (1) The person
fails to comply with the terms and conditions of the exemption; (2) the
exemption has resulted in a lower level of safety than was maintained
prior to being granted; or (3) continuation of the exemption would not
be consistent with the goals and objectives of 49 U.S.C. 31136(e) and
31315(b).

Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2020-14048 Filed 6-29-20; 8:45 am]
BILLING CODE 4910-EX-P


[Federal Register Volume 81, Number 220 (Tuesday, November 15, 2016)]
[Notices]
[Pages 80137-80140]
[FR Doc No: 2016-27375]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79270; File No. SR-NASDAQ-2016-153]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rule 7014 and the Nasdaq Growth Program

November 8, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 1, 2016, 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 Nasdaq Rule 7014, Market Quality
Incentive Programs, to modify the volume threshold for the method under
which members may currently qualify for the Nasdaq Growth Program
(``Program''). The Exchange also proposes to add another method through
which members may qualify for the Program, and to modify the manner in
which a member's Growth Baseline is updated.
    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 Exchange proposes to amend Nasdaq Rule 7014, Market Quality
Incentive Programs, to modify the volume threshold for the method under
which members may currently qualify for the Program. The Exchange also
proposes to add another method through which members may qualify for
the Nasdaq Growth Program (``Program''), and to modify the manner in
which a member's Growth Baseline is updated.
    Nasdaq recently introduced the Nasdaq Growth Program.\3\ The
purpose of the Program is to provide a credit per share executed for
members that meet certain growth criteria. The credit is designed to
provide an incentive to members that do not qualify for other credits
under Rule 7018 in excess of the Program credit to increase their
participation on the Exchange. The Program will provide a member a
$0.0025 per share executed credit in securities priced $1 or more per
share if the member meets certain criteria. The credit will be provided
in lieu of other credits provided to the member for displayed quotes/
orders (other than Supplemental Orders or Designated Retail Orders)
that provide liquidity under Rule 7018, if the credit under the Nasdaq
Growth Program is greater than the credit attained under Rule 7018. To
be eligible for the credit a member must: (i) Add greater than 750,000
shares a day on average during the month through one or more of its
Nasdaq Market Center MPIDs; and (ii) increase its shares of liquidity
provided through one or more of its Nasdaq Market Center MPIDs as a
percent of Consolidated Volume by 25% versus the member's Growth
Baseline.\4\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 78977 (September 29,
2016), 81 FR 69140 (October 5, 2016) (SR-NASDAQ-2016-132).
    \4\ As part of this proposed rule change, Nasdaq is amending the
rule text to add the conjunctive ``and'' between these two
conditions to make clear that a member must satisfy both conditions
in order to qualify for the Program.

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

    Rule 7014 defines the Growth Baseline as the member's shares of
liquidity provided in all securities through one or more of its Nasdaq
Market Center MPIDs as a percentage of Consolidated Volume during the
last month a member qualified for the Program. If a member has not
qualified for a credit under the Program, its August 2016 share of
liquidity provided in all securities through one or more of its Nasdaq
Market Center MPIDs as a percent of Consolidated Volume will be used to
establish a baseline.
    As noted above, Nasdaq is proposing to modify the volume
requirement that members must satisfy in order to qualify for the
Program under the current method. Nasdaq also proposes to add another
method through which members may qualify for the Program. Nasdaq is
therefore re-numbering Rule 7014(j)(ii) as Rule 7014(j)(ii)(A) and (B)
accordingly.
    Accordingly, Rule 7014(j)(ii)(A) will now state that, in order to
be eligible for the rebate, the member must increase its shares of
liquidity provided through one or more of its Nasdaq Market Center
MPIDs as a percent of Consolidated Volume by 20% versus the member's
Growth Baseline. Nasdaq notes that the purpose of the Program is to
increase participation on the Exchange by incentivizing members to
transact more volume on the Exchange. Nasdaq believes that changing the
volume requirement from 25% to 20% will make it easier for members to
qualify for the Program, thereby creating a greater incentive for
members to increase their activity on the Exchange.
    New Rule 7014(j)(ii)(B) provides that a member may qualify for the
Program if it met the criteria set forth in Rule 7014(j)(ii)(A) in the
preceding month and maintained or increased its shares of liquidity
provided through one or more of its Nasdaq Market Center MPIDs as a
percent of Consolidated Volume compared to the preceding month.
    Previously, a member would have been required to increase its
shares of liquidity by 25% (now 20%) each month versus the member's
Growth Baseline in order to qualify for the Program. Assuming the
member satisfied the criteria set forth in Rule 7014(j)(ii)(A) in the
previous month, Rule 7014(j)(ii)(B) will allow a member to continue to
qualify for the program as long as it maintains or increases its shares
of liquidity in the current month. Since Rule 7014(j)(ii)(B) requires
that the member met the criteria in Rule 7014(j)(ii)(A) in the
preceding month, a member would not be able to use Rule 7014(j)(ii)(B)
in successive months.
    Third, Nasdaq proposes to modify the calculation of a member's
baseline. As noted above, the Growth Baseline is defined as the
member's shares of liquidity provided in all securities through one or
more of its Nasdaq Market Center MPIDs as a percent of Consolidated
Volume during the last month a member qualified for the Nasdaq Growth
Program. If a member has not qualified for a credit under the Program,
its August 2016 share of liquidity provided in all securities through
one or more of its Nasdaq Market Center MPIDs as a percent of
Consolidated Volume will be used to establish a baseline. Once the
member qualifies for the Program, the August 2016 baseline is replaced
by the volume of that qualifying month, which becomes the member's
updated baseline.
    Nasdaq is proposing to add language to the definition of the Growth
Baseline to reflect the fact that a member's baseline will only be
updated when a member qualifies for the rebate under Rule
7014(j)(ii)(A). A member may only qualify for the rebate under Rule
7014(j)(ii)(A) if it increases its volume by 20% over its baseline,
whereas a member would qualify for the rebate under Rule 7014(j)(ii)(B)
if it maintained or increased its volume in comparison to the previous
month. Nasdaq believes that adjusting the member's baseline when the
growth of the member's monthly volume meets or exceeds 20% is
appropriate because this is a clearly defined threshold. Nasdaq also
notes that members cannot qualify for the rebate under Rule
7014(j)(ii)(B) in successive months, so Nasdaq does not anticipate a
scenario where a member qualifies for a rebate for several months
without having its baseline adjusted accordingly.
    The following example illustrates the proposed changes:
     In August 2016, the firm's shares of liquidity as a
percentage of Consolidated Volume is 0.03%. This is the firm's Growth
Baseline.
     In September 2016, the firm's shares of liquidity as a
percentage of Consolidated Volume is 0.035%. The member does not
qualify for an applicable rebate, and the member's Growth Baseline
remains 0.03% (its August 2016 volume).
     In October 2016, the firm's shares of liquidity as a
percentage of Consolidated Volume is 0.04%. Since the firm has
increased its volume by more than 20% in comparison to its Growth
Baseline, the firm qualifies for the credit. Since the firm has
qualified for the credit, its Growth Baseline is now 0.04%.
     In November 2016, the firm's shares of liquidity as a
percentage of Consolidated Volume is 0.041%. Although the firm did not
increase its volume by 20% in comparison to its Growth Baseline, it
still qualifies for the credit, since Rule 7014(j)(ii)(B) allows a
member to continue to qualify for the Program if it met the criteria in
Rule 7014(j)(ii)(A) in the previous month, and if it maintains or
increases its shares of liquidity in the current month. Since the firm
qualified for the credit under Rule 7014(j)(ii)(B), the Growth Baseline
does not update.
     A member may only qualify for the rebate under Rule
7014(j)(ii)(B) if it satisfied the criteria of Rule 7014(j)(ii)(A) in
the preceding month. In order to be eligible for the December 2016
rebate, the firm would therefore have to increase its volume by more
than 20% in comparison to its Growth Baseline (which is October 2016).
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\5\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\6\ 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 its facilities which
the Exchange operates or controls, and is not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange notes that the amount of the credits provided under
the Program is unchanged.\7\ Nasdaq believes that the proposed changes
are equitably allocated among members, and are not designed to permit
unfair discrimination. Nasdaq notes that, in decreasing the volume
threshold from 25% to 20% in order to qualify for the Program under
Rule 7014(j)(ii)(A), and in proposing an alternate method under which
members may qualify for the Program, Nasdaq is making the Program and
its associated credits more accessible to members. At the same time,
the purpose of the Program is to increase members' participation on the
Exchange by offering a credit to members that meet the volume
requirements. Nasdaq believes that the proposed changes strike an
appropriate and equitable balance by expanding the number of members
that may be eligible for the Program while continuing to

incentivize other members that may not currently qualify for the
Program to transact greater volume in order to become eligible for the
Program.
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 78977 (September 29,
2016), 81 FR 69140 (October 5, 2016) (SR-NASDAQ-2016-132)
(establishing the Nasdaq Growth Program and its credit structure).
---------------------------------------------------------------------------

    In amending Rule 7014(j)(ii)(A) so that members may qualify for the
Program by increasing their volume in a given month by 20% over their
baseline, Nasdaq also notes that this proposed change merely changes
the member's trading volume necessary to qualify for the program under
Rule 7014(j)(ii)(A), and does not otherwise differentiate among members
who may qualify for the Program.
    Nasdaq also believes that Rule 7014(j)(ii)(B) is equitably
allocated and not unfairly discriminatory. In adopting Rule
7014(j)(ii)(B), Nasdaq is providing all members that otherwise qualify
for the Program with an alternate way in which they may qualify for the
Program's rebate in a given month by permitting members to either
maintain or increase their volume in comparison to the preceding month.
Given, however, that the purpose of the Program is to increase a
member's trading activity on the Exchange, Nasdaq believes that it is
equitable and not unfairly discriminatory to only permit members to
qualify for the rebate in this manner if they have qualified for the
rebate in the preceding month under Rule 7014(j)(ii)(A) (increasing
their volume by 20% or more in comparison to the Growth Baseline).
Similarly, the member will be required to satisfy the criteria in Rule
7014(j)(ii)(A) in order to qualify for the rebate in the following
month, which means that it will be required to increase its volume by
20% in comparison to its Growth Baseline. Nasdaq believes this
requirement is equitable and not unfairly discriminatory because it
furthers the aims of the Program by encouraging increased volume on the
Exchange. Nasdaq also notes that these requirements will apply equally
to all members.
    Nasdaq believes that updating a member's Growth Baseline when the
member has qualified for the rebate pursuant to Rule 7014(j)(ii)(A) by
increasing its volume by 20% over its previous Growth Baseline is
equitable and not unfairly discriminatory because this is a clearly
defined threshold that applies equally to all members that qualify for
the rebate under Rule 7014(j)(ii)(A). Nasdaq also notes that members
cannot qualify for the rebate under Rule 7014(j)(ii)(B) in successive
months, so Nasdaq does not anticipate a scenario where a member
qualifies for a rebate for several months without having its baseline
adjusted accordingly.
    Finally, Nasdaq notes that participation in the Program is
voluntary, and that the proposed changes apply to all members that
otherwise qualify for the Program, e.g., [sic] members that add greater
than 750,000 shares a day on average during the month through one or
more of its [sic] Nasdaq Market Center MPIDs.

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

    The proposed rule change will not result in a burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act, as amended.\8\ 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 credit opportunities
available at other venues to be more favorable. In such an environment,
the Exchange must continually adjust its fees and credits to remain
competitive with other exchanges and with alternative trading systems
that have been exempted from compliance with the statutory standards
applicable to exchanges.
---------------------------------------------------------------------------

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

    Because competitors are free to modify their own fees and credits
in response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee changes in this market may impose any burden on competition is
extremely limited. In addition, the Exchange believes that the
competition among exchanges and other venues will help to drive price
improvement and overall execution quality higher for end retail
investors.
    In this instance, participation in the Program is voluntary. The
proposed changes will lower the volume threshold for the current method
of qualifying for the Program, and will provide members with another
way in which they may qualify for the Program. These changes will apply
equally to all members who otherwise qualify for the Program.
Similarly, the proposed method of updating the Growth Baseline will be
uniformly applied across members.
    In sum, if the change proposed herein is unattractive to market
participants, it is likely that the Exchange will lose market share as
a result. Accordingly, the Exchange does not believe that the proposed
change will impair the ability of members or competing order execution
venues to maintain their competitive standing in the financial markets.

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

    No written comments were either solicited or received.

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

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

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

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2016-153 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2016-153. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written

communications relating to the proposed rule change between the
Commission and any person, other than those that may be withheld from
the public in accordance with the provisions of 5 U.S.C. 552, will be
available for Web site viewing and printing in the Commission's Public
Reference Room, 100 F Street NE., Washington, DC 20549, on official
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of
the filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NASDAQ-2016-153 and should be submitted on or before
December 6, 2016.

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

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

Brent J. Fields,
Secretary.
[FR Doc. 2016-27375 Filed 11-14-16; 8:45 am]
 BILLING CODE 8011-01-P