[Federal Register: October 29, 2010 (Volume 75, Number 209)]
[Notices]
[Page 66813-66815]
[DOCID:fr29oc10-138]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63175; File No. SR-C2-2010-006]

Self-Regulatory Organizations; C2 Options Exchange, Incorporated;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend the C2 Fees Schedule

October 25, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on October 22, 2010, C2 Options Exchange, Incorporated (the
``Exchange'' or ``C2'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I and II below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    C2 proposes to amend its Fees Schedule. The text of the proposed
rule change is available on the Exchange's Web site (http://
www.cboe.org/legal), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.

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

    In its filing with the Commission, the 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
    C2 proposes to amend its Fees Schedule in preparation for the
Exchange's expected launch on October 29, 2010. In connection with the
commencement of trading, C2 proposes to add a number of fees relating
to activities on the Exchange. Most of the proposed fees are identical
to fees in place at the Chicago Board Options Exchange, Incorporated
(``CBOE'').
    Regarding transactions, C2 proposes to impose per contract taker
fees and maker rebates. The amounts of the fees/rebates are based on
order origin code. More specifically, the fee for taking liquidity will
be $0.25 per contract for C2 Market-Makers, $0.15 for public customer
orders, and $0.40 for all other users (including Professional
Customers). The maker rebate will be $0.15 per contract for C2 Market-
Makers, $0.00 for public customers, and $0.10 for all other users. The
Exchange believes that it is appropriate and not unfairly
discriminatory to set a higher rebate level for C2 Market-Makers than
other participants in light of the commitments C2 Market-Makers
undertake for market quality and liquidity. Further, C2 notes that
while public customers do not receive a maker rebate, they are assessed
a significantly lower taker charge than other user types.\3\ These fees
will apply to all multiply-listed, non-proprietary, penny pilot equity
and ETF options classes. Separate fees may be established, pursuant to
a rule filing with the Commission, for other classes eventually traded
on C2. Initially, there will be no fees or rebates for any users for
trades that occur as part of the opening process.
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    \3\ The Exchange also notes that a $0.00 rebate for public
customers is not unprecedented (See International Securities
Exchange, Inc. Fee schedule).
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    The Exchange also proposes to impose a Linkage Routing Fee of $0.50
per routed contract in addition to the applicable taker fee rate. The
$0.50 portion of the Routing Fee offsets costs incurred by the Exchange
in connection with using an unaffiliated broker-dealer to access other
exchanges and with transaction charges assessed by other exchanges. The
applicable C2 taker fee rate component of the Routing Fee accounts for
the C2 ``execution'' that occurs as part of the linkage process whereby
an away execution obtained by C2's routing broker is put to the
underlying C2 customer on C2 (we note that there is no second print in
connection with this process). C2 further notes that users can route
directly to exchanges posting the best market if desired (or to specify
that C2 not route orders away on their behalf) and that this routing
function is an ``extra'' service provided by C2 to its Permit
Holders.\4\
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    \4\ C2 notes that CBOE also adds its ``applicable transaction
fee amount'' to its routing fee (See CBOE Fees Schedule).
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    C2 proposes to impose access fees for the two types of access
permits initially available for use on C2. The proposed permit fees
would only be applicable for access to non-proprietary classes (if
proprietary classes are added at a later date, access fees for such
classes would be filed with the Commission). C2 will not assess these
fees for the month of October 2010. The cost will be $5,000 per month
for a Market-Maker Permit. This permit gives the holder the ability to
stream quotes and submit orders into the C2 trade engine. This permit
also provides an appointment credit of 1.0, a quoting and order entry
bandwidth allowance, up to three logins and Trading Permit Holder
status. The quoting bandwidth allowance for a Market-Maker Permit is
equivalent to a maximum of 156,000,000 quotes over the course of a
trading day. The Electronic Access Permit, with a cost of $1,000 per
month, gives the holder the ability to submit agency and qualifying
proprietary orders into the C2 trade engine (but not stream quotes) as
well as an order entry bandwidth allowance, up to three logins and
Trading Permit Holder status. The higher cost of the Market-Maker
Permit is equitable in that it reflects the ability to continuously
stream quotations.
    C2 will offer two kinds of bandwidth packets for use to supplement
the standard bandwidth allocation contained in each access permit. The
Quoting and Order Entry Bandwidth Packet (available to Market-Makers)
provides bandwidth equivalent to 1/5th of a C2 Market-Maker Permit. The
Order Entry Bandwidth Packet (available to Electronic Access Permit
holders) provides bandwidth equivalent to one C2 Electronic Access
Permit. C2 proposes a fee of $1,000 per month for each supplemental
bandwidth packet.
    The Exchange also proposes to impose Sponsored User fees. The one-
time Registration Fee of $2,500 will be payable by a Trading Permit
Holder for the registration of each of its Sponsored users. This fee is
identical to the CBOE sponsored user fee, and offsets the cost of
processing and registering Sponsored User applications. A Sponsored
User is a person or entity that has entered into a sponsorship
arrangement for purposes of receiving access to the Exchange system.
The Sponsored User Program is governed by C2 Rule 3.15.
    The Exchange proposes to assess the Sales Value Fee to each Trading
Permit

Holder for sales of securities on C2 with respect to which C2 is
obligated to pay a fee to the SEC under Section 31 of the Exchange Act.
To the extent there may be any excess monies collected for the Sales
Value Fee, C2 may retain those monies to help fund its general
operating expenses. The Sales Value Fee is collected indirectly from
Trading Permit Holders through their clearing firms by OCC on behalf of
C2 with respect to options sales and options exercises. The amount of
the Sales Value Fee for options sales and options exercises is equal to
(i) the Section 31 fee rate multiplied by (ii) the Trading Permit
Holder's aggregate dollar amount of covered sales resulting from
options transactions occurring on the Exchange during any computational
period. This fee is identical to the Sales Value Fee in place at CBOE.
    The Exchange proposes to impose a number of regulatory fees. The
Firm Designated Examining Authority Fee of $0.40 per $1,000 of gross
revenue (as reported on the quarterly FOCUS Report, Form X-17A-5)
excludes commodity commission revenue. This fee is also subject to a
monthly minimum fee of $1,000 for clearing firms and $275 for non-
clearing firms. This fee is identical to a related fee on CBOE.
    The Exchange proposes a number of fees to be collected and retained
by FINRA via the Web CRD SM registration system for the
registration of associated persons of Exchange Trading Permit Holders
that are not also FINRA members. The FINRA Non-Member Processing Fee
($85.00) is for all Initial, Transfer, Relicense, and Dual Registration
Form U-4 filings. This fee will also be generated upon refiling to Web
CRD SM of C2-only registered individuals. The FINRA
Disclosure Processing Fee (U-4, U-5, and amendments) ($95.00) is for
all registration, transfer, or termination filings with new or amended
disclosure information or that require certification as well as any
amendment to disclosure information. The FINRA Annual System Processing
Fee ($30.00) will be assessed only during renewals. There will also be
fingerprint processing fees of $30.25 per card (initial submission),
$13.00 per card (second submission), $30.25 per card (third submission)
and $13.00 per card submitted by Trading Permit Holders on behalf of
their associated person who have had their prints processed through a
SRO other than FINRA. These fees are identical to fees in place at
CBOE.
    The Exchange proposes to assess a number of Communication Review
Fees. For printed material reviewed, the proposed fee would be $150 per
submission for regular review and $1,000 for expedited review, with a
$25 per page surcharge for each page reviewed in excess of five pages
($50 per page for expedited review). For video and audio media
reviewed, the proposed fee would be $150 per submission for regular
review and $1,000 for expedited review, with a $25 per minute surcharge
for each minute of tape reviewed in excess of five minutes ($50 per
minute for expedited review). Expedited review will be completed within
five business days, not including the date the item is received by the
Exchange, unless a shorter or longer period is agreed to by the
Exchange. The Exchange may, in its sole discretion, refuse requests for
expedited review. These fees are identical to fees in place at CBOE.
    C2 proposes a Continuing Education Fee of $100 per session assessed
as to each individual who is required to complete the Regulatory
Element of the Continuing Education Requirements pursuant to Rule 9.3A.
For Ad Hoc Information Services Requests, the Exchange will assess a
fee equal to the costs of production of such information.
    The Exchange also proposes Connectivity Fees of $40.00 per month
for each of a network access port charge, a CMI Client application
server, and a FIX port, with the charge going up to $80.00 per month
for Sponsored Users. The Exchange believes it is equitable and
reasonable to charge higher connectivity fees to Sponsored Users than
it charges to Permit Holders because Permit Holders are subject to dues
and other fees through their membership to help offset the Exchange's
systems expenses.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\5\ in general, and furthers the objectives of Section 6(b)(4) \6\
of the Act in particular, in that it is designed to provide for the
equitable allocation of reasonable dues, fees, and other charges among
C2 Trading Permit Holders and other persons using Exchange facilities.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    C2 does not believe that the proposed rule change will impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of the Act.

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

    No written comments were 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 proposed rule change is designated by the Exchange as
establishing or changing a due, fee, or other charge, thereby
qualifying for effectiveness on filing pursuant to Section
19(b)(3)(A)(ii) \7\ of the Act and subparagraph (f)(2) of Rule 19b-4
\8\ thereunder. 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.
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    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \8\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-C2-2010-006 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-C2-2010-006. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule

change that are filed with the Commission, and all written
communications relating to the proposed rule change between the
Commission and any person, other than those that may be withheld from
the public in accordance with the provisions of 5 U.S.C. 552, will be
available for Web site viewing and printing in the Commission's Public
Reference Room, 100 F Street, NE., Washington, DC 20549, on official
business days between the hours of 10 a.m. and 3 p.m. Copies of 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-C2-2010-006 and should be submitted on or before
November 19, 2010.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-27360 Filed 10-28-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 77 (Monday, April 24, 2017)]
[Notices]
[Pages 18954-18956]
[FR Doc No: 2017-08195]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2017-0016]

Qualification of Drivers; Exemption Applications; Vision

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

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

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SUMMARY: FMCSA announces receipt of applications from 10 individuals
for exemption from the vision requirement in the Federal Motor Carrier
Safety Regulations. They are unable to meet the vision requirement in
one eye for various reasons. The exemptions will enable these
individuals to operate commercial motor vehicles (CMVs) in interstate
commerce without meeting the prescribed vision requirement in one eye.
If granted, the exemptions would enable these individuals to qualify as
drivers of commercial motor vehicles (CMVs) in interstate commerce.

DATES: Comments must be received on or before May 24, 2017. All
comments will be investigated by FMCSA. The exemptions will be issued
the day after the comment period closes.

ADDRESSES: You may submit comments bearing the Federal Docket
Management System (FDMS) Docket No. FMCSA-2017-0016 using any of the
following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the on-line instructions for submitting
comments.
     Mail: Docket Management Facility; U.S. Department of
Transportation, 1200 New Jersey Avenue SE., West Building Ground Floor,
Room W12-140, Washington, DC 20590-0001.
     Hand Delivery: West Building Ground Floor, Room W12-140,
1200 New Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m.,
e.t., Monday through Friday, except Federal Holidays.
     Fax: 1-202-493-2251.
    Instructions: Each submission must include the Agency name and the
docket numbers for this notice. Note that all comments received will be
posted without change to http://www.regulations.gov, including any
personal information provided. Please see the Privacy Act heading below
for further information.
    Docket: For access to the docket to read background documents or
comments, go to http://www.regulations.gov at any time or Room W12-140
on the ground level of the West Building, 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., e.t., Monday through Friday,
except Federal holidays. The FDMS is available 24 hours each day, 365
days each year. If you want acknowledgment that we received your
comments, please include a self-addressed, stamped envelope or postcard
or print the acknowledgement

page that appears after submitting comments on-line.
    Privacy Act: In accordance with 5 U.S.C. 553(c), DOT solicits
comments from the public to better inform its rulemaking process. DOT
posts these comments, without edit, including any personal information
the commenter provides, to www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.dot.gov/privacy.

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 W64-113,
Washington, DC 20590-0001. Office hours are 8:30 a.m. to 5 p.m., e.t.,
Monday through Friday, except Federal holidays. If you have questions
regarding viewing or submitting material to the docket, contact Docket
Services, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    Under 49 U.S.C. 31136(e) and 31315, FMCSA may grant an exemption
from the Federal Motor Carrier Safety Regulations for a 2-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.'' FMCSA can renew exemptions at the end of each
2-year period. The 10 individuals listed in this notice have each
requested such an exemption from the vision requirement in 49 CFR
391.41(b)(10), which applies to drivers of CMVs in interstate commerce.
Accordingly, the Agency will evaluate the qualifications of each
applicant to determine whether granting an exemption will achieve the
required level of safety mandated by statute.

II. Qualifications of Applicants

Russel R. Dixon

    Mr. Dixon, 50, has had amblyopia in his left eye since childhood.
The visual acuity in his right eye is 20/20, and in his left eye, 20/
200. Following an examination in 2017, his ophthalmologist stated, ``I
certify that Mr. Dixon has sufficient vision to perform the driving
tasks required for operating a commercial vehicle.'' Mr. Dixon reported
that he has driven straight trucks for 35 years, accumulating 1.85
million miles, and tractor-trailer combinations for 26 years,
accumulating 416,000 miles. He holds a Class A CDL from Virginia. His
driving record for the last 3 years shows no crashes and one conviction
for a moving violation in a CMV; he was cited for failure to pay full-
time attention.

Robert A. Fasset

    Mr. Fasset, 51, has had amblyopia in his left eye since childhood.
The visual acuity in his right eye is 20/25, and in his left eye, 20/
200. Following an examination in 2016, his optometrist stated, ``In my
medical opinion, Mr. Fasset has sufficient vision to perform the
driving tasks required to operate a commercial vehicle.'' Mr. Fasset
reported that he has driven straight trucks for 5 years, accumulating
125,000 miles. He holds a Class CB CDL from Michigan. His driving
record for the last 3 years shows no crashes and no convictions for
moving violations in a CMV.

William M. Hanes

    Mr. Hanes, 56, has had amblyopia in his left eye since childhood.
The visual acuity in his right eye is 20/20, and in his left eye, 20/
800. Following an examination in 2017, his optometrist stated, ``I do
believe Mr. Hanes has sufficient vision to perform the essential tasks
for operating a commercial vehicle.'' Mr. Hanes reported that he has
driven straight trucks for 37 years, accumulating 2.2 million miles,
and tractor-trailer combinations for 3 years, accumulating 150,000
miles. He holds a Class A CDL from Ohio. His driving record for the
last 3 years shows no crashes and no convictions for moving violations
in a CMV.

Ryan P. Lambert

    Mr. Lambert, 37, has had complete loss of vision in his right eye
due to glaucoma in childhood. The visual acuity in his right eye is no
light perception, and in his left eye, 20/15. Following an examination
in 2016, his optometrist stated, ``Ryan Lambert has sufficient vision
to perform the driving tests required to operate a commercial
vehicle.'' Mr. Lambert reported that he has driven straight trucks for
19 years, accumulating 950,000 miles. He holds an operator's license
from Utah. His driving record for the last 3 years shows no crashes and
no convictions for moving violations in a CMV.

Richard D. Patterson

    Mr. Patterson, 60, has had glaucoma in his right eye since 2005.
The visual acuity in his right eye is 20/40, and in his left eye, 20/
20. Following an examination in 2016, his ophthalmologist stated, ``In
my opinion, Mr. Patterson has sufficient vision in his left eye to
perform the driving tasks required to operate a commercial vehicle.''
Mr. Robinson reported that he has driven straight trucks for 32 years,
accumulating 4 million miles. He holds a Class A CDL from Tennessee.
His driving record for the last 3 years shows no crashes and no
convictions for moving violations in a CMV.

Jonathan W. Pryor

    Mr. Pryor, 34, has an enucleation of his right eye due to a fungal
infection in childhood. The visual acuity in his right eye is no light
perception, and in his left eye, 20/20. Following an examination in
2017, his ophthalmologist stated, ``In my medical opinion, Mr. Pryor
has sufficient vision to perform the driving tasks required to operate
a commercial vehicle.'' Mr. Pryor reported that he has driven straight
trucks for 14 years, accumulating 60,000 miles. He holds an operator's
license from Oklahoma. His driving record for the last 3 years shows no
crashes and no convictions for moving violations in a CMV.

Ernesto Silva

    Mr. Silva, 50, has a prosthetic in his left eye due to a traumatic
incident in childhood. The visual acuity in his right eye is 20/20, and
in his left eye, no light perception. Following an examination in 2016,
his optometrist stated, ``Patient was blinded by trauma in this eye at
age 10. He is well adapted, and should be considered to be save [sic]
to drive commercially, as he has for many years.'' Mr. Silva reported
that he has driven straight trucks for 10 years, accumulating 8,000
miles. He holds a Class A CDL from New Mexico. His driving record for
the last 3 years shows no crashes and no convictions for moving
violations in a CMV.

Dennis L. Spence

    Mr. Spence, 72, has had amblyopia in his right eye since childhood.
The visual acuity in his right eye is 20/400, and in his left eye, 20/
20. Following an examination in 2016, his optometrist stated, ``Mr.
Spence has normal visual acuity in his left eye and has lived with low
vision in his right eye his entire life . . . It seems reasonable that
he should be able to operate a commercial vehicle as long as his
current level of physical and mental health does not decline.'' Mr.
Spence reported that he has driven straight trucks for 52 years,
accumulating 780,000 miles, and tractor-trailer combinations for 52
years, accumulating 2.6 million miles. He holds an enhanced driver's
license from Washington. His driving record for the last 3 years shows
no crashes and no convictions for moving violations in a CMV.

Gordon R. Ulm

    Mr. Ulm, 72, has had amblyopia in his left eye since childhood. The
visual acuity in his right eye is 20/20, and in his left eye, 20/400.
Following an examination in 2017, his ophthalmologist stated, ``Mr. Ulm
has sufficient vision to perform the driving tasks required to operate
a commercial vehicle.'' Mr. Ulm reported that he has driven straight
trucks for 30 years, accumulating 90,000 miles. He holds an operator's
license from Ohio. His driving record for the last 3 years shows no
crashes and no convictions for moving violations in a CMV.

Gary L. Warner

    Mr. Warner, 61, has had a prosthetic left eye since childhood. The
visual acuity in his right eye is 20/20, and in his left eye, no light
perception. Following an examination in 2017, his optometrist stated,
``Mr. Warner had been driving commercial vehicles for almost 40 years,
he is completely adapted to his eye injury many years ago and I have no
visual concerns regarding his safe operation of a commercial vehicle.''
Mr. Warner reported that he has driven tractor-trailer combinations for
17 years, accumulating 467,500 miles. He holds a Class AM CDL from
Virginia. His driving record for the last 3 years shows no crashes and
no convictions for moving violations in a CMV.

III. Public Participation and Request for Comments

    FMCSA encourages you to participate by submitting comments and
related materials.

Submitting Comments

    If you submit a comment, please include the docket number for this
notice, indicate the specific section of this document to which each
comment applies, and provide a reason for each suggestion or
recommendation. You may submit your comments and material online or by
fax, mail, or hand delivery, but please use only one of these means.
FMCSA recommends that you include your name and a mailing address, an
email address, or a phone number in the body of your document so the
Agency can contact you if it has questions regarding your submission.
    To submit your comment online, go to http://www.regulations.gov and
put the docket number FMCSA-2017-0016 in the ``Keyword'' box, and click
``Search. When the new screen appears, click on ``Comment Now!'' button
and type your comment into the text box in the following screen. Choose
whether you are submitting your comment as an individual or on behalf
of a third party and then submit. If you submit your comments by mail
or hand delivery, submit them in an unbound format, no larger than 8\1/
2\ by 11 inches, suitable for copying and electronic filing. If you
submit comments by mail and would like to know that they reached the
facility, please enclose a stamped, self-addressed postcard or
envelope.
    FMCSA will consider all comments and material received during the
comment period. FMCSA may issue a final determination at any time after
the close of the comment period.

Viewing Comments and Documents

    To view comments, as well as documents mentioned in this preamble
as being available in the docket, go to http://www.regulations.gov and
insert the docket number FMCSA-2017-0016 in the ``Keyword'' box and
click ``Search.'' Next, click ``Open Docket Folder'' button and choose
the document listed to review. If you do not have access to the
Internet, you may view the docket online by visiting the Docket
Management Facility in Room W12-140 on the ground floor of the DOT West
Building, 1200 New Jersey Avenue SE., Washington, DC 20590, between 9
a.m. and 5 p.m., e.t., Monday through Friday, except Federal holidays.

    Issued on: April 17, 2017.
Larry W. Minor,
 Associate Administrator for Policy.
[FR Doc. 2017-08195 Filed 4-21-17; 8:45 am]
 BILLING CODE 4910-EX-P


[Federal Register: March 19, 2009 (Volume 74, Number 52)]
[Proposed Rules]
[Page 11698-11699]
[DOCID:fr19mr09-24]

========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.

========================================================================

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 193

[Docket No. FAA-2009-0245]

Voluntary Disclosure Reporting Program

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of Proposed Order Designating Information as Protected
from Disclosure.

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SUMMARY: The FAA is proposing that information provided to the Agency
to populate its Wildlife Hazard Database be designated by an FAA order
as protected from public disclosure in accordance with the provisions
of 14 CFR part 193. Under 49 U.S.C. 40123, the FAA is required to
protect the information from disclosure to the public, including
disclosure under the Freedom of Information Act (5 U.S.C. 552) or other
laws, following the issuance of such order. The designation is intended
to encourage continued voluntary reporting of wildlife hazard data.

DATES: Comments must be received on or before April 20, 2009.

ADDRESSES: You may send comments identified by docket number FAA-2009-
0245 using any of the following methods:
     Federal eRulemaking Portal: Go to http://
www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590.
     Hand Delivery: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.

For more information on the rulemaking process, see the SUPPLEMENTARY
INFORMATION section of this document.
    Privacy: We will post all comments we receive, without change, to
http://dms.dot.gov, including any personal information you provide. For
more information, see the Privacy Act discussion in the SUPPLEMENTARY
INFORMATION section of this document.
    Docket: To read background documents or comments received, go to
http://dms.dot.gov at any time or to Room W12-140, 1200 New Jersey
Avenue, SE., Washington, DC 20590, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: John Weller, Airport Safety and
Operations Division, AAS-300, Federal Aviation Administration, 800
Independence Ave., SW., Washington, DC 20591, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Comments Invited

    The FAA invites interested persons to participate in this
rulemaking by submitting written comments, data, or views. We also
invite comments about the economic, environmental, energy, or
federalism impacts that might result from adopting the proposals in
this document. The most helpful comments reference a specific portion
of the proposal, explain the reason for any recommended change, and
include supporting data. We ask that you send us two copies of written
comments. We will file in the docket all comments we receive, as well
as a report summarizing each substantive public contact with FAA
personnel about this proposed rulemaking. The docket is available for
public inspection before and after the comment closing date. If you
wish to review the docket in person, go to the address in the ADDRESSES
section of this preamble between 9 a.m. and 5 p.m., Monday though
Friday, except Federal holidays. You may also review the docket using
the Internet at the Web address in the ADDRESSES section.
    Privacy Act: Using the search function of our docket Web site,
anyone can find and read the comments received into any of our dockets,
including the name of the individual sending the comment (or signing
the comment on behalf of an association, business, labor union, etc.).
You may review DOT's complete Privacy Act Statement in the Federal
Register published on April 11, 2000 (65 FR 19477-78) or you may visit
http://dms.dot.gov.
    Before acting on this proposal, we will consider all comments we
receive on or before the closing date for comments. We will consider
comments filed late if it is possible to do so without incurring
expense or delay. We may change this proposal in light of the comments
we receive.
    If you want the FAA to acknowledge receipt of your comments on this
proposal, include with your comments a preaddressed stamped postcard on
which the docket number appears. We will stamp the date on the postcard
and mail it to you.

Availability of This Proposed Designation

    You can get an electronic copy using the Internet by:
    1. Searching the Department of Transportation's electronic Docket
Management System (DMS) Web page (http://dms.dot.gov/search);
    2. Visiting the FAA's Regulations and Polices Web page at http://
www.faa.gov/regulations_policies/; or
    3. Accessing the Government Printing Office's Web page at http://
www.gpoaccess.gov/fr/index.html.

Background

    Under 49 U.S.C. 40123, certain voluntarily provided safety and
security information is protected from disclosure to encourage persons
to provide the information to the FAA. The FAA must issue an order to
make certain findings before the information is protected from
disclosure. The FAA's rules implementing that section are in 14 CFR
part 193. If the Administrator issues an order designating information
as protected under 49 U.S.C. 40123, that information will not be
disclosed under the Freedom of Information Act (5 U.S.C. 552) or other
laws except as provided in 49 U.S.C. 40123 and 14 CFR part 193. This
proposed order is issued under 14 CFR 193.111, which sets out the
notice procedure for designating information as protected.
    The FAA designates information as protected under this part when
the FAA finds that:
    1. The information is provided voluntarily;
    2. The information is safety or security related;

    3. The disclosure of the information would inhibit the voluntary
provision of that type of information;
    4. The receipt of that type of information aids in fulfilling the
FAA's safety and security responsibilities; and
    5. Withholding such information from disclosure, under the
circumstances provided in this part, will be consistent with the FAA's
safety and security responsibilities.

Description of the Proposed Information Sharing Program

    In an effort to monitor and analyze the hazards presented by
wildlife to aircraft operations, the FAA actively solicits voluntary
wildlife strike reports from a variety of sources such as pilots, air
traffic controllers, air carrier personnel, and airport operations
personnel. With this data, the FAA is able to analyze trends in order
to develop better wildlife management strategies for individual
airports and all civil/military aviation communities. These trends
include seasonal strike fluctuations, diurnal/nocturnal strike
comparisons, species identification, frequency, geographical
distribution, effect on flight and damage incurred. Monitoring strikes
also provides useful data regarding their frequency of occurrence
during a specific phase of flight, altitude, and distance from airport.
The information may also be used by the FAA to develop aircraft
certification standards that take into account the unique hazard posed
by wildlife threats.
    The FAA has been collecting voluntarily submitted data from the
public since 1990. During this time, the number of strikes annually
reported more than quadrupled from 1,759 in 1990 to a record 7,666 in
2007. The increase in reports from 1990 to 2007 was likely the result
of several factors:
    1. An increased awareness of the wildlife strike issue, an increase
in aircraft operations;
    2. An increase in populations of hazardous wildlife species; and
    3. An increase in the number of strikes.
    Overall, there are over 100,000 wildlife strikes that have been
submitted from civil and military aircraft strikes. As a result of
these collection efforts, the FAA has a wildlife strike database that
is unparalleled.
    When the FAA began collecting this data, it assured the entities
submitting the data that the submissions would not be made available to
the public. At that time, the FAA did not have the authority to provide
part 193 protection. However, the FAA has relied upon other voluntary
disclosure programs to obtain needed safety data prior to the enactment
of 49 U.S.C. 40123 and these other programs are presently covered by
part 193. The FAA believes that it is appropriate to extend this formal
protection to the bird strike database as well. The Agency is concerned
that there is a serious potential that information related to bird
strikes will not be submitted because of fear that the disclosure of
raw data could unfairly cast unfounded aspersions on the submitter.
    The collection of this safety information has been successful not
only in part due to an increase in awareness and improved strike-
reporting technology but due to the fact that the reporting of strikes
is nonpunitive to airports and airlines. There are almost 100 separate
data fields in the strike database that allows the FAA to understand
wildlife strike hazards to aviation better. Cooperative analyses
between the FAA, the United States Department of Agriculture (USDA) and
USDA's Animal and Plant Health Inspection Service Branch summarized
this data into an annual report made available to the public. Such
analyses are critical to determining:
    1. The economic cost of wildlife strikes;
    2. The magnitude of safety issues; and most important; and
    3. The nature of the problems (e.g., wildlife species involved,
types of damage, height and phase of flight during which strikes occur,
and seasonal patterns).
    The information obtained from these analyses provides the
foundation for refinements in the development, implementation, and
justification of integrated research and management efforts to reduce
wildlife strikes. The FAA redacts certain information from the data
that is available to the public based on relevance or its sensitivity.
    For example, while the FAA collects wildlife strike data for
specific airports, which it uses in its regulatory and oversight
activities for that individual airport, the FAA does not release data
regarding the submitter of the report. Here again, the FAA seeks to
encourage the open provision of data for use in its regulatory
activities. Drawing comparisons between airports is difficult because
of the unevenness of reporting. Other factors that must be considered
between airports and strike reporting are their different geographies,
operations, structures, onsite/offsite habitats, and personnel to name
a few. The complexity of the information warrants care with its
interpretation; releasing this information without benefit of proper
analysis would not only produce an inaccurate perception of the
individual airports and airlines but also inaccurate and inappropriate
comparisons between airports/airlines. Requests for data within the FAA
National Wildlife Strike Database have typically been for specific data
fields, individual airports or detailed portions of the database.
Responses from the FAA have addressed each request individually and
adequately. Airports voluntarily report bird strike data to understand
their wildlife hazards better and to streamline allocating wildlife
mitigation funding. Inaccurate portrayals of airports and airlines
could have a negative impact on their participation in reporting bird
strikes. It is the willingness of airports to participate, to better
understand, and to better address their unique set of wildlife hazards
that highlights why voluntary reporting works.
    In short, the FAA sees a direct correlation between the protection
and provision of voluntary safety data. There is no question that the
data collected over the last 19 years has improved safety throughout
the world. It is imperative we do nothing to stifle this flow of
information. Protecting this data under 49 U.S.C. 40123 and 14 CFR part
193 will ensure this continued input.

Proposed Designation

    Accordingly, the FAA proposes to designate the data in its Wildlife
Strike Database to be protected under 49 U.S.C. 40123 and 14 CFR part
193.

    Issued in Washington, DC, on March 12, 2009.
Catherine M. Lang,
Acting Associate Administrator for Airports.
[FR Doc. E9-5868 Filed 3-18-09; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 80, Number 196 (Friday, October 9, 2015)]
[Notices]
[Pages 61246-61249]
[FR Doc No: 2015-25703]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76078: File No. SR-FINRA-2015-020]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Order Approving a Proposed Rule Change, as Amended by
Amendment No. 1, To Expand FINRA's Alternative Trading System
Transparency Initiative by Publishing OTC Equity Volume Executed
Outside ATSs

October 5, 2015.

I. Introduction

    On June 23, 2015, the Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend Rule 6110, Trading Otherwise than on an
Exchange and 6610 regarding the OTC Reporting Facility to expand
FINRA's alternative trading system (``ATS'') transparency initiative.
The changes would provide for publication of the remaining equity
volume executed over-the-counter (``OTC'') by FINRA members, including
activity in non-ATS electronic trading systems and internalized trades.
The proposed rule change was published for comment in the Federal
Register on July 9, 2015.\3\ The Commission received two comments on
the proposal.\4\ FINRA

responded to the comments and amended the proposed rule change on
September 22, 2015.\5\ This order approves the proposed rule change, as
amended.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 75356 (July 2,
2015), 80 FR 39463 (``Notice''). The Notice contains a detailed
description of the proposal.
    \4\ See letter from Kerry Baker Relf, Head of Content
Acquisition and Rights Management, Thomson Reuters to Brent J.
Fields, Secretary, Commission, dated July 20, 2015, (``Thomson
Reuters Letter'') and letter from Theodore R. Lazo, Managing
Director and Associate General Counsel, Securities Industry and
Financial Markets Association, to Brent J. Fields, Secretary,
Commission, dated July 30, 2015, (``SIFMA Letter'').
    \5\ See letter from Lisa C. Horrigan, Associate General Counsel,
FINRA, to Robert W. Errett, Deputy Secretary, Commission, (``FINRA
Response Letter'').
---------------------------------------------------------------------------

II. Description of the Proposed Rule Change

    Under FINRA rules, each member operating an ATS must report its
weekly volume, by security, to FINRA.\6\ FINRA makes the reported
volume and trade count information for equity securities publicly
available on its Web site. FINRA is proposing to amend Rules 6110 and
6610 to make public the remaining OTC equity (``non-ATS'') volume by
member firm and security, which FINRA will publish.\7\ FINRA believes
the proposed rule change will make the OTC market more transparent and
will enable the public to better understand firms' off-exchange equity
trading activity as investors will be able to review the proposed non-
ATS volume together with the current ATS volume reports, which
effectively encompass all equity volume effected OTC.
---------------------------------------------------------------------------

    \6\ Notice, supra note 3, at 39464. See also FINRA Rule 4552.
    \7\ Notice, supra note 3, at 39464.
---------------------------------------------------------------------------

    FINRA will derive a firm's non-ATS volume information from OTC
trades reported to its equity trade reporting facilities.\8\ FINRA will
base a firm's non-ATS volume on trades reported for dissemination
purposes (``tape reports'') on which the firm is identified as the
member with the trade reporting obligation.\9\
---------------------------------------------------------------------------

    \8\ Id. at 39464. There are four equity trade reporting
facilities: The Alternative Display Facility, the two Trade
Reporting Facilities (``TRFs''), and the OTC Reporting Facility.
Members report OTC transactions in NMS stocks to the ADF and the
TRFs. Members report transactions in ``OTC Equity Securities,'' as
well as transactions in Restricted Equity Securities, effected
pursuant to Rule 144A, under the Securities Act of 1933, to the OTC
Reporting Facility. Id. at 39464 n.5.
    \9\ Id. at 39464. A firm's published trading volume information
would exclude trades for which the firm is the reported contra-party
and trades that are reported for regulatory or clearing purposes
only (``non-tape reports''). Id.
---------------------------------------------------------------------------

    FINRA will publish on its Web site weekly volume information
(number of trades and shares) by firm and security, with the exceptions
noted below, on a two-week or four-week delayed basis--the same time
frames specified for ATS volume publication.\10\ Specifically, volume
information would be published on a two-week delayed basis for NMS
stocks in Tier 1 under the NMS Plan to Address Extraordinary Market
Volatility \11\ and on a four-week delayed basis for all other NMS
stocks and OTC Equity Securities.\12\ FINRA also will publish aggregate
volume totals across all NMS stocks and aggregate volume totals across
all OTC Equity Securities for each calendar month, on a one-month
delayed basis.\13\
---------------------------------------------------------------------------

    \10\ Id. at 39464.
    \11\ Tier 1 NMS stocks include those NMS stocks in the S&P 500
Index or the Russell 1000 Index and certain ETPs. See id. at 39464
n.8. FINRA will make changes to the Tier 1 NMS stocks in accordance
with the Indices. Id.
    \12\ Non-ATS volume data will be displayed in the same format in
which ATS volume data is displayed today, i.e., aggregate volume for
each firm across all NMS stocks (Tier 1 and all other NMS stocks)
and OTC equity securities; aggregate volume for each security across
all firms; and volume for each security by each firm (except with
respect to the de minimis volume discussed below). See id. at 39464
n.9.
    \13\ Id. at 39464.
---------------------------------------------------------------------------

    FINRA will publish non-ATS volume information at the firm level
rather than on an MPID-by-MPID basis \14\ because outside the ATS
context, not all firms have a separate MPID for each unique trading
center at the firm. Thus, publishing volume information at the MPID
level might not provide meaningful or consistent information to the
marketplace. For members that use more than one MPID for their non-ATS
trading, FINRA will aggregate and publish the non-ATS trading volume
for all non-ATS MPIDs belonging to the firm under a single ``parent''
identifier or firm name.\15\
---------------------------------------------------------------------------

    \14\ Under FINRA rules for ATS reporting, members must use an
MPID for reporting order and trade information. Id. An ``MPID'' is a
unique market participant identifier.
    \15\ Id. at 39464. FINRA is able to identify all MPIDs belonging
to a given firm based on currently available information, and as
such, members will not have a new reporting obligation as a result
of this proposal. Id. at 39464 n.11. FINRA also notes that a firm's
ATS volume will continue to be published separately under the unique
MPID(s) for each ATS operated by the firm. Id. at 39464.
---------------------------------------------------------------------------

    FINRA does not believe that publishing volume information for each
firm that executed only a small number of trades or shares in any given
period would provide meaningful information to the marketplace.
Accordingly, FINRA will combine volume from all members that do not
meet a specified minimum threshold and publish the volume information
for those members on an aggregated basis. For example, if five firms
each execute 10 trades in the reporting period in a security, their 50
trades would be aggregated and published as a single line item; the
firms and their volume information would not be identified separately.
For a firm with more than one non-ATS MPID, the total volume across all
of its non-ATS MPIDs would be combined to determine whether the de
minimis threshold has been met.\16\
---------------------------------------------------------------------------

    \16\ Id.
---------------------------------------------------------------------------

    FINRA is proposing to establish a de minimis threshold of fewer
than on average 200 non-ATS transactions per day executed by the firm
across all securities (for displaying aggregate volume across all
securities by firm) or in a specific security (for displaying volume in
a particular security by firm) during the one-week reporting
period.\17\ Based on its review of a one-week period in June 2014,
FINRA states that absent this threshold, approximately 300 individual
firms would have had volume attributed by name, versus only 62 firms if
the threshold had been applied.\18\ Moreover, those 62 firms would
account for 98.99 percent of all trading volume.\19\ Thus, if a firm
averages fewer than 200 non-ATS transactions per day across all
securities during the reporting period, FINRA would aggregate the
firm's volume with that of similarly situated firms when displaying
aggregate volume across all securities by firm. Additionally, because
the published volume data would also be organized by security, if a
firm averaged fewer than 200 non-ATS transactions per day in a given
security during the reporting period, FINRA would aggregate the firm's
volume in that security with that of similarly situated firms, even if
the firm averages more than 200 non-ATS transactions per day across all
securities during the reporting period. Thus, FINRA would publish all
of the OTC volume, but volume for members meeting the de minimis
threshold would not be attributed by name.\20\ FINRA will not charge a
fee for the data published pursuant to the proposed rule change; it
will be publicly available on FINRA's Web site in a downloadable
format.\21\
---------------------------------------------------------------------------

    \17\ Id. FINRA states that it based this proposed threshold on
the level of trading activity used by the Commission to identify
``small market makers'' for purposes of exemptive relief from Rule
605 of Regulation NMS. Id. FINRA also proposes a technical change to
the proposed rule text to clarify that the de minimis threshold will
be applied for purposes of the monthly non-ATS volume information.
See FINRA Response Letter at 3-4, 7.
    \18\ Id.
    \19\ Id. at 39464-65.
    \20\ Id.
    \21\ Id.
---------------------------------------------------------------------------

III. Discussion and Findings

    After carefully considering the proposed rule change, the comments
submitted, and FINRA's response to the comments, the Commission finds
that the proposed rule change is consistent with the requirements of
the Act and the rules and regulations thereunder

applicable to a national securities association.\22\ In particular, the
Commission finds that the proposed rule change is consistent with
Section 15A(b)(6) of the Act,\23\ which requires, among other things,
that FINRA rules be designed to prevent fraudulent and manipulative
acts and practices, to promote just and equitable principles of trade,
and, in general, to protect investors and the public interest, because
the proposed rule change will make the OTC market more transparent by
providing trade and quotation information on non-ATS trading.
---------------------------------------------------------------------------

    \22\ In approving this proposed rule change, the Commission has
considered the proposed rule change's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
    \23\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------

    The Commission received two comment letters expressing general
support for the proposal.\24\ The Thomson Reuters Letter supports the
proposal, noting that there is interest both on the buy-side and the
sell-side in ATS data and additional OTC data.\25\ The SIFMA Letter
supports the proposal but makes certain suggestions.\26\
---------------------------------------------------------------------------

    \24\ See supra note 4.
    \25\ Id. The Thomson Reuters Letter also states that it
anticipates enhancing the granularity and timeliness of its market
share analytics product as a result of the proposal.
    \26\ See SIFMA Letter, supra note 4. The SIFMA letter also
states that FINRA should eliminate the current requirement for ATSs
to report volume information to FINRA because it now has access
through its own systems to all ATS volume information without the
need for a separate reporting requirement. See SIFMA Letter, supra
note 4, at 3. FINRA stated that this will be addressed in a separate
proposed rule change. See Notice, supra note 3, at 39467.
---------------------------------------------------------------------------

    The Commission believes that the stated objectives of the
proposal--to expand transparency by publishing the remaining equity
volume executed OTC by FINRA members, including non-ATS electronic
trading systems and internalized trades--further the purposes of the
Act. By enhancing transparency concerning non-ATS OTC equity volume
information, the proposal is designed to help prevent fraudulent and
manipulative acts and practices and to protect investors and the public
interest. Publishing this weekly volume data, organized by firm and by
security, would increase the amount of information that is publicly
available concerning OTC equity trading occurring off of ATSs. As
commenters noted, such added transparency would facilitate better
understanding of OTC trading. Further, the proposal would not impose
any additional reporting requirements on firms because FINRA would
derive the non-ATS volume data from OTC trades reported to FINRA's
equity trade reporting facilities. Thus, costs to member firms as a
result of the proposal--if any--would be minimal.
    SIFMA suggested that a four-week (rather than two-week) publication
timeframe for Tier 1 NMS stocks based on a concern that a two-week
timeframe may result in unintended information leakage.\27\ In this
regard, SIFMA suggested that, in cases where the firm is an active
market maker or is trading a large position on behalf of a customer--
especially in less liquid stocks--the two-week publication time frame
and weekly aggregation disclosure could allow reverse engineering of
trading.\28\
---------------------------------------------------------------------------

    \27\ See SIFMA Letter, supra note 4, at 3.
    \28\ Id.
---------------------------------------------------------------------------

    In response, FINRA states that it considered the potential for
information leakage in developing its proposal and believes it has
taken adequate steps to mitigate that potential by, among other things,
proposing to publish non-ATS volume information on the same delayed
basis that is used for ATS volume data, as well as at the firm--rather
than MPID--level and not further segregating volume information by
trading capacity or trading desk.\29\ FINRA also states that there
would be nothing in the published non-ATS volume data to indicate
whether the executing firm was acting for its own proprietary account
or as agent or riskless principal on behalf of a customer or another
broker-dealer.\30\ FINRA further notes that the published non-ATS
volume data would identify only the executing party and not the contra
party to the trade.\31\ Thus, FINRA does not believe that users of the
published non-ATS volume data would reasonably be able to determine
with any certainty the identity of the actual parties to the
transaction or the capacity in which the executing firm is acting.\32\
---------------------------------------------------------------------------

    \29\ Notice, supra note 3, at 39467. FINRA also notes that firms
have not come to it with any complaints regarding information
leakage since it began publishing ATS volume information. Id. at
39465. In addition, FINRA notes that SIFMA did not provide any
specifics regarding how the information leakage might be manifested
in the published non-ATS volume data or how likely it is to actually
occur.
    \30\ FINRA Response Letter, supra note 5, at 4.
    \31\ Id. at 5.
    \32\ Id. at 4-5.
---------------------------------------------------------------------------

    FINRA also notes that generally the more liquid NMS stocks are in
Tier 1 and that only volume information relating to non-ATS
transactions in Tier 1 NMS stocks would be published on a two-week
delay, while the non-ATS volume in remaining NMS stocks, as well as OTC
equity securities, would be published on a four-week delay. FINRA
believes it has taken appropriate steps to address firms' concerns
regarding information leakage by delaying publication of the
information and limiting the granularity of the published information
to firm and security.\33\ FINRA also notes that this approach is
similar to the approach it uses for ATS volume information, and that
firms have not complained to FINRA about information leakage.\34\ Thus,
FINRA believes that under the proposed rule change, the potential for
information leakage with respect to less liquid stocks already is
mitigated.\35\ However, FINRA states that it will consider whether
modifications are appropriate following implementation of the proposed
rule change.\36\
---------------------------------------------------------------------------

    \33\ See Notice, supra note 3, at 39465.
    \34\ Id.
    \35\ FINRA Response Letter, supra note 5, at 5.
    \36\ See Notice, supra note 3, at 39465.
---------------------------------------------------------------------------

    FINRA also believes that aggregation of trading volumes on a
monthly, rather than weekly, basis would lessen the value and utility
of the published information.\37\ FINRA believes that, weekly
publication of non-ATS volume, together with the weekly ATS data, would
enable the public to understand a firm's trading volume off exchanges.
FINRA also states that it anticipates that the public would use the
published ATS and non-ATS volume information to better understand
issues such as the impact of ATS and non-ATS trading volumes on price
efficiency or order routing behavior. FINRA believes that the
publication of weekly data would enable the public to study those
trends at a relatively higher frequency and thus make more reliable
conclusions about historical trends. FINRA also believes that, given
the speed and frequency of information arrival in financial markets,
monthly data might mask the deviations in short-term routing trends and
render the published data less useful.\38\
---------------------------------------------------------------------------

    \37\ FINRA Response Letter, supra note 5, at 5. FINRA also noted
that the other commenter and commenters on the related Regulatory
Notice support the publication of weekly data. Id. at 6-7.
    \38\ Id. at 7.
---------------------------------------------------------------------------

    The timeframe for making the non-ATS trade data publicly
available--on a two-week delayed basis for Tier 1 NMS stocks and a
four-week delayed basis for all other NMS stocks and OTC Equity
Securities--is designed to balance the desire to inform the public
about non-ATS trading activity with the desire to protect the trading
strategies of member firms. Although SIFMA advocated for a four-week
delay in publishing data on Tier 1 NMS stocks,\39\ the Commission
believes that that FINRA has adequately considered the risk of
information leakage in developing the proposal and

has taken adequate steps to mitigate that risk.
---------------------------------------------------------------------------

    \39\ See SIFMA Letter, supra note 4, at 3.
---------------------------------------------------------------------------

    The Commission also believes that the proposal to publish non-ATS
trade data by firm, rather than by MPID, is appropriate. The Commission
notes FINRA's representation that not all firms have separate MPIDs for
unique trading centers at firms (outside the ATS context) and that
publishing non-ATS volume data at the MPID level may not provide
meaningful or consistent information to the marketplace. Therefore, the
Commission further believes that for members using more than one MPID
for their non-ATS trading, FINRA's proposal to aggregate and publish
non-ATS volume data for non-ATS MPIDs belonging to a firm under a
single parent identifier or firm name is appropriate.
    Lastly, the Commission believes that the proposal to aggregate
volume for all members that do not meet a de minimis threshold of fewer
than on average 200 non-ATS transactions per day executed by the firm
across all securities (for displaying aggregate volume across all
securities by firm) or in a specific security (for displaying volume in
a particular security by firm) during the one-week reporting period is
appropriate. The Commission notes that FINRA's review of a one-week
period found that, absent this threshold, approximately 300 individual
firms would have had volume attributed by name, versus only 62 firms if
the threshold had been applied, and that those 62 firms would account
for 98.99 percent of all trading volume, representing a significant
improvement in the transparency of this segment of the market.

IV. Conclusion

    It is therefore ordered pursuant to Section 19(b)(2) of the Act
\40\ that the proposed rule change (SR-FINRA-2015-020), as amended, be
and hereby is approved.
---------------------------------------------------------------------------

    \40\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\41\
---------------------------------------------------------------------------

    \41\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-25703 Filed 10-8-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 13 (Tuesday, January 21, 2020)]
[Notices]
[Pages 3488-3489]
[FR Doc No: 2020-00988]

=======================================================================
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UNIFIED CARRIER REGISTRATION PLAN

Sunshine Act Meeting Notice; Unified Carrier Registration Plan
Board of Directors Meeting

TIME AND DATE:  January 28, 2020, from 10:00 a.m. to 1:00 p.m., Central
time.

PLACE:  Drury Inn & Suites Riverwalk Hotel, 201 N St. Mary's Street,
San Antonio, Texas. This meeting will be accessible via conference
call. Any interested person may call 1-866-210-1669, passcode 5253902#
to participate in this meeting.

STATUS:  This meeting will be open to the public.

MATTERS TO BE CONSIDERED:  The Unified Carrier Registration Plan Board
of Directors (the ``Board'') will continue its work in developing and
implementing the Unified Carrier Registration Plan and Agreement. The
subject matter of the meeting will include:

Agenda

Open to the Public

I. Welcome and Call to Order--UCR Board Chair

    The UCR Board Chair will welcome attendees, call the meeting to
order, call roll for the Board, and facilitate self-introductions.

II. Verification of Meeting Notice--UCR Executive Director

    The UCR Executive Director will verify the publication of the
meeting notice on the UCR website and in the Federal Register.

III. Review and Approval of Board Agenda and Setting of Ground Rules--
UCR Board Chair

For Discussion and Possible Action
    Agenda will be reviewed and the Board will consider adoption.
    Ground Rules:

[rtarr8] Board action only to be taken in designated areas on agenda
[rtarr8] Please MUTE your phone
[rtarr8] Please do NOT place the call on HOLD

IV. Approval of Minutes of the December 5, 2019 UCR Board Meeting--UCR
Board Chair

For Discussion and Possible Action
     Minutes of the December 5, 2019 Board meeting will be
reviewed. The Board will consider action to approve.

V. Report of FMCSA--FMCSA Representative

    FMCSA will provide a report on any relevant activity or rulemaking,
including any pending appointments, as well as any update available
regarding a final rulemaking on 2020 UCR fees.

VI. Enforcement Delay--UCR Executive Director

For Discussion and Possible Action
    The UCR Executive Director will lead a discussion on a recommended
enforcement date for the 2020 Registration Year. The Board may act to
recommend to law enforcement a 2020 Registration Year enforcement date.

VII. Data Event Update--Chief Legal Officer

    The Chief Legal Officer will provide an update to the Board on the
action items approved at its August 1, 2019 meeting related to the
March 2019 data event.

VIII. UCR Handbook Amendments--Vice Chair

    The Board will consider and may act on proposed amendments to the
UCR Handbook concerning intrastate DOT numbers and the UCR fees for the
2020 registration year.

IX. UCR Plan Website Agreement--Kellen & Seikosoft

For Discussion and Possible Action
    The Board will consider and may act upon a proposed UCR Plan
website Agreement with either Kellen or Seikosoft. Each vendor will
have approximately 10 minutes to present and the Board will have time
to ask questions.

X. Subcommittee Reports

Audit Subcommittee--Subcommittee Chair
A. State Compliance Review Results--UCR Depository Manager
For Discussion and Possible Action
    The UCR Depository Manager will report on key findings from
recently completed state compliance reviews. The Board may act to adopt
recommended corrective actions required by the states in areas deemed
not in compliance with UCR policy.
B. State Audit Performance Standards--UCR Depository Manager
For Discussion and Possible Action
    The UCR Depository Manager will review draft state audit
performance standards. The Board may act to adopt state audit
performance standards.
C. Report on 2020 State Compliance Reviews--UCR Depository Manager
    The UCR Depository Manager will report on plans for conducting
state compliance reviews in 2020 and answer questions.
D. Communication Campaigns--Subcommittee Chair
For Discussion and Possible Action
    The Subcommittee Chair will lead a discussion on the need for UCR
to execute carrier solicitations for states currently running limited
or no campaigns of their own. Next, the Subcommittee Chair will discuss
the need for UCR to execute communications to carriers, identified
through roadside inspections to be operating in interstate commerce,
but identified in MCMIS as ``inactive'' or ``intrastate.'' The Board
may act to adopt the proposals.
E. UCR State-Carrier Audit Methodology--Subcommittee Chair
For Discussion and Possible Action
    The Board will consider proposed amendments, related to state
carrier

audits, for the UCR Agreement and Handbook in order to align both
guidance documents with current practice and may act to adopt.
F. Report on the Depository Audit for 2017 and 2018--UCR Depository
Manager
    The UCR Depository Manager will report on results from the 2017 and
2018 Depository audits and answer questions.
G. Report on the Depository Financial Statement Audit for 2019--UCR
Depository Manager
    The UCR Depository Manager will report on the status of the
Depository financial audit and answer questions. The Board may act to
adopt this proposal.
H. Potential of Additional Funding for DSL--Subcommittee Chair
For Discussion and Possible Action
    The Subcommittee Chair will lead a discussion on a proposal for the
UCR Board to fund an additional one-half Full Time Equivalent for DSL
for the purpose of continuing to process prior year Focused Anomalies
Reviews (FARs). The Board may act to adopt this proposal.
Finance Subcommittee--Subcommittee Chair
A. Initial 2020 Distributions to States--UCR Depository Manager
For Discussion and Possible Action
    The Board will review proposed plans for initial distributions to
states for 2020 registration year and reducing excess fees from certain
past years by including these sums in the distributions. The Board may
act to adopt.
B. Certificates of Deposit--UCR Depository Manager
For Discussion and Possible Action
    The UCR Depository Manager will provide a report on activities
required to redeem certificates of deposit at the Bank of North Dakota
scheduled to mature on February 5, 2020 as well as discuss reinvestment
of the proceeds from the matured CDs. The Board may act to adopt the
proposal.
C. Board Insurance--UCR Depository Manager
For Discussion and Possible Action
    The Board will hear a report on plans to procure insurance for the
UCR Board and Officers (directors and officers, cybersecurity, general
liability). The Board may act to adopt the proposal.
D. Financial & Unbudgeted Expense Reserves--UCR Depository Manager
    The UCR Depository Manager will report on the financial and
unbudgeted expense reserve fund.
E. 2019 Administrative Expenses--UCR Depository Manager
    The UCR Depository Manager will provide a report on 2019
administrative expenses.
Education and Training Subcommittee--Subcommittee Chair
A. Report on Plans To Launch Training Modules--UCR Operations Manager
    The UCR Operations Manager will report on plans to launch an
initial wave of training modules by June 2020.
B. Mandatory Training for States--Subcommittee Chair
For Discussion and Possible Action
    The Subcommittee Chair will lead a discussion on a proposed policy
requiring all participating states to engage in UCR trainings once
available. Specifically, the proposed policy would require at least one
state representative to participate in any new remote trainings (e.g.,
videos, webinars) within 30 days of its release, as well as attend any
new live/in-person training when scheduled. The Board may act to adopt
the policy.
C. Travel Reimbursement for Training Attendees--Subcommittee Chair
For Discussion and Possible Action
    The Subcommittee Chair will lead a discussion on a proposed policy
stating that UCR will reimburse one attendee from each state for
reasonable travel expenses incurred for attending any mandatory UCR
trainings. The Board may act to adopt the policy.

XI. Updates Concerning UCR Legislation--Board Chair

    The UCR Board Chair will call for any updates regarding UCR
legislation since the last Board meeting.

XII. Contractor Reports--UCR Executive Director

 UCR Executive Director
    The UCR Executive Director will provide a report covering recent
activity for the UCR Program.
 UCR Administrator (Kellen)
    The UCR Administrator will provide their management report covering
recent activity for the Depository, Operations, and Communications.
 DSL Transportation Services, Inc.
    DSL will report on the latest data on state collections based on
reporting from the Focused Anomalies Review (FARs) program.
 Seikosoft
    Seikosoft will provide an update on recent/new activity related to
the National Registration System.

XIII. Other Business--Board Chair

    The UCR Board Chair will call for any business, old or new, from
the floor.

XIV. Adjournment--Board Chair

    The UCR Board Chair will adjourn the meeting.
    This agenda will be available no later than 5:00 p.m. Eastern time,
January 20, 2020 at: https://plan.ucr.gov.

CONTACT PERSON FOR MORE INFORMATION:  Elizabeth Leaman, Chair, Unified
Carrier Registration Plan Board of Directors,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
Alex B. Leath,
Chief Legal Officer, Unified Carrier Registration Plan.
[FR Doc. 2020-00988 Filed 1-16-20; 4:15 pm]
BILLING CODE 4910-YL-P


[Federal Register Volume 84, Number 145 (Monday, July 29, 2019)]
[Proposed Rules]
[Page 36535]
[FR Doc No: 2019-15857]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 300

[EPA-HQ-SFUND-1992-0007; FRL-9997-22-Region 7]

National Oil and Hazardous Substances Pollution Contingency Plan;
National Priorities List: Partial Deletion of the Cleburn Street Well
Superfund Site

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule; notice of intent.

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

SUMMARY: The Environmental Protection Agency (EPA) Region 7 is issuing
a Notice of Intent to Delete Operable Unit (OU)1 and OU4 of the Cleburn
Street Well Superfund Site (Site) located in Grand Island, Nebraska
from the National Priorities List (NPL) and requests public comments on
this proposed action. The NPL, promulgated pursuant to section 105 of
the Comprehensive Environmental Response, Compensation, and Liability
Act (CERCLA) of 1980, as amended, is an appendix of the National Oil
and Hazardous Substances Pollution Contingency Plan (NCP). The EPA and
the State of Nebraska through the Nebraska Department of Environmental
Quality (NDEQ), have determined that all appropriate response actions
at these identified media and/or parcels under CERCLA, other than
operations and maintenance, have been completed. However, this deletion
does not preclude future actions under Superfund.
    This partial deletion pertains to OU1--Contaminated sub-surface
soil at the former One-Hour Martinizing and OU4--Soil and Groundwater
at Ideal Cleaners. The remaining Operable Units: OU2, OU3, and OU5 will
remain on the NPL and are not being considered for deletion as part of
this action.

DATES: Comments must be received by August 28, 2019.

ADDRESSES: Submit your comments, identified by Docket ID no. EPA-HQ-
SFUND-1992-0007, by mail to David Wennerstrom or Pam Houston,
Environmental Protection Agency, Region 7, 11201 Renner Boulevard,
Lenexa, KS 66219. Comments may also be submitted electronically or
through hand delivery/courier by following the detailed instructions in
the ADDRESSES section of the direct final rule located in the rules
section of this Federal Register.

FOR FURTHER INFORMATION CONTACT: David Wennerstrom, Remedial Project
Manager, Environmental Protection Agency, Region 7,11201 Renner
Boulevard, Lenexa, KS 66219,<PHONE_NUMBER>, email:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In the ``Rules and Regulations'' section of
today's Federal Register, we are publishing a direct final Notice of
Partial Deletion for Operable Unit (OU)1 and OU4 of the Cleburn Street
Well Superfund Site without prior Notice of Intent for Partial Deletion
because EPA views this as a noncontroversial revision and anticipates
no adverse comment. We have explained our reasons for this partial
deletion in the preamble to the direct final Notice of Partial
Deletion, and those reasons are incorporated herein. If we receive no
adverse comment(s) on this partial deletion action, we will not take
further action on this Notice of Intent for Partial Deletion. If we
receive adverse comment(s), we will withdraw the direct final Notice of
Partial Deletion and it will not take effect. We will, as appropriate,
address all public comments in a subsequent final Notice of Partial
Deletion based on this Notice of Intent for Partial Deletion. We will
not institute a second comment period on this Notice of Intent for
Partial Deletion. Any parties interested in commenting must do so at
this time.
    For additional information, see the direct final Notice of Partial
Deletion which is located in the Rules section of this Federal
Register.

List of Subjects in 40 CFR Part 300

    Environmental protection, Air pollution control, Chemicals,
Hazardous substances, Hazardous waste, Intergovernmental relations,
Penalties, Reporting and recordkeeping requirements, Superfund, Water
pollution control, Water supply.

    Authority: 33 U.S.C. 1321(d); 42 U.S.C. 9601-9657; E.O. 13626,
77 FR 56749, 3 CFR, 2013 Comp., p. 306; E.O. 12777, 56 FR 54757, 3
CFR, 1991 Comp., p. 351; E.O. 12580, 52 FR 2923, 3 CFR, 1987 Comp.,
p. 193.

    Dated: July 17, 2019.
David Cozad,
Acting Regional Administrator, Region 7.
[FR Doc. 2019-15857 Filed 7-26-19; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 84, Number 56 (Friday, March 22, 2019)]
[Notices]
[Pages 10860-10862]
[FR Doc No: 2019-05463]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85348; File No. SR-NYSEAMER-2019-05]

Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Amending
Commentary .02 to Rule 960NY To Specify That Replacement Issues May Be
Added to the Penny Pilot Quarterly

March 18, 2019.
    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 March 7, 2019, NYSE American LLC (``NYSE American'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II, 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 amend Commentary .02 to Rule 960NY to
specify that replacement issues may be added to the Penny Pilot
(``Pilot'') on a quarterly basis, without altering the expiration date
of the Pilot, which is June 30, 2019. 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.

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 amend Commentary .02 to Rule 960NY,
regarding the Pilot, to specify that replacement issues may be added to
the Pilot on a quarterly basis, without altering the expiration date of
the Pilot, which is June 30, 2019.
    The Exchange recently filed to extend the Pilot until June 30, 2019
(from December 31, 2018) and also updated the rule text to provide that
replacement issues may be added to the Pilot on the second trading day
following January 1, 2019.\4\ The Rule authorizes the Exchange to
replace any options issues in the Pilot that have been delisted with
the next most actively traded multiply listed options classes that are
not yet included in the Program, based on trading activity in the
previous six months.\5\ The Exchange proposes to modify Commentary .02
to Rule 960NY to allow the Exchange to add replacement issues (for
Pilot issues that have been delisted) on a quarterly basis. The
Exchange added replacement issues in January 2019 and would add
eligible to add eligible replacement issues in April, July and October.
The Exchange believes this change would allow the Exchange to update
issues eligible for the Pilot (by replacing delisted issues) on a
quarterly basis (as opposed to semi-annual) and would enable further
analysis of the Pilot and a determination of how the Pilot should be
structured in the future.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 84871 (December 19,
2018), 83 FR 66789 (December 27, 2018) (SR-NYSEAMER-2018-57). On
January 3, 2019, the Exchange added new issues to replace delisted
Pilot issues, as announced by Trader Update, available here, https://www.nyse.com/publicdocs/nyse/notifications/trader-update/Penny%20Pilot%20Replacements%20January%202018.pdf.
    \5\ See Commentary .02 to Rule 960NY.
---------------------------------------------------------------------------

    As is the case today, the Exchange will determine replacement
issues based on trading activity in the previous six months (the ``six
month lookback'') but will not use the month immediately preceding the
addition of a replacement to the Pilot. Thus, a replacement class to be
added on the second trading day following April 1, 2019 would be
identified based on The Option Clearing Corporation's trading volume
data from August 1, 2018 through February 28, 2019.\6\ The Exchange
believes the six month lookback is appropriate because this time period
would help reduce the impact of unusual trading activity as a result of
unique market events, such as a corporate action (i.e., it would result
in a more reliable measure of average daily trading volume than would a
shorter period).
---------------------------------------------------------------------------

    \6\ The Rule continues to obligate the Exchange to announce the
replacement issues by Trader Update. See id.
---------------------------------------------------------------------------

    This filing does not propose any substantive changes to the Pilot:
all classes currently participating will remain the same and all
minimum increments will remain unchanged. The Exchange believes the
benefits to public customers and other market participants who will be
able to express their true prices to buy and sell options have been
demonstrated to outweigh the increase in quote traffic.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \7\ of the
Act, in general, and furthers the objectives of Section 6(b)(5),\8\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanisms of a free and open
market and a national market system.
---------------------------------------------------------------------------

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

    The Exchange believes the proposal to allow the addition of
replacement issues the Pilot on a quarterly basis would result in the a
more current list of Pilot-eligible issues and would enable further
analysis of the Pilot, including for a determination of how the Pilot
should be structured in the future. Further, the Exchange believes the
six month lookback is appropriate because this time period would help
reduce the impact of unusual trading activity as a result of unique
market events, such as a corporate action (i.e., it would result in a
more reliable measure of average daily trading volume than would a
shorter period). Thus, the Exchange believes this proposal would
promote just and equitable principles of trade, foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and remove impediments to and perfect the mechanisms of a
free and open market and a national market system.
    The Exchanges notes that it not making any other substantive
changes to the Pilot, other than modifying the timing for replacement
issues and therefore the Exchange will continue to participate in a
program that has been viewed as beneficial to traders, investors and
public customers and viewed as successful by the other options
exchanges participating in it.
    The Exchange believes that the Pilot would continue to promote just
and equitable principles of trade by enabling public customers and
other market participants to express their true prices to buy and sell
options to the benefit of all market participants.

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 that is not necessary or appropriate
in furtherance of the purposes of the Act. Specifically, the Exchange
believes that allowing the Exchange to add replacement issues to the
Pilot on a quarterly basis would make the list of Pilot-eligible issues
more current and would enable further analysis of the Pilot, including
for a determination of how the Pilot should be structured in the
future. In doing so, the proposed rule change will also serve to
promote regulatory clarity and consistency, thereby reducing burdens on
the marketplace and facilitating investor protection. The Pilot Program
is an industry-wide initiative supported by all other option exchanges.
The Exchange believes that the proposed change would allow for
continued

competition between Exchange market participants trading similar
products as their counterparts on other exchanges, while at the same
time allowing the Exchange to continue to compete for order flow with
other exchanges in option issues trading as part of the Pilot.

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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. The change will allow
the Exchange to add classes to the pilot that are actively traded at
the start of the second quarter (i.e., in April 2019) and replace those
that have been delisted and are no longer trading on a more frequent
basis. This will help ensure that the top 363 most actively traded,
multiply-listed classes are included in the Pilot, which will enable
further analysis of the Pilot.\13\
---------------------------------------------------------------------------

    \11\ 17 CFR 240.19b-4(f)(6).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of 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) \14\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \14\ 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-NYSEAMER-2019-05 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEAMER-2019-05. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet 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. 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 20549-1090 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-NYSEAMER-2019-05 and should
be submitted on or before April 12, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-05463 Filed 3-21-19; 8:45 am]
BILLING CODE 8011-01-P