[Federal Register Volume 78, Number 204 (Tuesday, October 22, 2013)]
[Notices]
[Pages 62715-62716]
[FR Doc No: 2013-24671]

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SECURITIES AND EXCHANGE COMMISSION

Submission for OMB Review; Comment Request

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

Extension:
    Rule 17a-1.

SEC File No. 270-244, OMB Control No. 3235-0208

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget a request for approval of extension of the previously
approved collection of information provided for in Rule 17a-1 (17 CFR
240.17a-1) under the Securities Exchange Act of 1934, as amended (the
``Act'') (15 U.S.C. 78a et seq.).
    Rule 17a-1 requires that every national securities exchange,
national securities association, registered clearing agency, and the
Municipal Securities Rulemaking Board keep on file for a period of not
less than five years, the first two years in an easily accessible
place, at least one copy of all documents, including all
correspondence, memoranda, papers, books, notices, accounts, and other
such records made or received by it in the course of its business as
such and in the conduct of its self-regulatory activity, and that such
documents be available for examination by the Commission.
    There are 28 entities required to comply with the rule: 17 national
securities exchanges, 1 national securities association, 9 registered
clearing agencies, and the Municipal Securities Rulemaking Board. The
Commission staff estimates that the average number of hours necessary
for compliance with the requirements of Rule 17a-1 is 50 hours per
year. In addition, 5 national securities exchanges notice-registered
pursuant to Section 6(g) of the Act (15 U.S.C. 78f(g)) are required to
preserve records of determinations made under Rule 3a55-1 under the Act
(17 CFR 240.3a55-1), which the Commission staff estimates will take 1
hour per exchange, for a total of 5 hours. Accordingly, the Commission
staff estimates that the total number of hours necessary to comply with
the requirements of Rule 17a-1 is 1,405 hours. The average cost per
hour is $63. Therefore, the total cost of compliance for the
respondents is $88,515.
    Compliance with Rule 17a-1 is mandatory. Rule 17a-1 does not assure
confidentiality for the records maintained pursuant to the rule. The
records required by Rule 17a-1 are available only for examination by
the Commission staff, state securities authorities and the self-
regulatory organizations. Subject to the provisions of the Freedom of
Information Act, 5 U.S.C. 522, and the Commission's rules thereunder
(17 CFR 200.80(b)(4)(iii)), the Commission does not generally publish
or make available information contained in any reports, summaries,
analyses, letters, or memoranda arising out of, in anticipation of, or
in connection with an examination or inspection of the books and
records of any person or any other investigation.
    An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB control number.
    The public may view background documentation for this information
collection at the following Web site, www.reginfo.gov. Comments should
be directed to: (1) Desk Officer for the Securities and Exchange
Commission, Office of Information and Regulatory Affairs, Office of
Management and Budget, Room 10102, New Executive

Office Building, Washington, DC 20503, or by sending an email to:
<EMAIL_ADDRESS>and (ii) Thomas Bayer, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email
to<EMAIL_ADDRESS>Comments must be submitted to OMB within 30
days of this notice.

    Dated: October 8, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-24671 Filed 10-21-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: October 6, 2009 (Volume 74, Number 192)]
[Notices]
[Page 51302]
[DOCID:fr06oc09-86]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-1857-DR;Docket ID FEMA-2008-0018]

New York; Amendment No. 3 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of New York (FEMA-1857-DR), dated September 1, 2009, and
related determinations.

DATE: Effective Date: September 29, 2009.

FOR FURTHER INFORMATION CONTACT: Peggy Miller, Disaster Assistance
Directorate, Federal Emergency Management Agency, 500 C Street, SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of New York is hereby amended to include the following
area among those areas determined to have been adversely affected by
the event declared a major disaster by the President in his declaration
of September 1, 2009.

    Allegany County for Public Assistance. The following Catalog of
Federal Domestic Assistance Numbers (CFDA) are to be used for
reporting and drawing funds: 97.030, Community Disaster Loans;
97.031, Cora Brown Fund; 97.032, Crisis Counseling; 97.033, Disaster
Legal Services; 97.034, Disaster Unemployment Assistance (DUA);
97.046, Fire Management Assistance Grant; 97.048, Disaster Housing
Assistance to Individuals and Households In Presidentially Declared
Disaster Areas; 97.049, Presidentially Declared Disaster
Assistance--Disaster Housing Operations for Individuals and
Households; 97.050 Presidentially Declared Disaster Assistance to
Individuals and Households--Other Needs; 97.036, Disaster Grants--
Public Assistance (Presidentially Declared Disasters); 97.039,
Hazard Mitigation Grant.

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. E9-24075 Filed 10-5-09; 8:45 am]

BILLING CODE 9111-23-P


[Federal Register: February 6, 2008 (Volume 73, Number 25)]
[Notices]
[Page 6963-6964]
[DOCID:fr06fe08-53]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPPT-2007-1080; FRL-8351-2]

Endocrine Disruptor Screening Program (EDSP); Draft Policies and
Procedures for Initial Screening; Request for Comment; Extension of
Comment Period

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice; extension of comment period.

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SUMMARY: EPA issued a notice in the Federal Register of December 13,
2007, announcing the availability of and soliciting public comment on
EPA's draft policies and procedures for initial screening under the
Agency's Endocrine Disruptor Screening Program (EDSP). The December 13,
2007, notice provided for a 60-day public comment period ending
February 11, 2008. EPA received several requests from the public to
extend this comment period. This document extends the comment period
for 30 days, from February 11, 2008, to March 12, 2008.

DATES: Comments, identified by docket identification (ID) number EPA-
HQ-OPPT-2007-1080, must be received on or before March 12, 2008.

ADDRESSES: Follow the detailed instructions as provided under ADDRESSES
in the Federal Register document of December 13, 2007.

FOR FURTHER INFORMATION CONTACT: William Wooge, Office of Science
Coordination and Policy (7201M), Office of Prevention, Pesticides and
Toxic Substances, Environmental Protection Agency, 1200 Pennsylvania
Ave., NW., Washington, DC 20460-0001; telephone number:<PHONE_NUMBER>;
e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: This document extends the public comment
period established in the Federal Register of December 13, 2007 (72 FR
70842) (FRL-8340-3). In that document, EPA announced the availability
of and solicited public comment on EPA's draft policies and procedures
for initial screening under the Agency's EDSP. On December 17, 2007,
EPA held a workshop to discuss the draft policies and procedures. EPA
intends to convene a second half-day public meeting to discuss these
draft policies and procedures and answer questions from the public. A
separate Federal Register document will announce the details of the
meeting. EPA is hereby extending the comment period, which was set to
end on February 11, 2008, to March 12, 2008.
    To submit comments, or access the public docket, please follow the
detailed instructions as provided under ADDRESSES in the December 13,
2007, Federal Register document. If you have questions, consult the
person listed under FOR FURTHER INFORMATION CONTACT.

List of Subjects

    Environmental protection, Chemicals, Endocrine disruptors,
Pesticides and pests, Reporting and recordkeeping.

    Dated: January 30, 2008.
James B. Gulliford,
Assistant Administrator, Office of Prevention, Pesticides and Toxic
Substances.
[FR Doc. E8-2164 Filed 2-5-08; 8:45 am]

BILLING CODE 6560-50-S


[Federal Register Volume 78, Number 160 (Monday, August 19, 2013)]
[Notices]
[Pages 50463-50465]
[FR Doc No: 2013-20065]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70170; File No. SR-BYX-2013-025]

Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Related to
Fees for Use of BATS Y-Exchange, Inc.

August 13, 2013.
    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 July 31, 2013, BATS Y-Exchange, Inc. (the ``Exchange'' or
``BYX'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Exchange has designated the proposed rule change as one establishing or
changing a member due, fee, or other charge imposed by the Exchange
under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange proposes to amend the fee schedule applicable to
Members \5\ and non-members of the Exchange pursuant to BYX Rules
15.1(a) and (c). While changes to the fee schedule pursuant to this
proposal will be effective upon filing, the changes will become
operative on August 1, 2013.
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    \5\ A Member is any registered broker or dealer that has been
admitted to membership in the Exchange.
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    The text of the proposed rule change is available at the Exchange's
Web site at http://www.batstrading.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to modify its fee schedule effective August
1, 2013, in order to: (i) Lower the thresholds at which Members qualify
for tiers related to lower fees for adding liquidity and higher rebates
for removing liquidity; (ii) amend the rebates that it provides for
removing liquidity; and (iii) amend the fees that it charges for adding
liquidity. The Exchange is also proposing to correct a typographical
error on its fee schedule.
Tiers and Trading Volume
    The Exchange currently offers tiered pricing structures for both
adding and removing liquidity. As part of this pricing structure,
Members must also add a daily average (calculated monthly) of at least
50,000 shares of liquidity on the Exchange (the ``Liquidity Add
Requirement'') in order to receive a rebate for removing liquidity.
Under these tiered pricing structures, Members that have an average
daily volume (``ADV'') on the Exchange of at least .25% but less than
.5% of total consolidated volume (``TCV'') (the ``Bottom Tier
Threshold'') are charged a fee that is lower than the standard adding
fee for adding liquidity or, where a Member has met the Liquidity Add
Requirement, receive a higher rebate than the standard removal rebate
for removing liquidity. Similarly, Members that have an ADV on the
Exchange of at least .5% of TCV (the ``Upper Tier Threshold'') are
charged an even lower fee for adding liquidity or, where a Member has
met the Liquidity Add Requirement, receive an even higher rebate for
removing liquidity.
    The Exchange is proposing to: (i) Eliminate the Liquidity Add
Requirement to receive a rebate for removing liquidity; (ii) lower the
Upper Tier Threshold from .5% to .4% of ADV as a percentage of TCV; and
(iii) lower the Bottom Tier Threshold from .25% to .2% of ADV as a
percentage of TCV.
Rebates To Remove Liquidity
    As described above, the Exchange currently offers a tiered pricing
structure for executions that remove liquidity. Currently, the Exchange
provides a rebate of $0.0007 per share to remove liquidity for Members
that reach the Upper Tier Threshold and meet the Liquidity Add
Requirement; a rebate of $0.0006 per share to remove liquidity for
Members that reach the Bottom Tier Threshold, but not the Upper Tier
Threshold, and meet the Liquidity Add Requirement; and a rebate of
$0.0005 per share to remove liquidity for Members that do not reach the
Bottom Tier Threshold, but do meet the Liquidity Add Requirement. For
Members that do not reach the Bottom Tier Threshold and do not meet the
Liquidity Add Requirement, the Exchange does not currently provide
rebate. The Exchange does not, however, charge such Members, but
rather, provides such executions free of charge.
    As described above, the Exchange proposes to eliminate the
requirement that a Member meet the Liquidity Add Requirement in order
to receive a rebate to remove liquidity, which will mean that all
Members will receive a rebate for executions that remove liquidity from
the Exchange. The Exchange also proposes to decrease by $0.0004 per
share the rebates provided to all Members that qualify for a liquidity
removal tier. Specifically, the Exchange proposes to provide a rebate
of $0.0003 per share to remove liquidity for Members that reach or
exceed the Upper Tier Threshold; a rebate of $0.0002 per share to
remove liquidity for Members that reach the Lower Tier Threshold but
not the Upper Tier Threshold; and a rebate of $0.0001 per share to
remove liquidity for Members that do not reach the Lower Tier
Threshold.
    Consistent with the current fee structure, the fee structure for
executions that remove liquidity from the Exchange described above will
not apply to executions that remove liquidity in securities priced
under $1.00 per share. The fee for such executions will remain at 0.10%
of the total dollar value of the execution.

Fees To Add Liquidity
    As described above, the Exchange currently maintains a tiered
pricing structure for adding displayed liquidity in securities priced
$1.00 and above that allows Members to add liquidity at a reduced fee
if they reach certain volume thresholds. The tiered pricing structure
allows Members that qualify for reduced fees to add liquidity at a
further reduced fee to the extent that such liquidity sets the national
best bid or offer (the ``NBBO Setter Program''). Currently, the
Exchange charges Members that reach the Upper Tier Threshold a
liquidity adding fee of $0.00045 per share on orders that set the NBBO
and $0.0005 per share on orders that do not set the NBBO. The Exchange
charges Members that reach the Lower Tier Threshold but not the Upper
Tier Threshold a liquidity adding fee of $0.00055 per share on orders
that set the NBBO and $0.0006 per share for orders that do not set the
NBBO. The Exchange charges a liquidity adding fee of $0.0007 per share
to Members that do not qualify for a reduced fee based on their volume
on the Exchange.
    The Exchange proposes to decrease its fees to add displayed
liquidity for all Members by at least $0.0004 per share. Specifically,
the Exchange proposes to offer Members that reach the Upper Tier
Threshold free executions on orders that set the NBBO and charge a
liquidity adding fee of $0.0001 per share on orders that do not set the
NBBO; for Members that reach the Lower Tier Threshold, the Exchange
proposes to charge a liquidity adding fee of $0.0001 per share on
orders that set the NBBO and $0.0002 per share for orders that do not
set the NBBO; and for Members that do not reach the Lower Tier
Threshold, the Exchange proposes to charge Members a liquidity adding
fee of $0.0003 per share.
    The Exchange is not proposing to change pricing for securities
priced under $1.00 and will continue to offer executions free of charge
for orders that add liquidity in securities priced under $1.00 per
share.
    The Exchange notes that it does not propose to modify its existing
definitions of ``ADV'' or ``TCV'' in connection with the changes
described above. The Exchange notes that the definition of ADV used in
conjunction with TCV for the NBBO Setter Program and the tiered pricing
structures for executions that add and remove liquidity includes both a
Member's liquidity adding and removing activity.
Typographical Order [sic]
    The Exchange proposes to modify a reference on the fee schedule to
`any Retail Price Improving Order order' under the Retail Price
Improvement Program Pricing heading where the Exchange describes the
charge per share for a Retail Price Improving Order that adds liquidity
to the BYX Exchange order book that is removed by a Retail Order.
Specifically, the Exchange proposes to delete the second ``order'' in
the phrase ``any Retail Price Improving Order order''.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder that are applicable to a national securities exchange, and,
in particular, with the requirements of Section 6 of the Act.\6\
Specifically, the Exchange believes that the proposed rule change is
consistent with Section 6(b)(4) of the Act,\7\ in that it provides for
the equitable allocation of reasonable dues, fees and other charges
among members and other persons using any facility or system which the
Exchange operates or controls. The Exchange notes that it operates in a
highly competitive market in which market participants can readily
direct order flow to competing venues if they deem fee levels at a
particular venue to be excessive.
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    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(4).
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    Generally, the changes to Exchange execution fees and rebates
proposed by this filing are intended to attract order flow to the
Exchange by continuing to offer competitive pricing while also allowing
the Exchange to continue to offer incentives to provide aggressively
priced displayed liquidity.
    With respect to the proposed changes to the tiered pricing
structure for removing liquidity from the Exchange, the Exchange
believes that its proposal is reasonable because it will lower the
thresholds to receive rebates and reduced fees, creating a larger pool
of Members that will be eligible for rebates (the removal of the
Liquidity Add Requirement means that all orders that access liquidity
on the Exchange in securities priced $1.00 or above will receive at
least a $0.0001 per share rebate) and decreased fees. By greatly
increasing the base of Members eligible for and lowering the thresholds
to receive increased rebates and reduced fees, the Exchange is
incentivizing all Members to participate in the growth of the Exchange.
In addition, as proposed the Upper Tier Threshold and Lower Tier
Threshold will be more attainable, and thus will provide additional
incentive to Members that do not reach one or both of the thresholds to
increase their participation on the Exchange in order to receive higher
rebates or reduced fees. Volume-based tiers such as the liquidity
removal tiers maintained by the Exchange have been widely adopted in
the equities markets, and are equitable and not unfairly discriminatory
because they are open to all members on an equal basis and provide
rebates that are reasonably related to the value to an exchange's
market quality associated with higher levels of market activity, such
as higher levels of liquidity provision and introduction of higher
volumes of orders into the price and volume discovery process.
Accordingly, the Exchange believes that the proposal is equitably
allocated and not unfairly discriminatory because it is consistent with
the overall goals of enhancing market quality.
    With respect to the decreases to the rebates offered to remove
liquidity, the Exchange believes that the proposed rebates are
reasonable as such rebates are still comparable to other market centers
that provide rebates for removing liquidity and represent only a slight
decrease from the current rebate levels. In addition, the Exchange
believes that the proposed rebates are reasonable because, upon
elimination of the Liquidity Add Requirement, the Exchange will pay a
rebate to all Members for every order that removes liquidity. Further,
the Exchange is making increased rebates available to more Members by
lowering the tier thresholds. So, while the Exchange is proposing to
reduce rebates on a per share basis, it is simultaneously providing
rebates to all Members for removing liquidity, increasing the number of
Members that will receive increased rebates, and making it easier for
Members to receive increased rebates for removing liquidity.
    With respect to the decreases to the fees charged to add displayed
liquidity, the Exchange believes that the proposed fees are reasonable
as they will act to attract liquidity to the Exchange. The Exchange
believes that increasing the reduction in fees from $0.00005 to $0.0001
per share added for orders that set the NBBO and at least reach the
Lower Tier Threshold (which will make transactions free on orders that
set the NBBO for Members that reach the Upper Tier Threshold) will
further incentivize Members to provide tighter and deeper liquidity. As
noted above, volume-based tiers such as the liquidity removal tiers
maintained by the Exchange have been

widely adopted in the equities markets, and are equitable and not
unfairly discriminatory because they are open to all members on an
equal basis and provide rebates that are reasonably related to the
value to an exchange's market quality associated with higher levels of
market activity, such as higher levels of liquidity provision and
introduction of higher volumes of orders into the price and volume
discovery process. Accordingly, the Exchange believes that the proposal
is equitably allocated and not unfairly discriminatory because it is
consistent with the overall goals of enhancing market quality. The
Exchange believes that any additional revenue that it may receive based
on the amendment to the fee schedule as set forth above will allow the
Exchange to devote additional capital to its operations and to continue
to offer competitive pricing, which, in turn, will benefit Members of
the Exchange.

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

    The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended.
Because the market for order execution is extremely competitive,
Members may choose to preference other market centers ahead of the
Exchange if they believe that they can receive better fees or rebates
elsewhere. Further, because certain of the proposed changes are
intended to provide incentives to Members that will result in increased
activity on the Exchange, such changes are necessarily competitive. The
Exchange also believes that its pricing for displayed orders is
appropriately competitive vis-[agrave]-vis the Exchange's competitors.
Further, the Exchange believes that continuing to incentivize the entry
of aggressively priced, displayed liquidity fosters intra-market
competition to the benefit of all market participants that enter orders
to the Exchange. The Exchange does not believe that any of the changes
represent a significant departure from previous pricing offered by the
Exchange or pricing offered by the Exchange's competitors.

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.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \8\ and paragraph (f) of Rule 19b-4
thereunder.\9\ At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml ); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-BYX-2013-025 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-BYX-2013-025. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street, NE., Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-BYX-2013-025 and should be
submitted on or before September 9, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-20065 Filed 8-16-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 231 (Thursday, December 1, 2016)]
[Proposed Rules]
[Pages 86630-86633]
[FR Doc No: 2016-27923]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2014-0363; Directorate Identifier 2014-NE-08-AD]
RIN 2120-AA64

Airworthiness Directives; Rolls-Royce plc Turbofan Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: We propose to supersede airworthiness directive (AD) 2015-17-
19 that applies to all Rolls-Royce plc (RR) RB211 Trent 768-60, 772-60,
and 772B-60 turbofan engines. AD 2015-17-19 requires inspection of the
fan case low-pressure (LP) fuel tubes and associated clips and the fuel
oil heat exchanger (FOHE) mounts and associated hardware. Since we
issued AD 2015-17-19, fractures on the LP fuel return tube at mid-span
locations were found with resulting fuel leaks. This proposed AD would
require a modification, which terminates the repetitive inspections. We
are proposing this AD to prevent failure of the fan case LP fuel tubes,
which could lead to an in-flight shutdown, loss of thrust control, and
damage to the airplane.

DATES: We must receive comments on this proposed AD by January 30,
2017.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by 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: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For service information identified in this NPRM, contact Rolls-
Royce plc, Corporate Communications, P.O. Box 31, Derby, England,
DE248BJ; phone:

011-44-1332-242424; fax: 011-44-1332-249936; email: http://www.rolls-royce.com/contact/civil_team.jsp; Web site: https://www.aeromanager.com. You may view this service information at the FAA,
Engine & Propeller Directorate, 1200 District Avenue, Burlington, MA.
For information on the availability of this material at the FAA, call
781-238-7125.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2014-
0363; or in person at the Docket Management Facility between 9 a.m. and
5 p.m., Monday through Friday, except Federal holidays. The AD docket
contains this proposed AD, the mandatory continuing airworthiness
information, regulatory evaluation, any comments received, and other
information. The address for the Docket Office (phone:<PHONE_NUMBER>) is
in the ADDRESSES section. Comments will be available in the AD docket
shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Wego Wang, Aerospace Engineer, Engine
Certification Office, FAA, Engine & Propeller Directorate, 1200
District Avenue, Burlington, MA 01803; phone:<PHONE_NUMBER>; fax: 781-
238-7199; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposed AD. Send your comments to an address
listed under the ADDRESSES section. Include ``Docket No. FAA-2014-0363;
Directorate Identifier 2014-NE-08-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD because of those comments.
    We will post all comments we receive, without change, to http://www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this proposed AD.

Discussion

    On August 20, 2015, we issued AD 2015-17-19, Amendment 39-18252 (80
FR 55232, September 15, 2015), (``AD 2015-17-19'') for RR RB211 Trent
768-60, 772-60, and 772B-60 turbofan engines. AD 2015-17-19 requires
inspection of the fan case LP fuel tubes and associated clips and the
FOHE mounts and associated hardware. AD 2015-17-19 resulted from fuel
leaks caused by damage to the fan case LP fuel tube. We issued AD 2015-
17-19 to prevent failure of the fan case LP fuel tube, which could lead
to an in-flight shutdown, loss of thrust control, and damage to the
airplane.

Actions Since AD 2015-17-19 Was Issued

    Since we issued AD 2015-17-19, fractures on the LP fuel return tube
at mid-span locations were found with resulting fuel leaks. Also since
we issued AD 2015-17-19, the European Aviation Safety Agency (EASA) has
issued AD 2016-0120, dated June 17, 2016, which supersedes EASA AD
2014-0243, Revision 1, dated December 10, 2014 and Correction, dated
March 23, 2015.

Related Service Information Under 1 CFR Part 51

    RR has issued Alert Non-Modification Service Bulletin (NMSB)
RB.211-73-AH522, Revision 4, dated January 18, 2016; Alert NMSB RB.211-
73-AH837, Revision 1, dated November 6, 2015; and Alert Service
Bulletin (ASB) RB.211-73-AJ366, Initial Issue and Supplement, dated May
3, 2016. Alert NMSB RB.211-73-AH522, Revision 4, dated January 18, 2016
describes procedures for inspecting and, if necessary, replacing worn
rubber sections of the P-clip. Alert NMSB RB.211-73-AH837, Revision 1,
dated November 6, 2015 describes procedures for inspecting and, if
necessary, replacing the P-clip attaching bracket, supporting hardware,
and low-pressure (LP) fuel tube.Alert SB RB.211-73-AJ366, Initial Issue
and Supplement, dated May 3, 2016 describes procedures for modification
of the routing of fuel, oil, and hydraulic tube assemblies. This
service information is reasonably available because the interested
parties have access to it through their normal course of business or by
the means identified in the ADDRESSES section.

Other Related Service Information

    RR has issued SB RB.211-73-F343, Revision 4, dated May 26, 2011.
The service information describes procedures for replacing the fuel
tube assemblies and supporting hardware.

FAA's Determination

    We are proposing this AD because we evaluated all the relevant
information and determined the unsafe condition described previously is
likely to exist or develop in other products of these same type
designs.

Proposed AD Requirements

    This proposed AD would retain the requirements of AD 2015-17-19,
(80 FR 55232, September 15, 2015), except it would require a
modification, which terminates the repetitive inspections. This
proposed AD would add a mandatory terminating action to the repetitive
inspections by incorporating ASB RB.211-73-AJ366, Initial Issue and
Supplement, dated May 3, 2016.

Costs of Compliance

    We estimate that this proposed AD affects 108 engines installed on
airplanes of U.S. registry. We also estimate that it would take about 6
hours per engine to perform the inspections in this proposed AD. The
average labor rate is $85 per hour. We also estimate that 54 of the
engines will fail the inspections required by this AD. Replacement
parts cost about $4,031 per engine.
    We also estimate that it would take about 50 hours per engine to
modify each engine. The modification would cost about $150,000 per
engine. Based on these figures, we estimate the cost of this proposed
AD on U.S. operators to be $16,931,754.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, Section 106, describes the
authority of the FAA Administrator. Subtitle VII, Aviation Programs,
describes in more detail the scope of the Agency's authority.
    We are issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701, ``General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We have determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and

responsibilities among the various levels of government.
    For the reasons discussed above, I certify that the proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979),
    (3) Will not affect intrastate aviation in Alaska to the extent
that it justifies making a regulatory distinction, and
    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13   [Amended]

0
2. The FAA amends Sec.  39.13 by removing airworthiness directive (AD)
2015-17-19, Amendment 39-18252 (80 FR 55232, September 15, 2015), and
adding the following new AD:

Rolls-Royce plc: Docket No. FAA-2014-0363; Directorate Identifier
2014-NE-08-AD.

(a) Comments Due Date

    We must receive comments by January 30, 2017.

(b) Affected ADs

    This AD supersedes AD 2015-17-19, Amendment 39-18252 (80 FR
55232, September 15, 2015).

(c) Applicability

    This AD applies to all Rolls-Royce plc (RR) RB211 Trent 768-60,
772-60, and 772B-60 turbofan engines, if fitted with fuel tube, part
number (P/N) FW53576, which was incorporated through RR production
modification 73-F343 or which were modified in service in accordance
with RR Service Bulletin (SB) RB.211-73-F343, Revision 4, dated May
26, 2011.

(d) Unsafe Condition

    This AD was prompted by fractures found on the low-pressure (LP)
fuel return tube at mid span locations with resulting fuel leaks. We
are issuing this AD to prevent failure of the fan case LP fuel tube,
which could lead to an in-flight engine shutdown, loss of thrust
control, and damage to the airplane.

(e) Compliance

    Comply with this AD within the compliance times specified,
unless already done.
    (1) Within 800 flight hours (FH) after October 20, 2015 (the
effective date of AD 2015-17-19, Amendment 39-18252 (80 FR 55232,
September 15, 2015)), or prior to further flight, whichever occurs
later, and thereafter at intervals not to exceed 800 FH, inspect the
clip at the uppermost fan case LP fuel tube clip position, CP4881,
and support bracket, P/N FW26692. Use Accomplishment Instructions,
paragraph 3.A, of RR Alert Non-Modification Service Bulletin (NMSB)
RB.211-73-AH837, Revision 1, dated November 6, 2015, or paragraph
3.A. or 3.B. of RR Alert NMSB RB.211-73-AH522, Revision 4, dated
January 18, 2016, to do the inspection.
    (i) If the clip at the uppermost clip position, CP4881, fails
inspection, before further flight, replace the clip with a part
eligible for installation and inspect the fan case LP fuel tube, P/N
FW53576, for fretting, and clips for cracks or failure, according to
Accomplishment Instructions, paragraph 3.A. of RR Alert NMSB RB.211-
73-AH837, Revision 1, dated November 6, 2015, or paragraph 3.A. or
3.B. of RR Alert NMSB RB.211-73-AH522, Revision 4, dated January 18,
2016.
    (ii) If the support bracket, P/N FW26692, fails inspection,
before further flight, replace the bracket with a part eligible for
installation and inspect the fan case LP fuel tube, P/N FW53576, and
clips for cracks or failure, according to Accomplishment
Instructions, paragraph 3.A. of RR Alert NMSB RB.211-73-AH837,
Revision 1, dated November 6, 2015, or paragraph 3.A. or 3.B. of RR
Alert NMSB RB.211-73-AH522, Revision 4, dated January 18, 2016.
    (2) Within 4,000 FH since new or 800 FH after October 20, 2015
(the effective date of AD 2015-17-19, Amendment 39-18252 (80 FR
55232, September 15, 2015)), or prior to further flight, whichever
occurs later, and thereafter at intervals not to exceed 4,000 FH,
inspect the fan case LP fuel tube, P/N FW53576, and clips, and the
fuel oil heat exchanger (FOHE) mounts and hardware, for damage,
wear, or fretting. Use paragraph 3.A. or 3.B., Accomplishment
Instructions, of RR Alert NMSB RB.211-73-AH522, Revision 4, dated
January 18, 2016, to do the inspection.
    (i) If the fan case LP fuel tube, P/N FW53576, fails inspection,
before further flight, replace the fuel tube and clips with parts
eligible for installation.
    (ii) If any FOHE mount or hardware shows signs of damage, wear,
or fretting, before further flight, replace the damaged part with a
part eligible for installation.
    (3) At each shop visit after the effective date of this AD,
inspect the fan case LP fuel tubes, P/Ns FW26589, FW36335, FW26587,
FW53577, and FW53576, and clips, and the FOHE mounts and hardware,
for damage, wear, or fretting. Use paragraphs 3.B.(1) and 3.B.(2) of
RR Alert NMSB RB.211-73-AH522, Revision 4, dated January 18, 2016,
to do the inspection.
    (i) If any fan case LP fuel tube fails inspection, before
further flight, replace the fuel tube and clips with parts eligible
for installation.
    (ii) If any FOHE mount or hardware shows signs of damage, wear,
or fretting, before further flight, replace the damaged part with a
part eligible for installation.
    (4) If you replace any fan case LP fuel tube, clip, FOHE mount,
or hardware as a result of the inspections in paragraphs (e)(1),
(2), or (3) of this AD, you must still continue to perform the
repetitive inspections specified in paragraphs (e)(1), (2), and (3)
of this AD, until you comply with paragraph (e)(6) of this AD.
    (5) No reports requested in any of the Alert NMSBs that are
referenced in paragraphs (e)(1), (2), and (3) of this AD are
required by this AD.
    (6) During the next shop visit after the effective date of this
AD, modify the engine in accordance with the Accomplishment
Instructions, paragraphs (B) and (C), Section 3, of RR Alert Service
Bulletin (ASB) RB.211-73-AJ366, Initial Issue and Supplement, dated
May 3, 2016.
    (7) After the effective date of this AD, do not install an M07
module, unless it is modified in accordance with the Accomplishment
Instructions, paragraphs (B) and (C), Section 3, of RR ASB RB.211-
73-AJ366, Initial Issue and Supplement, dated May 3, 2016.

(f) Credit for Previous Actions

    If, before the effective date of this AD, you performed the
inspections and corrective actions required by paragraph (e) of this
AD using RR NMSB RB.211-73-G848, Revision 3, dated June 12, 2014; or
RR Alert NMSB RB.211-73-AH837, Revision 1, dated November 6, 2015;
or paragraph 3.A. or 3.B. of RR Alert NMSB RB.211-73-AH522, Revision
4, dated January 18, 2016; or any earlier version of those NMSBs,
you met the inspection requirements in paragraph (e) of this AD.

(g) Mandatory Terminating Action

    Modification of an engine, as required by paragraph (e)(6) of
this AD, constitutes terminating action for the repetitive
inspections required by paragraphs (e)(1), (2), (3), and (4) of this
AD.

(h) Definitions

    For the purposes of this AD:
    (1) An ``engine shop visit'' is the induction of an engine into
the shop for maintenance involving the separation of pairs of major
mating engine flanges, except that the separation of engine flanges
solely for the purposes of transportation without subsequent engine
maintenance is not an engine shop visit.
    (2) The fan case LP fuel tubes and clips, and the FOHE mounts
and hardware, are eligible for installation if they have passed the
inspection requirements of paragraphs (e)(1), (2), and (3) of this
AD.

(i) Alternative Methods of Compliance (AMOCs)

    The Manager, Engine Certification Office, FAA, may approve AMOCs
to this AD. Use the procedures found in 14 CFR 39.19 to

make your request. You may email your request to<EMAIL_ADDRESS>
(j) Related Information

    (1) For more information about this AD, contact Wego Wang,
Aerospace Engineer, Engine Certification Office, FAA, Engine &
Propeller Directorate, 1200 District Avenue, Burlington, MA 01803;
phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>    (2) Refer to MCAI European Aviation Safety Agency (EASA) AD
2016-0120, dated June 17, 2016, which supersedes EASA AD 2014-0243,
Revision 1, dated December 10, 2014 and Correction dated March 23,
2015, for more information. You may examine the MCAI in the AD
docket on the Internet at http://www.regulations.gov by searching
for and locating it in Docket No. FAA-2014-0363.
    (3) Rolls-Royce plc has issued SB RB.211-73-F343, Revision 4,
dated May 26, 2011; Alert NMSB RB.211-73-AH522, Revision 4, dated
January 18, 2016; Alert NMSB RB.211-73-AH837, Revision 1, dated
November 6, 2015; and ASB RB.211-73-AJ366, Initial Issue and
Supplement, dated May 3, 2016. These service bulletins can be
obtained from Rolls-Royce plc, using the contact information in
paragraph (j)(4) of this AD.
    (4) For service information identified in this AD, contact
Rolls-Royce plc, Corporate Communications, P.O. Box 31, Derby,
England, DE248BJ; phone: 011-44-1332-242424; fax: 011-44-1332-
249936; email: http://www.rolls-royce.com/contact/civil_team.jsp;
Web site: https://www.aeromanager.com.
    (5) You may view this service information at the FAA, Engine &
Propeller Directorate, 1200 District Avenue, Burlington, MA. For
information on the availability of this material at the FAA, call
781-238-7125.

    Issued in Burlington, Massachusetts, on November 2, 2016.
Robert J. Ganley,
Acting Manager, Engine & Propeller Directorate, Aircraft Certification
Service.
[FR Doc. 2016-27923 Filed 11-30-16; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 86, Number 201 (Thursday, October 21, 2021)]
[Notices]
[Pages 58364-58367]
[FR Doc No: 2021-22937]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93362; File No. SR-MEMX-2021-14]

Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot
Related to the Market Wide Circuit Breaker Until March 18, 2022

October 15, 2021.
    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 14, 2021, MEMX LLC (``MEMX'' or the ``Exchange'') filed
with the Securities and Exchange Commission (the ``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Exchange filed the proposal as
a ``non-controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is filing with the Commission a proposed rule change
to extend the pilot related to the market-wide circuit breaker in Rule
11.16 to the close of business on March 18, 2022. The text of the
proposed rule change is provided in Exhibit 5.

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

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

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

1. Purpose
    The Exchange proposes to extend the pilot related to the market-
wide circuit breaker in Rule 11.16 to the close of business on March
18, 2022.
Background
    The Market-Wide Circuit Breaker (``MWCB'') rules, which for the
Exchange are contained in Exchange Rule 11.16, provide an important,
automatic mechanism that is invoked to promote stability and investor
confidence during periods of significant stress when cash equities
securities experience extreme market-wide declines. The MWCB rules are
designed to slow the effects of extreme price declines through
coordinated trading halts across both cash equity and equity options
securities markets.
    The cash equities rules governing MWCBs were first adopted in 1988
and, in 2012, all U.S. cash equity exchanges and FINRA amended their
cash equities uniform rules on a pilot basis (the ``Pilot Rules,''
i.e., Rule 11.16 (a)-(d)).\5\ The Pilot Rules currently provide for
trading halts in all cash equity securities during a severe market
decline as measured by a single-day decline in the S&P 500 Index
(``SPX'').\6\ Under the Pilot Rules, a market-wide trading halt will be
triggered if SPX declines in price by specified percentages from the
prior day's closing price of that index. The triggers are set at three
circuit breaker thresholds: 7% (Level 1), 13% (Level 2), and 20% (Level
3). A market decline that triggers a Level 1 or Level 2 halt after 9:30
a.m. and before 3:25 p.m. would halt market-wide trading for 15
minutes, while a similar market decline at or after 3:25 p.m. would not
halt market-wide trading. (Level 1 and Level 2 halts may occur only
once a day.) A market decline that triggers a Level 3 halt at any time
during the trading day would halt market-wide trading for the remainder
of the trading day.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 67090 (May 31,
2012), 77 FR 33531 (June 6, 2012) (SR-BATS-2011-038; SR-BYX-2011-
025; SR-BX-2011-068; SR-CBOE-2011-087; SR-C2-2011-024; SR-CHX-2011-
30; SR-EDGA-2011-31; SR-EDGX-2011-30; SR-FINRA-2011-054; SR-ISE-
2011-61; SR-NASDAQ-2011-131; SR-NSX-2011-11; SR-NYSE-2011-48; SR-
NYSEAmex-2011-73; SR-NYSEArca-2011-68; SR-Phlx-2011-129) (``Pilot
Rules Approval Order'').
    \6\ The rules of the equity options exchanges similarly provide
for a halt in trading if the cash equity exchanges invoke a MWCB
Halt. See, e.g., NYSE Arca Rule 6.65-O(d)(4).
---------------------------------------------------------------------------

    The Commission approved the Pilot Rules, the term of which was to

coincide with the pilot period for the Plan to Address Extraordinary
Market Volatility Pursuant to Rule 608 of Regulation NMS (the ``LULD
Plan''),\7\ including any extensions to the pilot period for the LULD
Plan.\8\ In April 2019, the Commission approved an amendment to the
LULD Plan for it to operate on a permanent, rather than pilot,
basis.\9\ In conjunction with the proposal to make the LULD Plan
permanent, all U.S. cash equity exchanges and FINRA filed to to untie
the Pilot Rules' effectiveness from that of the LULD Plan and to extend
the Pilot Rules' effectiveness to the close of business on October 18,
2019.\10\ On May 4, 2020, the Commission approved MEMX's Form 1
Application to register as a national securities exchange with rules
including, on a pilot basis expiring on October 18, 2020, the Pilot
Rules.\11\ The Exchange subsequently amended Rule 11.16 to extend the
Pilot Rules' effectiveness for an additional year to the close of
business on October 18, 2021.\12\
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    \7\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012). The LULD Plan provides a
mechanism to address extraordinary market volatility in individual
securities.
    \8\ See, e.g., Securities Exchange Act Release Nos. 67090 (May
31, 2012), 77 FR 33531 (June 6, 2012) (SR-NYSE-2011-48) (Approval
Order); and 68784 (January 31, 2013), 78 FR 8662 (February 6, 2013)
(SR-NYSE-2013-10).
    \9\ See Securities Exchange Act Release No. 85623 (April 11,
2019), 84 FR 16086 (April 17, 2019).
    \10\ See, e.g., Securities Exchange Act Release No. 85560 (April
9, 2019), 84 FR 15247 (April 15, 2019) (SR-NYSE-2019-19).
    \11\ See Securities Exchange Release No. 88806 (May 4, 2020), 85
FR 27451 (May 8, 2020).
    \12\ See Securities Exchange Act Release No. 90159 (October 13,
2020), 85 FR 66373 (October 19, 2020) (SR-MEMX-2020-12).
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    The Exchange now proposes to amend Rule 11.16 to extend the pilot
to the close of business on March 18, 2022. This filing does not
propose any substantive or additional changes to Rule 11.16.
The MWCB Task Force and the March 2020 MWCB Events
    In late 2019, Commission staff requested the formation of a MWCB
Task Force (``Task Force'') to evaluate the operation and design of the
MWCB mechanism. The Task Force included representatives from the SROs,
the Commission, CME, the Commodity Futures Trading Commission
(``CFTC''), and the securities industry and conducted several
organizational meetings in December 2019 and January 2020.
    In Spring 2020, the MWCB mechanism proved itself to be an effective
tool for protecting markets through turbulent times. In March 2020, at
the outset of the worldwide COVID-19 pandemic, U.S. equities markets
experienced four MWCB Level 1 halts, on March 9, 12, 16, and 18, 2020.
In each instance, the markets halted as intended upon a 7% drop in the
S&P 500 Index, and resumed as intended 15 minutes later.
    In response to these events, in the Spring and Summer of 2020, the
Task Force held ten meetings that were attended by Commission staff,
with the goal of performing an expedited review of the March 2020 halts
and identifying any areas where the MWCB mechanism had not worked
properly. Given the risk of unintended consequences, the Task Force did
not recommend changes that were not rooted in a noted deficiency. The
Task Force recommended creating a process for a backup reference price
in the event that SPX were to become unavailable, and enhancing
functional MWCB testing. The Task Force also asked CME to consider
modifying its rules to enter into a limit-down state in the futures
pre-market after a 7% decline instead of 5%. CME made the requested
change, which became effective on October 12, 2020.\13\
---------------------------------------------------------------------------

    \13\ See https://www.cmegroup.com/content/dam/cmegroup/market-regulation/rule-filings/2020/9/20-392_1.pdf; https://www.cmegroup.com/content/dam/cmegroup/market-regulation/rule-filings/2020/9/20-392_2.pdf.
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The MWCB Working Group's Study
    On September 17, 2020, the Director of the Commission's Division of
Trading and Markets asked the SROs to conduct a more complete study of
the design and operation of the Pilot Rules and the LULD Plan during
the period of volatility in the Spring of 2020.
    In response to the request, the SROs created a MWCB ``Working
Group'' composed of SRO representatives and industry advisers that
included members of the advisory committees to both the LULD Plan and
the NMS Plans governing the collection, consolidation, and
dissemination of last-sale transaction reports and quotations in NMS
Stocks. The Working Group met regularly from September 2020 through
March 2021 to consider the Commission's request, review data, and
compile its study. The Working Group's efforts in this respect
incorporated and built on the work of an MWCB Task Force.
    The Working Group submitted its study to the Commission on March
31, 2021 (the ``Study'').\14\ In addition to a timeline of the MWCB
events in March 2020, the Study includes a summary of the analysis and
recommendations of the MWCB Task Force; an evaluation of the operation
of the Pilot Rules during the March 2020 events; an evaluation of the
design of the current MWCB system; and the Working Group's conclusions
and recommendations.
---------------------------------------------------------------------------

    \14\ See Report of the Market-Wide Circuit Breaker (``MWCB'')
Working Group Regarding the March 2020 MWCB Events, submitted March
31, 2021 (the ``Study''), available at https://www.nyse.com/publicdocs/nyse/markets/nyse/Report_of_the_Market-Wide_Circuit_Breaker_Working_Group.pdf.
---------------------------------------------------------------------------

    In the Study, the Working Group concluded: (1) The MWCB mechanism
set out in the Pilot Rules worked as intended during the March 2020
events; (2) the MWCB halts triggered in March 2020 appear to have had
the intended effect of calming volatility in the market, without
causing harm; (3) the design of the MWCB mechanism with respect to
reference value (SPX), trigger levels (7%/13%/20%), and halt times (15
minutes) is appropriate; (4) the change implemented in Amendment 10 to
the Plan to Address Extraordinary Market Volatility (the ``Limit Up/
Limit Down Plan'' or ``LULD Plan'') did not likely have any negative
impact on MWCB functionality; and (5) no changes should be made to the
mechanism to prevent the market from halting shortly after the opening
of regular trading hours at 9:30 a.m.
    In light of the foregoing conclusions, the Working Group also made
several recommendations, including that the Pilot Rules should be
permanent without any changes.\15\
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    \15\ See id. at 46.
---------------------------------------------------------------------------

Proposal To Extend the Operation of the Pilot Rules Pending the
Commission's Consideration of the Exchange's Filing To Make the Pilot
Rules Permanent
    On July 16, 2021, NYSE proposed a rule change to make the Pilot
Rules permanent, consistent with the Working Group's
recommendations.\16\ On August 27, 2021, the Commission extended its
time to consider the proposed rule change to October 20, 2021.\17\ The
Exchange now proposes to extend the expiration date of the Pilot Rules
to the end of business on March 18, 2022.
---------------------------------------------------------------------------

    \16\ See Securities Exchange Act Release No. 92428 (July 16,
2021), 86 FR 38776 (July 22, 2021) (SR-NYSE-2021-40).
    \17\ See Securities Exchange Act Release No. 92785A (August 27,
2021), 86 FR 50202 (September 7, 2021) (SR-NYSE-2021-40).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\18\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\19\ in particular, in that it is designed to

promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest. The market-wide circuit breaker mechanism under Rule 11.16 is
an important, automatic mechanism that is invoked to promote stability
and investor confidence during a period of significant stress when
securities markets experience extreme broad-based declines. Extending
the market-wide circuit breaker pilot for an additional five months
would ensure the continued, uninterrupted operation of a consistent
mechanism to halt trading across the U.S. markets while the Commission
reviews the proposed rule change to make the Pilot Rules permanent.
---------------------------------------------------------------------------

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

    The Exchange also believes that the proposed rule change promotes
just and equitable principles of trade in that it promotes transparency
and uniformity across markets concerning when and how to halt trading
in all stocks as a result of extraordinary market volatility. Based on
the foregoing, the Exchange believes the benefits to market
participants from Pilot Rules should continue on a pilot basis because
they will promote fair and orderly markets and protect investors and
the public interest.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act because the proposal would
ensure the continued, uninterrupted operation of a consistent mechanism
to halt trading across the U.S. markets while the Commission reviews
the proposed rule change to make the Pilot Rules permanent.
    Further, the Exchange understands that FINRA and other national
securities exchanges have already filed or will file proposals to
extend their rules regarding the market-wide circuit breaker pilot.
Thus, the proposed rule change will help to ensure consistency across
market centers without implicating any competitive issues.

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

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

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \20\ and Rule 19b-
4(f)(6) \21\ thereunder.
---------------------------------------------------------------------------

    \20\ 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 Commission has waived this requirement.
    \21\ 17 CFR 240.19b-4.
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    A proposed rule change filed under Rule 19b-4(f)(6) \22\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\23\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange asked
that the Commission waive the 30 day operative delay so that the
proposal may become operative immediately upon filing. Extending the
Pilot Rules' effectiveness to the close of business on March 18, 2022
will extend the protections provided by the Pilot Rules, which would
otherwise expire in less than 30 days. Waiver of the operative delay
would therefore permit uninterrupted continuation of the MWCB pilot
while the Commission reviews the NYSE's proposed rule change to make
the Pilot Rules permanent. Therefore, the Commission hereby waives the
30-day operative delay and designates the proposed rule change as
operative upon filing.\24\
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    \22\ 17 CFR 240.19b-4(f)(6).
    \23\ 17 CFR 240.19b-4(f)(6)(iii).
    \24\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-MEMX-2021-14 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-MEMX-2021-14. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change; 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-MEMX-2021-14 and should be
submitted on or before November 12, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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    \25\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-22937 Filed 10-20-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 74, Number 99 (Tuesday, May 26, 2009)]
[Notices]
[Pages 24888-24889]
[FR Doc No: E9-12090]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59935; File No. SR-CBOE-2009-028]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of Proposed Rule Change Relating to
Rebating Member Dues for Certain Members

May 18, 2009.
    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 May 6, 2009, Chicago Board Options Exchange,
Incorporated (``CBOE'' or the ``Exchange'') filed with the Securities
and Exchange Commission (the ``Commission'') the proposed rule change
as described in Items I, II, and III below, which Items have been
prepared by CBOE. 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

    Chicago Board Options Exchange, Incorporated (``CBOE'' or
``Exchange'') proposes to amend its Fees Schedule to rebate member dues
for certain members. 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, CBOE included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. CBOE has prepared summaries, set forth in sections A, B,
and C below, of the most significant parts of such statements.

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

1. Purpose
    CBOE assesses dues with respect to every membership (unless a
member is assessed the Hybrid Electronic Quoting Fee, in which case the
member does not pay member dues).\4\ Under Rule 3.17(c), the membership
lease agreement between a lessor member and a lessee member designates
who is responsible for Exchange dues, fees and other charges.
Typically, leases provide that the lessee is responsible for dues and
therefore lessors do not pay dues.
---------------------------------------------------------------------------

    \4\ Member dues are $450 per month. See CBOE Fees Schedule,
Section 10.
---------------------------------------------------------------------------

    Under the lessor compensation component of the Interim Trading
Permit (``ITP'') program, the Exchange compensates a lessor for an
``open lease'' while the ITP program is active and ITPs are
outstanding.\5\ The goal of this component of the ITP program is to put
such a lessor in a similar position as if the lessor's membership was
leased. This goal would be frustrated if the lessor is charged dues
because the lessor would be subject to an obligation the lessor would
not otherwise be subject to if the lessor's membership was leased.
---------------------------------------------------------------------------

    \5\ The ITP program is a program pursuant to which the Exchange
has the authority to issue up to 50 ITPs. The ITP program is
governed by CBOE Rule 3.27. The lessor compensation component of the
ITP program is described in CBOE Rule 3.27(d). An ``open lease'' is
defined in Rule 3.27(d) as a transferable Exchange membership
available for lease.
---------------------------------------------------------------------------

    Consistent with this goal, the Exchange will waive member dues for
a lessor member for any month in which the lessor receives a payment
from the Exchange for an open lease under the ITP program. This waiver
became effective on May 1, 2009, pursuant to a

previous rule change that was filed by the Exchange for immediate
effectiveness.\6\ The Exchange now proposes to rebate dues to any
lessor member who received such a payment from the Exchange during the
period August 1, 2008,\7\ through April 30, 2009.
---------------------------------------------------------------------------

    \6\ See SR-CBOE-2009-027.
    \7\ The ITP program was approved by the Commission on July 17,
2008. See Securities Exchange Act Release No. 58178 (July 17, 2008),
73 FR 42634 (July 22, 2008).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Securities Exchange Act of 1934 (``Act''),\8\ in
general, and furthers the objectives of Section 6(b)(4) \9\ of the Act
in particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees, and other charges among its
members and other persons using its facilities. The Exchange believes
the proposed rebate of member dues is equitable and reasonable in that
it would help the Exchange place a lessor member who received
compensation from the Exchange for an open lease under the ITP program
prior to May 1, 2009, in a similar position as if the lessor's
membership had been leased, consistent with Exchange Rule 3.27(d).
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of 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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-CBOE-2009-028 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-CBOE-2009-028. 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 inspection and
copying 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 will also be available for
inspection and copying at the principal office of the self-regulatory
organization. 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-
CBOE-2009-028 and should be submitted on or before June 16, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-12090 Filed 5-22-09; 8:45 am]
BILLING CODE 8010-01-P


[Federal Register Volume 77, Number 179 (Friday, September 14, 2012)]
[Notices]
[Pages 56837-56838]
[FR Doc No: 2012-22661]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. PR12-34-000]

Enterprise Intrastate LLC; Notice of Filing

    Take notice that on September 6, 2012, Enterprise Intrastate LLC
(Enterprise Intrastate) filed to revise its Statement of Operating
Conditions (SOC) for transportation services. Enterprise Intrastate is
revising its SOC to replace all references to ``Enterprise Intrastate
L.P.'' with ``Enterprise Intrastate LLC.'' In addition, Enterprise
Intrastate has divided the SOC into 5 distinct sections as more fully
described in the filing.
    Any person desiring to participate in this rate filing must file in
accordance with Rules 211 and 214 of the Commission's Rules of Practice
and Procedure (18 CFR 385.211 and 385.214). Protests will be considered
by the Commission in determining the appropriate action to be taken,
but will not serve to make protestants parties to

the proceeding. Any person wishing to become a party must file a notice
of intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the date as indicated
below. Anyone filing an intervention or protest must serve a copy of
that document on the Applicant. Anyone filing an intervention or
protest on or before the intervention or protest date need not serve
motions to intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 7 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the web site that enables subscribers to receive email
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on Tuesday, September 18, 2012.

    Dated: September 10, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-22661 Filed 9-13-12; 8:45 am]
BILLING CODE 6717-01-P