[Federal Register Volume 77, Number 53 (Monday, March 19, 2012)]
[Notices]
[Pages 16106-16108]
[FR Doc No: 2012-6497]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66582; File No. SR-ISE-2012-16]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing of Proposed Rule Change To Amend ISE Rule 722
(Complex Orders) To Provide Its Members With a Choice in Executing
Broker-Dealers for the Stock Leg(s) of Stock-Option Orders

March 13, 2012.
    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 February 29, 2012, the International Securities Exchange, LLC
(the ``Exchange'' or the ``ISE'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I and II below, which items have been prepared by
the self-regulatory organization. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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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 the
Substance of the Proposed Rule Change

    The Exchange proposes to amend Rule 722 (Complex Orders) to allow
Members to execute the stock legs of stock-option orders through a
broker-dealer of their choosing.
    The text of the proposed rule change is available on the Exchange's
Internet Web site at http://www.ise.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 the
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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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 the
Statutory Basis for, the Proposed Rule Change

    Purpose--Under the ISE's current procedure for executing stock-
options orders, ISE Members may elect to have the ISE electronically
communicate the stock leg(s) of a stock-option order to a designated
broker-dealer for execution. To participate in the automated process,
the ISE Member must have entered into a customer agreement with the
designated broker-dealer. The ISE Member is responsible for fees and
other charges the designated broker-dealer imposes from executing the
trades, and the ISE receives no fees related to the stock portion of
the stock-option trade.
    The Exchange is now proposing to amend its Rule 722 to expand the
service offered to ISE Members by accommodating multiple potential
execution brokers. Under the proposal, the Exchange will connect to
multiple broker-dealers for the execution of the stock component of
stock-option orders. The Exchange will route orders to the broker-
dealers using routing logic that takes into consideration objective
factors, such as execution cost, speed of execution and fill rates, and
ISE Members will have the ability to indicate preferred execution
venues. The Exchange will have no financial arrangements with the
executing broker-dealers with respect to routing the stock leg(s) of
stock-option orders.
    As is currently required, after the stock leg(s) of the orders are
routed to a broker-dealer for execution, that broker-dealer will be
responsible for determining whether the order may be executed in
accordance with the applicable rules, such as the Regulation NMS trade-
through rules. As with the current procedure, the stock-option order
will not be executed on the ISE if the broker-dealer cannot execute the
equity orders at the designated price.
    ISE Members will continue to be required to enter into an agreement
with the broker-dealer(s) to which their orders can be routed, and the
Exchange's routing logic will only route orders to the broker-dealers
with whom they have agreements. In this respect, ISE Members will
continue to be required to enter into an agreement with the designated
broker-dealer that the Exchange currently routes the stock-leg(s) to so
that a [sic] there is at least one common available broker-dealer
through which the matched stock-leg(s) may be executed.\3\
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    \3\ In many cases, stock-option orders that are matched on the
ISE have two different Members on the trade. The Exchange is not
able to execute the stock legs of such a transaction unless both
Members have an agreement with the broker-dealer to which the stock
legs are routed.
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    The Exchange also proposes to remove from its rules provisions
related to the non-automatic execution of stock-option orders. Members
have found the automatic execution of stock-option orders to be
preferable and no longer enter stock-option orders for non-automatic
execution.
    Basis--The Exchange believes that the proposed rule change is
consistent with the provisions of Section 6 of the Act,\4\ in general,
and with Section 6(b)(5) of the Act,\5\ in particular, in that the
proposal 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 regulating,
clearing, settling processing information with respect to, and
facilitating transactions in securities, 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.
Specifically, providing the ISE Members with multiple broker-dealers
through which they may choose to have the stock leg(s) of their stock-
option order routed will enable Members to avail themselves of pricing
discounts. The Exchange believes that this will encourage members to
route stock-option orders to the ISE, thus increasing the liquidity for
stock-option orders executed on the ISE. Additionally, the Exchange
believes it is fair and reasonable and not discriminatory to remove
from the rules the ability for Members to execute stock-option orders
in a non-automated manner, as there is no demand from Members for this
execution alternative.
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    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition
that is 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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

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

    Within 45 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 or disapprove 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 email to<EMAIL_ADDRESS>Please include
File Number SR-ISE-2012-16 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-ISE-2012-16. 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

a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-ISE-2012-16 and should be
submitted on or before April 9, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-6497 Filed 3-16-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 35 (Wednesday, February 24, 2021)]
[Notices]
[Pages 11314-11315]
[FR Doc No: 2021-03766]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2021-0002; Internal Agency Docket No. FEMA-B-2107]

Proposed Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, Department of Homeland
Security.

ACTION: Notice.

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SUMMARY: Comments are requested on proposed flood hazard
determinations, which may include additions or modifications of any
Base Flood Elevation (BFE), base flood depth, Special Flood Hazard Area
(SFHA) boundary or zone designation, or regulatory floodway on the
Flood Insurance Rate Maps (FIRMs), and where applicable, in the
supporting Flood Insurance Study (FIS) reports for the communities
listed in the table below. The purpose of this notice is to seek
general information and comment regarding the preliminary FIRM, and
where applicable, the FIS report that the Federal Emergency Management
Agency (FEMA) has provided to the affected communities. The FIRM and
FIS report are the basis of the floodplain management measures that the
community is required either to adopt or to show evidence of having in
effect in order to qualify or remain qualified for participation in the
National Flood Insurance Program (NFIP). In addition, the FIRM and FIS
report, once effective, will be used by insurance agents and others to
calculate appropriate flood insurance premium rates for new buildings
and the contents of those buildings.

DATES: Comments are to be submitted on or before May 25, 2021.

ADDRESSES: The Preliminary FIRM, and where applicable, the FIS report
for each community are available for inspection at both the online
location https://hazards.fema.gov/femaportal/prelimdownload and the
respective Community Map Repository address listed in the tables below.
Additionally, the current effective FIRM and FIS report for each
community are accessible online through the FEMA Map Service Center at
https://msc.fema.gov for comparison.
    You may submit comments, identified by Docket No. FEMA-B-2107, to
Rick Sacbibit, Chief, Engineering Services Branch, Federal Insurance
and Mitigation Administration, FEMA, 400 C Street SW, Washington, DC
20472,<PHONE_NUMBER>, or (email<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW, Washington, DC 20472,<PHONE_NUMBER>, or (email)
<EMAIL_ADDRESS>or visit the FEMA Mapping and Insurance
eXchange (FMIX) online at https://www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: FEMA proposes to make flood hazard
determinations for each community listed below, in accordance with
section 110 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4104, and 44 CFR 67.4(a).

    These proposed flood hazard determinations, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own or pursuant to policies
established by other Federal, State, or regional entities. These flood
hazard determinations are used to meet the floodplain management
requirements of the NFIP and are used to calculate the appropriate
flood insurance premium rates for new buildings built after the FIRM
and FIS report become effective.
    The communities affected by the flood hazard determinations are
provided in the tables below. Any request for reconsideration of the
revised flood hazard information shown on the Preliminary FIRM and FIS
report that satisfies the data requirements outlined in 44 CFR 67.6(b)
is considered an appeal. Comments unrelated to the flood hazard
determinations also will be considered before the FIRM and FIS report
become effective.
    Use of a Scientific Resolution Panel (SRP) is available to
communities in support of the appeal resolution process. SRPs are
independent panels of experts in hydrology, hydraulics, and other
pertinent sciences established to review conflicting scientific and
technical data and provide recommendations for resolution. Use of the
SRP only may be exercised after FEMA and local communities have been
engaged in a collaborative consultation process for at least 60 days
without a mutually acceptable resolution of an appeal. Additional
information regarding the SRP process can be found online at https://www.floodsrp.org/pdfs/srp_overview.pdf.
    The watersheds and/or communities affected are listed in the tables
below. The Preliminary FIRM, and where applicable, FIS report for each
community are available for inspection at both the online location
https://hazards.fema.gov/femaportal/prelimdownload and the respective
Community Map Repository address listed in the tables. For communities
with multiple ongoing Preliminary studies, the studies can be
identified by the unique project number and Preliminary FIRM date
listed in the tables. Additionally, the current effective FIRM and FIS
report for each community are accessible online through the FEMA Map
Service Center at https://msc.fema.gov for comparison.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

Michael M. Grimm,
Assistant Administrator for Risk Management, Department of Homeland
Security, Federal Emergency Management Agency.

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              Community                 Community map repository address
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              Shelby County, Indiana and Incorporated Areas
          Project: 16-05-6727S Preliminary Date: April 10, 2020
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Unincorporated Areas of Shelby County  Shelby County Courthouse Annex,
                                        25 West Polk Street,
                                        Shelbyville, IN 46176.
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               Alcona County, Michigan (All Jurisdictions)
        Project: 14-05-2342S Preliminary Date: September 15, 2020
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City of Harrisville..................  City Hall, 200 5th Street,
                                        Harrisville, MI 48740.
Township of Alcona...................  Alcona Township Hall, 5576 North
                                        U.S. Highway 23, Black River, MI
                                        48721.
Township of Greenbush................  Township Hall, 5037 East Campbell
                                        Street, Greenbush, MI 48738.
Township of Harrisville..............  Township Hall, 114 South Poor
                                        Farm Road, Harrisville, MI
                                        48740.
Township of Haynes...................  Haynes Township Hall, 3930 East
                                        McNeill Road, Lincoln, MI 48742.
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               Alpena County, Michigan (All Jurisdictions)
        Project: 14-05-2340S Preliminary Date: September 22, 2020
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City of Alpena.......................  City Hall, 208 North First
                                        Avenue, Alpena, MI 49707.
Township of Alpena...................  Township Hall, 4385 U.S. Highway
                                        23 North, Alpena, MI 49707.
Township of Sanborn..................  Sanborn Township Hall, 12025 U.S.
                                        Highway 23 South, Ossineke, MI
                                        49766.
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                Sioux County, Iowa and Incorporated Areas
           Project: 18-07-0014S Preliminary Date: May 29, 2020
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City of Alton........................  City Hall, 905 3rd Avenue, Alton,
                                        IA 51003.
City of Boyden.......................  City Hall, 609 East Webb Street,
                                        Boyden, IA 51234.
City of Chatsworth...................  Chatsworth Community Center, 225
                                        North Street, Hawarden, IA
                                        51023.
City of Granville....................  City Hall, 740 Broad Street,
                                        Granville, IA 51022.
City of Hawarden.....................  City Offices, 1150 Central
                                        Avenue, Hawarden, IA 51023.
City of Hospers......................  City Hall, 100 3rd Avenue South,
                                        Hospers, IA 51238.
City of Hull.........................  City Offices, 1133 Maple Street,
                                        Hull, IA 51239.
City of Ireton.......................  City Offices, 502 4th Street,
                                        Ireton, IA 51027.
City of Matlock......................  Fire Department, 555 Main Street,
                                        Matlock, IA 51244.
City of Maurice......................  City Offices, 315 Pine Street,
                                        Maurice, IA 51036.
City of Orange City..................  City Hall, 125 Central Avenue
                                        Southeast, Orange City, IA
                                        51041.
City of Rock Valley..................  City Office, 1303 10th Street,
                                        Rock Valley, IA 51247.
City of Sioux Center.................  City Offices, 335 1st Avenue
                                        Northwest, Sioux Center, IA
                                        51250.
Unincorporated Areas of Sioux County.  Sioux County Courthouse, 210
                                        Central Avenue Southwest, Orange
                                        City, IA 51041.
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[FR Doc. 2021-03766 Filed 2-23-21; 8:45 am]
BILLING CODE 9110-12-P