[Federal Register: September 24, 2008 (Volume 73, Number 186)]
[Notices]
[Page 55169-55174]
[DOCID:fr24se08-147]

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SECURITIES AND EXCHANGE COMMISSION

 [Release No. 58592 ]

Emergency Order Pursuant to Section 12(K)(2) of the Securities
Exchange Act of 1934 Taking Temporary Action To Respond to Market
Developments

September 18, 2008.
    The Commission is aware of the continued potential of sudden and
excessive fluctuations of securities prices and disruption in the
functioning of the securities markets that could threaten fair and
orderly markets. In our recent publication of an emergency order under
Section 12(k) of the Exchange Act (the ``Act''),\1\ for example, we
were concerned about the possible unnecessary or artificial price
movements based on unfounded rumors regarding the stability of
financial institutions and other issuers exacerbated by ``naked'' short
selling. Our concerns, however, are no longer limited to just the
financial institutions that were the subject of the July Emergency
Order. Recent market conditions have made us concerned that short
selling in the securities of a wider range of financial institutions
may be

causing sudden and excessive fluctuations of the prices of such
securities in such a manner so as to threaten fair and orderly markets.
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    \1\ See Exchange Act Release No. 58166 (July 15, 2008). See also
Exchange Act Release No. 58190 (July 18, 2008) (``Amended July
Emergency Order''). See also Exchange Act Release No. 58572
(September 17, 2008).
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    Given the importance of confidence in our financial markets as a
whole, we have become concerned about recent sudden declines in the
prices of a wide range of securities. Such price declines can give rise
to questions about the underlying financial condition of an issuer,
which in turn can create a crisis of confidence, without a fundamental
underlying basis. This crisis of confidence can impair the liquidity
and ultimate viability of an issuer, with potentially broad market
consequences. Our concerns are no longer limited to the financial
institutions that were the subject of the July Emergency Order.
    As a result of these recent developments, the Commission has
concluded that there continues to exist the potential of sudden and
excessive fluctuations of securities prices generally and disruption in
the functioning of the securities markets that could threaten fair and
orderly markets. Based on this conclusion, the Commission is exercising
its powers under Section 12(k)(2) of the Act.\2\ Pursuant to Section
12(k)(2), in appropriate circumstances the Commission may issue
summarily an order to alter, supplement, suspend, or impose
requirements or restrictions with respect to matters or actions subject
to regulation by the Commission if the Commission determines such an
order is necessary in the public interest and for the protection of
investors to maintain or restore fair and orderly securities markets.
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    \2\ This finding of an ``emergency'' is solely for purposes of
Section 12(k)(2) of the Exchange Act and is not intended to have any
other effect or meaning or to confer any right or impose any
obligation other than set forth in this Order.
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    In these unusual and extraordinary circumstances, we have concluded
that, to prevent substantial disruption in the securities markets,
temporarily prohibiting any person from effecting a short sale in the
publicly traded securities of certain financial firms, which entities
are identified in Appendix A (``Included Financial Firms''), is in the
public interest and for the protection of investors to maintain or
restore fair and orderly securities markets.
    This emergency action should prevent short selling from being used
to drive down the share prices of issuers even where there is no
fundamental basis for a price decline other than general market
conditions.
    It is ordered that, pursuant to our Section 12(k)(2) powers, all
persons are prohibited from short selling \3\ any publicly traded
securities of any Included Financial Firm.
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    \3\ The definition of ``short sale'' shall be the same
definition used in Rule 200(a) of Regulation SHO and the
requirements for marking orders ``long'' or ``short'' shall be the
same as provided in Regulation SHO.
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    Similar to the Amended July Emergency Order, we are providing a
limited exception for certain bona fide market makers. We believe this
narrow exception is necessary because such market makers may need to
facilitate customer orders in a fast moving market without possible
delays associated with complying with the requirements of this Order.
    It is therefore ordered that, pursuant to our Section 12(k)(2)
powers, the following entities are excepted from the requirements of
the Order: Registered market makers, block positioners, or other market
makers obligated to quote in the over-the-counter market, in each case
that are selling short a publicly traded security of an Included
Financial Firm as part of bona fide market making in such security.
    In addition, we are providing an exception to allow short sales
that occur as a result of automatic exercise or assignment of an equity
option held prior to effectiveness of this Order due to expiration of
the option.
    It is therefore ordered that, pursuant to our Section 12(k)(2)
powers, the requirements of this Order shall not apply to any person
that effects a short sale in any publicly traded security of any
Included Financial Firm as a result of automatic exercise or assignment
of an equity option held prior to effectiveness of this Order due to
expiration of the option.
    Finally, to facilitate the expiration of options on September 20th,
options market makers are excepted from the requirements of this Order
until 11:59 p.m. on September 19th when selling short as part of bona
fide market making and hedging activities related directly to bona fide
market making in derivatives on the publicly traded securities of any
Included Financial Firm.
    It is therefore ordered that, pursuant to our Section 12(k)(2)
powers, the requirements of this Order shall not apply, until 11:59
p.m. on September 19, 2008, to any person that is a market maker that
effects a short sale as part of a bona fide market making and hedging
activity related directly to bona fide market making in derivatives on
the publicly traded securities of any Included Financial Firm.
    This Order shall be effective immediately and shall terminate at
11:59 p.m. EDT on October 2, 2008, unless further extended by the
Commission.

    By the Commission.
J. Lynn Taylor,
Assistant Secretary.

Appendix A

    This list, prepared on a best efforts basis, includes banks,
insurance companies, and securities firms identified by SICs 6000,
6011, 6020-22, 6025, 6030, 6035-36, 6111, 6140, 6144, 6200, 6210-11,
6231, 6282, 6305, 6310-11, 6320-21, 6324, 6330-31, 6350-51, 6360-61,
6712, and 6719.

AAME ATLANTIC AMERICAN CORP
AANB ABIGAIL ADAMS NATL BANCORP INC
ABBC ABINGTON BANCORP INC PA
ABCB AMERIS BANCORP
ABCW ANCHOR BANCORP WISCONSIN INC
ABK AMBAC FINANCIAL GROUP INC
ABNJ AMERICAN BANCORP OF NJ INC
ABVA ALLIANCE BANKSHARES CORP
ACAP AMERICAN PHYSICIANS CAPITAL INC
ACBA AMERICAN COMMUNITY BNCSHRS INC
ACE ACE LTD
ACFC ATLANTIC COAST FED CORP
ACGL ARCH CAPITAL GROUP LTD NEW
ADVNA ADVANTA CORP
ADVNB ADVANTA CORP
AEG AEGON N V
AEL AMERICAN EQUITY INVT LIFE HLDG C
AET AETNA INC NEW
AF ASTORIA FINANCIAL CORP
AFFM AFFIRMATIVE INSURANCE HLDGS INC
AFG AMERICAN FINANCIAL GROUP INC NEW
AFL A F L A C INC
AGII ARGO GROUP INTL HLDGS LTD
AGO ASSURED GUARANTY LTD
AGP AMERIGROUP CORP
AGX ARGAN INC
AHD ATLAS PIPELINE HOLDINGS L P
AHL ASPEN INSURANCE HOLDINGS LTD
AIB ALLIED IRISH BANKS PLC
AIG AMERICAN INTERNATIONAL GROUP INC
AINV APOLLO INVESTMENT CORP
AIZ ASSURANT INC
ALL ALLSTATE CORP
ALLB ALLIANCE BANCORP INC PA
ALNC ALLIANCE FINANCIAL CORP NY
AMCP AMCOMP INC NEW
AMFI AMCORE FINANCIAL INC
AMG AFFILIATED MANAGERS GROUP INC
AMIC AMERICAN INDEPENDENCE CORP
AMNB AMERICAN NATIONAL BANKSHARES INC
AMP AMERIPRISE FINANCIAL INC
AMPH AMERICAN PHYSICIANS SVC GROUP
AMRB AMERICAN RIVER BANKSHARES
AMSF AMERISAFE INC
AMTD T D AMERITRADE HOLDING CORP
ANAT AMERICAN NATIONAL INS CO
ANNB ANNAPOLIS BANCORP INC
AOC AON CORP
APAB APPALACHIAN BANCSHARES INC
AROW ARROW FINANCIAL CORP

ASBI AMERIANA BANCORP
ASFI ASTA FUNDING INC
ASFN ATLANTIC SOUTHERN FINL GROUP INC
ASRV AMERISERV FINANCIAL INC
ATBC ATLANTIC BANCGROUP INC
ATLO AMES NATL CORP
AUBN AUBURN NATIONAL BANCORP
AWBC AMERICAN WEST BANCORPORATION
AWH ALLIED WORLD ASSUR CO HLDGS LTD
AXA A X A UAP
AXG ATLAS ACQUISITION HOLDINGS CORP
AXS AXIS CAPITAL HOLDINGS LTD
BAC BANK OF AMERICA CORP
BANF BANCFIRST CORP
BANR BANNER CORP
BARI BANCORP RHODE ISLAND INC
BAYN BAY NATIONAL CORP
BBNK BRIDGE CAPITAL HOLDINGS
BBT B B & T CORP
BBX BANKATLANTIC BANCORP INC
BCA CORPBANCA
BCAR BANK OF THE CAROLINAS CORP
BCBP B C B BANCORP INC
BCP BROOKE CAPITAL CORP
BCS BARCLAYS PLC
BCSB B C S B BANCORP INC
BDGE BRIDGE BANCORP INC
BEN FRANKLIN RESOURCES INC
BERK BERKSHIRE BANCORP INC DEL
BFF B F C FINANCIAL CORP
BFIN BANKFINACIAL CORP
BFNB BEACH FIRST NATL BANCSHARES INC
BHB BAR HARBOR BANKSHARES
BHBC BEVERLY HILLS BANCORP INC
BHLB BERKSHIRE HILLS BANCORP INC
BK BANK OF NEW YORK MELLON CORP
BKBK BRITTON & KOONTZ CAPITAL CORP
BKMU BANK MUTUAL CORP NEW
BKOR OAK RIDGE FINANCIAL SERVICES INC
BKSC BANK SOUTH CAROLINA CORP
BKUNA BANKUNITED FINANCIAL CORP
BLX BANCO LATINOAMERICANO DE EXP SA
BMRC BANK OF MARIN BANCORP
BMTC BRYN MAWR BANK CORP
BNCL BENEFICIAL MUTUAL BANCORP INC
BNCN B N C BANCORP
BNS BANK OF NOVA SCOTIA
BNV BEVERLY NATIONAL CORP
BOCH BANK OF COMMERCE HOLDINGS
BOFI B OF I HOLDING INC
BOFL BANK OF FLORIDA CORP NAPLES
BOH BANK OF HAWAII CORP
BOKF B O K FINANCIAL CORP
BOMK BANK MCKENNEY VA
BOVA BANK OF VIRGINIA
BPFH BOSTON PRIVATE FINL HLDS INC
BPSG BROADPOINT SECURITIES GROUP INC
BRK BERKSHIRE HATHAWAY INC DEL
BRK BERKSHIRE HATHAWAY INC DEL
BRKL BROOKLINE BANCORP INC
BSRR SIERRA BANCORP
BTFG BANCTRUST FINANCIAL GROUP INC
BUSE FIRST BUSEY CORP
BWINA BALDWIN & LYONS INC
BWINB BALDWIN & LYONS INC
BX BLACKSTONE GROUP L P
BXS BANCORPSOUTH INC
BYFC BROADWAY FINANCIAL CORP DEL
C CITIGROUP INC
CAC CAMDEN NATIONAL CORP
CACB CASCADE BANCORP
CADE CADENCE FINANCIAL CORP
CAFI CAMCO FINANCIAL CORP
CAPB CAPITALSOUTH BANCORP
CAPE CAPE FEAR BANK CORP
CART CAROLINA TRUST BANK
CARV CARVER BANCORP INC
CASB CASCADE FINANCIAL CORP
CASH META FINANCIAL GROUP INC
CATY CATHAY GENERAL BANCORP
CB CHUBB CORP
CBAN COLONY BANKCORP INC
CBBO COLUMBIA BANCORP ORE
CBC CAPITOL BANCORP LTD
CBIN COMMUNITY BANK SHRS INDIANA INC
CBKN CAPITAL BANK CORP NEW
CBNK CHICOPEE BANCORP INC
CBON COMMUNITY BANCORP
CBU COMMUNITY BANK SYSTEM INC
CCBD COMMUNITY CENTRAL BANK CORP
CCBG CAPITAL CITY BANK GROUP
CCBP COMM BANCORP INC
CCFH C C F HOLDING COMPANY
CCNE C N B FINANCIAL CORP PA
CCOW CAPITAL CORP OF THE WEST
CEBK CENTRAL BANCORP INC
CFBK CENTRAL FEDERAL CORP
CFFC COMMUNITY FINANCIAL CORP
CFFI C & F FINANCIAL CORP
CFFN CAPITOL FEDERAL FINANCIAL
CFNL CARDINAL FINANCIAL CORP
CFR CULLEN FROST BANKERS INC
CHCO CITY HOLDING CO
CHEV CHEVIOT FINANCIAL CORP
CHFC CHEMICAL FINANCIAL CORP
CI C I G N A CORP
CIA CITIZENS INC
CINF CINCINNATI FINANCIAL CORP
CITZ C F S BANCORP INC
CIZN CITIZENS HOLDING CO
CJBK CENTRAL JERSEY BANCORP
CLBH CAROLINA BANK HOLDINGS INC
CLFC CENTER FINANCIAL CORP
CLMS CALAMOS ASSET MANAGEMENT INC
CMA COMERICA INC
CME C M E GROUP INC
CMFB COMMERCEFIRST BANCORP INC
CMGI C M G I INC
CMSB C M S BANCORP INC
CNA C N A FINANCIAL CORP
CNAF COMMERCIAL NATIONAL FINL CORP
CNB COLONIAL BANCGROUP INC
CNBC CENTER BANCORP INC
CNBKA CENTURY BANCORP INC
CNC CENTENE CORP DEL
CNLA COMMUNITY NATL BANK LAKEWAY AREA
CNO CONSECO INC
CNS COHEN & STEERS INC
COBH PENNSYLVANIA COMMERCE BANCORP IN
COBZ COBIZ FINANCIAL INC
COLB COLUMBIA BANKING SYSTEM INC
COOP COOPERATIVE BANCSHARES INC
CORS CORUS BANKSHARES INC
COWN COWEN GROUP INC
CPBC COMMUNITY PARTNERS BANCORP
CPBK COMMUNITY CAPITAL CORP
CPF CENTRAL PACIFIC FINANCIAL CORP
CPHL CASTLEPOINT HOLDINGS LTD
CRBC CITIZENS REPUBLIC BANCORP INC
CRFN CRESCENT FINANCIAL CORP
CRMH C R M HOLDINGS LTD
CRRB CARROLLTON BANCORP
CRVL CORVEL CORP
CSBC CITIZENS SOUTH BANKING CORP DEL
CSBK CLIFTON SAVINGS BANCORP INC
CSFL CENTERSTATE BANKS OF FLORIDA INC
CSHB COMMUNITY SHORES BANK CORP
CSNT CRESCENT BANKING CO
CTBC CONNECTICUT BANK & TRUST CO
CTBI COMMUNITY TRUST BANCORP INC
CTBK CITYBANK LYNNWOOD WASHINGTON
CTZN CITIZENS FIRST BANCORP INC
CVBF C V B FINANCIAL CORP
CVBK CENTRAL VIRGINIA BANKSHARES INC
CVCY CENTRAL VALLEY COMM BANCORP
CVH COVENTRY HEALTH CARE INC
CVLL COMMUNITY VALLEY BANCORP
CVLY CODORUS VALLEY BANCORP INC
CWBC COMMUNITY WEST BANCSHARES
CWBS COMMONWEALTH BANKSHARES INC
CWLZ COWLITZ BANCORPORATION
CZFC CITIZENS FIRST CORP
CZWI CITIZENS CMNTY BANCORP INC MD
DB DEUTSCHE BANK AG
DCOM DIME COMMUNITY BANCSHARES
DEAR DEARBORN BANCORP INC
DFG DELPHI FINANCIAL GROUP INC
DGICA DONEGAL GROUP INC
DGICB DONEGAL GROUP INC
DHIL DIAMOND HILL INVESTMENT GRP INC
DLLR DOLLAR FINANCIAL CORP
DR DARWIN PROFESSIONAL UNDERWRITERS
DSL DOWNEY FINANCIAL CORP
DUF DUFF & PHELPS CORP NEW
EBSB MERIDIAN INTERSTATE BANCORP INC
EBTX ENCORE BANCSHRES INC
ECBE E C B BANCORP INC
EGBN EAGLE BANCORP INC
EIHI EASTERN INSURANCE HOLDINGS INC
EII ENERGY INFRASTRUCTURE ACQUI CORP
EMCI E M C INSURANCE GROUP INC
EMITF ELBIT IMAGING LTD
ENH ENDURANCE SPECIALTY HOLDINGS LTD
ESBF E S B FINANCIAL CORP
ESBK ELMIRA SAVINGS BANK FSB NY
ESGR ENSTAR GROUP LTD
ETFC E TRADE FINANCIAL CORP
EV EATON VANCE CORP
EVBN EVANS BANCORP INC
EVBS EASTERN VIRGINIA BANKSHARES INC
EVR EVERCORE PARTNERS INC
EWBC EAST WEST BANCORP INC
FABK FIRST ADVANTAGE BANCORP
FAC FIRST ACCEPTANCE CORP
FAF FIRST AMERICAN CORP CALIF
FBC FLAGSTAR BANCORP INC
FBCM F B R CAPITAL MARKETS CORP

FBIZ FIRST BUSINESS FINL SVCS INC
FBMI FIRSTBANK CORP
FBMS FIRST BANCSHARES INC MS
FBNC FIRST BANCORP NC
FBP FIRST BANCORP P R
FBSI FIRST BANCSHARES INC MO
FBSS FAUQUIER BANKSHARES INC
FBTC FIRST BANCTRUST
FCAL FIRST CALIFORNIA FINL GROUP INC
FCAP FIRST CAPITAL INC
FCBC FIRST COMMUNITY BANCSHARES INC
FCCO FIRST COMMUNITY CORP SC
FCCY 1ST CONSTITUTION BANCORP
FCFL FIRST COMMUNITY BANK CORP AMER
FCNCA FIRST CITIZENS BANCSHARES INC NC
FCVA FIRST CAPITAL BANCORP INC VA
FCZA FIRST CITIZENS BANC CORP
FDEF FIRST DEFIANCE FINANCIAL CORP
FDT FEDERAL TRUST CORP
FED FIRSTFED FINANCIAL CORP
FFBC FIRST FINANCIAL BANCORP OHIO
FFBH FIRST FEDERAL BANCSHARES ARK INC
FFCH FIRST FINANCIAL HOLDINGS INC
FFCO FEDFIRST FINANCIAL CORP
FFDF F F D FINANCIAL CORP
FFFD NORTH CENTRAL BANCSHARES INC
FFG F B L FINANCIAL GROUP INC
FFH FAIRFAX FINL HOLDINGS LTD
FFHS FIRST FRANKLIN CORP
FFIC FLUSHING FINANCIAL CORP
FFIN FIRST FINANCIAL BANKSHARES INC
FFKT FARMERS CAPITAL BANK CORP
FFKY FIRST FINANCIAL SERVICE CORP
FFNM FIRST FED NORTHN MI BANCORP INC
FFNW FIRST FINANCIAL NORTHWEST INC
FFSX FIRST FEDERAL BANKSHARES INC DEL
FHN FIRST HORIZON NATIONAL CORP
FIFG 1ST INDEPENDENCE FNL GROUP INC
FIG FORTRESS INVESTMENT GROUP L L C
FII FEDERATED INVESTORS INC PA
FISI FINANCIAL INSTITUTIONS INC
FKFS FIRST KEYSTONE FINANCIAL INC
FLIC FIRST LONG ISLAND CORP
FMAR FIRST MARINER BANCORP
FMBI FIRST MIDWEST BANCORP DE
FMER FIRSTMERIT CORP
FMFC FIRST M & F CORP
FNB F N B CORP PA
FNBN F N B UNITED CORP
FNFG FIRST NIAGARA FINL GROUP INC NEW
FNLC FIRST BANCORP INC ME
FNM FEDERAL NATIONAL MORTGAGE ASSN
FNSC FIRST NATIONAL BANCSHARES INC SC
FPBI F P B BANCORP INC
FPBN 1ST PACIFIC BANCORP CA
FPFC FIRST PLACE FINANCIAL CORP NM
FPIC F P I C INSURANCE GROUP INC
FPTB FIRST PACTRUST BANCORP INC
FRBK REPUBLIC FIRST BANCORP INC
FRE FEDERAL HOME LOAN MORTGAGE CORP
FRGB FIRST REGIONAL BANCORP
FRME FIRST MERCHANTS CORP
FSBI FIDELITY BANCORP INC
FSBK FIRST SOUTH BANCORP INC
FSGI FIRST SECURITY GROUP INC
FSNM FIRST STATE BANCORPORATION
FTBK FRONTIER FINANCIAL CORP
FULT FULTON FINANCIAL CORP PA
FUNC FIRST UNITED CORP
FWV FIRST WEST VIRGINIA BANCORP INC
FXCB FOX CHASE BANCORP INC
GABC GERMAN AMERICAN BANCORP INC
GAN GAINSCO INC
GBCI GLACIER BANCORP INC NEW
GBH GREEN BUILDERS INC
GBL GAMCO INVESTORS INC
GBNK GUARANTY BANCORP
GBTS GATEWAY FINANCIAL HLDGS INC
GCA GLOBAL CASH ACCESS HOLDINGS INC
GFED GUARANTY FEDERAL BANCSHARES INC
GFIG G F I GROUP INC
GFLB GREAT FLORIDA BANK
GGAL GRUPO FINANCIERO GALICIA S A
GHL GREENHILL & CO INC
GIW WILBER CORP
GLBZ GLEN BURNIE BANCORP
GLRE GREENLIGHT CAPITAL RE LTD
GNW GENWORTH FINANCIAL INC
GOV GOUVERNEUR BANCORP INC
GRAN BANK GRANITE CORP
GRNB GREEN BANKSHARES INC
GROW U S GLOBAL INVESTORS INC
GS GOLDMAN SACHS GROUP INC
GSBC GREAT SOUTHERN BANCORP INC
GSLA G S FINANCIAL CORP
GTS TRIPLE S MANAGEMENT CORP
HABC HABERSHAM BANCORP INC
HAFC HANMI FINANCIAL CORP
HALL HALLMARK FINANCIAL SERVICES INC
HARL HARLEYSVILLE SAVINGS FINAN CORP
HAXS HEALTHAXIS INC
HBAN HUNTINGTON BANCSHARES INC
HBHC HANCOCK HOLDING CO
HBNK HAMPDEN BANCORP INC
HBOS HERITAGE FINANCIAL GROUP
HCBK HUDSON CITY BANCORP INC
HCC H C C INSURANCE HOLDINGS INC
HEOP HERITAGE OAKS BANCORP
HFBC HOPFED BANCORP INC
HFFC H F FINANCIAL CORP
HFWA HERITAGE FINANCIAL CORP WA
HGIC HARLEYSVILLE GROUP INC
HIFS HINGHAM INSTITUTION FOR SVGS MA
HMN HORACE MANN EDUCATORS CORP NEW
HMNF H M N FINANCIAL INC
HMPR HAMPTON ROADS BANKSHARES INC
HNBC HARLEYSVILLE NATIONAL CORP PA
HNT HEALTH NET INC
HOMB HOME BANCSHARES INC
HOME HOME FEDERAL BANCORP INC MD
HRZB HORIZON FINANCIAL CORP WASH
HS HEALTHSPRING INC
HTBK HERITAGE COMMERCE CORP
HTH HILLTOP HOLDINGS INC
HTLF HEARTLAND FINANCIAL USA INC
HUM HUMANA INC
HWBK HAWTHORN BANCSHARES INC
HWFG HARRINGTON WEST FINANCIAL GRP IN
IAAC INTERNATIONAL ASSETS HLDG CORP
IBCA INTERVEST BANCSHARES CORP
IBCP INDEPENDENT BANK CORP MICH
IBKC IBERIABANK CORP
IBKR INTERACTIVE BROKERS GROUP INC
IBNK INTEGRA BANK CORP
IBOC INTERNATIONAL BANCSHARES CORP
ICE INTERCONTINENTAL EXCHANGE INC
ICH INVESTORS CAPITAL HOLDINGS LTD
IFC IRWIN FINANCIAL CORP
IFSB INDEPENDENCE FEDERAL SAVINGS BK
IHC INDEPENDENCE HOLDING CO NEW
IMP IMPERIAL CAPITAL BANCORP INC
INCB INDIANA COMMUNITY BANCORP
INDB INDEPENDENT BANK CORP MA
ING I N G GROUP N V
IPCC INFINITY PROPERTY & CASUALTY COR
IPCR I P C HOLDINGS LTD
IRE IRELAND BANK
ITC I T C HOLDINGS CORP
ITG INVESTMENT TECHNOLOGY GP INC NEW
ITIC INVESTORS TITLE CO
JAXB JACKSONVILLE BANCORP INC FL
JEF JEFFERIES GROUP INC NEW
JFBC JEFFERSONVILLE BANCORP
JFBI JEFFERSON BANCSHARES INC TENN
JLI JESUP & LAMONT INC
JMP J M P GROUP INC
JNS JANUS CAP GROUP INC
JPM JPMORGAN CHASE & CO
JXSB JACKSONVILLE BANCORP INC
KCLI KANSAS CITY LIFE INS CO
KENT KENT FINANCIAL SERVICES INC
KEY KEYCORP NEW
KFED K FED BANCORP
KFFB KENTUCKY FIRST FEDERAL BANCORP
KFS KINGSWAY FINANCIAL SERVICES INC
KRNY KEARNY FINANCIAL CORP
L LOEWS CORP
LAB LABRANCHE & CO INC
LABC LOUISIANA BANCORP INC
LARK LANDMARK BANCORP INC
LAZ LAZARD LTD
LBBB LIBERTY BELL BK CHERRY HILL NJ
LBCP LIBERTY BANCORP INC MO
LEGC LEGACY BANCORP INC
LEH LEHMAN BROTHERS HOLDINGS INC
LFC CHINA LIFE INSURANCE CO LTD
LION FIDELITY SOUTHERN CORP NEW
LKFN LAKELAND FINANCIAL CORP
LNC LINCOLN NATIONAL CORP IN
LNCB LINCOLN BANCORP IND
LPSB LAPORTE BANCORP INC
LSBI L S B FINANCIAL CORP
LSBK LAKE SHORE BANCORP INC
LSBX L S B CORP
LTS LADENBURG THALMANN FIN SVCS INC
LUK LEUCADIA NATIONAL CORP
LYG LLOYDS TSB GROUP PLC
MAIN MAIN STREET CAPITAL CORP
MASB MASSBANK CORP

MBFI M B FINANCIAL INC NEW
MBHI MIDWEST BANC HOLDINGS INC
MBI M B I A INC
MBP MID PENN BANCORP INC
MBR MERCANTILE BANCORP INC
MBRG MIDDLEBURG FINANCIAL CORP
MBTF M B T FINANCIAL CORP
MBVA MILLENNIUM BANKSHARES CORP
MBVT MERCHANTS BANCSHARES INC
MBWM MERCANTILE BANK CORP
MCBF MONARCH COMMUNITY BANCORP INC
MCBI METROCORP BANCSHARES INC
MCGC M C G CAPITAL CORP
MCY MERCURY GENERAL CORP NEW
MER MERRILL LYNCH & CO INC
MERR MERRIMAN CURHAN FORD GROUP INC
MF M F GLOBAL LTD
MFC MANULIFE FINANCIAL CORP
MFLR MAYFLOWER BANCORP INC
MFNC MACKINAC FINANCIAL CORP
MFSF MUTUALFIRST FINL INC
MGYR MAGYAR BANCORP INC
MHLD MAIDEN HOLDNGS LTD
MI MARSHALL & ILSLEY CORP NEW
MIG MEADOWBROOK INSURANCE GROUP INC
MIGP MERCER INSURANCE GROUP INC
MKL MARKEL CORP
MKTX MARKETAXESS HLDGS INC
MNRK MONARCH FINANCIAL HOLDINGS INC
MOFG MIDWESTONE FINANCIAL GRP INC NEW
MOH MOLINA HEALTHCARE INC
MORN MORNINGSTAR INC
MRH MONTPELIER RES HOLDINGS LTD
MROE MONROE BANCORP
MS MORGAN STANLEY DEAN WITTER & CO
MSBF M S B FINANCIAL CORP
MSFG MAINSOURCE FINANCIAL GROUP INC
MSL MIDSOUTH BANCORP INC
MTG M G I C INVESTMENT CORP WIS
MTU MITSUBISHI UFJ FINANCIAL GP INC
MXGL MAX CAPITAL GROUP LTD
NAHC NATIONAL ATLANTIC HOLDINGS CORP
NAL NEWALLIANCE BANCSHARES INC
NARA NARA BANCORP INC
NATL NATIONAL INTERSTATE CORP
NAVG NAVIGATORS GROUP INC
NBBC NEWBRIDGE BANCORP
NBN NORTHEAST BANCORP
NBTB N B T BANCORP INC
NBTF N B & T FINANCIAL GROUP INC
NCBC NEW CENTURY BANCORP INC NC
NCC NATIONAL CITY CORP
NDAQ NASDAQ O M X GROUP INC
NEBS NEW ENGLAND BANCSHARES INC
NECB NORTHEAST COMMUNITY BANCORP INC
NEWT NEWTEK BUSINESS SVCS INC
NFBK NORTHFIELD BANCORP INC
NFS NATIONWIDE FINANCIAL SERVICES IN
NFSB NEWPORT BANCORP INC
NHTB NEW HAMPSHIRE THRIFT BNCSHRS INC
NICK NICHOLAS FINANCIAL INC
NITE KNIGHT CAPITAL GROUP INC
NKSH NATIONAL BANKSHARES INC
NMR NOMURA HOLDINGS INC
NMX NYMEX HOLDINGS INC
NOVB NORTH VALLEY BANCORP
NPBC NATIONAL PENN BANCSHARES INC
NRIM NORTHRIM BANCORP INC
NSEC NATIONAL SECURITY GROUP INC
NSFC NORTHERN STATES FINANCIAL CORP
NSH NUSTAR G P HOLDINGS LLC
NTQ N T R ACQUISITION CO
NTRS NORTHERN TRUST CORP
NVSL NAUGATUCK VLY FINANCIAL CORP
NWFL NORWOOD FINANCIAL CORP
NWLIA NATIONAL WESTERN LIFE INS CO
NWSB NORTHWEST BANCORP INC PA
NXTY NEXITY FINANCIAL CORP
NYB NEW YORK COMMUNITY BANCORP INC
NYM N Y M A G I C INC
NYX N Y S E EURONEXT
OCFC OCEANFIRST FINANCIAL CORP
OFG ORIENTAL FINANCIAL GROUP INC
OKSB SOUTHWEST BANCORP INC OKLA
OLBK OLD LINE BANCSHARES
OLCB OHIO LEGACY CORP
ONB OLD NATIONAL BANCORP
ONFC ONEIDA FINANCIAL CORP
OPHC OPTIMUMBANK HOLDINGS INC
OPOF OLD POINT FINL CORP
OPY OPPENHEIMER HOLDINGS INC
ORH ODYSSEY RE HOLDINGS CORP
ORI OLD REPUBLIC INTERNATIONAL CORP
ORIT ORITANI FINANCIAL CORP
OSBC OLD SECOND BANCORP INC
OSBK OSAGE BANCSHARES INC
OSHC OCEAN SHORE HOLDING CO
OVBC OHIO VALLEY BANC CORP
OXPS OPTIONSXPRESS HOLDINGS INC
OZM OCH ZIFF CAPITAL MANGMNT GRP LLC
OZRK BANK OF THE OZARKS INC
PABK P A B BANKSHARES INC
PACW PACWEST BANCORP DE
PBCI PAMRAPO BANCORP INC
PBCT PEOPLES UNITED FINANCIAL INC
PBHC PATHFINDER BANCORP INC
PBIB PORTER BANCORP INC
PBIP PRUDENTIAL BANCORP INC PA
PBKS PROVIDENT BANKSHARES CORP
PBNY PROVIDENT NEW YORK BANCORP
PCBC PACIFIC CAPITAL BANCORP NEW
PCBI PEOPLES COMMUNITY BANCORP INC
PCBK PACIFIC CONTINENTAL CORP
PCBS PROVIDENT COMMUNITY BANCSHRS INC
PEBK PEOPLES BANCORP NC INC
PEBO PEOPLES BANCORP INC
PFBC PREFERRED BANK LOS ANGELES
PFBI PREMIER FINANCIAL BANCORP INC
PFBX PEOPLES FINANCIAL CORP
PFED PARK BANCORP INC
PFG PRINCIPAL FINANCIAL GROUP INC
PFS PROVIDENT FINANCIAL SVCS INC
PGR PROGRESSIVE CORP OH
PHLY PHILADELPHIA CONSOLIDATED HLG CO
PICO P I C O HOLDINGS INC
PJC PIPER JAFFRAY COMPANIES
PKBK PARKE BANCORP INC
PL PROTECTIVE LIFE CORP
PLCC PAULSON CAPITAL CORP
PLFE PRESIDENTIAL LIFE CORP
PMACA P M A CAPITAL CORP
PMBC PACIFIC MERCANTILE BANCORP
PMI P M I GROUP INC
PNBC PRINCETON NATIONAL BANCORP INC
PNBK PATRIOT NATIONAL BANCORP INC
PNC P N C FINANCIAL SERVICES GRP INC
PNFP PINNACLE FINANCIAL PARTNERS INC
PNSN PENSON WORLDWIDE INC
PNX PHOENIX COS INC
PPBI PACIFIC PREMIER BANCORP INC
PRA PROASSURANCE CORP
PRE PARTNERRE LTD
PRK PARK NATIONAL CORP
PROS PROCENTURY CORP
PROV PROVIDENT FINANCIAL HOLDINGS INC
PRSP PROSPERITY BANCSHARES INC
PRU PRUDENTIAL FINANCIAL INC
PRWT PREMIERWEST BANCORP
PSBC PACIFIC STATE BANCORP
PSBH PSB HOLDINGS INC
PSEC PROSPECT CAPITAL CORP
PTA PENN TREATY AMERICAN CORP
PTP PLATINUM UNDERWRITERS HLDGS LTD
PUK PRUDENTIAL PLC
PULB PULASKI FINANCIAL CORP
PVFC P V F CAPITAL CORP
PVSA PARKVALE FINANCIAL CORP
PVTB PRIVATEBANCORP INC
PWOD PENNS WOODS BANCORP INC
PZN PZENA INVESTMENT MANAGEMENT INC
QCRH Q C R HOLDINGS INC
QNTA QUANTA CAPITAL HOLDINGS LTD
RAMR R A M HOLDINGS LTD
RBCAA REPUBLIC BANCORP INC KY
RBNF RURBAN FINANCIAL CORP
RBPAA ROYAL BANCSHARES PA INC
RBS ROYAL BANK SCOTLAND GROUP PLC
RCBK RIVER CITY BANK
RCKB ROCKVILLE FINANCIAL INC
RDN RADIAN GROUP INC
RE EVEREST RE GROUP LTD
RF REGIONS FINANCIAL CORP NEW
RGA REINSURANCE GROUP OF AMERICA INC
RIVR RIVER VALLEY BANCORP
RJF RAYMOND JAMES FINANCIAL INC
RKH REGIONAL BANK HOLDRS TRUST
RLI R L I CORP
RNR RENAISSANCERE HOLDINGS LTD
RNST RENASANT CORP
RODM RODMAN & RENSHAW CAP GRP INC NEW
ROMA ROMA FINANCIAL CORP
ROME ROME BANCORP INC
RPFG RAINIER PACIFIC FINL GROUP INC
RVSB RIVERVIEW BANCORP INC
RY ROYAL BANK CANADA MONTREAL QUE
SAF SAFECO CORP
SAFT SAFETY INSURANCE GROUP INC
SAL SALISBURY BANCORP INC
SAMB SUN AMERICAN BANCORP
SASR SANDY SPRING BANCORP INC
SAVB SAVANNAH BANCORP INC
SBBX SUSSEX BANCORP
SBCF SEACOAST BANKING CORP FLA

SBIB STERLING BANCSHARES INC
SBKC SECURITY BANK CORP
SBNY SIGNATURE BANK NEW YORK N Y
SBP SANTANDER BANCORP
SBSI SOUTHSIDE BANCSHARES INC
SCA SECURITY CAPITAL ASSURANCE LTD
SCB COMMUNITY BANKSHARES INC S C
SCBT S C B T FINANCIAL CORP
SCHW SCHWAB CHARLES CORP NEW
SCMF SOUTHERN COMMUNITY FINCL CORP
SEAB SEABRIGHT INSURANCE HOLDINGS INC
SF STIFEL FINANCIAL CORP
SFG STANCORP FINANCIAL GROUP INC
SFNC SIMMONS 1ST NATIONAL CORP
SFST SOUTHERN FIRST BANCSHARES INC
SGB SOUTHWEST GEORGIA FINANCIAL CORP
SHG SHINHAN FINANCIAL GROUP CO LTD
SIEB SIEBERT FINANCIAL CORP
SIFI SI FINANCIAL GROUP INC
SIGI SELECTIVE INSURANCE GROUP INC
SIVB S V B FINANCIAL GROUP
SLF SUN LIFE FINANCIAL INC
SLM S L M CORP
SMBC SOUTHERN MISSOURI BANCORP INC
SMCG MILLENNIUM INDIA ACQUISIT CO INC
SMHG SANDERS MORRIS HARRIS GROUP INC
SMMF SUMMIT FINANCIAL GROUP INC
SMTB SMITHTOWN BANCORP INC
SNBC SUN BANCORP INC
SNV SYNOVUS FINANCIAL CORP
SOCB SOUTHCOAST FINANCIAL CORP
SOMH SOMERSET HILLS BANCORP
SONA SOUTHERN NATIONAL BANCORP VA INC
SOV SOVEREIGN BANCORP INC
SRCE 1ST SOURCE CORP
SSBI SUMMIT STATE BANK
SSBX SILVER STATE BANCORP
SSFN STEWARDSHIP FINANCIAL CORP
STBA S & T BANCORP INC
STBC STATE BANCORP INC NY
STBK STERLING BANKS INC
STEL STELLARONE CORP
STFC STATE AUTO FINANCIAL CORP
STI SUNTRUST BANKS INC
STL STERLING BANCORP
STSA STERLING FINANCIAL CORP WASH
STT STATE STREET CORP
STU STUDENT LOAN CORP
SUAI SPECIALTY UNDERWRITERS ALL INC
SUBK SUFFOLK BANCORP
SUFB SUFFOLK FIRST BANK VA
SUPR SUPERIOR BANCORP
SUR C N A SURETY CORP
SUSQ SUSQUEHANNA BANCSHARES INC PA
SVBI SEVERN BANCORP INC MD
SWS S W S GROUP INC
SYBT S Y BANCORP INC
TAMB TAMALPAIS BANCORP
TAQ TRANSFORMA ACQUISITION GROUP INC
TAYC TAYLOR CAPITAL GROUP INC
TBBK BANCORP INC
TBHS BANK HOLDINGS THE
TCB T C F FINANCIAL CORP
TCBI TEXAS CAPITAL BANCSHARES INC
TCBK TRICO BANCSHARES
TCH 21ST CENTURY HOLDING CO
TDBK TIDELANDS BANCSHARES INC
TFIN TEAM FINANCIAL INC
TFSL TFS FINANCIAL CORP
TGIC TRIAD GUARANTY INC
THFF FIRST FINANCIAL CORP IN
THG HANOVER INSURANCE GROUP INC
THRD T F FINANCIAL CORP
TIBB T I B FINANCIAL CORP
TIL TRANS INDIA ACQUISITION CORP
TMCV TEMECULA VALLEY BANCORP INC
TMK TORCHMARK CORP
TMP TOMPKINS FINANCIAL CORP
TNCC TENNESSEE COMMERCE BANCORP INC
TOFC TOWER FINANCIAL CORP
TONE TIERONE CORP
TOWN TOWNEBANK
TRH TRANSATLANTIC HOLDINGS INC
TROW T ROWE PRICE GROUP INC
TRST TRUSTCO BANK CORP NY
TRUE CENTRUE FINANCIAL CORP NEW
TRV TRAVELERS COMPANIES INC
TSBK TIMBERLAND BANCORP INC
TSFG SOUTH FINL GROUP INC
TSH TECHE HOLDING CO
TWGP TOWER GROUP INC
TWPG THOMAS WEISEL PARTNERS GROUP INC
UAM UNIVERSAL AMERICAN CORP
UB UNIONBANCAL CORP
UBCP UNITED BANCORP INC
UBFO UNITED SECURITY BANKSHARES
UBNK UNITED FINANCIAL BANCORP INC MD
UBOH UNITED BANCSHARES INC
UBS U B S AG
UBSH UNION BANKSHARES CORP
UBSI UNITED BANKSHARES INC
UCBA UNITED COMMUNITY BANCORP
UCBH U C B H HOLDINGS INC
UCBI UNITED COMMUNITY BANKS INC GA
UCFC UNITED COMMUNITY FINL CORP OHIO
UFCS UNITED FIRE & CAS CO
UMBF U M B FINANCIAL CORP
UMPQ UMPQUA HOLDINGS CORP
UNAM UNICO AMERICAN CORP
UNB UNION BANKSHARES INC
UNH UNITEDHEALTH GROUP INC
UNIB UNIVERSITY BANCORP INC
UNM UNUM GROUP
UNTY UNITY BANCORP INC
USB U S BANCORP DEL
USBI UNITED SECURITY BANCSHARES INC
UTR UNITRIN INC
UVSP UNIVEST CORP OF PENNSYLVANIA
UWBK UNITED WESTERN BANCORP INC
VBFC VILLAGE BANK AND TRUST FINL CORP
VCBI VIRGINIA COMMERCE BANCORP
VIST V I S T FINACIAL CORP
VLY VALLEY NATIONAL BANCORP
VNBC VINEYARD NATIONAL BANCORP
VPFG VIEWPOINT FINANCIAL GROUP
VR VALIDUS HOLDINGS LTD
VSBN V S B BANCORP INC NY
VYFC VALLEY FINANCIAL CORP VA
WABC WESTAMERICA BANCORPORATION
WAIN WAINWRIGHT BANK & TRUST CO BOSTN
WAL WESTERN ALLIANCE BANCORPORATION
WASH WASHINGTON TRUST BANCORP INC
WAUW WAUWATOSA HOLDINGS INC
WAYN WAYNE SAVINGS BANCSHARES INC NEW
WB WACHOVIA CORP 2ND NEW
WBCO WASHINGTON BANKING COMPANY
WBNK WACCAMAW BANKSHARES INC
WBS WEBSTER FINL CORP WATERBURY CONN
WCBO WEST COAST BANCORP ORE NEW
WCG WELLCARE HEALTH PLANS INC
WDR WADDELL & REED FINANCIAL INC
WFBC WILLOW FINANCIAL BANCORP INC
WFC WELLS FARGO & CO NEW
WFD WESTFIELD FINANCIAL INC
WFSL WASHINGTON FEDERAL INC
WGNB W G N B CORP
WHG WESTWOOD HOLDINGS GROUP INC
WHI W HOLDING CO INC
WIBC WILSHIRE BANCORP INC
WL WILMINGTON TRUST CORP
WLP WELLPOINT INC
WM WASHINGTON MUTUAL INC
WPL STEWART W P & CO LTD
WRB BERKLEY W R CORP
WSB W S B HOLDINGS INC
WSBC WESBANCO INC
WSFG W S B FINANCIAL GROUP
WSFS WSFS FINANCIAL CORP
WTBA WEST BANCORPORATION INC
WTFC WINTRUST FINANCIAL CORPORATION
WTM WHITE MOUNTAINS INS GROUP INC
WTNY WHITNEY HOLDING CORP
WVFC WVS FINANCIAL CORP
XL X L CAPITAL LTD
Y ALLEGHANY CORP DE
YAVY YADKIN VALLEY FINANCIAL CORP
ZION ZIONS BANCORP
ZNT ZENITH NATIONAL INSURANCE CORP

 [FR Doc. E8-22369 Filed 9-23-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 83, Number 13 (Friday, January 19, 2018)]
[Notices]
[Pages 2859-2862]
[FR Doc No: 2018-00850]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82493; File No. SR-NASDAQ-2018-001]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Transaction Credits at Rule 7018(a)

January 12, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 2, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') 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
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to a proposal to amend transaction credits at
Rule 7018(a) to: (i) Decrease a $0.00295 per share executed credit
provided under paragraphs (1), (2) and (3) of the Rule for displayed
quotes/orders (other than Supplemental Orders or Designated Retail
Orders) that provide liquidity to $0.0029; (ii) include Limit-on-Close
Orders entered between 3:50 p.m. ET and immediately prior to 3:55 p.m.
ET for purposes of calculating shares of liquidity to qualify for a
credit tier provided under paragraphs (1), (2) and (3) of the Rule for
displayed quotes/orders (other than Supplemental Orders or Designated
Retail Orders) that provide liquidity; (iii) increase the level of
Consolidated Volume required to receive a $0.0029 per share executed
credit provided under paragraphs (1), (2) and (3) of the Rule for
displayed quotes/orders (other than Supplemental Orders or Designated
Retail Orders) that provide liquidity; and (iv) delete a $0.0029 per
share executed credit provided under paragraphs (1), (2) and (3) of the
Rule for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) that provide liquidity.
    The text of the proposed rule change is available on the Exchange's
website at http://nasdaq.cchwallstreet.com/, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The purpose of the proposed rule change is to amend Rule 7018(a)
(the ``Rule''): (i) Decrease a $0.00295 per share executed credit
provided under paragraphs (1), (2) and (3) of the Rule for displayed
quotes/orders (other than Supplemental Orders or Designated Retail
Orders) that provide liquidity to $0.0029; (ii) include Limit-on-Close
Orders entered between 3:50 p.m. ET and immediately prior to 3:55 p.m.
ET for purposes of calculating shares of liquidity to qualify for a
credit tier provided under paragraphs (1), (2) and (3) of the Rule for
displayed quotes/orders (other than Supplemental Orders or Designated
Retail Orders) that provide liquidity; (iii) increase the level of
Consolidated Volume \3\ required to receive a $0.0029 per share
executed credit provided under paragraphs (1), (2) and (3) of the Rule
for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) that provide liquidity; and (iv) delete a
$0.0029 per share executed credit provided under paragraphs (1), (2)
and (3) of the Rule for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) that provide
liquidity. Rule 7018 sets forth the fees and credits for use of the
order execution and routing services of Nasdaq for securities priced at
$1 or more. Rule 7018(a)(1) sets forth the fees and credits for the
execution and routing of orders in Nasdaq-listed securities (``Tape C
Securities''); Rule 7018(a)(2) sets forth the fees and credits for the
execution and routing of securities listed on the New York Stock
Exchange LLC (``Tape A Securities''); and Rule 7018(a)(3) sets forth
the fees and credits for the execution and routing of securities listed
on exchanges other than Nasdaq and NYSE (``Tape B Securities'')
(collectively, the ``Tapes''). As noted above, the Exchange is
proposing to make identical changes to each of the related tiers for
each of the Tapes.
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    \3\ Rule 7018(a) defines Consolidated Volume to mean ``the total
consolidated volume reported to all consolidated transaction
reporting plans by all exchanges and trade reporting facilities
during a month in equity securities, excluding executed orders with
a size of less than one round lot. For purposes of calculating
Consolidated Volume and the extent of a member's trading activity
the date of the annual reconstitution of the Russell Investments
Indexes shall be excluded from both total Consolidated Volume and
the member's trading activity.''
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First Change
    The purpose of the first change is to reduce the credit provided
for a credit tier under Rules 7018(a)(1), (2) and (3). Specifically,
under Rules 7018(a)(1), (2) and (3) the Exchange provides a $0.00295
per share executed credit to a member for displayed quotes/orders
(other than Supplemental Orders or Designated Retail Orders) in Tape C,
A and B securities, respectively, that provide liquidity. To be
eligible to receive the credit under each of the rules, a member must
add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-
Dealer liquidity in Penny Pilot Options and/or Non-Penny Pilot Options
of 1.15% or more of total industry ADV in the customer clearing range
for Equity and ETF option contracts per day in a month on The Nasdaq
Options Market. The Exchange is proposing to reduce the credit provided
by the credit tier under paragraphs (1), (2) and (3) to $0.0029 per
share executed.
Second Change
    The purpose of the second change is to include Limit-on-Close
Orders entered between 3:50 p.m. ET and immediately prior to 3:55 p.m.
ET for purposes of calculating shares of liquidity to qualify for a
$0.0028 per share executed credit for displayed quotes/orders (other
than Supplemental Orders or Designated Retail Orders) that provide
liquidity under paragraphs (1), (2) and (3) of the Rule. The credit is
provided to a member that has shares of liquidity provided in the
Opening and Closing Crosses, excluding Market-on-Close, Limit-on-Close,
Market-on-Open, Limit-on-Open, Good-til-Cancelled, and Immediate-or-
Cancel orders, through one or more of its Nasdaq Market Center MPIDs
that represent more than 0.01% of Consolidated Volume during the month.
The Exchange is proposing to include Limit-on-Close orders entered

between 3:50 p.m. ET and immediately prior to 3:55 p.m. ET for purposes
of calculating the members shares of liquidity, and therefore
eligibility for the credit under paragraphs (1), (2) and (3) of the
Rule. By including these Limit-on-Close orders, the credit will be more
attainable to a member because fewer shares will be excluded from the
shares of liquidity calculation used in comparison to the member's
Consolidated Volume during the month. The Exchange believes that the
proposed change may provide incentive to members to increase their
Limit-on-Close order activity between 3:50 p.m. ET and immediately
prior to 3:55 p.m. ET for participation in the Nasdaq Closing Cross,
thereby reducing Imbalances,\4\ and increasing the quality of the
cross.
---------------------------------------------------------------------------

    \4\ ``Imbalance'' means the number of shares of buy or sell MOC
or LOC Orders that cannot be matched with other MOC or LOC, or IO
Order shares at a particular price at any given time. See Rule
4754(a)(2).
---------------------------------------------------------------------------

Third Change
    The purpose of the third change is to increase the level of
Consolidated Volume required to receive a $0.0029 per share executed
credit under paragraphs (1), (2) and (3) of the Rule for displayed
quotes/orders (other than Supplemental Orders or Designated Retail
Orders) that provide liquidity. Currently, under Rules 7018(a)(1), (2)
and (3), the Exchange provides a $0.0029 per share executed credit to a
member for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) in Tape C, A and B securities, respectively,
that provide liquidity. To qualify for the credit, a member must have
shares of liquidity provided in all securities through one or more of
its Nasdaq Market Center MPIDs that represent more than 0.30% of
Consolidated Volume during the month, including shares of liquidity
provided with respect to securities that are listed on exchanges other
than Nasdaq or NYSE that represent more than 0.10% of Consolidated
Volume. The Exchange is proposing to increase the level of total
Consolidated Volume required to qualify for the to $0.0029 per share
executed credit tier under paragraphs (1), (2) and (3) from 0.30% to
0.40% per month.
Fourth Change
    The purpose of the fourth change is to delete a $0.0029 per share
executed credit provided for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) that provide
liquidity. Currently under Rules 7018(a)(1), (2) and (3), the Exchange
provides a $0.0029 per share executed credit to a member for displayed
quotes/orders (other than Supplemental Orders or Designated Retail
Orders) in Tape C, A and B securities, respectively, that provide
liquidity. To qualify for the credit, a member must have shares of
liquidity accessed in all securities through one or more of its Nasdaq
Market Center MPIDs representing more than 0.80% of Consolidated Volume
during the month; provided that the member also provides a daily
average of at least 2 million shares of liquidity in all securities
through one or more of its Nasdaq Market Center MPIDs during the month.
The Exchange has observed that the credit tier has not been successful
in significantly improving market quality as very few members qualify
for the credit tier. Accordingly, the Exchange is eliminating the
credit tier under Rules 7018(a)(1), (2) and (3).
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\5\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\6\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility, and is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------

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

First Change
    The Exchange believes that decreasing the $0.00295 per share
executed credit under paragraphs (1), (2) and (3) of the Rule provided
for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) that provide liquidity is reasonable because
the amount of the credit is either comparable or identical to other
credits that the Exchange offers pursuant to Rule 7018(a), and it
believes that the requirements are comparable to other requirements
needed to qualify for other credits. For example, under paragraphs (1),
(2) and (3) of the Rule the Exchange currently provides a $0.0029 per
share executed credit to members for displayed quotes/orders (other
than Supplemental Orders or Designated Retail Orders) that provide
liquidity if the member has shares of liquidity provided in all
securities through one or more of its Nasdaq Market Center MPIDs that
represent more than 0.60% of Consolidated Volume during the month.
Consequently, the Exchange believes that proposed credit is consistent
with other credits offered by the Exchange and therefore reasonable.
    The Exchange believes that the amended credit will continue to be
equitably allocated and not unfairly discriminatory. The proposed
reduction in the credit provided is reflective of the Exchange's need
to balance the incentives that it provides in return for the market
improving behavior it seeks to incentivize. The Exchange notes that the
proposed change applies to securities of all Tapes and it will apply to
all members of Nasdaq. A member is free to determine whether the
amended credit is adequate for it to continue NOM Market Maker and/or
Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot
Options required by the credit tier. As discussed above, a member has
other opportunities to qualify for the same or similar credits based on
different criteria.
Second Change
    The Exchange believes that the proposed change to include Limit-on-
Close Orders entered between 3:50 p.m. ET and immediately prior to 3:55
p.m. ET for purposes of calculating shares of liquidity in a credit
tier under paragraphs (1), (2) and (3) of the Rule provided for
displayed quotes/orders (other than Supplemental Orders or Designated
Retail Orders) that provide liquidity is reasonable because the
Exchange is not changing the amount of the credit, which has been
addressed in previous filings,\7\ and it believes that the amount of
the credit continues to be reasonable because it remains unchanged.
Including Limit-on-Close Orders entered between 3:50 p.m. ET and
immediately prior to 3:55 p.m. ET for purposes of calculating shares of
liquidity is reasonable because it provides incentive to members to
improve the market by increasing liquidity in the Nasdaq Closing Cross.
Moreover, the Exchange does not currently exclude Imbalance Only Orders
from the calculation of shares of liquidity, and the Exchange believes
that LOC Orders entered between 3:50 p.m. ET and immediately prior to
3:55 p.m. ET provide a similar function as Imbalance Only Orders in
that they help avoid order Imbalances and, consequently they should be
included in the calculation of shares of liquidity.
---------------------------------------------------------------------------

    \7\ See, e.g., Securities Exchange Act Release No. 72810 (August
11, 2014), 79 FR 48281 (August 15, 2014) (SR-NASDAQ-2014-078).
---------------------------------------------------------------------------

    The Exchange believes that proposed change to include Limit-on-
Close orders entered between 3:50 p.m. ET and

immediately prior to 3:55 p.m. ET for purposes of calculating shares of
liquidity in a credit tier provided under paragraphs (1), (2) and (3)
of the Rule for displayed quotes/orders (other than Supplemental Orders
or Designated Retail Orders) that provide liquidity is an equitable
allocation and is not unfairly discriminatory because the Exchange will
apply the same credit qualification criteria to all similarly situated
members. The Exchange recently amended Rule 4702(b)(12) to allow entry
of LOC orders between 3:50 p.m. ET and immediately prior to 3:55 p.m.
ET.\8\ Prior to the change, between 3:50 p.m. ET and immediately prior
to 3:55 p.m. ET an LOC order could only be cancelled, and only if the
member requests that Nasdaq correct a legitimate error in the Order
(e.g., Side, Size, Symbol, or Price, or duplication of an Order). As
described in greater detail in its proposal, the Exchange believes that
permitting members to enter LOC orders later in the trading day
encourages additional participation in the Nasdaq Closing Cross,
thereby reducing Imbalances, and increasing the quality of the
cross.\9\ The proposed change to the credit tier under paragraphs (1),
(2) and (3) of the Rule is designed to provide incentive to members to
enter LOCs later in the trading day by including them in the
eligibility calculation to receive the credit.
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    \8\ See Securities Exchange Act Release No. 81930 (October 24,
2017), 82 FR 50198 (October 30, 2017) (SR-NASDAQ-2017-107).
    \9\ Id.
---------------------------------------------------------------------------

Third Change
    The Exchange believes that the proposed change to increase the
level of Consolidated Volume to qualify for a $0.0029 per share
executed credit provided for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) that provide liquidity
is reasonable because the Exchange is not changing the amount of the
credit, which has been addressed in previous filings,\10\ and it
believes that the credit continues to be reasonable because it remains
unchanged. As discussed above, the Exchange provides other $0.0029 per
share executed credits under paragraphs (1), (2) and (3) of the Rule.
---------------------------------------------------------------------------

    \10\ See, e.g., Securities Exchange Act Release No. 64453 (May
10, 2011), 76 FR 28252 (May 16, 2011) (SR-NASDAQ-2011-062).
---------------------------------------------------------------------------

    The Exchange believes that proposed change to increase the level of
Consolidated Volume to qualify for a $0.0029 per share executed credit
provided for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) that provide liquidity is an equitable
allocation and is not unfairly discriminatory because the amended
criteria will apply to all members. Specifically, increasing the
qualification criteria of the credit will apply all members uniformly,
with each member free to determine whether providing the increased
level of Consolidated Volume to qualify for the credit is appropriate
for its business. Although some members may no longer qualify for the
credit tier based on the amended qualification criteria, the Exchange
notes that there are other $0.0029 per share executed credits available
for securities of all the Tapes for which a member may qualify if it
cannot qualify under the amended credit tier qualification requirement.
Moreover, the proposed increase in Consolidated Volume will bring the
credit's qualification requirements closer to the next higher credit
tier of $0.0030 per share executed, which is provided to members that
have shares of liquidity provided in all securities through one or more
of its Nasdaq Market Center MPIDs that represent 0.575% or more of
Consolidated Volume during the month, including shares of liquidity
provided with respect to securities that are listed on exchanges other
than Nasdaq or NYSE that represent 0.10% or more of Consolidated
Volume. Accordingly, the Exchange believes that the proposed change is
an equitable allocation and is not unfairly discriminatory.
Fourth Change
    Elimination of the $0.0029 per share executed credit provided to a
member for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) that provide liquidity in securities of each
of the Tapes is reasonable because the credit has been unsuccessful at
providing an incentive to members and in turn it has not provided a
significant improvement to market quality on Nasdaq. Consequently, the
Exchange believes that it should eliminate the credit to focus its
limited funds on other incentives to improve market quality. The
Exchange notes that members will continue to have the opportunity to
qualify for credits of $0.0029 per share executed in securities of each
of the Tapes. Accordingly, the Exchange believes eliminating this
credit is reasonable.
    The Exchange believes that elimination of the $0.0029 per share
executed credit provided to a member for displayed quotes/orders (other
than Supplemental Orders or Designated Retail Orders) that provide
liquidity in securities of each of the Tapes is an equitable allocation
and is not unfairly discriminatory because it has been ineffective at
significantly improving market quality as very few members qualify for
the credit. Consequently, the credit is no longer needed. As noted
above, the Exchange has limited funds to apply toward incentives, and
although an incentive may not significantly achieve its goal of
improving market quality, it may nonetheless result in a cost to the
Exchange. Eliminating the credit will allow the Exchange deploy its
limited funds to incentives in securities or other areas designed to
improve market quality. Members will continue to have the opportunity
to receive the same or similar rebates based on similar criteria as
required by the tier that is being eliminated. For example, the
Exchange provides a credit of $0.0025 per share executed to a member
for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) that provide liquidity if the member has
shares of liquidity accessed in all securities through one or more of
its Nasdaq Market Center MPIDs representing more than 0.45% of
Consolidated Volume during the month; provided that the member also
provides a daily average of at least 2 million shares of liquidity in
all securities through one or more of its Nasdaq Market Center MPIDs
during the month. Accordingly, the Exchange believes that eliminating
the credit is an equitable allocation and is not unfairly
discriminatory.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. In terms of inter-market
competition, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive, or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees and credits to remain competitive with other exchanges and
with alternative trading systems that have been exempted from
compliance with the statutory standards applicable to exchanges.
Because competitors are free to modify their own fees and credits in
response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee and credit changes in this

market may impose any burden on competition is extremely limited.
    In this instance, the proposed changes to the credits available to
members for execution of securities in securities of all three Tapes do
not impose a burden on competition because the Exchange's execution
services are completely voluntary and subject to extensive competition
both from other exchanges and from off-exchange venues. The Exchange is
proposing to decrease the amount of credit provided, increase the
qualification requirement to receive a credit, eliminate a credit that
has been unsuccessful at improving market quality significantly, and
ease the criteria of a credit in an effort to improve market quality in
the Nasdaq Closing Cross. These changes are reflective of the
Exchange's need to balance the incentives that it provides in return
for the market improving behavior it seeks to incentivize. As discussed
above, the Exchange has limited funds to apply toward incentives, and
therefore must adjust the amount of credit provided, change credit tier
qualification criteria, and in some cases discontinue credits
altogether, to ensure that it has applied those limited funds most
efficiently.
    In sum, if the changes proposed herein are unattractive to market
participants, it is likely that the Exchange will lose market share as
a result. Accordingly, the Exchange does not believe that the proposed
changes will impair the ability of members or competing order execution
venues to maintain their competitive standing in the financial markets.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\11\
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NASDAQ-2018-001 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2018-001. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2018-001, and should be submitted
on or before February 9, 2018.
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    \12\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-00850 Filed 1-18-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 135 (Monday, July 17, 2017)]
[Notices]
[Pages 32695-32697]
[FR Doc No: 2017-14908]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RD17-4-000]

Commission Information Collection Activities; Comment Request

AGENCY: Federal Energy Regulatory Commission.

ACTION: Notice of revised information collections and request for
comments.

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SUMMARY: The Federal Energy Regulatory Commission (Commission or FERC)
previously issued a 60-day Notice in the Federal Register requesting
public comments on the revisions to FERC-725A (Mandatory Reliability
Standards for the Bulk-Power System), and FERC-725Z (Mandatory
Reliability Standards: IRO Reliability Standards). The Commission
received no comments.
    Another unrelated item is currently pending review at the Office of
Management and Budget (OMB) under FERC-725A. Only one item per OMB
Control No. may be pending OMB review at a time. In order to submit
this material for Docket No. RD17-4 timely to OMB, the package will be
submitted to OMB under FERC-725Z, and a `placeholder' information
collection number, FERC-725A(1C) (Mandatory Reliability Standards for
Bulk-Power System: Reliability Standard TOP-001-4) rather than under
FERC-725A.
    In compliance with the requirements of the Paperwork Reduction Act
of 1995, the Commission is submitting the FERC-725A(1C) and FERC-725Z
to the OMB for review of the revised information collection
requirements. Any interested person may file comments directly with OMB
and should address a copy of those comments to the Commission as
explained below.

DATES: Comments on the FERC-725A(1C) and FERC-725Z are due by August
16, 2017.

ADDRESSES: Comments filed with OMB, identified by the OMB Control Nos.
TBD (for FERC-725A(1C)) and 1902-0276 (for FERC-725Z) should be sent
via email to the Office of Information and Regulatory Affairs at:
<EMAIL_ADDRESS>Attention: Federal Energy Regulatory
Commission Desk Officer.
    A copy of the comments should also be sent to the Commission, in
Docket No. RD17-4-000, by either of the following methods:
     eFiling at Commission's Web site: http://www.ferc.gov/docs-filing/efiling.asp.
     Mail/Hand Delivery/Courier: Federal Energy Regulatory
Commission, Secretary of the Commission, 888 First Street NE.,
Washington, DC 20426.
    Instructions: All submissions must be formatted and filed in
accordance with submission guidelines at: http://www.ferc.gov/help/submission-guide.asp. For user assistance, contact FERC Online Support
by email at<EMAIL_ADDRESS>or by phone at:<PHONE_NUMBER>
(toll-free), or<PHONE_NUMBER> for TTY.
    Docket: Users interested in receiving automatic notification of
activity in this docket or in viewing/downloading comments and
issuances in this docket may do so at http://www.ferc.gov/docs-filing/docs-filing.asp.

FOR FURTHER INFORMATION CONTACT: Ellen Brown may be reached by email at
<EMAIL_ADDRESS>by telephone at<PHONE_NUMBER>, and by fax at
(202) 273-0873.

SUPPLEMENTARY INFORMATION:
    Title: FERC-725A(1C) (Mandatory Reliability Standards for Bulk-
Power System: Reliability Standard TOP-001-4), and FERC-725Z (Mandatory
Reliability Standards: IRO Reliability Standards)
    OMB Control No.: TBD (FERC-725A(1C)) and 1902-0276 (FERC-725Z).
    Type of Request: Revisions to the information collection FERC-725Z
and implementation of new `placeholder' information collection FERC-
725A(1C), as discussed in Docket No. RD17-4-000.
    Abstract: In a Petition dated March 6, 2017, the North American
Electric Reliability Corporation (``NERC'') requested Commission
approval for proposed Reliability Standards IRO-002-5 (Reliability
Coordination, Monitoring and Analysis) and TOP-001-4 (Transmission
Operations). NERC stated that the ``proposed Reliability Standards
address the Commission directives in Order No. 817 related to: (i)
Transmission operator monitoring of non-bulk electric system (``BES'')
facilities; (ii) redundancy and diverse routing of transmission
operator, balancing authority, and reliability coordinator data
exchange capabilities; and (iii) testing of alternative or less
frequently used data exchange capabilities.'' In addition, NERC
requested Commission approval of the retirement of Reliability
Standards TOP-001-3 and IRO-002-4. In an order on April 17, 2017,\1\
the implementation of Reliability Standards IRO-002-5 and TOP-001-4 and
the retirement of Reliability Standards IRO-002-4 and TOP-001-3 were
approved.
---------------------------------------------------------------------------

    \1\ The Delegated Letter Order is available in the Commission's
eLibrary at https://elibrary.ferc.gov/idmws/common/OpenNat.asp?fileID=14560616.
---------------------------------------------------------------------------

    Type of Respondents: Transmission operators (TOP), balancing
authorities (BA), and reliability coordinators (RC).
    Estimate of Annual Burden: \2\ The Commission estimates the changes
in the annual public reporting burden and cost due to Docket No. RD17-
4-000 as follows.\3\
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    \2\ Burden is defined as the total time, effort, or financial
resources expended by persons to generate, maintain, retain, or
disclose or provide information to or for a Federal agency. For
further explanation of what is included in the information
collection burden, refer to 5 Code of Federal Regulations 1320.3.
    \3\ For the Reliability Standards being retired in Docket No.
RD17-4, the baseline numbers for respondents, burden, and cost are
the same figures as those in Order No. 817. The requirements and
burdens (from the standards being retired) are continuing in the new
standards, plus there are additional requirements and burdens as
indicated in the table.

                                      Changes Due to Docket No. RD17-4-000
----------------------------------------------------------------------------------------------------------------
                                  Number of     Annual  number                  Average  burden    Total annual
   Information  collection      respondents &    of  responses    Total number   hours &  cost    burden hours &
         requirements          type  of entity        per        of responses     per response     total annual
                                     \4\          respondent                          ($)           cost  ($)
                               (1)............             (2)     (1) * (2) =  (4) \5\........  (3) * (4) = (5)
                                                                           (3)
----------------------------------------------------------------------------------------------------------------
                                                    FERC-725A
----------------------------------------------------------------------------------------------------------------
Reporting and Recordkeeping    ...............  ..............  ..............  no change......  no change
 Requirements (continuing in
 TOP-001-4 [formerly in TOP-
 001-3]) \6\.
----------------------------------------------------------------------------------------------------------------
                                                FERC-725A(1C) \7\
----------------------------------------------------------------------------------------------------------------
                                Increases, due to Implementation of TOP-001-4 \8\
----------------------------------------------------------------------------------------------------------------
Reporting (R10, R20, & R21),   323 (TOP)......               1             323  11 hrs.;         3,553 hrs.;
 in Yr. 1.                                                                       $707.19.         $228,422.37.
Reporting (R10, R20, & R21),   323 (TOP)......               1             323  3 hrs.; $192.87  969 hrs.;
 in Yr. 2 & ongoing.                                                                              $62,297.01.
Recordkeeping, in Yr. 1......  323 (TOP)......               1             323  3 hrs.; $113.25  969 hrs.;
                                                                                $36,579.75.
Recordkeeping, in Yr. 2 &      323 (TOP)......               1             323  2 hrs.; $75.50.  646 hrs.;
 ongoing.                                                                                $24,386.50.
Reporting (R23 & R24), in Yr.  99 (BA)........               1              99  8 hrs.; $514.32  792 hrs.;
 1.                                                                                $50,917.68.
Reporting (R23 & R24), in Yr.  99 (BA)........               1              99  2 hrs.; $128.58  198 hrs.;
 2 & ongoing.                                                                                $12,729.42.
Recordkeeping, in Yr. 1......  99 (BA)........               1              99  4 hrs.; $151.00  396 hrs.;
                                                                                $14,949.00.
Recordkeeping, in Yr. 2 and    99 (BA)........               1              99  4 hrs.; $151.00  396 hrs.;
 ongoing.                                                                                $14,949.00.
Increase to FERC-725A(1C) in   ...............  ..............  ..............  ...............  5,710 hrs.;
 Year 1.                                                                                $330,868.80.
Increase to FERC-725A(1C) in   ...............  ..............  ..............  ...............  2,209 hrs.;
 Year 2 & ongoing.                                                                                $114,361.93.
----------------------------------------------------------------------------------------------------------------
                                                    FERC-725Z
----------------------------------------------------------------------------------------------------------------
Reporting and Recordkeeping    ...............  ..............  ..............  no change......  no change
 Requirements (continuing in
 IRO-002-5 [formerly in IRO-
 002-4]) \9\.
----------------------------------------------------------------------------------------------------------------
                               Increases, due to Implementation of IRO-002-5 \10\
----------------------------------------------------------------------------------------------------------------
Reporting (R2 & R3), in Yr. 1  11 (RC)........               1              11  8 hrs.; $514.32  88 hrs.;
                                                                                $5,657.52.
Reporting (R2 & R3), in Yr. 2  11 (RC)........               1              11  2 hrs.; $128.58  22 hrs.;
 & ongoing.                                                                                $1,414.38.
Recordkeeping, in Yr. 1......  11 (RC)........               1              11  5 hrs.; $188.75  55 hrs.;
                                                                                $2,076.25.
Recordkeeping, in Yr. 2 &      11 (RC)........               1              11  4 hrs.; $151.00  44 hrs.;
 ongoing.                                                                                $1,661.00.
Increase to FERC-725Z in Year  ...............  ..............  ..............  ...............  143 hrs.;
 1.                                                                                $7,733.77.
Increase to FERC-725Z in Year  ...............  ..............  ..............  ...............  66 hrs.;
 2 and ongoing.                                                                                $3,075.38.
TOTAL INCREASE IN YEAR 1, Due  ...............  ..............  ..............  ...............  5,853 hrs.;
 To Docket No. RD17-4.                                                                            $338,602.57.
TOTAL INCREASE IN YEAR 2 AND   ...............  ..............  ..............  ...............  2,275 hrs.;
 ONGOING, Due To Docket No.                                                                       $117,437.31.
 RD17-4.
----------------------------------------------------------------------------------------------------------------

    (As of 7/5/2017, the total OMB-approved annual burden inventory for

FERC-725A is 1,642,395 hours; the total OMB-approved annual burden
inventory for FERC-725Z is 49,331 hours.\11\ Because FERC-725A(1C) is a
new `placeholder' information collection number, the current inventory
is 0.)
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    \4\ Our estimates are based on the NERC Compliance Registry of
12/12/2016, which indicates that, within the United States, there
are 323 entities registered as TOPs, 99 entities registered as BAs,
and 11 entities registered as RCs. One entity may be registered as
having several roles.
    \5\ The hourly cost figures, for salary plus benefits, for the
new standards are based on Bureau of Labor Statistics (BLS)
information (at http://www.bls.gov/oes/current/naics2_22.htm), as of
May 2015. For reporting requirements, an electrical engineer (code
17-2071) is $64.29/hour; for the recordkeeping requirements, an
information and record clerk (code 43-4199) is $37.75/hour.
    \6\ The reporting and recordkeeping requirements and the
associated burden will continue in TOP-001-4 (formerly included in
TOP-001-3, which is now being retired). The corresponding estimated
burden for the 196 TOPs and BAs continues to be 96 hours per
response (or a total estimated burden of 18,816 hours). These
burdens continue in FERC-725A with no change, so a formal submittal
for FERC-725A will not be made at this time. The changes are being
submitted under `placeholder' information collection no. FERC-
725A(1C).
    \7\ The new requirements and burden which would normally be
submitted to OMB under FERC-725A will be submitted under
`placeholder' information collection number FERC-725A(1C).
    \8\ Requirement R21 (applicable to TOPs in ongoing yrs.) covers
quarterly testing and associated reporting and recordkeeping
requirements. Requirement R24 (applicable to BAs in ongoing yrs.)
covers quarterly testing and associated engineering and
recordkeeping requirements.
    \9\ The reporting and recordkeeping requirements and the
associated burden will continue in IRO-002-5 (burden formerly
included in IRO-002-4, which is being retired). The corresponding
estimated burden for the 11 RCs continues to be 24 hours per
response (or a total estimated burden of 264 hours).
    \10\ Requirement R3 (applicable to RCs in ongoing yrs.) covers
quarterly testing and associated reporting and recordkeeping
requirements.
    \11\ These figures are the total OMB-approved inventory, prior
to the revisions in Docket No. RD17-4. In addition, as of 7/5/2017,
there are proposed revisions pending OMB review for the FERC-725A
(related to the Notice of Proposed Rulemaking in Docket No. RM16-20)
which are not counted in these OMB-approved inventory figures.
---------------------------------------------------------------------------

    Comments: Comments are invited on: (1) Whether the collections of
information are necessary for the proper performance of the functions
of the Commission, including whether the information will have
practical utility; (2) the accuracy of the agency's estimates of the
burden and cost of the collections of information, including the
validity of the methodology and assumptions used; (3) ways to enhance
the quality, utility and clarity of the information collections; and
(4) ways to minimize the burden of the collections of information on
those who are to respond, including the use of automated collection
techniques or other forms of information technology.

    Dated: July 6, 2017.
Kimberly D. Bose,
Secretary.
[FR Doc. 2017-14908 Filed 7-14-17; 8:45 am]
 BILLING CODE 6717-01-P