[Federal Register Volume 87, Number 121 (Friday, June 24, 2022)]
[Notices]
[Pages 37894-37899]
[FR Doc No: 2022-13476]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95124; File No. SR-CboeBZX-2022-034]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Amending
Its Fee Schedule To Establish a New NBBO Setter Program

June 17, 2022.
    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 June 13, 2022, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'')
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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Cboe BZX Exchange, Inc. (the ``Exchange'' or BZX) proposes to amend
its Fee Schedule. The text of the proposed rule change is provided in
Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (https://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend its Fee Schedule applicable to its
equities trading platform (``BZX Equities'') by: (i) adopting a new
NBBO Setter Program that, generally speaking, provides an additive
rebate for executions in certain securities for MPIDs that add
displayed liquidity to the Exchange at a more aggressive price than the
current NBBO \3\ and (ii) modifying the criteria in Step Up Tier 2.\4\
The Exchange also proposes to delete certain definitions from its Fee
Schedule that are no longer applicable.
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    \3\ See Exchange Rule 1.5(o) (``NBB, NBO and NBBO'').
    \4\ The Exchange initially filed the proposed fee changes on
June 1, 2022 (SR-CboeBZX-2022-032). On June 2, 2022, the Exchange
withdrew that filing and submitted filing SR-CboeBZX-2022-033. On
June 13, 2022, the Exchange withdrew that filing and submitted this
filing.
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    The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues
that do not have similar self-regulatory responsibilities under the
Exchange Act, to which market participants may direct their order flow.
Based on publicly available information,\5\ no single registered
equities exchange has more than 17% of the market share. Thus, in such
a low-concentrated and highly competitive market, no single equities
exchange possesses significant pricing power in the execution of order
flow. The Exchange in particular operates a ``Maker-Taker'' model
whereby it pays rebates to members that add liquidity and assesses fees
to those that remove liquidity.
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    \5\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (May 26, 2022), available at https://markets.cboe.com/us//market_statistics/.
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    The Exchange's Fee Schedule sets forth the standard rebates and
rates applied per share for orders that provide and remove liquidity,
respectively. Currently, for orders in securities priced at or above
$1.00, the Exchange provides a standard rebate of $0.00160 per share
for orders that add liquidity and assesses a fee of $0.0030 per share
for orders that remove liquidity. For orders in securities priced below
$1.00, the Exchange does not provide a rebate or assess a fee for
orders that add liquidity and assesses a fee of 0.30% of total dollar
value for orders that remove liquidity. Additionally, in response to
the competitive environment, the Exchange also offers tiered pricing,
which provides Members with opportunities to qualify for higher rebates
or lower fees where certain volume criteria and thresholds are met.
Tiered pricing provides an incremental incentive for Members to strive
for higher tier levels, which provides increasingly higher benefits or
discounts for satisfying more stringent criteria.
Addition of NBBO Setter Program
    The Exchange proposes to adopt a new volume-based incentive
program, referred to by the Exchange as the NBBO Setter Program (the
``Program''), designed to improve market quality on the Exchange in
certain securities.\6\ Under the proposed Program, qualifying orders in
specific securities that yield fee codes B,\7\ V,\8\ and Y \9\ will be
eligible for the proposed additive rebate under proposed Tier 1 of the
NBBO Setter Program (``NBBO Setter Tier''). More specifically, under
the proposed new tier, the Exchange will provide an additional rebate
of $0.0003 per share to MPIDs that have a Step-Up Setter ADAV
10 11 12 from May 2022 that is equal to or greater than
350,000 for orders in NBBO Setter Securities \13\ that establish a new
Setter NBBO.\14\
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    \6\ The Exchange proposes to codify the new Program under
proposed Footnote 20 of the Fee Schedule.
    \7\ Orders yielding Fee Code ``B'' are displayed orders adding
liquidity to BZX (Tape B).
    \8\ Orders yielding Fee Code ``V'' are displayed orders adding
liquidity to BZX (Tape A).
    \9\ Orders yielding Fee Code ``Y'' are displayed orders adding
liquidity to BZX (Tape C).
    \10\ As proposed, ``Step-Up Setter ADAV'' means Baseline Setter
ADAV in the relevant baseline month subtracted from Current Setter
ADAV.
    \11\ As proposed, ``Baseline Setter ADAV'' means ADAV calculated
as the number of displayed shares added per day that establish a new
NBBO in NBBO Setter Securities.
    \12\ As proposed, ``Current Setter ADAV'' means ADAV calculated
as the number of displayed shares added per day that establish a new
Setter NBBO in NBBO Setter Securities.
    \13\ As proposed, ``NBBO Setter Securities'' means a list of
securities included in the NBBO Setter Program, the universe of
which will be determined by the Exchange and published in a Notice
distributed to Members and on the Exchange's website. At the outset,
NBBO Setter Securities will include a number of large cap equity
securities and select ETPs for which the Exchange wishes to
incentivize enhanced liquidity provision. The Exchange anticipates
that the NBBO Setter Securities list will generally include between
500-800 securities and may be periodically updated by the Exchange,
provided that the Exchange will not remove a security from the NBBO
Setter Securities list without at least 30 days' prior notice to
Members (unless the security is no longer eligible for trading on
the Exchange). The initial set of NBBO Setter Securities will be
comprised of approximately 550 securities.
    \14\ As proposed, ``Setter NBBO'' means a quotation of at least
100 shares that is better than the NBBO or a quotation of a notional
size of at least $10,000.00 that is better than the NBBO. A
quotation of at least 100 shares or a quotation of a notional size
of at least $10,000 that merely joins the NBBO (i.e., is ``at'' the
NBBO'' will not qualify as a Setter NBBO.
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    The $0.0003 per share additive rebate will be provided in addition
to all other rebates that are otherwise applicable to each of an MPID's
qualifying orders that are eligible for the additive rebate under the
NBBO Setter Tier. For example, the standard rebate for an execution
yielding fee code B is $0.0016 per share (assume the execution occurred
in a security priced above $1.00). A Member with an ADAV of 15,000,000
shares would qualify for Add Volume Tier 1 under footnote 1 and would
instead receive an enhanced rebate of $0.0020 per share. If such Member
achieved this ADAV and also had a Step-Up Setter ADAV of 350,000 shares
in NBBO Setter Securities, the Member would also qualify for the NBBO
Setter Tier additive rebate and would receive a total rebate of $0.0023
per share on the 350,000 shares that qualified for NBBO Setter Tier
(representing the original, enhanced rebate of $0.0020 per share plus
the $0.0003 incentive).
    The Exchange notes that it has previously offered similar NBBO
Setter Tiers, but eliminated these tiers effective March 1, 2019.\15\
The Exchange is now proposing to re-introduce similar incentives to
encourage Members to contribute to market quality on the Exchange.
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    \15\ See Securities Exchange Act Release No. 85235 (March 1,
2019), 84 FR 8358 (March 7, 2019) (SR-CboeBZX-2019-012) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend the Fee Schedule Applicable to Members and Non-Members of the
Exchange Pursuant to BZX Rules 15.1(a) and (c)).
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Step Up Tier 2
    The Step-Up Tiers set forth in footnote 2 of the Fee Schedule
provide Members an opportunity to qualify for

an enhanced rebate for liquidity adding orders that yield fee codes
B,\16\ V,\17\ and Y \18\ where they increase their relative liquidity
each month over a predetermined baseline. The Exchange notes that Step-
Up Tiers are designed to encourage Members that provide displayed
liquidity on the Exchange to increase their order flow, which would
benefit all Members by providing greater execution opportunities on the
Exchange. Tier 2 of the Step-Up Tiers provides an enhanced rebate of
$0.0032 per share to a Member that (1) has a Step-Up ADAV \19\ from
June 2021 greater than or equal to 10,000,000 or a Step-Up Add TCV \20\
from June 2021 greater than or equal to 0.10% and (2) the Member has an
ADV greater than or equal to 0.30% of the TCV \21\ or the Member has an
ADV \22\ greater than or equal to 35,000,000.
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    \16\ Supra note 4.
    \17\ Supra note 5.
    \18\ Supra note 6.
    \19\ Supra note 7.
    \20\ ``Step-Up Add TCV'' means ADAV as a percentage of TCV in
the relevant baseline month subtracted from current ADAV as a
percentage of TCV.
    \21\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
    \22\ ``ADV'' means average daily volume calculated as the number
of shares added or removed, combined, per day.
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    The Exchange now proposes to update the current Step-Up ADAV
baseline month from June 2021 to January 2022. The Exchange believes
that the change will provide a more current ADAV baseline for Members
who seek to receive a rebate pursuant to Step-Up Tier 2. Overall, the
Step-Up tiers, including Step-Up Tier 2 as amended, are designed to
provide Members with an additional opportunity to receive an enhanced
rebate by increasing their order flow to the Exchange, which further
contributes to a deeper, more liquid market and provides even more
execution opportunities for active market participants. The Exchange
does not propose to change any other criteria for Step-Up Tier 2
outside of the baseline month used to calculate ADAV.
    The Exchange also proposes to remove the definition of ``Setter Add
TCV'' from its Fee Schedule as the definition is no longer applicable.
The Exchange believes this change is non-substantive and will benefit
Members by providing a more accurate description of terms currently
used within its Fee Schedule.
    The Exchange notes that the introduction of the NBBO Setter Program
and the revision to Step-Up Tier 2 will be available to all Members and
will provide Members an opportunity to receive enhanced rebates.
Moreover, the proposed changes are designed to encourage Members that
provide displayed liquidity on the Exchange to increase their overall
add volume order flow, which would benefit all Members by providing
greater execution opportunities on the Exchange and to contribute to a
deeper, more liquid market, to the benefit of all investors.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\23\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \24\ requirements that the rules of an exchange be
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. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \25\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \23\ 15 U.S.C. 78f(b).
    \24\ 15 U.S.C. 78f(b)(5).
    \25\ Id.
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    In particular, the Exchange believes that the proposed NBBO Setter
Tier is reasonable, equitable, and not unfairly discriminatory. The
proposed NBBO Setter Tier reflects a competitive pricing structure
designed to incentivize participants to direct their order flow to the
Exchange and enhance market quality in NBBO Setter Securities.
Particularly, the Exchange believes the proposed tier, which provides
an additional rebate to qualifying orders, provides a reasonable means
to encourage overall growth in Members' MPID order flow that
establishes a Setter NBBO in NBBO Setter Securities. An overall
increase in activity would deepen the Exchange's liquidity pool, offer
more narrow spreads, support the quality of price discovery, promote
market transparency, and improve market quality for all investors. The
Exchange believes that its proposed definition of NBBO Setter
Securities is reasonable, equitable and not unfairly discriminatory
because the Exchange has identified such securities as securities for
which it would like to inject additional quoting competition, which it
believes will generally act to narrow spreads, increase size at the
inside, and increase liquidity depth in such securities. The Exchange
also believes that the proposed definition of Setter NBBO is reasonable
in that it provides MPIDs alternative ways to qualify for a rebate in
NBBO Setter Securities and encourages MPIDs to quote at the NBBO in
higher-priced securities in which Members might not otherwise quote at
least 100 shares due to the higher notional value associated with
securities priced over $100.00. For example, if an MPID wanted to set
the NBBO in Alphabet Inc., the MPID would, under the Exchange's
standard definition of NBBO,\26\ have to provide a round lot quotation
priced better than approximately $2,228.55,\27\ which equates to a
notional value of $222,855.00. Under the Exchange's proposed Setter
NBBO definition, however, the MPID could qualify for the additive
rebate under the NBBO Setter Tier by providing an odd lot quotation in
Alphabet Inc. with a notional value of at least $10,000.00 that
``sets'' (i.e., is better than) the NBBO. The Exchange believes that
allowing MPIDs to qualify for the additive rebate under NBBO Setter
Tier by satisfying the definition of Setter NBBO with either a
quotation of at least 100 shares better than the NBBO or an odd lot
quotation better than the NBBO with a notional value of at least
$10,000.00 will promote price discovery and market quality in NBBO
Setter Securities and, further, that the tightened spreads and
increased liquidity from the proposal will benefit all investors by
deepening the Exchange's liquidity pool, offering the potential for
execution at more aggressive prices, supporting the quality of price
discovery, enhancing quoting competition across exchanges, promoting
market transparency, and improving investor protection.
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    \26\ Supra note 3.
    \27\ Pricing data for Alphabet Inc. sourced from https://finance.yahoo.com/quote/GOOG?p=GOOG&.tsrc=fin-srch (last accessed
June 13, 2022).
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    In addition, the Exchange believes its definitions of ``Baseline
Setter ADAV,'' ``Current Setter ADAV,'' and ``Step-Up Setter ADAV'' are
reasonable, equitable and not unfairly discriminatory because

the definitions will apply to all MPIDs equally and describe how an
MPID may qualify for an enhanced rebate under the NBBO Setter Tier. The
Exchange also believes that it is reasonable to apply different methods
for calculating Baseline Setter ADAV and Current Setter ADAV.
Specifically, Baseline Setter ADAV includes only round lot quotations
that set the NBBO while Current Setter ADAV includes both quotations of
at least 100 shares that are better than the NBBO and quotation of a
notional size of at least $10,000.00 that is better than the NBBO. As
such, Current Setter ADAV is by definition always equally or more
inclusive than Baseline Setter ADAV and can only act to the advantage
of Members in meeting the NBBO Setter Tier.\28\ Accordingly, the
Exchange believes that the proposal is reasonable, equitably allocated,
and not unfairly discriminatory because it is consistent with the
overall goal of enhancing market quality.
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    \28\ While the Baseline Setter ADAV is calculated using round
lots, which may be less than 100 shares for certain securities, and
the Current Setter ADAV is calculated using at least 100 shares or
$10,000.00 in notional size, the Current Setter ADAV remains more
inclusive than the Baseline Setter ADAV because the $10,000.00
notional size criteria is less than the notional value of a round
lot for the only security with a round lot under 100 shares that
will be an NBBO Setter Security. Specifically, ticker NVR requires a
quotation of only 10 shares in order to establish a round lot
quotation and be included in the Baseline Setter ADAV. All other
NBBO Setter Securities initially selected by the Exchange require a
quotation of at least 100 shares to establish a round lot quotation.
While NVR requires a quotation of fewer shares to establish a round
lot, for the entirety of the baseline month of May 2022, a quote in
NVR would have satisfied the $10,000.00 notional size criteria with
a quotation of less than 10 shares, meaning that the Current Setter
ADAV criteria remains more inclusive than the Baseline Setter ADAV
criteria.
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    The Exchange notes that the proposed NBBO Setter Tier is not
dissimilar from other volume-based rebates and fees (``Volume Tiers'')
that have been widely adopted by exchanges, including the Exchange, and
are equitable and not unfairly discriminatory because they are open to
all members on an equal basis and provide higher rebates that are
reasonably related to the value of an Exchange's market quality. Much
like Volume Tiers are generally designed to incentivize higher levels
of liquidity provision and/or growth patterns on the Exchange, the
proposed NBBO Setter Tier is designed to incentivize enhanced market
quality on the Exchange through tighter spreads, greater size at the
inside, and greater quoting depth in NBBO Setter Securities by offering
an additive rebate in NBBO Setter Securities. As such, the Exchange
believes the proposed additive rebate in qualifying orders for NBBO
Setter Securities will act to enhance liquidity and competition across
exchanges in NBBO Setter Securities by providing a rebate reasonably
related to such enhanced market quality to the benefit of all
investors, thereby promoting the principles discussed in Section
6(b)(5) of the Act.\29\ Additionally, the Exchange notes that the
proposed tier is comparable to other pricing tiers adopted by the
Exchange and other exchanges that provide an enhanced rebate or
supplemental incentive for firms that achieve a specified volume
threshold in a specified group of securities.\30\
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    \29\ Supra note 18.
    \30\ See Exchange Fee Schedule, Footnote 13, Tape B Volume and
Quoting Tiers. See also MEMX Fee Schedule, Displayed Liquidity
Incentive Tiers and Nasdaq Fee Schedule, NBBO Program.
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    The Exchange also believes that the proposed change to the baseline
month calculation in Step-Up Tier 2 is reasonable in that it will
provide a more current calculation on which the ADAV or TCV criteria
may be satisfied. Step-Up Tier 2 will continue to be available to all
Members and provide all Members with an additional opportunity to
receive an enhanced rebate, albeit using slightly modified criteria.
The Exchange further believes Step-Up Tier 2, even as amended,
continues to provide a reasonable means to encourage overall growth in
Members' order flow to the Exchange and to incentivize Members to
continue to provide liquidity adding volume to the Exchange by offering
them an additional opportunity to receive an enhanced rebate on
qualifying orders. An overall increase in activity would deepen the
Exchange's liquidity pool, offer additional cost savings, support the
quality of price discovery, promote market transparency and improve
market quality for all investors.
    The Exchange also believes that the proposal represents an
equitable allocation of fees and rebates and is not unfairly
discriminatory because all Members will be eligible for the Step-Up
Tier 2 and proposed NBBO Setter Tier rebates and have the opportunity
to meet the Tiers' criteria and receive the corresponding enhanced or
additional rebate if such criteria is met. Without having a view of
activity on other markets and off-exchange venues, the Exchange has no
way of knowing whether these proposed changes would definitely result
in any Members qualifying for the Step-Up Tier 2 or NBBO Setter Tier.
While the Exchange has no way of predicting with certainty how the
proposed changes will impact Member activity, the Exchange anticipates
approximately four Members will be able to compete for and reach the
criteria under Step-Up Tier 2, as amended, and anticipates
approximately three to five Members will be able to compete for and
reach the criteria under proposed NBBO Setter Tier. The Exchange also
notes that proposed changes will not adversely impact any Member's
ability to qualify for reduced fees or enhanced rebates offered under
other tiers. Should a Member not meet the proposed new criteria or
proposed new NBBO Setter Tier, the Member will merely not receive that
corresponding enhanced or additional rebate.
    The Exchange also believes that the clarifying change to delete a
non-applicable definition (i.e., the ``Setter Add TCV'' definition)
from the Definitions section of the Fee Schedule is reasonable, fair
and equitable and non-discriminatory because it is non-substantive and
is designed to make sure that the Fee Schedule is as clear and
understandable as possible. The Exchange notes the Setter Add TCV
definition was only applicable to a former NBBO setter program that the
Exchange no longer maintains and is not otherwise applicable to any
fees, rebates or other incentive programs.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
    The Exchange believes the proposed rule change does not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Particularly, the proposed
NBBO Setter Tier will be eligible to all Members' MPIDs equally in that
all Members' MPIDs have the opportunity to submit orders that could set
the Setter NBBO and therefore qualify for the proposed additive rebate
in NBBO Setter Securities. Furthermore, the Exchange believes that the
proposed NBBO Setter Tier would incentivize Members to submit
additional aggressively priced displayed liquidity to the Exchange, and
to increase their order flow on the Exchange generally, thereby
contributing to a deeper and more liquid market and promoting price
discovery and market quality on the Exchange to the benefit of all
market participants and enhancing the attractiveness of the Exchange as
a trading venue, which the Exchange believes, in turn, would continue
to encourage market participants to direct additional order flow to the
Exchange.

Greater liquidity benefits all Members by providing more trading
opportunities and encourages Members to send additional orders to the
Exchange, thereby contributing to robust levels of liquidity, which
benefits all market participants. The proposed change to the baseline
ADAV calculation in Step-Up Tier 2 equally does not impose a burden on
intramarket competition that is not in furtherance of the Act in that
the proposed change applies to all Members equally and will incentivize
Members to increase their order flow on the Exchange by providing a
more current baseline upon which the ADAV or TCV is based. The only
proposed change to Step-Up Tier 2 is to the baseline month on which the
ADAV or TCV will be calculated in order for a Member to be eligible to
receive the enhanced rebate. The proposed non-substantive change to the
Definitions section of the Fee Schedule is similarly non-burdensome as
it will be available to all Members and provide a clear description of
the terms applicable to the Fee Schedule.
    The Exchange notes that its proposed NBBO Setter Program does not
impose a burden on intermarket competition as the proposal is intended
to increase competition in U.S. equity securities that the Exchange
believes will contribute to a deeper and more liquid market in these
securities, which would in turn promote price discovery and market
quality on the Exchange to the benefit of all market participants and
enhancing the attractiveness of the Exchange as a trading venue, which
the Exchange believes, in turn, would continue to encourage market
participants to direct additional order flow to the Exchange. The
Exchange does not believe that the proposed changes represent a
significant departure from pricing current offered by the Exchange or
pricing offered by other equities exchanges. Members may opt to
disfavor the Exchange's pricing if they believe that alternatives offer
them better value. Accordingly, the Exchange does not believe that the
proposed changes will impair the ability of Members or competing venues
to maintain their competitive standing in the financial markets. As
previously discussed, the Exchange operates in a highly competitive
market. Members have numerous alternative venues that they may
participate on and direct their order flow, including other equities
exchanges, off-exchange venues, and alternative trading systems.
Additionally, the Exchange represents a small percentage of the overall
market. Based on publicly available information, no single equities
exchange has more than 17% of the market share.\31\ Therefore, no
exchange possesses significant pricing power in the execution of order
flow. Indeed, participants can readily choose to send their orders to
other exchange and off-exchange venues if they deem fee levels at those
other venues to be more favorable. Moreover, the Commission has
repeatedly expressed its preference for competition over regulatory
intervention in determining prices, products, and services in the
securities markets. Specifically, in Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues and, also, recognized that current regulation of the
market system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \32\ The fact that this market is competitive
has also long been recognized by the courts. In NetCoalition v.
Securities and Exchange Commission, the D.C. Circuit stated as follows:
``[n]o one disputes that competition for order flow is `fierce.'. . .
As the SEC explained, `[i]n the U.S. national market system, buyers and
sellers of securities, and the broker-dealers that act as their order-
routing agents, have a wide range of choices of where to route orders
for execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . .''.\33\
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    \31\ Supra note 3.
    \32\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \33\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

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

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \34\ and paragraph (f) of Rule 19b-4 \35\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \34\ 15 U.S.C. 78s(b)(3)(A).
    \35\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-CboeBZX-2022-034 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-CboeBZX-2022-034. 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 (https://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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change. 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-CboeBZX-2022-034 and should be submitted
on or before July 15, 2022.
---------------------------------------------------------------------------

    \36\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2022-13476 Filed 6-23-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 56 (Thursday, March 23, 2023)]
[Notices]
[Pages 17563-17564]
[FR Doc No: 2023-06009]

=======================================================================
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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #1

    Take notice that the Commission received the following electric
corporate filings:
    Docket Numbers: EC23-62-000.
    Applicants: Landrace Holdings, LLC, PGR 2021 Lessee 18, LLC.
    Description: Joint Application for Authorization Under Section 203
of the Federal Power Act of Landrace Holdings, LLC, et al.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5121.
    Comment Date: 5 p.m. ET 4/7/23.

    Docket Numbers: EC23-63-000.
    Applicants: Virginia Line Solar, LLC, PGR 2022 Lessee 1, LLC.
    Description: Joint Application for Authorization Under Section 203
of the Federal Power Act of Virginia Line Solar, LLC, et al.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5125.
    Comment Date: 5 p.m. ET 4/7/23.

    Take notice that the Commission received the following exempt
wholesale generator filings:

    Docket Numbers: EG00-32-001.
    Applicants: Fresno Cogeneration Partners, L.P.
    Description: Fresno Cogeneration Partners, L.P. submits Notice of
Material Change in Facts of Self-Certification of Exempt Wholesale
Generator Status.
    Filed Date: 3/6/23.
    Accession Number: 20230306-5198.
    Comment Date: 5 p.m. ET 3/27/23.

    Docket Numbers: EG14-16-001.
    Applicants: Fortistar North Tonawanda Inc.
    Description: Fortistar North Tonawanda LLC submits Notice of Self-
Certification of Exempt Wholesale Generator Status.
    Filed Date: 3/9/23.
    Accession Number: 20230309-5243.
    Comment Date: 5 p.m. ET 3/30/23.

    Docket Numbers: EG23-97-000.
    Applicants: PGR 2022 Lessee 1, LLC.
    Description: PGR 2022 Lessee 1, LLC submits Notice of Self-
Certification of Exempt Wholesale Generator Status.
    Filed Date: 3/16/23.
    Accession Number: 20230316-5146.
    Comment Date: 5 p.m. ET 4/6/23.

    Docket Numbers: EG23-98-000.
    Applicants: Remy Jade II, LLC.
    Description: Remy Jade II, LLC submits Notice of Self-Certification
of Exempt Wholesale Generator Status.
    Filed Date: 3/16/23.
    Accession Number: 20230316-5155.
    Comment Date: 5 p.m. ET 4/6/23.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER21-2695-002.
    Applicants: Lincoln Land Wind, LLC.
    Description: Midcontinent Independent System Operator, Inc. submits
tariff filing per 35.19a(b): Refund Report__Lincoln Land Wind, LLC to
be effective N/A.
    Filed Date: 3/16/23.
    Accession Number: 20230316-5183.
    Comment Date: 5 p.m. ET 4/6/23.

    Docket Numbers: ER22-93-001.
    Applicants: Tatanka Ridge Wind, LLC.
    Description: Midcontinent Independent System Operator, Inc. submits
tariff filing per 35.19a(b): Refund Report__Tatanka Ridge Wind, LLC to
be effective N/A.
    Filed Date: 3/16/23.
    Accession Number: 20230316-5184.
    Comment Date: 5 p.m. ET 4/6/23.

    Docket Numbers: ER22-526-001.
    Applicants: Glacier Sands Wind Power, LLC.
    Description: Midcontinent Independent System Operator, Inc. submits
tariff filing per 35.19a(b): Refund Report__Glacier Sands Wind Power,
LLC to be effective N/A.
    Filed Date: 3/16/23.
    Accession Number: 20230316-5185.
    Comment Date: 5 p.m. ET 4/6/23.

    Docket Numbers: ER23-762-001.
    Applicants: The Dayton Power and Light Company, PJM
Interconnection, L.L.C.
    Description: Compliance Filing of The Dayton Power & Light Company
with respect to the five planned transmission projects.
    Filed Date: 3/8/23.
    Accession Number: 20230308-5180.
    Comment Date: 5 p.m. ET 3/29/23.

    Docket Numbers: ER23-1409-000.
    Applicants: Pacific Gas and Electric Company.
    Description: Sec.  205(d) Rate Filing: Amendment to Sillicon Valley
Power GDMSA (RS 248) to be effective 1/18/2023.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5000.
    Comment Date: 5 p.m. ET 4/7/23.

    Docket Numbers: ER23-1410-000.
    Applicants: Fifth Standard Solar PV, LLC.
    Description: Baseline eTariff Filing: Application for Market Based
Rate to be effective 4/21/2023.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5002.
    Comment Date: 5 p.m. ET 4/7/23.

    Docket Numbers: ER23-1411-000.
    Applicants: Newport Solar LLC.
    Description: Baseline eTariff Filing: Newport Solar Application for
MBR Authority w/Waivers & Expedited Consideration to be effective 3/20/
2023.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5003.
    Comment Date: 5 p.m. ET 4/7/23.

    Docket Numbers: ER23-1412-000.
    Applicants: PacifiCorp.
    Description: Sec.  205(d) Rate Filing: Calpine NITSA Rev 17 to be
effective 3/1/2023.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5024.
    Comment Date: 5 p.m. ET 4/7/23.

    Docket Numbers: ER23-1413-000.
    Applicants: Landrace Holdings, LLC.
    Description: Baseline eTariff Filing: Landrace Holdings, LLC MBR
Tariff to be effective 3/18/2023.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5051.
    Comment Date: 5 p.m. ET 4/7/23.

    Docket Numbers: ER23-1414-000.
    Applicants: PGR 2021 Lessee 18, LLC.
    Description: Baseline eTariff Filing: PGR 2021 Lessee 18, LLC MBR
Tariff to be effective 3/18/2023.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5052.
    Comment Date: 5 p.m. ET 4/7/23.

    Docket Numbers: ER23-1415-000.
    Applicants: Virginia Line Solar, LLC.
    Description: Baseline eTariff Filing: Virginia Line Solar, LLC MBR
Tariff to be effective 3/18/2023.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5053.
    Comment Date: 5 p.m. ET 4/7/23.

    Docket Numbers: ER23-1416-000.
    Applicants: PGR 2022 Lessee 1, LLC.
    Description: Baseline eTariff Filing: PGR 2022 Lessee 1, LLC MBR
Tariff to be effective 3/18/2023.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5054.
    Comment Date: 5 p.m. ET 4/7/23.

    Docket Numbers: ER23-1417-000.
    Applicants: Alabama Power Company, Georgia Power Company,
Mississippi Power Company.
    Description: Tariff Amendment: Alabama Power Company submits tariff
filing per 35.15: Blackbriar Farm LGIA Termination Filing to be
effective 3/17/2023.

    Filed Date: 3/17/23.
    Accession Number: 20230317-5072.
    Comment Date: 5 p.m. ET 4/7/23.

    Docket Numbers: ER23-1418-000.
    Applicants: AES WR Limited Partnership.
    Description: Baseline eTariff Filing: Application for Market Based
Rate to be effective 6/1/2023.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5084.
    Comment Date: 5 p.m. ET 4/7/23.

    Docket Numbers: ER23-1419-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Original NSA, SA No. 6833;
Queue No. AE2-148 to be effective 2/17/2023.
    Filed Date: 3/17/23.
    Accession Number: 20230317-5089.
    Comment Date: 5 p.m. ET 4/7/23.
    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: March 17, 2023.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2023-06009 Filed 3-22-23; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 145 (Monday, August 2, 2021)]
[Notices]
[Pages 41465-41466]
[FR Doc No: 2021-16425]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ID-9224-000]

Young, Theresa; Notice of Filing

    Take notice that on July 20, 2021, Theresa Young submitted for
filing, application for authority to hold interlocking positions,
pursuant to

section 305(b) of the Federal Power Act, 16 U.S.C. 825d (b) and Part
45.8 of the Federal Energy Regulatory Commission's (Commission) Rules
of Practice and Procedure, 18 CFR part 45.8.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date. On or
before the comment date, it is not necessary to serve motions to
intervene or protests on persons other than the Applicant.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://www.ferc.gov) using
the ``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact the Federal Energy
Regulatory Commission at<EMAIL_ADDRESS>or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the ``eFiling'' link
at http://www.ferc.gov. Persons unable to file electronically may mail
similar pleadings to the Federal Energy Regulatory Commission, 888
First Street NE, Washington, DC 20426. Hand delivered submissions in
docketed proceedings should be delivered to Health and Human Services,
12225 Wilkins Avenue, Rockville, Maryland 20852.
    Comment Date: 5:00 p.m. Eastern Time on August 10, 2021.

    Dated: July 26, 2021.
Kimberly D. Bose,
Secretary.
[FR Doc. 2021-16425 Filed 7-30-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: January 7, 2009 (Volume 74, Number 4)]
[Notices]
[Page 743-746]
[DOCID:fr07ja09-62]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59186; File No. SR-NASDAQ-2008-103]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Order Granting Accelerated Approval of Proposed
Rule Change To Extend the Pilot Program for NASDAQ Last Sale Data Feeds

December 30, 2008.
    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 December 24, 2008, 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 and
II below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons, and is approving the
proposal on an accelerated basis.
---------------------------------------------------------------------------

    \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 extend for three months the pilot that
created the NASDAQ Last Sale (``NLS'') market data products. NLS allows
data distributors to have access to real-time market data for a capped
fee, enabling those distributors to provide free access to the data to
millions of individual investors via the internet and television.
Specifically, NASDAQ offers the ``NASDAQ Last Sale for NASDAQ'' and
``NASDAQ Last Sale for NYSE/Amex'' data feeds containing last sale
activity in U.S. equities within the NASDAQ Market Center and reported
to the jointly-operated FINRA/NASDAQ Trade Reporting Facility (``FINRA/
NASDAQ TRF'').
    This pilot program supports the aspiration of Regulation NMS to
increase the availability of proprietary data by allowing market forces
to determine the amount of proprietary market data information that is
made available to the public and at what price. During the current
pilot period, the program has vastly increased the availability of
NASDAQ proprietary market data to individual investors. Based upon data
from NLS distributors, NASDAQ believes that since its launch in July
2008, the NLS data has been viewed by over 50,000,000 investors on
websites operated by Google, Interactive Data, and Dow Jones, among
others. The text of the proposed rule change is available at NASDAQ,
the Commission's Public Reference Room, and http://
nasdaq.complinet.com.

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

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

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

1. Purpose
    Prior to the launch of NLS, public investors that wished to view
market data to monitor their portfolios generally had two choices: (1)
Pay for real-time market data or (2) use free data that is 15 to 20
minutes delayed. To increase consumer choice, NASDAQ proposed a four-
month pilot to offer access to real-time market data to data
distributors for a capped fee, enabling those distributors to
disseminate the data via the internet and television at no cost to
millions of internet users and television viewers. NASDAQ now proposes
a three-month extension of that pilot program asset [sic] forth in the
original proposal as described below.
    The NLS pilot created two separate ``Level 1'' products containing
last sale activity within the NASDAQ market and reported to the
jointly-operated FINRA/

NASDAQ TRF. First, the ``NASDAQ Last Sale for NASDAQ Data Product,'' a
real-time data feed that provides real-time last sale information
including execution price, volume, and time for executions occurring
within the NASDAQ system as well as those reported to the FINRA/NASDAQ
TRF. Second, the NASDAQ Last Sale for NYSE/Amex data product that
provides real-time last sale information including execution price,
volume, and time for NYSE- and Amex-securities executions occurring
within the NASDAQ system as well as those reported to the FINRA/NASDAQ
TRF.
    NASDAQ developed these product proposals in consultation with
industry members and also market data vendors and purchasers. These
products are designed to meet the needs of current and prospective
subscribers that do not need or are unwilling to pay for the
consolidated data provided by the SIP Level 1 products. NASDAQ is also
proposing to ease the administrative burden of market data vendors that
are receiving and using data in new ways, particularly those that
provide the data via the internet and various television media.
Providing investors with new options for receiving market data was a
primary goal of the market data amendments adopted in Regulation NMS.
    NASDAQ established two different pricing models, one for clients
that are able to maintain username/password entitlement systems and/or
quote counting mechanisms to account for usage, and a second for those
that are not. Firms with the ability to maintain username/password
entitlement systems and/or quote counting mechanisms will be eligible
for a specified fee schedule for the NASDAQ Last Sale for NASDAQ
Product and a separate fee schedule for the NASDAQ Last Sale for NYSE/
Amex Product: Firms that were unable to maintain username/password
entitlement systems and/or quote counting mechanisms will also have
multiple options for purchasing the NASDAQ Last Sale data. These firms
chose between a ``Unique Visitor'' model for internet delivery or a
``Household'' model for television delivery. Unique Visitor and
Household populations must be reported monthly and must be validated by
a third-party vendor or ratings agency approved by NASDAQ at NASDAQ's
sole discretion. In addition, to reflect the growing confluence between
these media outlets, NASDAQ offered a reduction in fees when a single
distributor distributes NASDAQ Last Sale Data Products via multiple
distribution mechanisms. Finally, NASDAQ established cap of $100,000
per month for NASDAQ Last Sale for NASDAQ and $50,000 per month for
NASDAQ Last Sale for NYSE/Amex. NASDAQ believed that it is reasonable
and appropriate to benefit small and medium-sized vendors by proposing
a progressive fee schedule and to benefit large vendors by proposing to
cap the monthly fees.
    As with the distribution of other NASDAQ proprietary products, all
distributors of the NASDAQ Last Sale for NASDAQ and/or NASDAQ Last Sale
for NYSE/Amex products would pay a single $1500/month NASDAQ Last Sale
Distributor Fee in addition to any applicable usage fees. The $1,500
monthly fee will apply to all distributors and will not vary based on
whether the distributor distributes the data internally or externally
or distributes the data via both the internet and television.
2. Statutory Basis
    NASDAQ believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\3\ in general and with Section
6(b)(4) of the Act,\4\ as stated above, in that it provides an
equitable allocation of reasonable fees among users and recipients of
NASDAQ data. In adopting Regulation NMS, the Commission granted self-
regulatory organizations and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to consumers, and also spur innovation and competition for the
provision of market data.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f.
    \4\ 15 U.S.C. 78f-3(b)(4).
---------------------------------------------------------------------------

    The NASDAQ Last Sale market data products proposed here appear to
be precisely the sort of market data product that the Commission
envisioned when it adopted Regulation NMS. The Commission concluded
that Regulation NMS--by deregulating the market in proprietary data--
would itself further the Act's goals of facilitating efficiency and
competition:

    [E]fficiency is promoted when broker-dealers who do not need the
data beyond the prices, sizes, market center identifications of the
NBBO and consolidated last sale information are not required to
receive (and pay for) such data. The Commission also believes that
efficiency is promoted when broker-dealers may choose to receive
(and pay for) additional market data based on their own internal
analysis of the need for such data.\5\

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

    \5\ Securities Exchange Act Release No. 51808 (June 9, 2005), 70
FR 37496 (June 29, 2005).
---------------------------------------------------------------------------

By removing ``unnecessary regulatory restrictions'' on the ability of
exchanges to sell their own data, Regulation NMS advanced the goals of
the Act and the principles reflected in its legislative history. If the
free market should determine whether, proprietary data is sold to
broker-dealers at all, it follows that the price at which such data is
sold should be set by the market as well.
    NASDAQ's ability to price its Last Sale Data Products is
constrained by (1) Competition between exchanges and other trading
platforms that compete with each other in a variety of dimensions; (2)
the existence of inexpensive real-time consolidated data and free
delayed consolidated data, and (3) the inherent contestability of the
market for proprietary last sale data.
    The market for proprietary last sale data products is currently
competitive and inherently contestable because there is fierce
competition for the inputs necessary to the creation of proprietary
data and strict pricing discipline for the proprietary products
themselves. Numerous exchanges compete with each other for listings,
trades, and market data itself, providing virtually limitless
opportunities for entrepreneurs who wish to produce and distribute
their own market data. This proprietary data is produced by each
individual exchange, as well as other entities, in a vigorously
competitive market.
    Broker-dealers currently have numerous alternative venues for their
order flow, including eleven self-regulatory organization (``SRO'')
markets, as well as broker-dealers (``BDs'') and aggregators such as
the BATS electronic communications network (``ECN'').\6\ Each SRO
market competes to produce transaction reports via trade executions,
and an ever-increasing number of FINRA-regulated Trade Reporting
Facilities (``TRFs'') compete to attract internalized transaction
reports. It is common for BDs to further and exploit this competition
by sending their order flow and transaction reports to multiple
markets, rather than providing them all to a single market. Competitive
markets for order flow, executions, and transaction reports provide
pricing discipline for the inputs of proprietary data products.
---------------------------------------------------------------------------

    \6\ The Commission notes that BATS no longer operates as an ECN,
rather BATS operates as a national securities exchange. See
Securities Exchange Act Release No. 58375 (August 18, 2008), 73 FR
49498 (August 21, 2008).
---------------------------------------------------------------------------

    The large number of SROs, TRFs, and ECNs that currently produce
proprietary data or are currently capable of producing it provides
further pricing discipline for proprietary data products.

Each SRO, TRF, ECN and BD is currently permitted to produce proprietary
data products, and many currently do or have announced plans to do so,
including NASDAQ, NYSE, Amex, NYSEArca, and BATS.
    Any ECN or BD can combine with any other ECN, broker-dealer, or
multiple ECNs or BDs to produce jointly proprietary data products.
Additionally, non-broker-dealers such as order routers like LAVA, as
well as market data vendors can facilitate single or multiple broker-
dealers' production of proprietary data products. The potential sources
of proprietary products are virtually limitless.
    The fact that proprietary data from ECNs, BDs, and vendors can by-
pass SROs is significant in two respects. First, non-SROs can compete
directly with SROs for the production and sale of proprietary data
products, as BATS does today by publishing its proprietary book data on
the Internet.\7\ Second, because a single order or transaction report
can appear in an SRO proprietary product, a non-SRO proprietary
product, or both, the data available in proprietary products is
exponentially greater than the actual number of orders and transaction
reports that exist in the marketplace writ large.
---------------------------------------------------------------------------

    \7\ Id.
---------------------------------------------------------------------------

    Consolidated data provides two additional measures of pricing
discipline for proprietary data products that are a subset of the
consolidated data stream. First, the consolidated data is widely
available in real-time at $1 per month for non-professional users.
Second, consolidated data is also available at no cost with a 15- or
20-minute delay. Because consolidated data contains marketwide
information, it effectively places a cap on the fees assessed for
proprietary data (such as last sale data) that is simply a subset of
the consolidated data. The mere availability of low-cost or free
consolidated data provides a powerful form of pricing discipline for
proprietary data products that contain data elements that are a subset
of the consolidated data, by highlighting the optional nature of
proprietary products.
    Market data vendors provide another form of price discipline for
proprietary data products because they control the primary means of
access to end users. Vendors impose price restraints based upon their
business models. For example, vendors such as Bloomberg and Reuters
that assess a surcharge on data they sell may refuse to offer
proprietary products that end users will not purchase in sufficient
numbers. Internet portals, such as Google, impose a discipline by
providing only that data which will enable them to attract ``eyeballs''
that contribute to their advertising revenue. Retail broker-dealers,
such as Schwab and Fidelity, offer their customers proprietary data
only if it promotes trading and generates sufficient commission
revenue. Although the business models may differ, these vendors'
pricing discipline is the same: they can simply refuse to purchase any
proprietary data product that fails to provide sufficient value. NASDAQ
and other producers of proprietary data products must understand and
respond to these varying business models and pricing disciplines in
order to successfully market proprietary data products.
    In addition to the competition and price discipline described
above, the market for proprietary data products is also highly
contestable because market entry is rapid, inexpensive, and profitable.
The history of electronic trading is replete with examples entrants
that swiftly grew into some of the largest electronic trading platforms
and proprietary data producers: Archipelago, Bloomberg Tradebook,
Island, RediBook, Attain, TracECN, and BATS Trading. Several ECNs have
existed profitably for many years with a minimal share of trading,
including Bloomberg Tradebook and NexTrade.
    Regulation NMS, by deregulating the market for proprietary data,
has increased the contestability of that market. While broker-dealers
have previously published their proprietary data individually,
Regulation NMS encourages market data vendors and broker-dealers to
produce proprietary products cooperatively in a manner never before
possible. Multiple market data vendors already have the capability to
aggregate data and disseminate it on a profitable scale, including
Bloomberg, Reuters and Thomson. New entrants are already on the
horizon, including ``Project BOAT,'' a consortium of financial
institutions that is assembling a cooperative trade collection facility
in Europe. These institutions are active in the United States and could
rapidly and profitably export the Project Boat technology to exploit
the opportunities offered by Regulation NMS.
    In establishing the price for the NASDAQ Last Sale Products, NASDAQ
considered the competitiveness of the market for last sale data and all
of the implications of that competition. NASDAQ believes that it has
considered all relevant factors and has not considered irrelevant
factors in order to establish a fair, reasonable, and not unreasonably
discriminatory fee and an equitable allocation of fees among all users.

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

    NASDAQ does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended. To the contrary,
the NASDAQ Last Sale Products respond to and enhance competition that
already exists in the market.
    On May 28, 2008, the internet portal Yahoo! announced that it would
offer its Web site viewers real-time last sale data provided by BATS
Trading. NASDAQ's last sale data products would compete directly with
the BATS product disseminated via Yahoo! because BATS Trading has
substantially less market share in NASDAQ-listed issues and its market
data is less complete.\8\ Preventing NASDAQ from responding to this
competition from its less-regulated competitor runs counter to the pro-
competitive goals of the Act.
---------------------------------------------------------------------------

    \8\ Id.
---------------------------------------------------------------------------

    In addition, as set forth in detail above, the market for last sale
data is already competitive, with both real-time and delayed
consolidated data as well as the ability for innumerable entities begin
rapidly and inexpensively to offer competitive last sale data products.
Moreover, the New York and American Stock Exchanges have each proposed
to distribute competing last sale data products. Under the deregulatory
regime of Regulation NMS, there is no limit to the number of competing
products that can be developed quickly and at low cost. The Commission
should not stand in the way of enhanced competition.

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

    Three comment letters were filed regarding the proposed rule change
as originally published for comment. NASDAQ responded to these comments
in a letter dated December 13, 2007. Both the comment letters and
NASDAQ's response are available on the SEC Web site at http://
www.sec.gov/comments/sr-nasdaq-2006-060/nasdaq2006060.shtml.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act.

Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2008-103 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-2008-103. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, on official
business days between the hours of 10 a.m. and 3 p.m. Copies of the
filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NASDAQ-2008-103 and should be submitted on or before
January 28, 2009.

IV. Commission's Findings and Order Granting Accelerated Approval of a
Proposed Rule Change

    The Commission finds that the proposed rule change, to extend the
pilot program for three months, is consistent with the requirements of
the Act and the rules and regulations thereunder applicable to a
national securities exchange.\9\ In particular, it is consistent with
Section 6(b)(4) of the Act,\10\ which requires that the rules of a
national securities exchange provide for the equitable allocation of
reasonable dues, fees, and other charges among its members and issuers
and other parties using its facilities, and Section 6(b)(5) of the
Act,\11\ which requires, among other things, that the rules of a
national securities exchange be designed to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system and, in general,
to protect investors and the public interest, and not be designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers.
---------------------------------------------------------------------------

    \9\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \10\ 15 U.S.C. 78f(b)(4).
    \11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission also finds that the proposed rule change is
consistent with the provisions of Section 6(b)(8) of the Act,\12\ which
requires that the rules of an exchange not impose any burden on
competition not necessary or appropriate in furtherance of the purposes
of the Act. Finally, the Commission finds that the proposed rule change
is consistent with Rule 603(a) of Regulation NMS,\13\ adopted under
Section 11A(c)(1) of the Act, which requires an exclusive processor
that distributes information with respect to quotations for or
transactions in an NMS stock to do so on terms that are fair and
reasonable and that are not unreasonably discriminatory.\14\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b)(8).
    \13\ 17 CFR 242.603(a).
    \14\ NASDAQ is an exclusive processor of its last sale data
under Section 3(a)(22)(B) of the Act, 15 U.S.C. 78c(a)(22)(B), which
defines an exclusive processor as, among other things, an exchange
that distributes data on an exclusive basis on its own behalf.
---------------------------------------------------------------------------

    The Commission approved the fee for the NASDAQ Last Sale Data Feeds
for a pilot period which runs until December 31, 2008.\15\ The
Commission notes that the Exchange proposes to extend the pilot program
for three months. The Exchange proposes no other changes to the
existing pilot program.
---------------------------------------------------------------------------

    \15\ See Securities Exchange Act Release Nos. 57965 (June 16,
2008), 73 FR 35178 (June 20, 2008) (SR-NASDAQ-2006-060) and 58894
(October 31, 2008), 73 FR 66953 (November 12, 2008) (SR-NASDAQ-2008-
086).
---------------------------------------------------------------------------

    On December 2, 2008, the Commission issued an approval order
(``Order'') that sets forth a market-based approach for analyzing
proposals by self-regulatory organizations to impose fees for ``non-
core'' market data products, such as the NASDAQ Last Sale Data
Feeds.\16\ The Commission believes that Nasdaq's proposal to
temporarily extend the pilot program is consistent with the Act for the
reasons noted in the Order.\17\ The Commission believes that approving
NASDAQ's proposal to temporarily extend the pilot program that imposes
a fee for the NASDAQ Last Sale Data Feeds for an additional three
months will be beneficial to investors and in the public interest, in
that it is intended to allow continued broad public dissemination of
increased real-time pricing information. In addition, extending the
pilot program for an additional three months will allow NASDAQ,
consistent with its representation,\18\ to file, the public to comment
on, and the Commission to analyze consistent with the Order and in
light of Section 19(b) of the Act, a proposal to permanently approve
the fee for NASDAQ Last Sale Data Feeds.
---------------------------------------------------------------------------

    \16\ See Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770 (December 9, 2008) (Order Setting Aside Action by
Delegated Authority and Approving Proposed Rule Change Relating to
NYSE Arca Data).
    \17\ See supra note 15.
    \18\ Telephone conversation between Jeffrey Davis, Vice
President and Deputy General Counsel, NASDAQ, and John Roeser,
Assistant Director, Division of Trading and Markets, Commission, on
December 29, 2008.
---------------------------------------------------------------------------

    The Commission finds good cause for approving the proposed rule
change before the thirtieth day after the date of publication of notice
of filing thereof in the Federal Register. Accelerating approval of
this proposal is expected to benefit investors by continuing to
facilitate their access to widespread, free, real-time pricing
information contained in the NASDAQ Last Sale Data Feeds. Therefore,
the Commission finds good cause, consistent with Section 19(b)(2) of
the Act,\19\ to approve the proposed rule change on an accelerated
basis to extend the operation of the pilot until March 31, 2009.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (SR-NASDAQ-2008-103) is hereby approved
on an accelerated basis until March 31, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
---------------------------------------------------------------------------

    \20\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
[FR Doc. E9-10 Filed 1-6-09; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 112 (Monday, June 11, 2018)]
[Notices]
[Pages 27011-27012]
[FR Doc No: 2018-12442]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2018-N-1728]

Advisory Committee; Drug Safety and Risk Management Advisory
Committee; Renewal

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice; renewal of advisory committee.

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SUMMARY: The Food and Drug Administration (FDA) is announcing the
renewal of the Drug Safety and Risk Management Advisory Committee by
the Commissioner of Food and Drugs (the Commissioner). The Commissioner
has determined that it is in the public interest to renew the Drug
Safety and Risk Management Advisory Committee for an additional 2 years
beyond the charter expiration date. The new charter will be in effect
until May 31, 2020.

DATES: Authority for the Drug Safety and Risk Management Advisory
Committee will expire on May 31, 2018, unless the Commissioner formally
determines that renewal is in the public interest.

FOR FURTHER INFORMATION CONTACT: Philip Bautista, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave, Bldg. 31, Rm. 2417, Silver Spring, MD 20993-0002, 301-
796-9001, [email protected].

SUPPLEMENTARY INFORMATION: Pursuant to 41 CFR 102-3.65 and approval by
the Department of Health and Human Services pursuant to 45 CFR part 11
and by the General Services Administration, FDA is announcing the
renewal of the Drug Safety and Risk Management Advisory Committee. The
committee is a discretionary Federal advisory committee established to
provide advice to the Commissioner.
    The Drug Safety and Risk Management Advisory Committee advises the
Commissioner or designee in discharging responsibilities as they relate
to helping to ensure safe and effective drugs for human use and, as
required, any other product for which FDA has regulatory
responsibility.
    The Committee reviews and evaluates information on risk management,
risk communication, and quantitative evaluation of spontaneous reports
for drugs for human use and for any other product for which FDA has
regulatory responsibility. The Committee also advises the Commissioner
regarding the scientific and medical evaluation of all

information gathered by the Department of Health and Human Services and
the Department of Justice with regard to safety, efficacy, and abuse
potential of drugs or other substances, and recommends actions to be
taken by the Department of Health and Human Services with regard to the
marketing, investigation, and control of such drugs or other
substances.
    The Committee shall consist of a core of 11 voting members
including the Chair. Members and the Chair are selected by the
Commissioner or designee from among authorities knowledgeable in the
fields of risk communication, risk management, drug safety, medical,
behavioral, and biological sciences as they apply to risk management,
and drug abuse. Members will be invited to serve for overlapping terms
of up to 4 years. Almost all non-Federal members of this committee
serve as Special Government Employees. The core of voting members may
include one technically qualified member, selected by the Commissioner
or designee, who is identified with consumer interests and is
recommended by either a consortium of consumer-oriented organizations
or other interested persons. In addition to the voting members, the
Committee may include one non-voting member who is identified with
industry interests.
    Further information regarding the most recent charter and other
information can be found at https://www.fda.gov/AdvisoryCommittees/CommitteesMeetingMaterials/Drugs/DrugSafetyandRiskManagementAdvisoryCommittee/default.htm or by
contacting the Designated Federal Officer (see FOR FURTHER INFORMATION
CONTACT). In light of the fact that no change has been made to the
committee name or description of duties, no amendment will be made to
21 CFR 14.100.
    This document is issued under the Federal Advisory Committee Act (5
U.S.C. app.). For general information related to FDA advisory
committees, please check https://www.fda.gov/AdvisoryCommittees/default.htm.

    Dated: June 5, 2018.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2018-12442 Filed 6-8-18; 8:45 am]
 BILLING CODE 4164-01-P


[Federal Register Volume 77, Number 128 (Tuesday, July 3, 2012)]
[Notices]
[Pages 39529-39530]
[FR Doc No: 2012-16225]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon written request, copies available from: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.

Extension:
    Regulation S-P; SEC File No. 270-480; OMB Control No. 3235-0537.

    Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission
(``Commission'') is soliciting comments on the existing collection of
information provided for in the privacy notice and opt out notice
provisions of Regulation S-P--Privacy of Consumer Financial Information
(17 CFR part 248) under the Securities Exchange Act of 1934 (15 U.S.C.
78a et seq.) (``Exchange Act''). The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
    The privacy notice and opt out notice provisions of Regulation S-P
(the ``Rule'') implement the privacy notice and opt out notice
requirements of Title V of the Gramm-Leach-Bliley Act (``GLBA''), which
include the requirement that at the time of establishing a customer
relationship with a consumer and not less than annually during the
continuation of such relationship, a financial institution shall
provide a clear and conspicuous disclosure to such consumer of such
financial institution's policies and practices with respect to
disclosing nonpublic personal information to affiliates and
nonaffiliated third parties (``privacy notice''). Title V of the GLBA
also provides that, unless an exception applies, a financial
institution may not disclose nonpublic personal information of a
consumer to a nonaffiliated third party unless the financial
institution clearly and conspicuously discloses to the consumer that
such information may be disclosed to such third party; the consumer is
given the opportunity, before the time that such information is
initially disclosed, to direct that such information not be disclosed
to such third party; and the consumer is given an explanation of how
the consumer can

exercise that nondisclosure option (``opt out notice''). The Rule
applies to broker-dealers, investment advisers registered with the
Commission, and investment companies (``covered entities'').
    Commission staff estimates that, as of early May, 2012, the Rule's
information collection burden applies to approximately 21,500 covered
entities (approximately 4,700 broker-dealers, 12,600 investment
advisers registered with the Commission, and 4,200 investment
companies). In view of (a) The minimal recordkeeping burden imposed by
the Rule (since the Rule has no recordkeeping requirement and records
relating to customer communications already must be made and retained
pursuant to other SEC rules); (b) the summary fashion in which
information must be provided to customers in the privacy and opt out
notices required by the Rule (the model privacy form adopted by the SEC
and the other agencies in 2009, designed to serve as both a privacy
notice and an opt out notice, is only two pages); (c) the availability
to covered entities of the model privacy form and online model privacy
form builder; and (d) the experience of covered entities' staff with
the notices, SEC staff estimates that covered entities will each spend
an average of approximately 12 hours per year complying with the Rule,
for a total of approximately 258,000 annual burden-hours (12 x 21,500 =
258,000). SEC staff understands that the vast majority of covered
entities deliver their privacy and opt out notices with other
communications such as account opening documents and account
statements. Because the other communications are already delivered to
consumers, adding a brief privacy and opt out notice should not result
in added costs for processing or for postage and materials. Also,
privacy and opt out notices may be delivered electronically to
consumers who have agreed to electronic communications, which further
reduces the costs of delivery. Because SEC staff assumes that most
paper copies of privacy and opt out notices are combined with other
required mailings, the burden-hour estimates above are based on
resources required to integrate the privacy and opt notices into
another mailing, rather than on the resources required to create and
send a separate mailing. SEC staff estimates that, of the estimated 12
annual burden-hours incurred, approximately 8 hours would be spent by
administrative assistants at an hourly rate of $65, and approximately 4
hours would be spent by internal counsel at an hourly rate of $378, for
a total annualized cost of $2,032 for each of the covered entities (8 x
$65 = $520; 4 x $378 = $1,512; $520 + $1,512 = $2,032). Hourly cost
estimates for personnel time are derived from the Securities Industry
and Financial Markets Association's Management & Professional Earnings
in the Securities Industry 2011, modified by SEC staff to account for
an 1800-hour work-year and multiplied by 5.35 to account for bonuses,
firm size, employee benefits, and overhead. Accordingly, SEC staff
estimates that the total annualized cost for the estimated total hour
burden for the approximately 21,500 covered entities subject to the
Rule is approximately $43,688,000 ($2,032 x 21,500 = $43,688,000).
    Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed collection of information on
respondents; (c) ways to enhance the quality, utility, and clarity of
the information to be collected; and (d) ways to minimize the burden of
the collection of information on respondents, including through the use
of automated collection techniques or other forms of information
technology. Consideration will be given to comments and suggestions
submitted in writing within 60 days of this publication.
    The Commission may not conduct or sponsor a collection of
information unless it displays a currently valid control number. No
person shall be subject to any penalty for failing to comply with a
collection of information subject to the PRA that does not display a
valid Office of Management and Budget (OMB) control number.
    Please direct your written comments to: Thomas Bayer, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312 or
send an email to<EMAIL_ADDRESS>
    Dated: June 27, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-16225 Filed 7-2-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 240 (Friday, December 15, 2023)]
[Notices]
[Pages 86889-86890]
[FR Doc No: 2023-27519]

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FEDERAL ENERGY REGULATORY COMMISSION

[Docket No. CP23-507-000]

Equitrans, L.P.; Notice of Availability of the Environmental
Assessment for the Proposed the Swarts and Hunters Cave Well
Replacement Project

    The staff of the Federal Energy Regulatory Commission (FERC or
Commission) has prepared an environmental assessment (EA) for the
Swarts and Hunters Cave Well Replacement Project, proposed by
Equitrans, L.P. (Equitrans) in the above-referenced docket. Equitrans
requests authorization to abandon 19 injection/withdrawal wells, and
construct two horizontal wells, and associated pipelines and
appurtenances, at its existing certificated Swarts and Hunters Cave
Storage Fields in Greene County, Pennsylvania.
    The EA assesses the potential environmental effects of the
construction, operation, and abandonment activities associated with the
Swarts and Hunters Cave Well Replacement Project in accordance with the
requirements of the National Environmental Policy Act (NEPA). The FERC
staff concludes that approval of the proposed project, with appropriate
mitigating measures, would not constitute a major federal action
significantly affecting the quality of the human environment.
    The proposed Swarts and Hunters Cave Well Replacement Project
includes the following facilities and activities:
     abandonment by-sale of 19 injection/withdrawal wells at
Equitrans' Hunters Cave Storage Field;
     abandonment in-place of the associated well pipelines and
any associated facilities;
     construction and operation of a new horizontal well,
associated pipelines, and ancillary facilities at the Hunters Cave
Storage Field;
     construction and operation of a new horizontal well,
associated pipelines, and ancillary facilities at the Swarts Complex;
     expansions of the existing Morris Interconnect and Pierce
Gates Valve Yards at the Hunters Cave Storage Field;
     acquisition of non-jurisdictional gathering assets from
EQM Gathering Opco, LLC (EQM) (pipelines and related equipment) for
operation of the new Swarts Horizontal Storage Well; and
     the sale of 580 million cubic feet of base gas from the
Swarts Complex.
    The Commission mailed a copy of the Notice of Availability to
Federal, State, and local government representatives and agencies;
elected officials; environmental and public interest groups; Native
American tribes; potentially affected landowners and other interested
individuals and groups; and newspapers and libraries in the project
area. The EA is only available in electronic format. It may be viewed
and downloaded from the FERC's website (www.ferc.gov), on the natural
gas environmental documents page (https://www.ferc.gov/industries-data/natural-gas/environment/environmental-documents). In addition, the EA
may be accessed by using the eLibrary link on the FERC's website. Click
on the eLibrary link (https://elibrary.ferc.gov/eLibrary/search),
select ``General Search'' and enter the docket number in the ``Docket
Number'' field, excluding the last three digits (i.e., CP23-507). Be
sure you have selected an appropriate date range. For assistance,
please contact FERC Online Support at [email protected] or
toll free at<PHONE_NUMBER>, or for TTY, contact<PHONE_NUMBER>.
    The EA is not a decision document. It presents Commission staff's
independent analysis of the environmental issues for the Commission to
consider when addressing the merits of all issues in this proceeding.
Any person wishing to comment on the EA may do so. Your

comments should focus on the EA's disclosure and discussion of
potential environmental effects, reasonable alternatives, and measures
to avoid or lessen environmental impacts. The more specific your
comments, the more useful they will be. To ensure that the Commission
has the opportunity to consider your comments prior to making its
decision on this project, it is important that we receive your comments
in Washington, DC on or before 5 p.m. Eastern Time on January 8, 2024.
    For your convenience, there are three methods you can use to file
your comments to the Commission. The Commission encourages electronic
filing of comments and has staff available to assist you at (866) 208-
3676 or [email protected]. Please carefully follow these
instructions so that your comments are properly recorded.
    (1) You can file your comments electronically using the eComment
feature on the Commission's website (www.ferc.gov) under the link to
FERC Online. This is an easy method for submitting brief, text-only
comments on a project;
    (2) You can also file your comments electronically using the
eFiling feature on the Commission's website (www.ferc.gov) under the
link to FERC Online. With eFiling, you can provide comments in a
variety of formats by attaching them as a file with your submission.
New eFiling users must first create an account by clicking on
``eRegister.'' You must select the type of filing you are making. If
you are filing a comment on a particular project, please select
``Comment on a Filing''; or
    (3) You can file a paper copy of your comments by mailing them to
the Commission. Be sure to reference the project docket number (CP23-
507-000) on your letter. Submissions sent via the U.S. Postal Service
must be addressed to: Kimberly D. Bose, Secretary, Federal Energy
Regulatory Commission, 888 First Street NE, Room 1A, Washington, DC
20426. Submissions sent via any other carrier must be addressed to:
Kimberly D. Bose, Secretary, Federal Energy Regulatory Commission,
12225 Wilkins Avenue, Rockville, Maryland 20852.
    Filing environmental comments will not give you intervenor status,
but you do not need intervenor status to have your comments considered.
Only intervenors have the right to seek rehearing or judicial review of
the Commission's decision. At this point in this proceeding, the
timeframe for filing timely intervention requests has expired. Any
person seeking to become a party to the proceeding must file a motion
to intervene out-of-time pursuant to Rule 214(b)(3) and (d) of the
Commission's Rules of Practice and Procedures (18 CFR 385.214(b)(3) and
(d)) and show good cause why the time limitation should be waived.
Motions to intervene are more fully described at https://www.ferc.gov/how-intervene.
    Additional information about the project is available from the
Commission's Office of External Affairs, at (866) 208-FERC, or on the
FERC website (www.ferc.gov) using the eLibrary link. The eLibrary link
also provides access to the texts of all formal documents issued by the
Commission, such as orders, notices, and rulemakings.
    The Commission's Office of Public Participation (OPP) supports
meaningful public engagement and participation in Commission
proceedings. OPP can help members of the public, including landowners,
environmental justice communities, Tribal members and others, access
publicly available information and navigate Commission processes. For
public inquiries and assistance with making filings such as
interventions, comments, or requests for rehearing, the public is
encouraged to contact OPP at<PHONE_NUMBER> or [email protected].
    In addition, the Commission offers a free service called
eSubscription which allows you to keep track of all formal issuances
and submittals in specific dockets. This can reduce the amount of time
you spend researching proceedings by automatically providing you with
notification of these filings, document summaries, and direct links to
the documents. Go to https://www.ferc.gov/ferc-online/overview to
register for eSubscription.

    Dated: December 8, 2023.
Kimberly D. Bose,
Secretary.
[FR Doc. 2023-27519 Filed 12-14-23; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 88, Number 87 (Friday, May 5, 2023)]
[Notices]
[Page 29175]
[FR Doc No: 2023-09632]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Docket No.: FAA-2016-4042; Summary Notice No. 2023-12]

Petition for Exemption; Summary of Petition Received; Wittman
Regional Airport

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Notice.

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SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of Federal Aviation Regulations. The
purpose of this notice is to improve the public's awareness of, and
participation in, the FAA's exemption process. Neither publication of
this notice nor the inclusion nor omission of information in the
summary is intended to affect the legal status of the petition or its
final disposition.

DATES: Comments on this petition must identify the petition docket
number and must be received on or before May 25, 2023.

ADDRESSES: Send comments identified by docket number FAA-2016-4042
using any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov and follow the online instructions for sending your
comments electronically.
     Mail: Send comments to Docket Operations, M-30; U.S.
Department of Transportation, 1200 New Jersey Avenue SE, Room W12-140,
West Building Ground Floor, Washington, DC 20590-0001.
     Hand Delivery or Courier: Take comments to Docket
Operations in Room W12-140 of the West Building Ground Floor at 1200
New Jersey Avenue SE, Washington, DC 20590-0001, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays.
     Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to http://www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
http://www.dot.gov/privacy.
    Docket: Background documents or comments received may be read at
http://www.regulations.gov at any time. Follow the online instructions
for accessing the docket or go to the Docket Operations in Room W12-140
of the West Building Ground Floor at 1200 New Jersey Avenue SE,
Washington, DC 20590-0001, between 9 a.m. and 5 p.m., Monday through
Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Nia Daniels,<PHONE_NUMBER>, Office of
Rulemaking, Federal Aviation Administration, 800 Independence Avenue
SW, Washington, DC 20591.
    This notice is published pursuant to 14 CFR 11.85.

    Issued in Washington, DC, on April 26, 2023.
Brandon L. Roberts,
Executive Director, Office of Rulemaking.

Petition for Exemption

    Docket No.: FAA-2016-4042.
    Petitioner: Wittman Regional Airport.
    Section of 14 CFR Affected: Sec.  139.101.
    Description of Relief Sought: Wittman Regional Airport seeks an
exemption from 14 Code of Federal Regulations Sec.  139.101, general
requirements for airport certification. The relief sought under the
exemption is to permit certain unscheduled air carrier operations at
KOSH at limited times during the week of Experimental Aircraft
Association (EAA) AirVenture Oshkosh, July 24 through July 30, 2023.

[FR Doc. 2023-09632 Filed 5-4-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 83, Number 195 (Tuesday, October 9, 2018)]
[Notices]
[Page 50669]
[FR Doc No: 2018-21792]

=======================================================================
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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-3395-EM; Docket ID FEMA-2018-0001]

Florida; Amendment No. 3 to Notice of an Emergency Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of an emergency declaration for
the State of Florida (FEMA-3395-EM), dated October 8, 2017, and related
determinations.

DATES: The change occurred on August 29, 2018.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) hereby gives notice that pursuant to the authority vested in the
Administrator, under Executive Order 12148, as amended, Thomas J.
McCool, of FEMA is appointed to act as the Federal Coordinating Officer
for this emergency.
    This action terminates the appointment of Allan Jarvis as Federal
Coordinating Officer for this emergency.

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

Brock Long,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2018-21792 Filed 10-5-18; 8:45 am]
 BILLING CODE 9111-11-P