[Federal Register Volume 81, Number 6 (Monday, January 11, 2016)]
[Notices]
[Pages 1249-1251]
[FR Doc No: 2016-255]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76826; File No. SR-NASDAQ-2015-164]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rule 7014

January 5, 2016.
    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 23, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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

    The Exchange is proposing to make two changes to Rule 7014.
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaq.cchwallstreet.com, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange is proposing to make two changes to Rule 7014. Rule
7014 provides the Exchange's Market Quality Incentive Programs. Nasdaq
currently provides the following incentive programs under the rule:
Investor Support Program, Qualified Market Maker Program, Lead Market
Maker Program, and NBBO Program. The Exchange is proposing to add new
rule text concerning what is not considered eligible displayed
liquidity under the Investor Support Program and to add clarifying rule
text to the NBBO Program.
    First, the Exchange is adding new rule text to the Investor Support
Program (``ISP'') under rule 7014(b) to state that Designated Retail
Orders \3\ are not included in the number of shares of displayed
liquidity. The Investor Support Program enables Nasdaq member firms to
earn a monthly fee credit for providing displayed liquidity to Nasdaq.
Currently, there are three rates that a member firm may qualify for
based on the execution price of the displayed liquidity and whether the
shares of displayed liquidity were entered through an ISP-designated
port. Subsequent to the adoption of the ISP Program,\4\ Nasdaq adopted
a new program under Rule 7018 \5\ to use financial incentives to
encourage greater participation. The new program adopted liquidity
provider credit tiers for orders designated by a member firm as
Designated Retail Orders. Currently, Nasdaq has a single liquidity
provider credit tier of $0.0034 per share executed provided for orders
designated by a member firm as Designated Retail Orders.\6\ Nasdaq has
excluded Designated Retail Orders from the calculation of credits
available under the NBBO Program, QMM Program, and the ISP Program,
since those orders already receive a significant credit under Rule
7018(a). Similarly, Nasdaq excludes Designated Retail Orders from the
credits provided for providing displayed quotes/orders for securities
of all three tapes.\7\ Unlike the NBBO Program and QMM Program rules,
which reflect that Designated Retail Orders are not included in those
programs' credits, Nasdaq neglected to amend the ISP Program rules to
state that Designated Retail Orders are not considered in the
calculation of the ISP credit. In adopting the Designated Retail Order
credit tiers, Nasdaq intended to also exclude Designated Retail Orders
from the calculation of credits available under the ISP Program,
consistent with the other programs under the rule. Thus, Nasdaq is
proposing to state in the rule that Designated Retail Orders are not
included in the number of shares of displayed liquidity used to
calculate credit received under the ISP Program.
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    \3\ A ``Designated Retail Order'' is an agency or riskless
principal order that meets the criteria of FINRA Rule 5320.03 and
that originates from a natural person and is submitted to Nasdaq by
a member that designates it pursuant to Rule 7018, provided that no
change is made to the terms of the order with respect to price or
side of market and the order does not originate from a trading
algorithm or any other computerized methodology. An order from a
``natural person'' can include orders on behalf of accounts that are
held in a corporate legal form--such as an Individual Retirement
Account, Corporation, or a Limited Liability Company--that has been
established for the benefit of an individual or group of related
family members, provided that the order is submitted by an
individual. Members must submit a signed written attestation, in a
form prescribed by Nasdaq, that they have implemented policies and
procedures that are reasonably designed to ensure that substantially
all orders designated by the member as ``Designated Retail Orders''
comply with these requirements. Orders may be designated on an
order-by-order basis, or by designating all orders on a particular
order entry port as Designated Retail Orders. See Rule 7018.
    \4\ See Securities Exchange Act Release No. 63270 (November 8,
2010), 75 FR 69489 (November 12, 2010) (SR-NASDAQ-2010-141).
    \5\ See Securities Exchange Act Release No. 69133 (March 14,
2013), 78 FR 17272 (March 20, 2013) (SR-NASDAQ-2013-042).
    \6\ See Rule 7018(a).
    \7\ See Rule 7018(a)(1), (2) and (3).
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    Second, Nasdaq is proposing to add clarifying rule text to Rule
7014(g), which concerns the NBBO Program. The NBBO Program provides
rebates per share executed with respect to all other displayed orders
(other than Designated Retail Orders) in securities priced at $1 or
more per share that provide liquidity and establish the NBBO. When
Nasdaq adopted the rule, it neglected to note that the displayed
quantity of the NBBO Program-qualifying order must be at least one
round lot at the time of execution. An odd lot order of less than

100 shares is not displayed on the consolidated feeds, and thus is not
able to set the NBBO. Although implied in the rule, the Exchange
believes that adding clarifying language is appropriate. Consequently,
the Exchange is adding rule text that makes it clear that the displayed
quantity of the Order must be at least one round lot at time of
execution.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6 of the Act,\8\ in general, and furthers the objectives
of Section 6(b)(5) of the Act,\9\ in particular, in that it is designed
to prevent fraudulent and manipulative acts and practices, to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in 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; and is not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers. The proposed change furthers these objectives because it
clarifies what is required to receive the rebates in the case of the
NBBO Program and states expressly that Designated Retail Orders are not
considered in the calculation of the credit provided by the ISP
Program. The Exchange does not propose to alter the operation of, or
the specific criteria required to qualify under, the program. Rather,
the Exchange is expressly stating criteria that may otherwise be
reasonably implied, in the case of the NBBO Program, and that is
consistent with the treatment of Designated Retail Orders by the other
Market Quality Incentive Programs under Rule 7014 and credit tiers
under Rule 7018(a), in the case of the ISP Program. With respect to the
proposed change to the ISP Program, the Exchange is noting that
Designated Retail Orders are not included in the number of shares of
displayed liquidity used to calculate credit received under the ISP
Program. As discussed, Designated Retail Orders are excluded from the
calculations under the NBBO Program and QMM Program and from the
credits provided for displayed quotes/orders under Rule 7018(a) because
Nasdaq provides a substantial credit of $0.0034 per share executed for
such orders. As such, member firms have understood that Designated
Retail Orders are excluded from the calculation of the ISP Program
credits. With respect to the proposed change to the NBBO Program, the
Exchange is expressly stating what is reasonably implied as a
precondition to set the NBBO, namely, that the minimum quantity must be
no less than one round lot at time of execution. As such, these changes
promote the protection of the investors and the public interest by more
precisely stating and by clarifying the requirements of the programs,
as they have been applied since these programs' adoption.
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    \8\ 15 U.S.C. 78f.
    \9\ 15 U.S.C. 78f(b)(5).
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    The Exchange also believes that the proposed change to the ISP
Program is consistent with Section 6(b)(4) of the Act \10\ in that it
provides for the equitable allocation of reasonable dues, fees, and
other charges among members and issuers and other persons using any
facility or system which the Exchange operates or controls.
Specifically, the proposed new rule text that states that the ISP
Program credit will not be paid with respect to Designated Retail
Orders is reasonable because those orders are already eligible to
receive a high credit of $0.0034 per share executed. The change is
consistent with an equitable allocation of fees because Nasdaq believes
that the credit provided with respect to Designated Retail Orders
provides sufficient incentive with respect to the market benefits
associated with the orders in question, such that an additional credit
is not warranted.
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    \10\ 15 U.S.C. 78f(b)(4).
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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.\11\ The Exchange
believes that the proposal is irrelevant to competition because it is
not driven by, and will have no impact on, competition. Specifically,
the proposal clarifies the application of Nasdaq's rules.
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    \11\ 15 U.S.C. 78f(b)(8).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \12\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\13\ At any time within 60
days of the filing of the proposed rule change, the Commission
summarily may temporarily suspend such rule change if it appears to the
Commission that such action is: (i) Necessary or appropriate in the
public interest; (ii) for the protection of investors; or (iii)
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
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    \12\ 15 U.S.C. 78s(b)(3)(a)(iii) [sic].
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2015-164 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-2015-164. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the

proposed rule change between the Commission and any person, other than
those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of 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-2015-164 and should
be submitted on or before February 1, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-255 Filed 1-8-16; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 212 (Friday, November 5, 2021)]
[Notices]
[Page 61209]
[FR Doc No: 2021-24261]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER22-281-000]

Dry Bridge Solar 1, LLC; Supplemental Notice That Initial Market-
Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding of
Dry Bridge Solar 1, LLC's application for market-based rate authority,
with an accompanying rate tariff, noting that such application includes
a request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is November 22, 2021.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    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.
    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 protected] or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.

    Dated: November 1, 2021.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2021-24261 Filed 11-4-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 32 (Wednesday, February 16, 2022)]
[Notices]
[Pages 8830-8831]
[FR Doc No: 2022-03321]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: RP22-541-000.
    Applicants: Greylock Production, LLC, EOG Resources, Inc.
    Description: Joint Petition for Temporary Waiver of Capacity
Release Regulations, et al. of EOG Resources, Inc., et al.
    Filed Date: 2/9/22.
    Accession Number: 20220209-5083.
    Comment Date: 5 p.m. ET 2/18/22.

    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.

Filings in Existing Proceedings

    Docket Numbers: RP22-417-002.
    Applicants: Tennessee Gas Pipeline Company, L.L.C.
    Description: Tariff Amendment: TGP PCG Pooling Amendment Feb 9/22
to be effective 5/1/2022.
    Filed Date: 2/9/22.
    Accession Number: 20220209-5129.
    Comment Date: 5 p.m. ET 2/22/22.

    Any person desiring to protest in any the above proceedings must
file in accordance with Rule 211 of the Commission's Regulations (18
CFR 385.211) on or before 5:00 p.m. Eastern time on the specified
comment date.
    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    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: February 10, 2022.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2022-03321 Filed 2-15-22; 8:45 am]
BILLING CODE 6717-01-P