[Federal Register Volume 83, Number 149 (Thursday, August 2, 2018)]
[Notices]
[Pages 37875-37878]
[FR Doc No: 2018-16532]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83724; File No. SR-OCC-2018-010]

Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Definition of Flexibly Structured Options

July 27, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on July 16, 2018, The Options Clearing Corporation (``OCC'') 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 OCC. OCC filed the proposed rule change pursuant
to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(4)(ii) \4\
thereunder so that the proposal was effective upon filing with the
Commission. The Commission is publishing this notice to solicit

comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(4)(ii).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    OCC proposes to amend the definition of the term ``flexibly
structured option'' as provided in Article I, Section 1.F.(8) of OCC's
By-Laws to conform the definition to a recent rule change by Cboe
Exchange, Inc. (``Cboe Options'' or ``CBOE''). The proposed changes to
OCC's By-Laws can be found in Exhibit 5 to the filing. All terms with
initial capitalization that are not otherwise defined herein have the
same meaning as set forth in the By-Laws and Rules.\5\
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    \5\ OCC's By-Laws and Rules can be found on OCC's public
website: http://optionsclearing.com/about/publications/bylaws.jsp.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

(1) Purpose
    Flexibly structured options are options that give investors the
ability to customize basic option features including size, expiration
date, exercise style, and certain exercise prices. OCC currently
defines a ``flexibly structured option'' as an option having variable
terms that are negotiated between the parties to a confirmed trade
pursuant to Exchange Rules and that do not correspond to the variable
terms \6\ of any series of non-flexibly structured options previously
opened for trading on the Exchange (other than a series of quarterly
options or short term options).\7\ In addition, OCC's By-Laws currently
provide that once a series of non-flexibly structured options (other
than a series of quarterly options or short term options) is opened for
trading on an options exchange, any existing flexibly structured option
contracts that have identical variable terms shall be fully fungible
with options in such series, and shall cease to be flexibly structured
options.\8\ In other words, with the exception of quarterly options and
short term options series, once an exchange opens a non-flexibly
structured option series having identical terms to a flexibly
structured option, the flexibly structured option would become fungible
with the non-flexibly structured option series.
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    \6\ OCC By-Laws, Article I., Section 1.V.(1), which defines
``variable terms'' in respect of a series of option contracts other
than OTC options to mean ``the name of the underlying interest, the
exercise price (or, in respect of a series of delayed start options
that does not yet have a set exercise price, the exercise price
setting formula and exercise price setting date), the index value
determinant and the index multiplier (in the case of a flexibly
structured index option), the cap interval (in the case of a capped
option) and the expiration date of such option contract.''
    \7\ OCC By-Laws, Article I. Non-flexibly structured weekly
options are called ``short term options'' in OCC's By-Laws and
Rules. Under Article I of OCC By-Laws, the term ``quarterly option''
means ``an option of a series of stock options or index options that
expires on the last business day of a calendar quarter,'' and the
term ``short term option'' means ``an option of a series of options
that expires one week after it is opened for trading.''
    \8\ OCC By-Laws, Article I., Section 1.F.(8).
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    Pursuant to a recent rule change, Cboe Options has made all
flexibly structured options fungible with subsequently-introduced non-
flexibly structured options series having identical variable terms.\9\
This includes non-flexibly structured quarterly options and short term
options series.\10\ As a result, for instance, under Cboe Options'
rules, a flexibly structured option that has the same terms as a
subsequently-introduced quarterly or short term option series would now
be fungible with that non-flexibly structured quarterly or short term
option series.
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    \9\ See Securities Exchange Act Release No. 83205 (May 9, 2018),
83 FR 22550 (May 15, 2018) (SR-CBOE-2018-008) (Order Approving a
Proposed Rule Change Relating to Flexibly Structured Options)
(``Cboe Options has proposed to amend the rule to make all FLEX
Options fungible with Non-FLEX Options that have identical terms.'')
    \10\ This also includes weekly expirations and End of Month
(``EOM'') expirations. Cboe Options stated in its proposal that
flexibly structured options with these expirations were not
originally intended to be fungible. See Securities Exchange Release
Act No. 82622 (February 2, 2018), 83 FR 5668 (February 8, 2018) (SR-
CBOE-2018-008) (Notice of Filing of a Proposed Rule Change Relating
to Flexibly Structured Options).
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    Cboe Options has requested that OCC amend its By-Laws to allow Cboe
Options' rule change to become effective. Cboe Options noted in its
rule change that the change ``will have the effect of more FLEX Options
becoming fungible with Non-Flex Options, which will potentially
increase the liquidity available to traders of FLEX Options.'' \11\
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    \11\ See Securities Exchange Act Release No. 82622 (February 2,
2018), 83 FR 5668 (February 8, 2018) (SR-CBOE-2018-008) (Notice of
Filing of a Proposed Rule Change Relating to Flexibly Structured
Options).
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    To clear and settle flexibly structured options traded on Cboe
Options in a manner that is consistent with Cboe Options' rules, OCC
proposes to amend its definition of ``flexibly structured option'' in
Article I of its By-Laws by deleting ``(other than a series of
quarterly options or short term options)'' in the two instances in
which it appears in the definition.\12\ OCC added this text to its
definition of a flexibly structured option in 2009 to ensure
consistency with Cboe Options rules, which were amended at that time
to, among other things, allow for flexibly structured options to become
fungible with subsequently introduced non-flexibly structured options
series that have the same terms (other than a series of quarterly
options or short term options).\13\ Consistent with Cboe Options' rule
change at that time, OCC amended its definition of flexibly structured
options in 2009 to provide that a flexibly structured option cannot
have the same terms as any series of non-flexibly structured options
previously opened for trading on the exchange other than a series of
quarterly options or short term options.\14\ OCC intended the 2009
amended definition to clarify that a flexibly structured option could
share the same terms as a non-flexibly structured quarterly or short
term option series and still be considered a flexibly structured
option. Consistent with Cboe Options' most recent rule change, OCC
proposes to eliminate from the language of its definition of a flexibly
structured option the first instance of ``(other than a series of
quarterly options or short term options)'' to provide that a flexibly
structured option cannot share the same terms as a non-flexibly
structured option series that has been previously opened for trading on
the exchange, including a currently-trading quarterly options or short
term options series. Consistent with Cboe Options' rules, OCC believes
that this change would amend the definition in a manner to make it
clear that flexibly structured options cannot share the same terms as
non-flexibly structured option series

that have been previously opened for trading on the exchange.
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    \12\ OCC By-Laws, Article I., Section 1.F.(8).
    \13\ See Securities Exchange Act Release No. 59675 (April 1,
2009), 74 FR 15794 (April 7, 2009) (SR-OCC-2009-05); Securities
Exchange Act Release No. 59417 (February 18, 2009), 74 FR 8591
(February 25, 2009) (order approving SR-CBOE-2008-115).
    \14\ See Securities Exchange Act Release No. 59060 (December 5,
2008), 73 FR 76075 (December 15, 2008) (SR-CBOE-2008-115) (``subject
to certain aggregation requirements for cash settled options, the
current FLEX Rules do permit the expiration of FLEX Options on the
same day that Non-FLEX quarterly index options (``QIX'') and Non-
FLEX Weeklys Options expire.'').
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    The second instance of ``(other than a series of quarterly options
or short term options)'' in the flexibly structured option definition
was adopted in 2009 to provide, consistent with Cboe Options rules then
in effect and as an exception to general fungibility, that a quarterly
options or short term options series with the same terms as a flexibly
structured option would not become fungible with that flexibly
structured option. As noted above, Cboe Options has recently adopted a
rule change to eliminate this restriction and allow all flexibly
structured options to become fungible with non-flexibly structured
options series having identical variable terms that are later opened
for trading on the exchange.\15\ Accordingly, OCC proposes to eliminate
the second instance of this text from the language of the definition of
a flexibly structured option in OCC's By-Laws to make it consistent
with Cboe Options' rules. As amended, OCC's definition of a flexibly
structured option would provide that once a series of non-flexibly
structured options is opened for trading on an exchange, any existing
flexibly structured option contracts that have identical variable terms
shall be fully fungible with options in such series, and shall cease to
be flexibly structured options. OCC believes that this change would
allow OCC clear and settle flexibly structured options traded on Cboe
Options in a manner that is consistent with Cboe Options' rules and
would have the effect of making more flexibly structured options
fungible with identical non-flexibly structured options series.
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    \15\ See supra note 9.
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(2) Statutory Basis
    Section 17A(b)(3)(F) of the Securities Exchange Act of 1934, as
amended (``Act'') \16\ requires, among other things, that the rules of
a clearing agency be designed to promote the prompt and accurate
clearance and settlement of securities and derivatives transactions, to
foster cooperation and coordination with persons engaged in clearance
and settlement, and, in general, to protect investors and the public
interest. OCC believes that the proposed rule change is consistent with
Section 17A(b)(3)(F) of Act \17\ because it is designed to promote the
prompt and accurate clearance and settlement of securities transactions
in flexibly structured options. The proposed rule change accomplishes
this by maintaining consistency between OCC's By-Laws and Rules and
Cboe Options' rules as applied to the clearance and settlement of
flexibly structured options. OCC further believes that the proposed
rule change accomplishes this by providing that all flexibly structured
options are subject to the same requirements. The proposed rule change
would make all flexibly structured options fungible with subsequently
introduced non-flexibly structured options with identical terms,
thereby increasing operational efficiency by eliminating the need for
OCC to monitor and treat a certain group of flexibly structured options
(i.e., ones with the same terms as quarterly options and short term
options series) differently than other flexibly structured options. In
addition, Cboe Options has noted that its rule change will potentially
increase the liquidity available to traders of flexibly structured
options.\18\ Moreover, the Commission has previously noted that it
would be concerned if flexibly structured options were to act as a
surrogate for trading in standardized options (i.e., non-flexibly
structured exchange-traded options) and that allowing for flexibly
structured options to become fungible with standardized options would
help alleviate this concern.\19\ In this respect, the Commission noted
the following when it initially approved Cboe Options' rules to provide
for fungibility between flexibly structured options and standardized
options series with the same terms:
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    \16\ 15 U.S.C. 78q-1(b)(3)(F).
    \17\ 15 U.S.C. 78q-1(b)(3)(F).
    \18\ See supra note 10.
    \19\ See Securities Exchange Act Release No. 59417 (February 18,
2009), 74 FR 8591 (February 25, 2009) (order approving SR-CBOE-2008-
115). See also supra note 9.

    However, the rules, as proposed by the CBOE, help to ensure that
FLEX market participants cannot avoid the protections provided to
retail investors in the standardized options market simply by
trading FLEX Options. In this regard, once a series is open for
trading, new FLEX Options are not permitted in that series. In
addition, once a Non-FLEX Options series is open, all outstanding
FLEX Options in the same series become fungible with the
standardized market, are traded pursuant to standardized market
trading rules, and are aggregated for position and exercise limit
purposes. These rules help to alleviate these surrogate concerns and
should help to ensure that FLEX Options market continues to operate
as intended.\20\
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    \20\ See Securities Exchange Act Release No. 59417 (February 18,
2009), 74 FR 8591 (February 25, 2009) (order approving SR-CBOE-2008-
115).

    The proposed rule change would help to further address this concern
by allowing all flexibly structured options to become fungible with
non-flexibly structured options series with the same terms that are
later opened for trading on the exchange.
    In addition, the proposed rule change is not inconsistent with the
existing By-Laws and Rules of OCC, including any rules proposed to be
amended.

(B) Clearing Agency's Statement on Burden on Competition

    Section 17A(b)(3)(I) of the Act \21\ requires that the rules of a
clearing agency not impose any burden on competition not necessary or
appropriate in furtherance of the Act. OCC does not believe that the
proposed rule change would impact or impose any burden on
competition.\22\ The proposed rule change would not affect the
competitive dynamics between clearing members, but rather would solely
affect the treatment of flexibly structured options with the same terms
as quarterly options and short term options series. In this respect, it
would facilitate consistent treatment of such flexibly structured
options with all other flexibly structured options, providing that all
flexibly structured options will become fungible with subsequently-
introduced standardized options with the same terms. The proposed rule
change also would not inhibit access to OCC's services or disadvantage
or favor any particular user in relationship to another. The proposed
rule change would treat equally all holders of flexibly structured
options with the same terms as subsequently introduced quarterly
options and short term options series, providing that such flexibly
structured options held by them would become fungible with such
standardized options series. For the foregoing reasons, OCC believes
the proposed rule change is in the public interest, would be consistent
with the requirements of the Act applicable to clearing agencies, and
would not impact or impose a burden on competition.
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    \21\ 15 U.S.C. 78q-1(b)(3)(I).
    \22\ 15 U.S.C. 78q-1(b)(3)(I).
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(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others

    Written comments on the proposed rule change were not and are not
intended to be solicited with respect to the proposed rule change and
none have been received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)

of the Act \23\ and Rule 19b-4(f)(4)(ii) \24\ thereunder because it
effects a change in an existing service that (i) does not adversely
affect the safeguarding of securities or funds in the custody or
control of the clearing agency or for which it is responsible and (ii)
does not significantly affect the respective rights or obligations of
the clearing agency or persons using the service.
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    \23\ 15 U.S.C. 78s(b)(3)(A).
    \24\ 17 CFR 240.19b-4(f)(4)(ii).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.\25\
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    \25\ Notwithstanding the foregoing, implementation of this rule
change will be delayed until this rule change is deemed certified
under CFTC Regulation Sec.  40.6.
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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 protected]. Please include
File Number SR-OCC-2018-010 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-OCC-2018-010. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filing also will be available for inspection
and copying at the principal office of OCC and on OCC's website at
https://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_18_010.pdf.
    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-OCC-2018-010 and
should be submitted on or before August 23, 2018.
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    \26\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018-16532 Filed 8-1-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 138 (Thursday, July 18, 2019)]
[Rules and Regulations]
[Pages 34290-34291]
[FR Doc No: 2019-15126]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 97

[Docket No. 31260; Amdt. No. 3859]

Standard Instrument Approach Procedures, and Takeoff Minimums and
Obstacle Departure Procedures; Miscellaneous Amendments

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This rule establishes, amends, suspends, or removes Standard
Instrument Approach Procedures (SIAPs) and associated Takeoff Minimums
and Obstacle Departure Procedures (ODPs) for operations at certain
airports. These regulatory actions are needed because of the adoption
of new or revised criteria, or because of changes occurring in the
National Airspace System, such as the commissioning of new navigational
facilities, adding new obstacles, or changing air traffic requirements.
These changes are designed to provide safe and efficient use of the
navigable airspace and to promote safe flight operations under
instrument flight rules at the affected airports.

DATES: This rule is effective July 18, 2019. The compliance date for
each SIAP, associated Takeoff Minimums, and ODP is specified in the
amendatory provisions.
    The incorporation by reference of certain publications listed in
the regulations is approved by the Director of the Federal Register as
of July 18, 2019.

ADDRESSES: Availability of matters incorporated by reference in the
amendment is as follows:

For Examination

    1. U.S. Department of Transportation, Docket Ops-M30, 1200 New
Jersey Avenue SE, West Bldg., Ground Floor, Washington, DC 20590-0001.
    2. The FAA Air Traffic Organization Service Area in which the
affected airport is located;
    3. The office of Aeronautical Navigation Products, 6500 South
MacArthur Blvd., Oklahoma City, OK 73169 or,
    4. The National Archives and Records Administration (NARA). For
information on the availability of this material at NARA, call 202-741-
6030, or go to: http://www.archives.gov/federal_register/code_of_federal_regulations/ibr_locations.html.

Availability

    All SIAPs and Takeoff Minimums and ODPs are available online free
of charge. Visit the National Flight Data Center at nfdc.faa.gov to
register. Additionally, individual SIAP and Takeoff Minimums and ODP
copies may be obtained from the FAA Air Traffic Organization Service
Area in which the affected airport is located.

FOR FURTHER INFORMATION CONTACT: Thomas J. Nichols, Flight Procedures
and Airspace Group, Flight Technologies and Procedures Division, Flight
Standards Service, Federal Aviation Administration. Mailing Address:
FAA Mike Monroney Aeronautical Center, Flight Procedures and Airspace
Group, 6500 South MacArthur Blvd., Registry Bldg. 29, Room 104,
Oklahoma City, OK 73169. Telephone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: This rule amends Title 14 of the Code of
Federal Regulations, Part 97 (14 CFR part 97), by establishing,
amending, suspending, or removes SIAPS, Takeoff Minimums and/or ODPS.
The complete regulatory description of each SIAP and its associated
Takeoff Minimums or ODP for an identified airport is listed on FAA form
documents which are incorporated by reference in this amendment under 5
U.S.C. 552(a), 1 CFR part 51, and 14 CFR part 97.20. The applicable FAA
forms are FAA Forms 8260-3, 8260-4, 8260-5, 8260-15A, and 8260-15B when
required by an entry on 8260-15A.
    The large number of SIAPs, Takeoff Minimums and ODPs, their complex
nature, and the need for a special format make publication in the
Federal Register expensive and impractical. Further, airmen do not use
the regulatory text of the SIAPs, Takeoff Minimums or ODPs, but instead
refer to their graphic depiction on charts printed by publishers of
aeronautical materials. Thus, the advantages of incorporation by
reference are realized and publication of the complete description of
each SIAP, Takeoff Minimums and ODP listed on FAA form documents is
unnecessary. This amendment provides the affected CFR sections and
specifies the types of SIAPs, Takeoff Minimums and ODPs with their
applicable effective dates. This amendment also identifies the airport
and its location, the procedure, and the amendment number.

Availability and Summary of Material Incorporated by Reference

    The material incorporated by reference is publicly available as
listed in the ADDRESSES section.
    The material incorporated by reference describes SIAPS, Takeoff
Minimums and/or ODPS as identified in the amendatory language for part
97 of this final rule.

The Rule

    This amendment to 14 CFR part 97 is effective upon publication of
each separate SIAP, Takeoff Minimums and ODP as Amended in the
transmittal.

Some SIAP and Takeoff Minimums and textual ODP amendments may have been
issued previously by the FAA in a Flight Data Center (FDC) Notice to
Airmen (NOTAM) as an emergency action of immediate flight safety
relating directly to published aeronautical charts.
    The circumstances that created the need for some SIAP and Takeoff
Minimums and ODP amendments may require making them effective in less
than 30 days. For the remaining SIAPs and Takeoff Minimums and ODPs, an
effective date at least 30 days after publication is provided.
    Further, the SIAPs and Takeoff Minimums and ODPs contained in this
amendment are based on the criteria contained in the U.S. Standard for
Terminal Instrument Procedures (TERPS). In developing these SIAPs and
Takeoff Minimums and ODPs, the TERPS criteria were applied to the
conditions existing or anticipated at the affected airports. Because of
the close and immediate relationship between these SIAPs, Takeoff
Minimums and ODPs, and safety in air commerce, I find that notice and
public procedure under 5 U.S.C. 553(b) are impracticable and contrary
to the public interest and, where applicable, under 5 U.S.C 553(d),
good cause exists for making some SIAPs effective in less than 30 days.
    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore--(1) is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26,1979); and
(3) does not warrant preparation of a regulatory evaluation as the
anticipated impact is so minimal. For the same reason, the FAA
certifies that this amendment will not have a significant economic
impact on a substantial number of small entities under the criteria of
the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 97:

    Air Traffic Control, Airports, Incorporation by reference,
Navigation (Air).

    Issued in Washington, DC on June 28, 2019.
Rick Domingo,
Executive Director, Flight Standards Service.

Adoption of the Amendment

    Accordingly, pursuant to the authority delegated to me, Title 14,
Code of Federal Regulations, Part 97 (14 CFR part 97) is amended by
establishing, amending, suspending, or removing Standard Instrument
Approach Procedures and/or Takeoff Minimums and Obstacle Departure
Procedures effective at 0901 UTC on the dates specified, as follows:

PART 97--STANDARD INSTRUMENT APPROACH PROCEDURES

0
1. The authority citation for part 97 continues to read as follows:

    Authority:  49 U.S.C. 106(f), 106(g), 40103, 40106, 40113,
40114, 40120, 44502, 44514, 44701, 44719, 44721-44722.

0
2. Part 97 is amended to read as follows:

Effective 15 August 2019

Soldotna, AK, Soldotna, VOR-A, Amdt 8
Hot Springs, AR, Memorial Field, ILS OR LOC RWY 5, Amdt 16
Hot Springs, AR, Memorial Field, RNAV (GPS) RWY 5, Amdt 2
Hot Springs, AR, Memorial Field, Takeoff Minimums and Obstacle DP,
Amdt 7
Hot Springs, AR, Memorial Field, VOR RWY 5, Amdt 5
Madera, CA, Madera Muni, RNAV (GPS) RWY 12, Amdt 2
Madera, CA, Madera Muni, RNAV (GPS) RWY 30, Amdt 2
Madera, CA, Madera Muni, Takeoff Minimums and Obstacle DP, Amdt 5
Madera, CA, Madera Muni, VOR RWY 30, Amdt 10, CANCELLED
South Lake Tahoe, CA, Lake Tahoe, LDA RWY 18, Amdt 8
South Lake Tahoe, CA, Lake Tahoe, RNAV (GPS) RWY 18, Amdt 1
Visalia, CA, Visalia Muni, ILS OR LOC RWY 30, Amdt 8
Visalia, CA, Visalia Muni, RNAV (GPS) RWY 12, Amdt 2
Visalia, CA, Visalia Muni, RNAV (GPS) RWY 30, Amdt 2
Visalia, CA, Visalia Muni, Takeoff Minimums and Obstacle DP, Amdt 4
Visalia, CA, Visalia Muni, VOR RWY 12, Amdt 7
Brooksville, FL, Brooksville-Tampa Bay Rgnl, ILS OR LOC RWY 9, Amdt
3
Mount Carmel, IL, Mount Carmel Muni, RNAV (GPS) RWY 4, Orig-B
Mount Carmel, IL, Mount Carmel Muni, RNAV (GPS) RWY 22, Orig-A
Johnson, KS, Stanton County Muni, RNAV (GPS) RWY 17, Amdt 2
Johnson, KS, Stanton County Muni, RNAV (GPS) RWY 35, Amdt 2
Austin, MN, Austin Muni, RNAV (GPS) RWY 17, Amdt 2
Austin, MN, Austin Muni, RNAV (GPS) RWY 35, Amdt 2
Bemidji, MN, Bemidji Rgnl, ILS OR LOC RWY 31, Amdt 6A

[FR Doc. 2019-15126 Filed 7-17-19; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: October 26, 2009 (Volume 74, Number 205)]
[Notices]
[Page 54992]
[DOCID:fr26oc09-68]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. ER06-615-011; ER06-615-012; ER07-1257-000]

California Independent System Operator Corporation; Notice
Deferring Technical Conference

October 19, 2009.
    On September 15, 2009, the Commission issued a notice in the above-
captioned proceeding,\1\ seeking comments from parties on the need for
Commission staff to convene a technical conference as directed in Cal
Indep. Sys. Operator Corp., 122 FERC ] 61,271 (2008). Comments were
submitted by the Indicated Parties,\2\ Western Power Trading Forum,
Pacific Gas and Electric Company, the California Independent System
Operator Corporation, and Southern California Edison Company. Upon
consideration, the Commission will defer holding a technical conference
pending further notice.
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    \1\ Notice Seeking Comment on Need for Technical Conference,
Docket Nos. ER06-615-011, et al. (Sept. 15, 2009).
    \2\ Indicated Parties include the California Municipal Utilities
Association, Silicon Valley Power, M-S-R Public Power Agency,
Transmission Agency of Northern California, Modesto Irrigation
District, Bay Area Municipal Transmission Group, Northern California
Power Agency, Sacramento Municipal Utility District, Metropolitan
Water District of Southern California, the Cities of Anaheim, Azusa,
Banning, Colton, Pasadena, and Riverside, California, and the City
and County of San Francisco, California.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-25618 Filed 10-23-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 75, Number 232 (Friday, December 3, 2010)]
[Notices]
[Page 75542]
[FR Doc No: 2010-30384]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2000-7165; FMCSA-2000-8398; FMCSA-2004-17984; FMCSA-
2004-18885; FMCSA-2008-0266]

Qualification of Drivers; Exemption Renewals; Vision

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of final disposition.

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SUMMARY: FMCSA previously announced its decision to renew the
exemptions from the vision requirement in the Federal Motor Carrier
Safety Regulations for 21 individuals. FMCSA has statutory authority to
exempt individuals from the vision requirement if the exemptions
granted will not compromise safety. The Agency has concluded that
granting these exemptions will provide a level of safety that will be
equivalent to, or greater than, the level of safety maintained,
Director, Medical Programs,<PHONE_NUMBER><EMAIL_ADDRESS>
FMCSA, without the exemptions for these commercial motor vehicle (CMV)
drivers.

FOR FURTHER INFORMATION CONTACT: Dr. Mary D. Gunnels Department of
Transportation, 1200 New Jersey Avenue, SE., Room W64-224, Washington,
DC 20590-0001. Office hours are from 8:30 a.m. to 5 p.m. Monday through
Friday, except Federal holidays.

SUPPLEMENTARY INFORMATION:

Background

    Under 49 U.S.C. 31136(e) and 31315, FMCSA may grant an exemption
for a 2-year period if it finds ``such exemption would likely achieve a
level of safety that is equivalent to, or greater than, the level that
would be achieved absent such exemption.'' The statute also allows the
Agency to renew exemptions at the end of the 2-year period. The comment
period ended on October 27, 2010 (75 FR 59327).

Discussion of Comments

    FMCSA received no comments in this proceeding.

Conclusion

    The Agency has not received any adverse evidence on any of these
drivers that indicates that safety is being compromised. Based upon its
evaluation of the 21 renewal applications, FMCSA renews the Federal
vision exemptions for Paul G. Albrecht, Elijah A. Allen, Jr., David W.
Brown, Monty G. Calderon, Awilda S. Colon, David M. Hagadorn, Zane G.
Harvey, Jr., Jeffrey M. Keyser, Donnie A. Kildow, Daniel A. McNabb,
David G. Meyers, Thomas L. Oglesby, Michael J. Paul, Russell A. Payne,
Rodney M. Pegg, Raymond E. Peterson, Zbigniew P. Pietranik, John C.
Rodriguez, Terrance L. Trautman, Charles E. Wood, and Joseph F. Wood.
    In accordance with 49 U.S.C. 31136(e) and 31315, each renewal
exemption will be valid for 2 years unless revoked earlier by FMCSA.
The exemption will be revoked if: (1) The person fails to comply with
the terms and conditions of the exemption; (2) the exemption has
resulted in a lower level of safety than was maintained before it was
granted; or (3) continuation of the exemption would not be consistent
with the goals and objectives of 49 U.S.C. 31136 and 31315.

    Issued on: November 20, 2010.
Larry W. Minor,
Associate Administrator, Office of Policy.
[FR Doc. 2010-30384 Filed 12-2-10; 8:45 am]
BILLING CODE 4910-EX-P


[Federal Register: September 11, 2009 (Volume 74, Number 175)]
[Notices]
[Page 46816-46818]
[DOCID:fr11se09-92]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60614; File No. SR-NYSE-2009-90]

 Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC To
Modify Rebates Payable to Designated Market Makers

September 2, 2009.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on August 31, 2009, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule changes 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 changes from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a et seq.
    \3\ 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 proposes to amend its schedule of rebates payable to
Designated Market Makers (``DMMs''), with effect from September 1,
2009. The text of the proposed rule change is available on the
Exchange's Web site (http://www.nyse.com), 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 self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received

on the proposed rule change. The text of these statements may be
examined at the places specified in Item IV below. The NYSE 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 revise its schedule of rebates paid to
DMMs for providing liquidity on the Exchange, with effect from
September 1, 2009.
    Currently, DMMs receive:
     A rebate of $0.0030 per share when adding liquidity in
round lots of active securities (i.e., securities with an average daily
consolidated volume (``ADV'') in the previous month equal to or greater
than 1,000,000 shares per month) (``More Active Securities'') if the
More Active Security has a stock price of $1.00 or more; and
     A rebate of $0.0035 per share when adding liquidity in
round lots of securities that have an ADV of less than 1,000,000 shares
per month in the previous month (``Less Active Securities'') if the
Less Active Security has a stock price of $1.00 or more. Each DMM also
receives all of the market data quote revenue (the ``Quoting Share'')
received by the Exchange from the Consolidated Tape Association under
the Revenue Allocation Formula of Regulation NMS with respect to any
Less Active Security (regardless of whether the stock price exceeds
$1.00) in any month in which the DMM meets the quoting requirement of
Rule 104(a)(1)(A) for that specific security.
    DMMs are entitled to the foregoing rebates when (i) posting
displayed and non-displayed orders on Display Book, including s-quote
and s-quote reserve orders; (ii) when providing liquidity on non-
displayed interest using the Capital Commitment Schedule; or, prior to
the implementation of the Capital Commitment Schedule, using the
following message activities: price improvement, size improvement (PRIN
FILL), matching away market quotes; \4\ (iii) when executing trades in
the crowd and at Liquidity Replenishment Points; and (iv) when
providing liquidity on market-at-the-close and limit-at-the-close
transactions. Rebates do not apply to executions at the open.
---------------------------------------------------------------------------

    \4\ The Capital Commitment Schedule has been implemented since
this language was included in the Price List and the language is now
moot.
---------------------------------------------------------------------------

    Commencing September 1, 2009, the schedule of rebates for DMMs
described above will be replaced with a new schedule of rebates. Under
the revised schedule of rebates, DMMs will receive:
     A rebate of $0.0025 per share when adding liquidity in
round lots of More Active Securities if the More Active Security has a
stock price of $1.00 or more and the DMM quotes at the National Best
Bid or Offer (``NBBO'') in the applicable security at least 10% of the
time in the applicable month (``More Active Securities Quoting
Requirement'');
     A rebate of $0.0030 per share when adding liquidity in
round lots of More Active Securities if the More Active Security has a
stock price of $1.00 or more and the DMM meets both (i) the More Active
Securities Quoting Requirement and (ii) the More Active Securities
Quoted Size Ratio Requirement. A DMM will meet the ``More Active
Securities Quoted Size Ratio Requirement'' when the DMM Quoted Size
Ratio for an applicable month is 15% of the NYSE Quoted Size. The
``NYSE Quoted Size'' will be calculated by multiplying the average
number of shares quoted on the NYSE at the NBBO by the percentage of
time the NYSE had a quote posted at the NBBO. The ``DMM Quoted Size
Ratio'' will be calculated by multiplying the average number of shares
of the applicable security quoted at the NBBO by the DMM by the
percentage of time during which the DMM quoted at the NBBO; \5\
---------------------------------------------------------------------------

    \5\ The following is an example of how the DMM Quoted Size will
be calculated:
     The numerator is calculated as follows: if the DMM
quotes at the NBBO for an average of 1000 shares for 60% of the time
over the course of the month in stock ABC, then the numerator would
be 600 shares = (1000 shares x 60% of the time over the course of
the month);
     The denominator is calculated as follows: if the NYSE
was at the NBBO for an average of 10,000 shares for 70% of the time
over the course of the month, then the NYSE Quoted Size is 7,000
shares = (10,000 shares x 70% of the time over the course of the
month);
     The DMM Quoted Size Ratio is 8.5% = 600/7000.
---------------------------------------------------------------------------

     A rebate of $0.0015 per share when adding liquidity in
round lots of More Active Securities if the More Active Security has a
stock price of $1.00 or more and the DMM does not meet the More Active
Securities Quoting Requirement in the applicable security in the
applicable month;
     A rebate of $0.0035 per share when adding liquidity in
round lots of Less Active Securities, if the Less Active Security has a
stock price of $1.00 or more and the DMM quotes at the NBBO in the
applicable security at least 15% of the time in the applicable month
(the ``Less Active Securities Quoting Requirement''). Each DMM will
also receive all of the Quoting Share the Exchange receives from the
Consolidated Tape Association under the Revenue Allocation Formula of
Regulation NMS with respect to any Less Active Security (regardless of
whether the stock price exceeds $1.00) in any month in which the DMM
meets the Less Active Securities Quoting Requirement for that specific
security); and
     A rebate of $0.0015 per share when adding liquidity in
round lots of Less Active Securities if the Less Active Security has a
stock price of $1.00 or more and the DMM does not meet the Less Active
Securities Quoting Requirement in the applicable security in the
applicable month.
    Rebates under the new rebate schedule will be applied when (i)
posting displayed and non-displayed orders on Display Book, including
s-quote and s-quote reserve orders; (ii) when providing liquidity on
non-displayed interest using the Capital Commitment Schedule, and (iii)
when executing trades in the crowd and at Liquidity Replenishment
Points.\6\
---------------------------------------------------------------------------

    \6\ When providing liquidity on market-at-the-close and limit-
at-the-close transactions, DMMs will continue to receive a rebate of
$0.0005 per share. Rebates do not apply to executions at the open.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 \7\ of the Act in general and Section
6(b)(4) of the Act \8\ in particular, in that it is designed to provide
for the equitable allocation of reasonable dues, fees and other charges
among its members and other persons using its facilities. The Exchange
believes that the proposal does not constitute an inequitable
allocation of dues, fees and other charges as providing credits to DMMs
when they add liquidity to the market assists in the effective
operation of the NYSE's market model. The removal of the reference to
the types of messages for which the associated executions qualified for
rebates prior to the implementation of the Capital Commitment Schedule
is not a substantive change as the Capital Commitment Schedule has been
implemented.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f.
    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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 purpose of the Act.

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

    Written comments were neither solicited nor received.

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \9\ of the Act and Rule 19b-4(f)(2) \10\
thereunder.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate 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.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2009-90 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2009-90. 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 such filing also
will be available for inspection and copying at the principal office of
the Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NYSE-2009-90 and should be submitted on or before October 2, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
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    \11\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E9-21884 Filed 9-10-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 85, Number 152 (Thursday, August 6, 2020)]
[Notices]
[Page 47838]
[FR Doc No: 2020-17199]

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

Federal Aviation Administration

Notice of Opportunity for Public Comment To Change the Land Use
From Aeronautical to Non Aeronautical for 1.1 Acres of Airport Land at
Norwood Memorial Airport, Norwood, MA

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

ACTION: Request for public comments.

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SUMMARY: Notice is being given that the FAA is considering a request
from the Town of Norwood, MA to change the land use from Aeronautical
to Non Aeronautical for 1.1 acres of airport land. The land use change
is for land that is no longer needed for aviation use as identified in
the 2020 Airport Master Plan. The revenue generated by the lease of
airport land will be placed into the airport's operation and
maintenance fund.

DATES: Comments must be received on or before September 3, 2020.

ADDRESSES: You may send comments using any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov, and follow the instructions on providing comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building, Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    Interested persons may inspect the request and supporting documents
by contacting the FAA at the address listed under FOR FURTHER
INFORMATION CONTACT.

FOR FURTHER INFORMATION CONTACT: Mr. Jorge E. Panteli, Compliance and
Land Use Specialist, Federal Aviation Administration New England Region
Airports Division, 1200 District Avenue, Burlington, Massachusetts
01803. Telephone:<PHONE_NUMBER>.

    Issued in Burlington, Massachusetts, on August 3, 2020.
Julie Seltsam-Wilps,
Deputy Director, ANE-600.
[FR Doc. 2020-17199 Filed 8-5-20; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: August 25, 2009 (Volume 74, Number 163)]
[Notices]
[Page 42949]
[DOCID:fr25au09-121]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting.

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold a Closed Meeting on Thursday, August
27, 2009 at 2 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters also may be
present.
    The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the
scheduled matters at the Closed Meeting.
    Commissioner Casey, as duty officer, voted to consider the items
listed for the Closed Meeting in a closed session.
    The subject matter of the Closed Meeting scheduled for Thursday,
August 27, 2009 will be:
    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings; and
    Other matters relating to enforcement proceedings.
    At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact: The Office of the
Secretary at<PHONE_NUMBER>.

    Dated: August 20, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-20506 Filed 8-21-09; 11:15 am]

BILLING CODE 8010-01-P