[Federal Register: November 4, 2009 (Volume 74, Number 212)]
[Notices]
[Page 57179-57180]
[DOCID:fr04no09-80]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2009-D-0346]

Draft Guidance for Industry: Guide to Minimize Microbial Food
Safety Hazards of Tomatoes; Extension of Comment Period

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice; extension of comment period.

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SUMMARY: The Food and Drug Administration (FDA) is extending to January
4, 2010, the comment period for the draft guidance entitled ``Guidance
for Industry: Guide to Minimize Microbial Food Safety Hazards of
Tomatoes'' that appeared in the Federal Register of August 3, 2009 (74
FR 38438), as corrected on August 21, 2009 (74 FR 42311). In the notice
of availability, FDA requested comments by November 2, 2009. The agency
is taking this action in response to requests for an extension to allow
interested persons additional time to submit comments.

DATES: Submit written or electronic comments by January 4, 2010.

ADDRESSES: Submit electronic comments to http://www.regulations.gov.
Submit written comments to the Division of Dockets Management (HFA-
305), Food and Drug Administration, 5630 Fishers Lane, rm. 1061,
Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT: Michelle A. Smith, Center for Food
Safety and Applied Nutrition (HFS-317), Food and Drug Administration,
5100 Paint Branch Pkwy., College Park, MD 20740,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    In the Federal Register of August 3, 2009 (74 FR 38438), as
corrected on August 21, 2009 (74 FR 42311), FDA published a notice of
availability with a 90-day comment period to request comments on the
draft guidance entitled ``Guidance for Industry: Guide to Minimize
Microbial Food Safety Hazards of Tomatoes'' (the draft guidance).
Comments on the draft guidance will inform FDA's current thinking for
finalization of this level 1 guidance consistent with FDA's good
guidance practices.
    The agency has received requests for an extension of the comment
period for the draft guidance. FDA has considered the requests and is
extending the

comment period for the draft guidance until January 4, 2010. The agency
believes that this extension allows adequate time for interested
persons to submit comments without significantly delaying finalization
of this level 1 guidance.

II. Request for Comments

    Interested persons may submit to the Division of Dockets Management
(see ADDRESSES) electronic or written comments on this document. Submit
a single copy of electronic comments or two paper copies of any mailed
comments, except that individuals may submit one paper copy. Comments
are to be identified with the docket number found in brackets in the
heading of this document. Received comments may be seen in the Division
of Dockets Management between 9 a.m. and 4 p.m., Monday through Friday.

    Dated: October 30, 2009.
David Horowitz,
Assistant Commissioner for Policy.
[FR Doc. E9-26636 Filed 11-2-09; 11:15 am]

BILLING CODE 4160-01-S


[Federal Register Volume 79, Number 194 (Tuesday, October 7, 2014)]
[Notices]
[Pages 60560-60563]
[FR Doc No: 2014-23848]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73284; File No. SR-NYSEMKT-2014-84]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Amending Exchange Rule
900.2NY To Codify the Terms Complex BBO and Complex NBBO and To Amend
Exchange Rule 900.3NY(w) To Revise the Definition of a PNP Plus Order

October 1, 2014.
    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 September 24, 2014, NYSE MKT LLC (the ``Exchange'' or
``NYSE MKT'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \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 Exchange Rule 900.2NY to codify the
terms Complex BBO and Complex NBBO and to amend Exchange Rule
900.3NY(w) to revise the definition of a PNP Plus order. The text of
the proposed rule change is available on the Exchange's Web site at
www.nyse.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 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 IV 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Rule 900.2NY to adopt definitions
for the terms Complex BBO and Complex NBBO. Additionally, the Exchange
proposes to amend Rule 900.3NY(w) by revising the definition of PNP
Plus orders, to specify that the order type is available solely for
Electronic Complex Orders,\4\ and describe the processing of an
Electronic Complex Order designated as PNP Plus.
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    \4\ See Rule 980NY
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Complex BBO and Complex NBBO
    The term BBO is defined in Exchange Rule 900.2NY(7) as the best bid
or offer on the System,\5\ and the term NBBO is defined in Exchange
Rule 900.2NY(41) as the national best bid or offer. In both cases the
best bid and offer represents the best price available in an individual
option series as disseminated by either the Exchange (in the case of
the BBO) or the Options Price Reporting Authority (``OPRA'') (in the
case of the NBBO). Unlike bids and offers for each individual option
series, derived bids and offers for Complex Orders are not disseminated
by either the Exchange or OPRA.
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    \5\ ``System'' refers to the Exchange's electronic order
delivery, execution and reporting system for options through which
orders and quotes are consolidated for execution and/or display.
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    Even though there is not a published bid or offer for every complex
order strategy, there are situations where it is necessary to derive a
(theoretical) bid or offer for a particular strategy.\6\ In order to
derive the best bid or best offer for a given complex order strategy
the Exchange takes the best bid and best offer in the individual leg
markets comprising the complex order strategy, that when aggregated
create either a derived Complex BBO or derived Complex NBBO for that
same strategy. The Exchange uses the best quotes available on the
Exchange in each component series (as shown in the System) to create
the Complex BBO and the best quotes available nationally in each
component series (as disseminated by OPRA) to establish the Complex
NBBO. When deriving the Complex BBO or Complex NBBO the Exchange only
factors in the best prices available in the individual leg markets and
does not take into consideration prices of individual Complex Orders
that may be resting on the Exchange or in another exchange's complex
order book (spread book, contingency book).
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    \6\ For example, the Complex Matching Engine utilizes a Complex
NBBO when establishing the acceptable price range applicable to the
opening auction process for Electronic Complex Orders. See Rule
980NY(c)(i)(B).
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    The Exchange proposes to add definitions of the terms Complex BBO
and Complex NBBO in Rule 900.2NY. The term ``Complex BBO'' would be
defined in Rule 900.2NY(7)(ii) as the BBO for a given complex order
strategy as derived from the best bid on the System and best offer on
the System for each individual component series of a Complex Order. The
term ``Complex NBBO'' would be defined in Rule 900.2NY(41)(ii) as the
NBBO for a given complex order strategy as derived from the national
best bid and national best offer for each individual component series
of a Complex Order.
    An example of how the Complex BBO and Complex NBBO is derived for a
given strategy is shown below;

Jan 20 calls BBO 2.00 x 2.20 NBBO 2.05-2.20
Jan 25 calls BBO 1.00 x 1.20 NBBO 1.05-1.20

    To derive the bid side of the Complex BBO for the Jan 20/25 call
spread using the markets available on the Exchange, the Exchange takes
the best bid in the Jan 20 calls coupled with the best offer in the Jan
25 calls. The result is an .80 bid (2.00-1.20 = .80). To derive the
offer side of the Complex BBO for the same call spread the Exchange
take [sic] the best offer in the Jan 20 calls coupled with the best bid
in the Jan 25 calls. The result is an offer of 1.20 (2.20-1.00 = 1.20).
In this example, the resulting Complex BBO is .80-1.20.
    To derive the bid side of the Complex NBBO for the Jan 20/25 call
spread using the markets as disseminated by OPRA, the Exchange takes
the national best bid in the Jan 20 calls coupled with the national
best offer in the Jan 25 calls. This results in an .85 bid (2.05-1.20 =
.85). To derive the offer side of the Complex NBBO for the same call
spread the Exchange take [sic] the national best offer in the Jan 20
calls coupled with the national best bid in the Jan 25 calls. This
results in an offer of 1.15 (2.20-1.05 = 1.15). In this example, the
resulting Complex NBBO is .85-1.15.
PNP Plus
    As defined in Rule 900.3NY(w) an order designated as PNP Plus is a
limit order that is automatically re-priced by the Exchange to a price
that is one minimum price variation (``MPV'') higher (lower) than the
NBBO bid (offer) if it were to lock or cross the NBBO. The re-priced
order is then posted in the Consolidated Book. PNP Plus orders continue
to be re-priced and re-posted in the Consolidated Book, with each
change in the NBBO, until such time as the NBBO has moved to a price
where the original limit price of the PNP Plus order no longer locks or
crosses the NBBO, at which time the PNP Plus order will revert to the
original limit price of such order. Orders designated as PNP Plus are
ranked in the Consolidated Book pursuant to Rule 964NY and assigned a
new price time priority as of the time of each reposting. Because an
order designated as PNP Plus would be posted at a price that is higher
(lower) that [sic] the best contra-side market, by designating an order
as PNP Plus, a market participant could guarantee that if its order
were to be executed, it would be executed at a price that is better
than the disseminated contra-side market Complex BBO. Accordingly, PNP
Plus provides ATP Holders with additional processing capability to
control the circumstances under which their orders are executed. The
Exchange notes that the PNP Plus designation is currently not operable
for single-leg orders nor does the Exchange intend to introduce such
functionality in the near future. However, ATP Holders are able to and
do use the PNP Plus designation when submitting Electronic Complex
Orders. Accordingly, the Exchange is proposing to amend the definition
of the PNP Plus order type and to make it applicable solely to
Electronic Complex Orders.
    In addition, the revised rule would explain that the net debit/
credit price \7\ of an Electronic Complex Order designated as PNP Plus
is re-priced

based on the Complex BBO for the same complex order strategy. An
Electronic Complex Order designated as PNP Plus would follow existing
PNP Plus processing in that the order will be automatically be [sic]
re-priced by the Exchange to a price that is one MPV lower (higher)
than the displayed contra-side market for buy (sell) orders if it were
to lock or cross that market. However, because the leg prices of an
Electronic Complex Order are bound by the best bid or offer on the
Exchange and not the national best bid or offer \8\ as is the case with
single-leg orders, when re-pricing an Electronic Complex Order
designated as PNP Plus, the order would be re-priced one MPV lower
(higher) than the Complex BBO if it were to lock or cross the Complex
BBO.
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    \7\ Bids and offers for Electronic Complex Orders are entered
based on the net debit/credit of prices of the individual component
series comprising the complex order strategy.
    \8\ See Rule 980NY(c).
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    Accordingly, as amended, Rule 900.3NY(w) would state that an
Electronic Complex Order designated as PNP Plus is automatically re-
priced by the Exchange to an MPV higher (for sell orders) than the
Complex BBO bid for that same Complex Order strategy or at an MPV lower
(for buy orders) than the Complex BBO offer for that same Complex Order
strategy for any unexecuted portion of the order that would otherwise
lock or cross the Complex BBO. The Exchange notes that because bids and
offers for Electronic Complex Orders are priced on a net debit/credit
basis and may be expressed in any decimal price, and the legs(s) of an
Electronic Complex Order may be executed in one cent increments
regardless of the MPV otherwise applicable to the individual legs of
the order,\9\ the MPV applicable to Electronic Complex Order designated
as PNP Plus will always be .01 cent. The re-priced order would then be
posted in the Consolidated Book pursuant to Rule 980NY(b).
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    \9\ See Rule 980NY Commentary .01.
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    Finally, the Exchange proposes to change the existing cross
reference in Rule 900.3NY(w) from Rule 964NY to 980NY(b). This is a
non-substantive change as both rules call for orders to be ranked
according to price/time priority with orders on behalf of Customers
being ranked ahead of same price orders for non-Customers. The Exchange
believes Rule 980NY(b) is the more appropriate rule to reference
because it is specific to Electronic Complex Orders. For the purposes
of ranking in the Consolidated Book, Electronic Complex Order
designated as PNP Plus shall initially be ranked based on their
original time of entry and will be assigned a new price time priority
as of the time of each reposting. From there, with the exception of the
use of the Complex BBO as opposed to the NBBO, all other PNP Plus
functionality remains unchanged.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b)(5) of the Securities Exchange Act of 1934 (the ``Act''),\10\ which
requires the rules of an exchange 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. The Exchange believes
that the proposed rule change would remove impediments to and perfect
the mechanism of a free and open market and a national market system
because it would provide transparency in Exchange rules that the PNP
Plus is a designation applicable to Electronic Complex Orders. The
Exchange further believes that revising the PNP Plus definition to
describe how an Electronic Complex Order designated as PNP Plus is re-
price [sic] based off the Complex BBO and not the NBBO would align the
rule with existing functionality and rules governing Electronic Complex
Orders.
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    \10\ 15 U.S.C. 78f(b).
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    The Exchange also believes that [sic] proposed rule change would
perfect the mechanism of a free and open market because by revising the
PNP Plus order type to make the designation available solely for
Electronic Complex Orders, and not for single leg orders, the rule
would clearly describe the applicability of the PNP Plus order type and
eliminate any suggestion of an order type for which there is no
demonstrated demand and is not supported by Exchange systems.
    The Exchange also believes that defining the terms Complex BBO and
Complex NBBO will help to remove impediments to and perfect the
mechanism of a free and open market and a national market system, in
general because it would provide all market participants with
additional clarity in how the Exchange calculates the Complex BBO and
Complex NBBO in connection with the processing of Complex Orders
    In addition, the Exchange further believes that the proposal
removes impediments to and perfects the mechanism of a free and open
market by ensuring that members, regulators and the public can more
easily navigate the Exchange's rulebook and better understand the
orders types available for trading on the Exchange.

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

    The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed change is not
designed to address any competitive issue but rather revise an existing
a [sic] rule, that can be seen as inaccurate or incomplete, by
accurately describing functionality applicable to the PNP Plus order
type and describing the processing of an Electronic Complex Order
designated as PNP Plus, thereby reducing confusion and making the
Exchange's rules easier to understand and navigate. Also, adopting
Complex BBO and Complex NBBO as defined terms is intended to add
clarity into Exchange rules regarding the methodology of how a Complex
BBO and a Complex NBBO is derived and therefore does not raise any
competitive concerns.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.\13\
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    \11\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of 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.
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    At any time within 60 days of the filing of such 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 shall institute proceedings under
Section 19(b)(2)(B) \14\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \14\ 15 U.S.C. 78s(b)(2)(B).
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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-NYSEMKT-2014-84 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-NYSEMKT-2014-84. 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 NYSE's principal office and on its
Internet Web site at www.nyse.com. 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-NYSEMKT-2014-84 and should be submitted on or before
October 28, 2014.
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    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014-23848 Filed 10-6-14; 8:45 am]
BILLING CODE 8011-01-P