80 FR 46083 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extend the Operation of Its New Market Model Pilot Until October 31, 2015
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 148 (August 3, 2015)
Federal Register Volume 80, Issue 148 (August 3, 2015)
| Page Range | 46083-46086 | |
| FR Document | 2015-18879 |
[Federal Register Volume 80, Number 148 (Monday, August 3, 2015)] [Notices] [Pages 46083-46086] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-18879] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75533; File No. SR-NYSEMKT-2015-52] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extend the Operation of Its New Market Model Pilot Until October 31, 2015 July 28, 2015. 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 July 17, 2015, 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. --------------------------------------------------------------------------- \1\ 15 U.S.C.78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the operation of its New Market Model Pilot, currently scheduled to expire on July 31, 2015, until the earlier of Securities and Exchange Commission (``Commission'') approval to make such pilot permanent or October 31, 2015. 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. [[Page 46084]] 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 extend the operation of its New Market Model Pilot (``NMM Pilot'') that was adopted pursuant to its merger with the New York Stock Exchange LLC (``NYSE'').\4\ The NMM Pilot was approved to operate until October 1, 2009. The Exchange filed to extend the operation of the Pilot to November 30, 2009, March 30, 2010, September 30, 2010, January 31, 2011, August 1, 2011, January 31, 2012, July 31, 2012, January 31, 2013, July 31, 2013, January 31, 2014, July 31, 2014, December 31, 2014, and July 31, 2015, respectively.\5\ The Exchange now seeks to extend the operation of the NMM Pilot, currently scheduled to expire on July 31, 2015, until the earlier of Commission approval to make such pilot permanent or October 31, 2015. --------------------------------------------------------------------------- \4\ NYSE Euronext acquired The Amex Membership Corporation (``AMC'') pursuant to an Agreement and Plan of Merger, dated January 17, 2008 (the ``Merger''). In connection with the Merger, the Exchange's predecessor, the American Stock Exchange LLC (``Amex''), a subsidiary of AMC, became a subsidiary of NYSE Euronext called NYSE Alternext US LLC. See Securities Exchange Act Release No. 58673 (September 29, 2008), 73 FR 57707 (October 3, 2008) (SR-NYSE-2008-60 and SR-Amex-2008-62) (approving the Merger); see also Securities Exchange Act Release Nos. 58705 (Oct. 1, 2008), 73 FR 58995 (Oct. 8, 2008) (approving adoption of equities rules based on those of NYSE) and 59022 (Nov. 26, 2008), 73 FR 73683 (Dec. 3, 2008) (amending equity rules to conform to NYSE NMM Pilot rules). Subsequently, NYSE Alternext US LLC was renamed NYSE Amex LLC, which was then renamed NYSE MKT LLC and continues to operate as a national securities exchange registered under section 6 of the Securities Exchange Act of 1934, as amended (the ``Act''). See Securities Exchange Act Release Nos. 59575 (March 13, 2009), 74 FR 11803 (March 19, 2009) (SR-NYSEALTR-2009-24) and 67037 (May 21, 2012), 77 FR 31415 (May 25, 2012) (SR-NYSEAmex-2012-32). \5\ See Securities Exchange Act Release No. 60758 (October 1, 2009), 74 FR 51639 (October 7, 2009) (SR-NYSEAmex-2009-65). See also Securities Exchange Act Release Nos. 61030 (November 19, 2009), 74 FR 62365 (November 27, 2009) (SR-NYSEAmex-2009-83) (extending Pilot to March 30, 2010); 61725 (March 17, 2010), 75 FR 14223 (March 24, 2010) (SR-NYSEAmex-2010-28) (extending Pilot to September 30, 2010); 62820 (September 1, 2010), 75 FR 54935 (September 9, 2010) (SR- NYSEAmex-2010-86) (extending Pilot to January 31, 2011); 63615 (December 29, 2010), 76 FR 611 (January 5, 2011) (SR-NYSEAmex-2010- 123) (extending Pilot to August 1, 2011); 64773 (June 29, 2011), 76 FR 39453 (July 6, 2011) (SR-NYSEAmex-2011-43) (extending Pilot to January 31, 2012); 66042 (December 23, 2011), 76 FR 82326 (December 30, 2011) (SR-NYSEAmex-2011-102) (extending Pilot to July 31, 2012); 67495 (July 25, 2012), 77 FR 45406 (July 31, 2012) (SR-NYSEMKT-2012- 21) (extending the Pilot to January 31, 2013); 68559 (January 2, 2013), 78 FR 1286 (January 8, 2013) (SR-NYSEMKT-2012-84) (extending Pilot to July 31, 2013); 69812 (June 20, 2013), 78 FR 38766 (June 27, 2013) (SR-NYSEMKT-2013-51) (extending Pilot to January 31, 2014); 71342 (January 17, 2014), 79 FR 4197 (January 24, 2014) (SR- NYSEMKT-2014-02) (extending Pilot to July 31, 2014); 72622 (July 16, 2014), 79 FR 42600 (July 22, 2014) (SR-NYSEMKT-2014-57) (extending Pilot to December 31, 2014); and 73946 (December 24, 2014), 80 FR 60 (January 2, 2015) (SR-NYSEMKT-2014-109) (extending Pilot to July 31, 2015). --------------------------------------------------------------------------- Background \6\ --------------------------------------------------------------------------- \6\ The information contained herein is a summary of the NMM Pilot. See Securities Exchange Act Release No. 58845 (October 24, 2008), 73 FR 64379 (October 29, 2008) (SR-NYSE-2008-46) for a fuller description. --------------------------------------------------------------------------- In December 2008, the Exchange implemented significant changes to its equities market rules, execution technology and the rights and obligations of its equities market participants all of which were designed to improve execution quality on the Exchange. These changes are all elements of the Exchange's enhanced market model that it implemented through the NMM Pilot. As part of the NMM Pilot, the Exchange eliminated the function of equity specialists on the Exchange creating a new category of market participant, the Designated Market Maker or DMM.\7\ The DMMs, like specialists, have affirmative obligations to make an orderly market, including continuous quoting requirements and obligations to re-enter the market when reaching across to execute against trading interest. Unlike specialists, DMMs have a minimum quoting requirement \8\ in their assigned securities and no longer have a negative obligation. DMMs are also no longer agents for public customer orders.\9\ --------------------------------------------------------------------------- \7\ See NYSE MKT Rule 103--Equities. \8\ See NYSE MKT Rule 104--Equities. \9\ See NYSE MKT Rule 60--Equities; see also NYSE MKT Rules 104--Equities and 1000--Equities. --------------------------------------------------------------------------- In addition, the Exchange implemented a system change that allowed DMMs to create a schedule of additional non-displayed liquidity at various price points where the DMM is willing to interact with interest and provide price improvement to orders in the Exchange's system. This schedule is known as the DMM Capital Commitment Schedule (``CCS'').\10\ CCS provides the Display Book[supreg] \11\ with the amount of shares that the DMM is willing to trade at price points outside, at and inside the Exchange Best Bid or Best Offer (``BBO''). CCS interest is separate and distinct from other DMM interest in that it serves as the interest of last resort. --------------------------------------------------------------------------- \10\ See NYSE MKT Rule 1000--Equities. \11\ The Display Book system is an order management and execution facility. The Display Book system receives and displays orders to the DMMs, contains the order information, and provides a mechanism to execute and report transactions and publish the results to the Consolidated Tape. The Display Book system is connected to a number of other Exchange systems for the purposes of comparison, surveillance, and reporting information to customers and other market data and national market systems. --------------------------------------------------------------------------- The NMM Pilot further modified the logic for allocating executed shares among market participants having trading interest at a price point upon execution of incoming orders. The modified logic rewards displayed orders that establish the Exchange's BBO. During the operation of the NMM Pilot, orders or portions thereof that establish priority \12\ retain that priority until the portion of the order that established priority is exhausted. Where no one order has established priority, shares are distributed among all market participants on parity. --------------------------------------------------------------------------- \12\ See NYSE MKT Rule 72(a)(ii)--Equities. --------------------------------------------------------------------------- The NMM Pilot was originally scheduled to end operation on October 1, 2009, or such earlier time as the Commission may determine to make the rules permanent. The Exchange filed to extend the operation of the Pilot on several occasions \13\ in order to prepare a rule filing seeking permission to make the above described changes permanent. The Exchange is currently still preparing such formal submission but does not expect that filing to be completed and approved by the Commission before July 31, 2015.\14\ --------------------------------------------------------------------------- \13\ See supra note 5. \14\ The NYSE has submitted a proposed rule change to make the NYSE NMM Pilot permanent. See Securities Exchange Act Release No. 75153 (June 11, 2015), 80 FR 34717 (June 17, 2015) (SR-NYSE-2015- 26). --------------------------------------------------------------------------- Proposal To Extend the Operation of the NMM Pilot The Exchange established the NMM Pilot to provide incentives for quoting, to enhance competition among the existing group of liquidity providers and to add a new competitive market participant. The Exchange believes that the NMM Pilot allows the Exchange to provide its market participants with a trading venue that utilizes an enhanced market structure to encourage the addition of liquidity, facilitate the trading of larger orders more efficiently and operates to reward aggressive liquidity providers. As such, the Exchange believes that the rules governing the NMM Pilot should be made permanent. Through this filing the Exchange seeks to extend the current operation of the NMM Pilot until October 31, 2015, in order to allow the Exchange time to formally submit a filing to the Commission to convert the pilot rules to permanent rules. The proposed change is not otherwise intended to address any other issues [[Page 46085]] and the Exchange is not aware of any problems that member organizations would have in complying with the proposed change. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act,\15\ in general, and furthers the objectives of section 6(b)(5) of the Act,\16\ in particular, because 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 mechanisms of, a free and open market and a national market system and, in general, to protect investors and the public interest and because it is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78f(b). \16\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes the proposed rule change is designed to prevent fraudulent and manipulative acts and practices and to promote just and equitable principles of trade because it seeks to extend a pilot program that has already been approved by the Commission. The Exchange believes the proposed rule change is designed to facilitate transactions in securities and to remove impediments to, and perfect the mechanisms of, a free and open market and a national market system because the NMM Pilot provides its market participants with a trading venue that utilizes an enhanced market structure to encourage the addition of liquidity, facilitate the trading of larger orders more efficiently and operates to reward aggressive liquidity providers. Moreover, requesting an extension of the NMM Pilot will permit adequate time for: (i) The Exchange to prepare and submit a filing to make the rules governing the NMM Pilot permanent; (ii) public notice and comment; and (iii) completion of the 19b-4 approval process. Finally, the Exchange believes that it is subject to significant competitive forces, as described below in the Exchange's statement regarding the burden on competition. For these reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with section 6(b)(8) of the Act,\17\ the Exchange believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that extending the operation of the NMM Pilot will enhance competition among liquidity providers and thereby improve execution quality on the Exchange. The Exchange will continue to monitor the efficacy of the program during the proposed extended pilot period. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- Finally, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues. In such an environment, the Exchange must continually review, and consider adjusting the services it offers and the requirements it imposes to remain competitive with other U.S. equity exchanges. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment. 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 \18\ and Rule 19b-4(f)(6) thereunder.\19\ 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)(iii) thereunder. --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(3)(A)(iii). \19\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \20\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\21\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange notes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. The Exchange believes that waiver will ensure that member organizations and the public can continue to benefit from the pilot program without interruption after July 31, 2015. The Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.\22\ --------------------------------------------------------------------------- \20\ 17 CFR 240.19b-4(f)(6). \21\ 17 CFR 240.19b-4(f)(6)(iii). \22\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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) \23\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \23\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-NYSEMKT-2015-52 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-2015-52. This file number should be included on the subject line if email is used. To help the Commission process and review your [[Page 46086]] 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- NYSEMKT-2015-52, and should be submitted on or before August 24, 2015. --------------------------------------------------------------------------- \24\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\24\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-18879 Filed 7-31-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 148 / Monday, August 3, 2015 / Notices 46083
it was filed, or such shorter time as the • Send an email to rule-comments@ SECURITIES AND EXCHANGE
Commission may designate, if sec.gov. Please include File Number SR– COMMISSION
consistent with the protection of NYSEMKT–2015–53 on the subject line.
investors and the public interest, the [Release No. 34–75533; File No. SR–
proposed rule change has become Paper Comments
NYSEMKT–2015–52]
effective pursuant to Section 19(b)(3)(A) • Send paper comments in triplicate
of the Act and Rule 19b–4(f)(6)(iii) to Secretary, Securities and Exchange Self-Regulatory Organizations; NYSE
thereunder. MKT LLC; Notice of Filing and
Commission, 100 F Street NE.,
A proposed rule change filed under Immediate Effectiveness of Proposed
Washington, DC 20549–1090.
Rule 19b–4(f)(6) 18 normally does not Rule Change Extend the Operation of
become operative prior to 30 days after All submissions should refer to File Its New Market Model Pilot Until
the date of the filing. However, pursuant Number SR–NYSEMKT–2015–53. This October 31, 2015
to Rule 19b–4(f)(6)(iii),19 the file number should be included on the
Commission may designate a shorter subject line if email is used. To help the July 28, 2015.
time if such action is consistent with the Commission process and review your Pursuant to section 19(b)(1) 1 of the
protection of investors and the public comments more efficiently, please use Securities Exchange Act of 1934 (the
interest. The Exchange has asked the only one method. The Commission will
Commission to waive the 30-day ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
post all comments on the Commission’s notice is hereby given that on July 17,
operative delay so that the proposal may Internet Web site (http://www.sec.gov/
become operative immediately upon 2015, NYSE MKT LLC (the ‘‘Exchange’’
rules/sro.shtml). Copies of the or ‘‘NYSE MKT’’) filed with the
filing. The Exchange notes that waiving submission, all subsequent
the 30-day operative delay is consistent Securities and Exchange Commission
amendments, all written statements (the ‘‘Commission’’) the proposed rule
with the protection of investors and the
with respect to the proposed rule change as described in Items I and II
public interest. The Exchange believes
change that are filed with the below, which Items have been prepared
that waiver will ensure that member
Commission, and all written by the self-regulatory organization. The
organizations and the public can
continue to benefit from the pilot communications relating to the Commission is publishing this notice to
program without interruption after July proposed rule change between the solicit comments on the proposed rule
31, 2015. The Commission hereby Commission and any person, other than change from interested persons.
waives the 30-day operative delay and those that may be withheld from the
designates the proposal operative upon public in accordance with the I. Self-Regulatory Organization’s
filing.20 provisions of 5 U.S.C. 552, will be Statement of the Terms of Substance of
At any time within 60 days of the available for Web site viewing and the Proposed Rule Change
filing of such proposed rule change, the printing in the Commission’s Public
The Exchange proposes to extend the
Commission summarily may Reference Room, 100 F Street NE.,
operation of its New Market Model
temporarily suspend such rule change if Washington, DC 20549, on official
Pilot, currently scheduled to expire on
it appears to the Commission that such business days between the hours of
July 31, 2015, until the earlier of
action is necessary or appropriate in the 10:00 a.m. and 3:00 p.m. Copies of the
Securities and Exchange Commission
public interest, for the protection of filing also will be available for
(‘‘Commission’’) approval to make such
investors, or otherwise in furtherance of inspection and copying at the principal
the purposes of the Act. If the pilot permanent or October 31, 2015.
office of the Exchange. All comments
Commission takes such action, the The text of the proposed rule change is
received will be posted without change;
Commission shall institute proceedings available on the Exchange’s Web site at
the Commission does not edit personal
under Section 19(b)(2)(B) 21 of the Act to www.nyse.com, at the principal office of
identifying information from
determine whether the proposed rule the Exchange, and at the Commission’s
submissions. You should submit only
change should be approved or Public Reference Room.
information that you wish to make
disapproved. available publicly. All submissions II. Self-Regulatory Organization’s
IV. Solicitation of Comment should refer to File Number SR– Statement of the Purpose of, and
NYSEMKT–2015–53, and should be Statutory Basis for, the Proposed Rule
Interested persons are invited to
submitted on or before August 24, 2015. Change
submit written data, views, and
arguments concerning the foregoing, For the Commission, by the Division of In its filing with the Commission, the
including whether the proposed rule Trading and Markets, pursuant to delegated
self-regulatory organization included
change is consistent with the Act. authority.22
statements concerning the purpose of,
Comments may be submitted by any of Robert W. Errett, and basis for, the proposed rule change
the following methods: Deputy Secretary. and discussed any comments it received
Electronic Comments [FR Doc. 2015–18880 Filed 7–31–15; 8:45 am] on the proposed rule change. The text
• Use the Commission’s Internet
BILLING CODE 8011–01–P of those statements may be examined at
comment form (http://www.sec.gov/ the places specified in Item IV below.
rules/sro.shtml); or The Exchange has prepared summaries,
mstockstill on DSK4VPTVN1PROD with NOTICES
set forth in sections A, B, and C below,
18 17 CFR 240.19b–4(f)(6).
of the most significant parts of such
19 17 CFR 240.19b–4(f)(6)(iii). statements.
20 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
1 15 U.S.C.78s(b)(1).
proposed rule’s impact on efficiency, competition,
2 15 U.S.C. 78a.
and capital formation. See 15 U.S.C. 78c(f).
21 15 U.S.C. 78s(b)(2)(B). 22 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
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![46086 Federal Register / Vol. 80, No. 148 / Monday, August 3, 2015 / Notices
comments more efficiently, please use Programs account to the Economic Federal Aviation Administration, 800
only one method. The Commission will Support Fund account. Independence Avenue SW.,
post all comments on the Commission’s This determination shall be reported Washington, DC 20591; telephone (202)
Internet Web site (http://www.sec.gov/ to Congress and published in the 267–3577; email lynne.pickard@faa.gov
rules/sro.shtml). Copies of the Federal Register. SUPPLEMENTARY INFORMATION:
submission, all subsequent John F. Kerry,
amendments, all written statements Background
Secretary of State.
with respect to the proposed rule The National Environmental Policy
[FR Doc. 2015–18954 Filed 7–31–15; 8:45 am]
change that are filed with the Act (NEPA) establishes a broad national
Commission, and all written BILLING CODE 4710–AD–P
policy to protect the quality of the
communications relating to the human environment and to ensure that
proposed rule change between the environmental considerations are given
Commission and any person, other than DEPARTMENT OF TRANSPORTATION
careful attention and appropriate weight
those that may be withheld from the Federal Aviation Administration in decisions of the Federal Government.
public in accordance with the Regulations promulgated by the Council
provisions of 5 U.S.C. 552, will be [Docket No. FAA–2014–0510] on Environmental Quality (CEQ) (40
available for Web site viewing and CFR parts 1500–1508) to implement
printing in the Commission’s Public Implementation of Legislative
Categorical Exclusion for NEPA establish three levels of
Reference Room, 100 F Street NE., environmental review for federal
Washington, DC 20549, on official Environmental Review of Performance
Based Navigation Procedures actions. An environmental impact
business days between the hours of statement (EIS) is the detailed written
10:00 a.m. and 3:00 p.m. Copies of the AGENCY: Federal Aviation statement as required by section
filing also will be available for Administration, Transportation. 102(2)(C) of NEPA, and is prepared for
inspection and copying at the principal ACTION: Final Notice to Announce those actions when one or more
office of the Exchange. All comments Implementation of Section 213(c)(2) environmental impacts are potentially
received will be posted without change; CATEX and Disposition of Public significant and mitigation measures
the Commission does not edit personal Comments. cannot reduce the impact(s) below
identifying information from significant levels. 40 CFR 1508.11. An
submissions. You should submit only SUMMARY: On August 19, 2014, the environmental assessment (EA) is a
information that you wish to make Federal Aviation Administration (FAA) more concise document that provides a
available publicly. All submissions published in the Federal Register [79 basis for determining whether to
should refer to File Number SR- FR 49141–49144] a notice regarding the prepare an environmental impact
NYSEMKT–2015–52, and should be FAA’s consideration of how to statement or a finding of no significant
submitted on or before August 24, 2015. implement Section 213(c)(2) of the FAA impact. 40 CFR 1508.9. A categorical
For the Commission, by the Division of Modernization and Reform Act of 2012. exclusion (CATEX) is used for actions
Trading and Markets, pursuant to delegated Section 213(c)(2) directs the FAA to which do not individually or
authority.24 issue and file a categorical exclusion for cumulatively have a significant effect on
Robert W. Errett, any navigation performance or other the human environment. 40 CFR 1508.4.
Deputy Secretary. performance based navigation A CATEX is not an exemption or waiver
procedure that would result in of NEPA review; it is a level of NEPA
[FR Doc. 2015–18879 Filed 7–31–15; 8:45 am]
measureable reductions in fuel review.
BILLING CODE 8011–01–P
consumption, carbon dioxide emissions, CEQ regulations require agency
and noise on a per flight basis as procedures to identify classes of actions
DEPARTMENT OF STATE compared to aircraft operations that which normally require an EIS or an EA,
follow existing instrument flight rule as well as those actions which normally
[Public Notice 9210] procedures in the same airspace. To do not require either an EIS or an EA
inform the FAA’s consideration of (i.e., a CATEX). 40 CFR 1507.3(b). In
Determination Under Section 610 of interpretative guidance regarding addition to identifying actions that
the Foreign Assistance Act of 1961, As Section 213(c)(2), the FAA’s August 19 normally are CATEXed, an agency’s
Amended notice requested public comment on a procedures must also provide for
Pursuant to the authority vested in me Net Noise Reduction Method extraordinary circumstances in which a
by section 610 of the Foreign Assistance recommended by the NextGen Advisory normally excluded action may have a
Act of 1961, as amended (the ‘‘Act’’), Committee (NAC) and possible significant environmental effect which
and the President’s Memorandum of variations on this method. The FAA has would preclude the use of a CATEX. 40
Delegation dated April 16, 2015, I reviewed and considered all comments CFR 1508.4.
hereby determine it necessary for the and has decided to issue interpretative The FAA has adopted policy and
purposes of the Act that pursuant to the guidance to implement Section 213(c)(2) procedures for compliance with NEPA
relevant authorities of the Act, the using the Net Noise Reduction Method and CEQ’s implementing regulations in
following funds be transferred to, and with two variations to the NAC’s Order 1050.1F, Environmental Impacts:
consolidated with, funds made available recommendation, as described in this Policies and Procedures, dated July 16,
final notice.
mstockstill on DSK4VPTVN1PROD with NOTICES
under chapter 4 of part II of the Act, and 2015 [80 Federal Register 44207, July
such funds are hereby so transferred and DATES: The effective date of this 24, 2015]. Order 1050.1F lists FAA
consolidated: implementation will be the date the actions subject to a CATEX in
• $12,150,000 of Fiscal Year 2014 FAA issues the interpretative guidance. accordance with CEQ regulations,
funds from the Nonproliferation, FOR FURTHER INFORMATION CONTACT: including CATEXs for FAA actions
Antiterrorism, Demining and Related Lynne S. Pickard, Senior Advisor for involving establishment, modification,
Environmental Policy, Office of or application of airspace and air traffic
24 17 CFR 200.30–3(a)(12). Environment and Energy (AEE–6), procedures.
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Document Created: 2018-02-23 10:51:21
Document Modified: 2018-02-23 10:51:21
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| FR Citation | 80 FR 46083 |
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