82 FR 1764 - FY 2016 Annual Compliance Report
POSTAL REGULATORY COMMISSION Federal Register Volume 82, Issue 4 (January 6, 2017)
Federal Register Volume 82, Issue 4 (January 6, 2017)
| Page Range | 1764-1766 | |
| FR Document | 2016-32053 |
[Federal Register Volume 82, Number 4 (Friday, January 6, 2017)] [Notices] [Pages 1764-1766] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-32053] ----------------------------------------------------------------------- POSTAL REGULATORY COMMISSION [Docket No. ACR2016; Order No. 3717] FY 2016 Annual Compliance Report AGENCY: Postal Regulatory Commission. ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: The Postal Service has filed an Annual Compliance Report on the costs, revenues, rates, and quality of service associated with its products in fiscal year 2016. Within 90 days, the Commission must evaluate that information and issue its determination as to whether rates were in compliance with title 39, chapter 36, and whether service standards in effect were met. To assist in this, the Commission seeks public comments on the Postal Service's Annual Compliance Report. DATES: Comments are due: February 2, 2017. Reply Comments are due: February 13, 2017. ADDRESSES: Submit comments electronically via the Commission's Filing Online system at http://www.prc.gov. Those who cannot submit comments electronically should contact the person identified in the FOR FURTHER INFORMATION CONTACT section by telephone for advice on filing alternatives. FOR FURTHER INFORMATION CONTACT: David A. Trissell, General Counsel, at 202-789-6820. SUPPLEMENTARY INFORMATION: Table of Contents I. Introduction II. Overview of the Postal Service's FY 2016 ACR III. Procedural Steps IV. Ordering Paragraphs I. Introduction On December 29, 2016, the United States Postal Service (Postal Service) filed with the Commission, pursuant to 39 U.S.C. 3652, its Annual Compliance Report (ACR) for fiscal year (FY) 2016.\1\ Section 3652 requires submission of data and information on the costs, revenues, rates, and quality of service associated with postal products within 90 days of the closing of each fiscal year. In conformance with other statutory provisions and Commission rules, the ACR includes the Postal Service's FY 2016 Comprehensive Statement, its FY 2016 annual report to the Secretary of the Treasury on the Competitive Products Fund, and certain related Competitive Products Fund material. See respectively, 39 U.S.C. 3652(g), 39 U.S.C. 2011(i), and 39 CFR 3060.20- 23. In line with past practice, some of the material in the FY 2016 ACR appears in non-public annexes. --------------------------------------------------------------------------- \1\ United States Postal Service FY 2016 Annual Compliance Report, December 29, 2016 (FY 2016 ACR). Public portions of the Postal Service's filing are available on the Commission's Web site at http://www.prc.gov. --------------------------------------------------------------------------- The filing begins a review process that results in an Annual Compliance Determination (ACD) issued by the Commission to determine whether Postal Service products offered during FY 2016 were in compliance with applicable title 39 requirements. II. Overview of the Postal Service's FY 2016 ACR Contents of the filing. The Postal Service's FY 2016 ACR consists of a 94-page narrative; extensive additional material appended as separate folders and identified in Attachment One; and an application for non-public treatment of certain materials, along with supporting rationale, filed as Attachment Two. The filing also includes the Comprehensive Statement,\2\ Report to the Secretary of the Treasury, and information on the Competitive Products Fund filed in response to Commission rules. This material has been filed electronically with the Commission, and some also has been filed in hard copy form. --------------------------------------------------------------------------- \2\ In years prior to 2013, the Commission reviewed the Postal Service's reports prepared pursuant to 39 U.S.C. 2803 and 39 U.S.C. 2804 (filed as the Comprehensive Statement by the Postal Service) in its ACD. However, as it did last year, the Commission intends to issue a separate notice soliciting comments on the comprehensive statement and provide its related analysis in a separate report from the ACD. --------------------------------------------------------------------------- Scope of the filing. The material appended to the narrative consists of: (1) Domestic product costing material filed on an annual basis summarized in the Cost and Revenue Analysis (CRA); (2) comparable international costing material summarized in the International Cost and Revenue Analysis (ICRA); (3) worksharing-related cost studies; and (4) billing determinant [[Page 1765]] information for both domestic and international mail. FY 2016 ACR at 2. Inclusion of these four data sets is consistent with the Postal Service's past ACR practices. As with past ACRs, the Postal Service has split certain materials into public and non-public versions. Id. at 2- 3. ``Roadmap'' document. A roadmap to the FY 2016 ACR can be found in Library Reference USPS-FY16-9. This document provides brief descriptions of the materials submitted, as well as the flow of inputs and outputs among them; a discussion of differences in methodology relative to Commission methodologies in last year's ACD; and a list of special studies and a discussion of obsolescence, as required by Commission rule 3050.12. Id. at 3. Methodology. The Postal Service states that it has adhered to the methodologies historically used by the Commission subject to changes identified and discussed in Library Reference USPS-FY16-9 and in prefaces accompanying the appended folders. Id. at 4. The Postal Service notes that one noteworthy methodological change regarding product costs was discussed by the Commission in Order No. 3506.\3\ Going forward, the Postal Service's calculation of attributable costs will be changing to include a product's inframarginal costs developed as part of the estimation of a product's incremental costs. FY 2016 ACR at 4. However, the Postal Service states that several complications associated with the change have precluded it from including the new inframarginal cost component into the CRA this year. Id. at 5-7. However, it has included additional information, including estimates on product specific incremental costs, to Library Reference USPS-FY16- NP10. It has also created a new library reference, USPS-FY16-43, to present the incremental costs for market dominant products. Id. at 7-8. --------------------------------------------------------------------------- \3\ Id.; see Docket No. RM2016-2, Order Concerning United Parcel Service, Inc.'s Proposed Changes to Postal Service Costing Methodologies (UPS Proposals One, Two, and Three), September 9, 2016 (Order No. 3506). --------------------------------------------------------------------------- Market dominant product-by-product costs, revenues, and volumes. Comprehensive cost, revenue, and volume data for all market dominant products of general applicability are shown directly in the FY 2016 CRA or ICRA. Id. at 11. The FY 2016 ACR includes a discussion by class of each market dominant product, including costs, revenues, and volumes, workshare discounts, and passthroughs responsive to 39 U.S.C. 3652(b), and FY 2016 incentive programs. Id. at 12-66.\4\ --------------------------------------------------------------------------- \4\ The Postal Service states that it ``would be inefficient and unduly disruptive . . . to immediately adjust prices to correct passthroughs that exceed 100 percent.'' Id. at 11. It further states its intent to address such passthroughs in its next general price adjustment. Id. --------------------------------------------------------------------------- In response to the Commission's FY 2010 ACD directives, the Postal Service states that it is providing information regarding: (a) All operational changes designed to reduce flats costs and the estimated financial effects of such changes (id. at 27-34); (b) all costing methodology improvements made in FY 2016 \5\ and the estimated financial effects of such changes (id. at 27-31); and (c) a statement summarizing the historical and current year subsidy of the flats product (id. at 36-38). In addition, the Postal Service states that in the next general market dominant price change, it plans to increase the price of Standard Mail Flats by at least CPI times 1.05. Id. at 37. In the FY 2015 ACD, the Commission directed the Postal Service to submit a report addressing several topics related to Periodicals pricing.\6\ The Postal Service states that it provided a response to that directive on July 26, 2016. FY 2016 ACR at 53. Additionally, the Postal Service provides an updated version of the Periodicals pricing report in Library Reference USPS-FY16-44. Id. --------------------------------------------------------------------------- \5\ The Postal Service notes that, in FY 2016, no rulemaking dockets resulted in costing methodology changes affecting Standard Mail Flats costs. Id. at 34. However, the Postal Service discusses several related developments required to foster a better understanding of the observed trend in reported costs for Standard Mail Flats. Id. at 34-36. \6\ See Docket No. ACR2015, Annual Compliance Determination, March 28, 2016, at 23-24 (FY 2015 ACD). --------------------------------------------------------------------------- Flats directive. The Postal Service notes that the Commission directed the Postal Service to submit a detailed report addressing the measurement of cost and service performance issues for flat-shaped products in the FY 2015 ACD.\7\ The Postal Service states that its initial report addressing flats issues was filed on July 26, 2016, and additional responses were provided by the Postal Service in response to a Commission Information Request. FY 2016 ACR at 54. --------------------------------------------------------------------------- \7\ Id.; see Docket No. ACR2015, FY 2015 ACD at 180-181. --------------------------------------------------------------------------- Market dominant negotiated service agreements. The FY 2016 ACR presents information on the PHI Acquisitions, Inc. negotiated service agreement, the only market dominant negotiated service agreement in effect in FY 2016. Id. at 64-66. Service performance. The Postal Service notes that the Commission issued rules on periodic reporting of service performance measurement and customer satisfaction in FY 2010. Responsive information appears in Library Reference USPS-FY16-29. Id. at 67. Customer satisfaction. The FY 2016 ACR discusses the Postal Service's approach for measuring customer experience and satisfaction; describes the methodology; presents a table with survey results; compares the results from FY 2015 to FY 2016; and provides information regarding customer access to postal services. Id. at 70-81. Competitive products. The FY 2016 ACR provides costs, revenues, and volumes for competitive products of general applicability in the FY 2016 CRA or ICRA. For competitive products not of general applicability, data are provided in non-public Library References USPS- FY16-NP2 and USPS-FY16-NP27. Id. at 82. The FY 2016 ACR also addresses the competitive product pricing standards of 39 U.S.C. 3633. Id. at 82- 90. Market tests; nonpostal services. The Postal Service discusses the four competitive market tests conducted during FY 2016, and nonpostal services. Id. at 91-92. III. Procedural Steps Statutory requirements. Section 3653 of title 39 requires the Commission to provide interested persons with an opportunity to comment on the ACR and to appoint an officer of the Commission (Public Representative) to represent the interests of the general public. The Commission hereby solicits public comment on the Postal Service's FY 2016 ACR and on whether any rates or fees in effect during FY 2016 (for products individually or collectively) were not in compliance with applicable provisions of chapter 36 of title 39 (or regulations promulgated thereunder). Commenters addressing market dominant products are referred in particular to the applicable requirements (39 U.S.C. 3622(d) and (e) and 39 U.S.C. 3626); objectives (39 U.S.C. 3622(b)); and factors (39 U.S.C. 3622(c)). Commenters addressing competitive products are referred to 39 U.S.C. 3633. The Commission also invites public comment on the cost coverage matters the Postal Service addresses in its filing; service performance results; levels of customer satisfaction achieved; and such other matters that may be relevant to the Commission's review. Access to filing. The Commission has posted the publicly available portions of the FY 2016 ACR on its Web site at http://www.prc.gov. [[Page 1766]] Comment deadlines. Comments by interested persons are due on or before February 2, 2017. Reply comments are due on or before February 13, 2017. The Commission, upon completion of its review of the FY 2016 ACR, comments, and other data and information submitted in this proceeding, will issue its ACD. Public Representative. James Waclawski is designated to serve as the Public Representative to represent the interests of the general public in this proceeding. Neither the Public Representative nor any additional persons assigned to assist him shall participate in or advise as to any Commission decision in this proceeding other than in their designated capacity. IV. Ordering Paragraphs It is ordered: 1. The Commission establishes Docket No. ACR2016 to consider matters raised by the United States Postal Service's FY 2016 Annual Compliance Report. 2. Pursuant to 39 U.S.C. 505, the Commission appoints James Waclawski as an officer of the Commission (Public Representative) in this proceeding to represent the interests of the general public. 3. Comments on the United States Postal Service's FY 2016 Annual Compliance Report to the Commission are due on or before February 2, 2017. 4. Reply comments are due on or before February 13, 2017. 5. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Stacy L. Ruble, Secretary. [FR Doc. 2016-32053 Filed 1-5-17; 8:45 am] BILLING CODE 7710-FW-P
![1764 Federal Register / Vol. 82, No. 4 / Friday, January 6, 2017 / Notices
Commission provided more in-depth Commission’s analysis of the FY 2016 Report (ACR) for fiscal year (FY) 2016.1
analysis of the Postal Service’s progress Annual Performance Report and the FY Section 3652 requires submission of
toward meetings its performance goals 2017 Annual Performance Plan. data and information on the costs,
and plans to improve performance in 3. Comments are due no later than revenues, rates, and quality of service
future years. February 8, 2017. associated with postal products within
As it did in recent years, the 4. Reply comments are due no later 90 days of the closing of each fiscal
Commission will evaluate whether the than February 22, 2017. year. In conformance with other
Postal Service met its FY 2016 5. The Secretary shall arrange for statutory provisions and Commission
performance goals in a report separate publication of this order in the Federal rules, the ACR includes the Postal
from the FY 2016 ACD. To facilitate this Register. Service’s FY 2016 Comprehensive
review, the Commission invites public By the Commission. Statement, its FY 2016 annual report to
comment on the following issues: Stacy L. Ruble, the Secretary of the Treasury on the
• Did the Postal Service meet its Secretary. Competitive Products Fund, and certain
performance goals in FY 2016? related Competitive Products Fund
[FR Doc. 2017–00024 Filed 1–5–17; 8:45 am]
• Do the FY 2016 Annual material. See respectively, 39 U.S.C.
BILLING CODE 7710–FW–P
Performance Report and the FY 2017 3652(g), 39 U.S.C. 2011(i), and 39 CFR
Annual Performance Plan meet 3060.20–23. In line with past practice,
applicable statutory requirements, POSTAL REGULATORY COMMISSION some of the material in the FY 2016
including 39 U.S.C. 2803 and 2804? ACR appears in non-public annexes.
• What recommendations should the [Docket No. ACR2016; Order No. 3717] The filing begins a review process that
Commission provide to the Postal results in an Annual Compliance
Service that relate to protecting or FY 2016 Annual Compliance Report Determination (ACD) issued by the
promoting public policy objectives in AGENCY: Postal Regulatory Commission. Commission to determine whether
title 39? ACTION: Notice. Postal Service products offered during
• What recommendations or FY 2016 were in compliance with
observations should the Commission SUMMARY: The Postal Service has filed applicable title 39 requirements.
make concerning the Postal Service’s an Annual Compliance Report on the II. Overview of the Postal Service’s FY
strategic initiatives? 3 costs, revenues, rates, and quality of 2016 ACR
• What other matters are relevant to service associated with its products in
the Commission’s analysis of the FY fiscal year 2016. Within 90 days, the Contents of the filing. The Postal
2016 Annual Performance Report and Commission must evaluate that Service’s FY 2016 ACR consists of a 94-
the FY 2017 Annual Performance Plan information and issue its determination page narrative; extensive additional
under 39 U.S.C. 3653(d)? as to whether rates were in compliance material appended as separate folders
with title 39, chapter 36, and whether and identified in Attachment One; and
III. Request for Comments an application for non-public treatment
service standards in effect were met. To
Comments by interested persons are assist in this, the Commission seeks of certain materials, along with
due no later than February 8, 2017. public comments on the Postal Service’s supporting rationale, filed as
Reply comments are due no later than Annual Compliance Report. Attachment Two. The filing also
February 22, 2017. Pursuant to 39 U.S.C. DATES: Comments are due: February 2,
includes the Comprehensive
505, Katalin K. Clendenin is appointed 2017. Statement,2 Report to the Secretary of
to serve as Public Representative to Reply Comments are due: February the Treasury, and information on the
represent the interests of the general 13, 2017. Competitive Products Fund filed in
public in this docket with respect to response to Commission rules. This
ADDRESSES: Submit comments
issues related to the Commission’s material has been filed electronically
electronically via the Commission’s
analysis of the FY 2016 Annual with the Commission, and some also
Filing Online system at http://
Performance Report and the FY 2017 has been filed in hard copy form.
www.prc.gov. Those who cannot submit Scope of the filing. The material
Annual Performance Plan. comments electronically should contact appended to the narrative consists of:
IV. Ordering Paragraphs the person identified in the FOR FURTHER (1) Domestic product costing material
INFORMATION CONTACT section by
It is ordered: filed on an annual basis summarized in
telephone for advice on filing the Cost and Revenue Analysis (CRA);
1. The Commission invites public
alternatives. (2) comparable international costing
comment on the Postal Service’s FY
2016 Annual Performance Report and FOR FURTHER INFORMATION CONTACT: material summarized in the
FY 2017 Annual Performance Plan. David A. Trissell, General Counsel, at International Cost and Revenue
2. Pursuant to 39 U.S.C. 505, the 202–789–6820. Analysis (ICRA); (3) worksharing-related
Commission appoints Katalin K. SUPPLEMENTARY INFORMATION: cost studies; and (4) billing determinant
Clendenin to serve as Public
Table of Contents
Representative to represent the interests 1 United States Postal Service FY 2016 Annual
of the general public in this proceeding I. Introduction Compliance Report, December 29, 2016 (FY 2016
II. Overview of the Postal Service’s FY 2016 ACR). Public portions of the Postal Service’s filing
with respect to issues related to the are available on the Commission’s Web site at
ACR http://www.prc.gov.
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Performance Report and FY 2014 Performance Plan, III. Procedural Steps 2 In years prior to 2013, the Commission reviewed
July 7, 2014; Docket No. ACR2014, Postal IV. Ordering Paragraphs the Postal Service’s reports prepared pursuant to 39
Regulatory Commission, Analysis of the Postal U.S.C. 2803 and 39 U.S.C. 2804 (filed as the
Service’s FY 2014 Program Performance Report and I. Introduction Comprehensive Statement by the Postal Service) in
FY 2015 Performance Plan, July 7, 2015; Docket No. On December 29, 2016, the United its ACD. However, as it did last year, the
ACR2015, Postal Regulatory Commission, Analysis Commission intends to issue a separate notice
of the Postal Service’s FY 2015 Annual Performance States Postal Service (Postal Service) soliciting comments on the comprehensive
Report and FY 2016 Performance Plan, May 4, 2016. filed with the Commission, pursuant to statement and provide its related analysis in a
3 See FY 2016 Annual Report at 69–71. 39 U.S.C. 3652, its Annual Compliance separate report from the ACD.
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![1766 Federal Register / Vol. 82, No. 4 / Friday, January 6, 2017 / Notices
Comment deadlines. Comments by to Section 19(b)(1) of the Securities $25.00 or less, 5% for securities with an
interested persons are due on or before Exchange Act of 1934 (‘‘Act’’) 1 and Rule Auction Reference Price greater than
February 2, 2017. Reply comments are 19b–4 thereunder,2 a proposed rule $25.00 but less than or equal to $50.00,
due on or before February 13, 2017. The change to widen Auction Collars for the and 3% for securities with an Auction
Commission, upon completion of its Core Open Auction on volatile trading Reference Price greater than $50.00.
review of the FY 2016 ACR, comments, days. The proposed rule change was Under the proposal, if as of 9:00 a.m.
and other data and information published for comment in the Federal Eastern Time, the E-mini S&P 500
submitted in this proceeding, will issue Register on October 14, 2016.3 On Futures are +/¥ 2% from the prior day’s
its ACD. November 23, 2016, the Commission closing price of the E-mini S&P 500
Public Representative. James designated a longer period within which Futures, or if the Exchange determines
Waclawski is designated to serve as the to approve the proposed rule change, that it is necessary or appropriate for the
Public Representative to represent the disapprove the proposed rule change, or maintenance of a fair and orderly
interests of the general public in this institute proceedings to determine market, the Auction Collar for the Core
proceeding. Neither the Public whether to disapprove the proposed Open Auction would be 10%, regardless
Representative nor any additional rule change.4 On December 12, 2016, of the Auction Reference Price. If the
persons assigned to assist him shall the Exchange filed Amendment No. 1 to Exchange determines to widen Auction
participate in or advise as to any its proposed rule change.5 The Collars under the ‘‘fair and orderly’’
Commission decision in this proceeding Commission received no comment provision, the Exchange would
other than in their designated capacity. letters on the proposed rule change. announce by Trader Update the
This order approves the proposed rule widened collars before the Core Open
IV. Ordering Paragraphs Auction.8
change, as modified by Amendment No.
It is ordered: 1. III. Discussion and Commission
1. The Commission establishes Docket Findings
No. ACR2016 to consider matters raised II. Description of the Proposed Rule
by the United States Postal Service’s FY Change The Commission finds that the
2016 Annual Compliance Report. The Exchange proposes to amend proposed rule change, as modified by
2. Pursuant to 39 U.S.C. 505, the NYSE Arca Equities Rule 7.35 to widen Amendment No. 1, is consistent with
Commission appoints James Waclawski Auction Collars 6 for the Core Open the requirements of the Act and the
as an officer of the Commission (Public Auction on volatile trading days. rules and regulations thereunder
Representative) in this proceeding to Currently, Rule 7.35(a)(10)(A) provides applicable to a national securities
represent the interests of the general that the price collar threshold for the exchange.9 In particular, the
public. Core Open Auction is 10% for securities Commission finds that the proposed
3. Comments on the United States with an Auction Reference Price 7 of rule change, as modified by Amendment
Postal Service’s FY 2016 Annual No. 1, is consistent with Section 6(b)(5)
Compliance Report to the Commission 1 15 U.S.C. 78s(b)(1). of the Act,10 which requires, among
are due on or before February 2, 2017. 2 17 CFR 240.19b–4. other things, that the rules of a national
4. Reply comments are due on or 3 See Securities Exchange Act Release No. 79068 securities exchange be designed to
before February 13, 2017. (October 7, 2016), 81 FR 71127 (‘‘Notice’’). prevent fraudulent and manipulative
4 See Securities Exchange Act Release No. 79388,
5. The Secretary shall arrange for acts and practices, to promote just and
81 FR 86368 (November 30, 2016). The Commission
publication of this order in the Federal designated January 12, 2017, as the date by which
equitable principles of trade, to foster
Register. it shall approve, disapprove, or institute cooperation and coordination with
proceedings to determine whether to disapprove the persons engaged in facilitating
By the Commission. proposed rule change. transactions in securities, to remove
Stacy L. Ruble, 5 In Amendment No. 1, the Exchange replaced all
impediments to and perfect the
Secretary. references in the filing to Rule 7.35P with Rule 7.35,
as the Exchange recently amended its rules to mechanism of a free and open market
[FR Doc. 2016–32053 Filed 1–5–17; 8:45 am] eliminate the ‘‘P’’ modifier. See Securities Exchange and a national market system, and, in
BILLING CODE 7710–FW–P Act Release No. 79078 (October 11, 2016), 81 FR general, to protect investors and the
71559 (October 17, 2016) (SR–NYSEArca–2016– public interest.
135). The Exchange also corrected a typographical
error in the proposed text in Rule 7.35(a)(10)(A). The Commission notes that, according
SECURITIES AND EXCHANGE Finally, the Exchange provided additional details to the Exchange, the proposed Auction
COMMISSION regarding its authority under the proposal to widen Collars would allow for additional price
Auction Collars when it determines that it is movement during periods of market-
[Release No. 34–79714; File No. SR– necessary or appropriate for the maintenance of a
fair and orderly market, and represented that if it wide volatility, and at the same time
NYSEArca–2016–136]
were to widen Auction Collars under this authority, continue to prevent auctions from
Self-Regulatory Organizations; NYSE it would announce by Trader Update such widened occurring at prices significantly away
collars before the Core Open Auction. Because from the Auction Reference Price.11 The
Arca, Inc.; Order Approving a Amendment No. 1 does not materially alter the
Proposed Rule Change, as Modified by substance of the proposed rule change or raise Exchange also states its belief that
Amendment No. 1, Amending NYSE unique or novel regulatory issues, Amendment No. widening the Auction Collars could
Arca Equities Rule 7.35 To Provide for 1 is not subject to notice and comment reduce the possibility of securities
(Amendment No. 1 is available at: https:// triggering multiple trading pauses under
Widened Auction Collars for the Core www.sec.gov/comments/sr-nysearca-2016-136/
Open Auction on Volatile Trading Days nysearca2016136-1.pdf).
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6 See NYSE Arca Equities Rule 7.35(a)(10) price, and if there is no Auction NBBO, the prior
December 30, 2016. (defining ‘‘Auction Collar’’ to mean the price collar trading day’s Official Closing Price).
8 See Amendment No. 1, supra note 5.
thresholds for the Indicative Match Price for the
I. Introduction Core Open Auction, Trading Halt Auction, or 9 In approving this proposed rule change, the
Closing Auction). Commission has considered the proposed rule’s
On September 28, 2016, NYSE Arca, 7 See NYSE Arca Equities Rule 7.35(a)(8)(A) impact on efficiency, competition, and capital
Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed (defining ‘‘Auction Reference Price’’ for the Core formation. See 15 U.S.C. 78c(f).
with the Securities and Exchange Open Auction to mean the midpoint of the Auction 10 15 U.S.C. 78f(b)(5).
Commission (‘‘Commission’’), pursuant NBBO or, if the Auction NBBO is locked, the locked 11 See Notice, supra note 3, at 71127.
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Document Created: 2017-01-06 01:30:19
Document Modified: 2017-01-06 01:30:19
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice. | |
| Dates | Comments are due: February 2, 2017. | |
| Contact | David A. Trissell, General Counsel, at 202-789-6820. | |
| FR Citation | 82 FR 1764 |
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