82 FR 38752 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Market Access and Routing Subsidy Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 156 (August 15, 2017)
Federal Register Volume 82, Issue 156 (August 15, 2017)
| Page Range | 38752-38755 | |
| FR Document | 2017-17168 |
[Federal Register Volume 82, Number 156 (Tuesday, August 15, 2017)] [Notices] [Pages 38752-38755] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-17168] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81360; File No. SR-NASDAQ-2017-079] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Market Access and Routing Subsidy Program August 9, 2017. 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 August 1, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or ``Exchange'') 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 the Exchange. 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\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- [[Page 38753]] I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange's transaction fees at Chapter XV, Section 2 entitled ``NASDAQ Options Market--Fees and Rebates,'' which governs pricing for Nasdaq Participants using the NASDAQ Options Market (``NOM''), Nasdaq's facility for executing and routing standardized equity and index options. The Exchange proposes to amend its subsidy program, the Market Access and Routing Subsidy or ``MARS,'' for NOM Participants that provide certain order routing functionalities \3\ to other NOM Participants and/or use such functionalities themselves. --------------------------------------------------------------------------- \3\ The order routing functionalities permit a NOM Participant to provide access and connectivity to other Participants as well as utilize such access for themselves. The Exchange notes that one NOM Participant is eligible for payments under MARS, while another NOM Participant might potentially be liable for transaction charges associated with the execution of the order, because those orders were delivered to the Exchange through a NOM Participant's connection to the Exchange and that Participant qualified for the MARS Payment. --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's Web site at http://nasdaq.cchwallstreet.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its MARS subsidy program, which pays a subsidy to NOM Participants that provide certain order routing functionalities to other NOM Participants and/or use such functionalities themselves. Generally, under MARS, the Exchange pays participating NOM Participants to subsidize their costs of providing routing services to route orders to NOM. At this time, the Exchange proposes to amend Chapter XV, Section 2(6) to expand the MARS Payment tiers as described further below. Today, NOM Participants that have System Eligibility \4\ and have routed the requisite number of Eligible Contracts daily in a month (``Average Daily Volume''), which were executed on NOM, are entitled to a MARS Payment. For the purpose of qualifying for the MARS Payment, Eligible Contracts may include Firm,\5\ Non-NOM Market Maker,\6\ Broker-Dealer,\7\ or Joint Back Office or ``JBO'' \8\ equity option orders that add liquidity and are electronically delivered and executed.\9\ --------------------------------------------------------------------------- \4\ To qualify for MARS, the Participant's routing system (``System'') is required to: (1) Enable the electronic routing of orders to all of the U.S. options exchanges, including NOM; (2) provide current consolidated market data from the U.S. options exchanges; and (3) be capable of interfacing with NOM's API to access current NOM match engine functionality. Further, the Participant's System would also need to cause NOM to be one of the top three default destination exchanges for (a) individually executed marketable orders if NOM is at the national best bid or offer (``NBBO''), regardless of size or time or (b) orders that establish a new NBBO on NOM's Order Book, but allow any user to manually override NOM as a default destination on an order-by-order basis. Any NOM Participant would be permitted to avail itself of this arrangement, provided that its order routing functionality incorporates the features described above and satisfies NOM that it appears to be robust and reliable. The Participant remains solely responsible for implementing and operating its System. See Chapter XV, Section 2(6). \5\ The term ``Firm'' or (``F'') applies to any transaction that is identified by a Participant for clearing in the Firm range at OCC. \6\ The term ``Non-NOM Market Maker'' or (``O'') is a registered market maker on another options exchange that is not a NOM Market Maker. A Non-NOM Market Maker must append the proper Non-NOM Market Maker designation to orders routed to NOM. \7\ The term ``Broker-Dealer'' or (``B'') applies to any transaction which is not subject to any of the other transaction fees applicable within a particular category. \8\ The term ``Joint Back Office'' or ``JBO'' applies to any transaction that is identified by a Participant for clearing in the Firm range at OCC and is identified with an origin code as a JBO. A JBO will be priced the same as a Broker-Dealer as of September 1, 2014. A JBO participant is a Participant that maintains a JBO arrangement with a clearing broker-dealer (``JBO Broker'') subject to the requirements of Regulation T Section 220.7 of the Federal Reserve System as further discussed in Chapter XIII, Section 5. \9\ Eligible Contracts do not include Mini Option orders. Mini Options are further specified in Chapter XV, Section 2(4). --------------------------------------------------------------------------- The Exchange currently pays the following MARS Payments according to Average Daily Volume (``ADV'') \10\ submitted on NOM: --------------------------------------------------------------------------- \10\ Average Daily Volume is all Eligible Contracts daily in a month aggregating Penny and Non-Penny Pilot Options. ---------------------------------------------------------------------------------------------------------------- Average daily MARS Payment MARS Payment Tiers volume (``ADV'') (penny) (non-penny) ---------------------------------------------------------------------------------------------------------------- 1...................................................... 2,500 $0.07 $0.15 2...................................................... 5,000 0.09 0.20 3...................................................... 10,000 0.11 0.30 4...................................................... 20,000 0.15 0.50 ---------------------------------------------------------------------------------------------------------------- Also, NOM Participants that qualify for Customer and Professional Penny Pilot Options Rebate to Add Liquidity Tier 8 in Chapter XV, Section 2(1) will receive $0.09 per contract in addition to any MARS Payment tier on MARS Eligible Contracts the NOM Participant qualifies for in a given month. The specified MARS Payment will be paid on all executed Eligible Contracts that add liquidity, which are routed to NOM through a participating NOM Participant's System and meet the requisite Eligible Contracts ADV. No payments will be made with respect to orders that are routed to NOM, but not executed.\11\ --------------------------------------------------------------------------- \11\ A Participant will not be entitled to receive any other revenue for the use of its System specifically with respect to orders routed to NOM. The Exchange believes that MARS Payment will subsidize the costs of NOM Participants in providing the routing services. --------------------------------------------------------------------------- The Exchange proposes to add a new Tier 5 with an ADV of 45,000 contracts and pay a MARS Payment of (i) $0.17 per contract for Penny Pilot Options transactions that qualify for the MARS Payment tier program and (ii) $0.60 per contract for Non-Penny Pilot Options transactions that qualify for the MARS Payment tier program. The Exchange would continue to pay an additional $0.09 per contract in addition to any MARS Payment tier on MARS Eligible Contracts in a given month, provided [[Page 38754]] the NOM Participant qualified for the Customer and Professional Penny Pilot Options Rebate to Add Liquidity Tier 8 in Chapter XV, Section 2(1). The Exchange believes that as proposed, MARS will continue to attract higher volumes of electronic equity and ETF options volume to the Exchange from non-NOM Participants as well as NOM Participants. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\12\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\13\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange's proposal to add a new Tier 5 with an ADV of 45,000 contracts and pay the MARS Payment in the amounts described above is reasonable because the amendments will attract higher volumes of electronic equity and ETF options volume to the Exchange, which will benefit all NOM Participants by offering greater price discovery, increased transparency, and an increased opportunity to trade on the Exchange. The expanded MARS Payments should enhance the competitiveness of the Exchange, particularly with respect to those exchanges that offer their own front-end order entry system or one they subsidize in some manner. The amendment to add Tier 5 will incentivize NOM Participants to achieve an even higher Penny Pilot Options Rebate, provided the NOM Participant is eligible for MARS. Further, the tier structure will allow NOM Participants to price their services at a level that will enable them to attract order flow from market participants who would otherwise utilize an existing front-end order entry mechanism offered by the Exchange's competitors instead of incurring the cost in time and money to develop their own internal systems to be able to deliver orders directly to the Exchange's System. The Exchange's proposal to add a new Tier 5 and pay the MARS Payment in the amounts described above is equitable and not unfairly discriminatory because the Exchange will uniformly pay all NOM Participants the rebates specified in the proposed MARS Payment tiers provided the NOM Participant has executed the requisite number of Eligible Contracts. Moreover, the Exchange believes that the proposed MARS Payments offered by the Exchange are equitable and not unfairly discriminatory because any qualifying NOM Participant that offers market access and connectivity to the Exchange and/or utilize such functionality themselves may earn the MARS Payments for all Eligible Contracts. 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 not necessary or appropriate in furtherance of the purposes of the Act. In terms of inter-market competition, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. In sum, if the fee changes proposed herein are unattractive to market participants, it is likely that the Exchange will lose market share as a result. Accordingly, the Exchange does not believe that the proposed changes will impair the ability of members or competing order execution venues to maintain their competitive standing in the financial markets. Further, the Exchange's proposal does not impose an undue burden on intra-market competition because the Exchange will uniformly pay all NOM Participants the rebates specified in the proposed MARS Payment tiers provided the NOM Participant has executed the requisite number of Eligible Contracts. Moreover, any qualifying NOM Participant that offers market access and connectivity to the Exchange and/or utilizes such functionality themselves may earn the proposed MARS Payment for all Eligible Contracts. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\14\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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 [email protected]. Please include File Number SR-NASDAQ-2017-079 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NASDAQ-2017-079. 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 [[Page 38755]] those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NASDAQ-2017-079, and should be submitted on or before September 5, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-17168 Filed 8-14-17; 8:45 am] BILLING CODE 8011-01-P
![38752 Federal Register / Vol. 82, No. 156 / Tuesday, August 15, 2017 / Notices
commitment of capital. In addition, through continuous quoting 18 and the Commission, and all written
encouraging NOM Market Makers to add commitment of capital. communications relating to the
greater liquidity benefits all Participants proposed rule change between the
C. Self-Regulatory Organization’s
in the quality of order interaction. The Commission and any person, other than
Statement on Comments on the
Exchange believes it is equitable and not those that may be withheld from the
Proposed Rule Change Received From
unfairly discriminatory to offer only public in accordance with the
Members, Participants, or Others
NOM Market Makers the opportunity to provisions of 5 U.S.C. 552, will be
earn the discounted fee described above No written comments were either available for Web site viewing and
because of the obligations borne by solicited or received. printing in the Commission’s Public
these market participants, as noted III. Date of Effectiveness of the Reference Room, 100 F Street NE.,
herein. Proposed Rule Change and Timing for Washington, DC 20549, on official
Commission Action business days between the hours of
B. Self-Regulatory Organization’s
10:00 a.m. and 3:00 p.m. Copies of the
Statement on Burden on Competition The foregoing rule change has become filing also will be available for
effective pursuant to Section inspection and copying at the principal
The Exchange does not believe that 19(b)(3)(A)(ii) of the Act.19
the proposed rule change will impose office of the Exchange. All comments
At any time within 60 days of the
any burden on competition not received will be posted without change;
filing of the proposed rule change, the
necessary or appropriate in furtherance the Commission does not edit personal
Commission summarily may
of the purposes of the Act. In terms of identifying information from
temporarily suspend such rule change if
inter-market competition, the Exchange submissions. You should submit only
it appears to the Commission that such
notes that it operates in a highly information that you wish to make
action is: (i) Necessary or appropriate in
competitive market in which market the public interest; (ii) for the protection available publicly. All submissions
participants can readily favor competing of investors; or (iii) otherwise in should refer to File Number SR–
venues if they deem fee levels at a furtherance of the purposes of the Act. NASDAQ–2017–080, and should be
particular venue to be excessive, or If the Commission takes such action, the submitted on or before September 5,
rebate opportunities available at other Commission shall institute proceedings 2017.
venues to be more favorable. The to determine whether the proposed rule For the Commission, by the Division of
Exchange believes that the proposed should be approved or disapproved. Trading and Markets, pursuant to delegated
pricing changes are competitive and authority.20
does not impose a burden on inter- IV. Solicitation of Comments
Eduardo A. Aleman,
market competition. If the changes Interested persons are invited to Assistant Secretary.
proposed herein are unattractive to submit written data, views, and
[FR Doc. 2017–17169 Filed 8–14–17; 8:45 am]
market participants, it is likely that the arguments concerning the foregoing,
Exchange will lose market share as a including whether the proposed rule BILLING CODE 8011–01–P
result. Accordingly, the Exchange does change is consistent with the Act.
not believe that the proposed changes Comments may be submitted by any of
will impair the ability of members or the following methods: SECURITIES AND EXCHANGE
competing order execution venues to COMMISSION
maintain their competitive standing in Electronic Comments
the financial markets. • Use the Commission’s Internet [Release No. 34–81360; File No. SR–
As it relates to the proposed fee comment form (http://www.sec.gov/ NASDAQ–2017–079]
change to lower the NOM Volume rules/sro.shtml); or
Threshold, the Exchange does not • Send an email to rule-comments@ Self-Regulatory Organizations; The
sec.gov. Please include File Number SR– NASDAQ Stock Market LLC; Notice of
believe that its proposal imposes an
NASDAQ–2017–080 on the subject line. Filing and Immediate Effectiveness of
undue burden on intra-market
Proposed Rule Change To Amend the
competition because all Participants are Paper Comments Market Access and Routing Subsidy
eligible to earn rebates and these rebates
• Send paper comments in triplicate Program
would be uniformly paid to all
to Secretary, Securities and Exchange
qualifying Participants. The Exchange August 9, 2017.
Commission, 100 F Street NE.,
also does not believe that its proposal to
Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the
offer Participants an opportunity to
reduce the NOM Market Maker Non- All submissions should refer to File Securities Exchange Act of 1934
Penny Pilot Options Fee for Adding Number SR–NASDAQ–2017–080. This (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Liquidity from $0.35 to $0.00 if they file number should be included on the notice is hereby given that on August 1,
meet the volume-based standard subject line if email is used. To help the 2017, The NASDAQ Stock Market LLC
described above imposes an undue Commission process and review your (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
burden on intra-market competition comments more efficiently, please use Securities and Exchange Commission
because NOM Market Makers, unlike only one method. The Commission will (‘‘Commission’’) the proposed rule
other market participants, add value post all comments on the Commission’s change as described in Items I, II, and
Internet Web site (http://www.sec.gov/ III, below, which Items have been
rules/sro.shtml). Copies of the prepared by the Exchange. The
mstockstill on DSK30JT082PROD with NOTICES
making capacity must constitute a course of
dealings reasonably calculated to contribute to the submission, all subsequent Commission is publishing this notice to
maintenance of a fair and orderly market, and amendments, all written statements solicit comments on the proposed rule
Market Makers should not make bids or offers or with respect to the proposed rule change from interested persons.
enter into transactions that are inconsistent with
such course of dealings. Further, all Market Makers
change that are filed with the
20 17 CFR 200.30–3(a)(12).
are designated as specialists on NOM for all
18 See note 17 above. 1 15 U.S.C. 78s(b)(1).
purposes under the Act or rules thereunder. See
Chapter VII, Section 5. 19 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 156 / Tuesday, August 15, 2017 / Notices 38755
those that may be withheld from the 409 3rd Street SW., Suite 6050, the International Joint Commission will
public in accordance with the Washington, DC 20416, (202) 205–6734. be holding public hearings in the basin
provisions of 5 U.S.C. 552, will be SUPPLEMENTARY INFORMATION: Notice is on its own report. Draft Changes to the
available for Web site viewing and hereby given that as a result of the Rainy and Namakan Lakes Rule Curves
printing in the Commission’s Public President’s major disaster declaration on for Public Comment. The Commission is
Reference Room, 100 F Street, NE., 08/08/2017, Private Non-Profit considering proposed changes to its
Washington, DC 20549, on official organizations that provide essential Orders of Approval for the emergency
business days between the hours of services of a governmental nature may regulation of Rainy and Namakan Lakes
10:00 a.m. and 3:00 p.m. Copies of the file disaster loan applications at the that have been recommended by the
filing also will be available for address listed above or other locally Study.
inspection and copying at the principal announced locations. DATES: Commissioners will be present to
office of the Exchange. All comments The following areas have been hear comments at four public hearings
received will be posted without change; determined to be adversely affected by throughout the basin from August 16 to
the Commission does not edit personal the disaster: 18, 2017. A public comment period on
identifying information from Primary Counties: Columbia, Deschutes, the Commission’s report will also be
submissions. You should submit only Hood River, Josephine. open from July 24 to September 1, 2017.
information that you wish to make ADDRESSES: The public hearings will be
available publicly. All submissions The Interest Rates are:
held at the following locations:
should refer to File Number SR–
Percent Wednesday, Fort Frances, Ontario
NASDAQ–2017–079, and should be August 16: Fort Frances Library—
submitted on or before September 5, For Physical Damage: Shaw Hub Room, 601 Reid Avenue,
2017. Non-Profit Organizations with Fort Frances, ON P9A 0A2, 7:00
For the Commission, by the Division of Credit Available Elsewhere ... 2.500
p.m.–9:00 p.m.
Trading and Markets, pursuant to delegated Non-Profit Organizations with-
Thursday, Kabetogama, Minnesota
authority.15 out Credit Available Else-
where ..................................... 2.500
August 17: Kabetogama Lake
Eduardo A. Aleman, Community Centre, 9707 Gamma
For Economic Injury:
Assistant Secretary. Non-Profit Organizations with- Road, Kabetogama, MN 56669, 3:00
[FR Doc. 2017–17168 Filed 8–14–17; 8:45 am] out Credit Available Else- p.m.–5:00 p.m.
BILLING CODE 8011–01–P where ..................................... 2.500 Thursday, International Falls,
Minnesota
The number assigned to this disaster August 17: Backus Community
for physical damage is 15240B and for Centre—Conference Room 101/102,
SMALL BUSINESS ADMINISTRATION 900 5th Street, International Falls,
economic injury is 152410.
[Disaster Declaration #15240 and #15241; MN 56649, 7:00 p.m.–9:00 p.m.
(Catalog of Federal Domestic Assistance
Oregon Disaster Number OR–00086] Number 59008)
Friday, Rainy River, Ontario
August 18: Rainy River Recreation
Presidential Declaration of a Major James E. Rivera, Centre, 302 Broadway Avenue,
Disaster for Public Assistance Only for Associate Administrator for Disaster Rainy River, ON P0W 1L0, 9:30
the State of Oregon Assistance. a.m.–11:30 a.m.
[FR Doc. 2017–17174 Filed 8–14–17; 8:45 am] FOR FURTHER INFORMATION CONTACT:
AGENCY: U.S. Small Business
BILLING CODE 8025–01–P Sarah Lobrichon (Ottawa), 613–992–
Administration.
5368, lobrichons@ottawa.ijc.org
ACTION: Notice. Frank Bevacqua (Washington), 202–
DEPARTMENT OF STATE 736–9024, bevacqauf@
SUMMARY: This is a Notice of the
washington.ijc.org
Presidential declaration of a major [Public notice: 10083]
disaster for Public Assistance Only for SUPPLEMENTARY INFORMATION: The
the State of Oregon (FEMA–4328–DR), International Joint Commission: Commission’s proposal relating to the
dated 08/08/2017. Invites Public Comment on Review of Emergency Regulation of Levels on
Incident: Severe Winter Storms, Emergency Levels for Rainy and Rainy and Namakan Lakes are centered
Flooding, Landslides, and Mudslides. Namakan Lakes on five general themes:
Incident Period: 01/07/2017 through Changes to existing Rule Curves:
01/10/2017. AGENCY: Department of State. Alternative C for the rule curves for
DATES: Issued on 08/08/2017. ACTION: International Joint Commission: Rainy and Namakan lakes, which
Physical Loan Application Deadline Invites Public Comment on Review of includes a rule curve for high flood risk
Date: 10/10/2017. Emergency Levels for Rainy and years for Rainy Lake, should be adopted.
Namakan Lakes. An expanded role for the Water Levels
Economic Injury (EIDL) Loan
Committee (WLC) of the International
Application Deadline Date: 05/08/2018. SUMMARY: The International Joint Rainy-Lake of the Woods Watershed
ADDRESSES: Submit completed loan Commission (IJC) announced today that Board (IRLWWB): The WLC should be
applications to: U.S. Small Business it is inviting public comment on empowered to target specific levels
Administration, Processing and Emergency Levels for Rainy and outside of the middle portion of the rule
mstockstill on DSK30JT082PROD with NOTICES
Disbursement Center, 14925 Kingsport Namakan Lakes (also known as Rule curve for each lake. New operational
Road, Fort Worth, TX 76155. Curves). Comments will be accepted at guidelines are needed for the WLC, and
FOR FURTHER INFORMATION CONTACT: A. public hearings and by mail, email and further guidance, in the form of a
Escobar, Office of Disaster Assistance, on-line until September 1, 2017. refined directive for the IRLWWB and
U.S. Small Business Administration, Following receipt of the International the WLC, is needed.
Rainy and Namakan Lakes Rule Curves Adaptive Management: The
15 17 CFR 200.30–3(a)(12). Study Board’s final report in late June, Commission will work with the
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Document Created: 2017-08-15 01:12:27
Document Modified: 2017-08-15 01:12:27
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