Federal Register / Vol. 88, No. 171 / Wednesday, September 6, 2023 / Notices 61001 

14 15 U.S.C. 78s(b)(3)(A)(iii). 

15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires the Exchange to give the 

Commission written notice of its intent to file the 

proposed rule change, along with a brief description 

and text of the proposed rule change, at least five 

business days prior to the date of filing of the 

proposed rule change, or such shorter time as 

designated by the Commission. The Exchange has 

satisfied this requirement. 

16 Id. 

17 17 CFR 240.19b–4(f)(6)(iii). 

18For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

19 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing 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 for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to section 

19(b)(3)(A)(iii) of the Act 14 and Rule 

19b–4(f)(6) thereunder.15

A proposed rule change filed under 

Rule 19b–4(f)(6) 16 normally does not 

become operative prior to 30 days after 

the date of the filing. However, Rule 

19b–4(f)(6)(iii) 17 permits the 

Commission to 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 states that this 

proposal provides Users optional 

functionality to manage their order flow 

and is designed to facilitate their ability 

to enter aggressively priced displayed 

Limit Orders that establish a new 

NBBO. The Exchange represents that a 

waiver of the operative delay would 

permit the Exchange to offer the 

proposed cancellation and connected 

NBBO notification functionality by 

September 1, 2023, the date that it 

intends to begin to offer an NBBO Setter 

Plus program and allow it to better 

compete with other exchanges that offer 

similar programs and functionality. The 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because the proposed 

functionality is optional and could 

encourage more aggressively priced 

displayed liquidity on the Exchange. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 

designates the proposed rule change as 

operative upon filling.18

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 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 Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

PEARL–2023–39 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–PEARL–2023–39. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–PEARL–2023–39 and should be 

submitted on or before September 27, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19126 Filed 9–5–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98247; File No. SR– 

NYSEAMER–2023–42] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Change To Modify Rule 900.3NYP 

August 30, 2023. 

Pursuant to section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on August 

23, 2023, NYSE American LLC (‘‘NYSE 

American’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to modify 

Rule 900.3NYP (Orders and Modifiers) 

regarding the handling of certain Market 

Orders subject to Trading Collars and 

conforming changes to Rule 952NYP 

(Auction Process). The proposed rule 

change is available on the Exchange’s 

website at www.nyse.com, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 


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61002 Federal Register / Vol. 88, No. 171 / Wednesday, September 6, 2023 / Notices 

4The Exchange notes that this proposed change 

modifies a Pillar rule (i.e., with a ‘‘P’’ modifier) that 

has not yet been implemented. The Exchange 

anticipates migrating to its Pillar trading platform 

beginning on October 23, 2023. As is the case with 

all Pillar rules, this proposed rule change (as well 

as the entire Rule 900.3NYP) will not be 

implemented until all other Pillar-related rule 

filings are approved or operative, as applicable, and 

the Exchange announces the migration of 

underlying symbols to Pillar by Trader Update. 

5See Securities Exchange Act Release No. 98113 

(August 11, 2023), 88 FR 55791 (August 16, 2023) 

(SR–NYSEARCA–2023–54) (immediately effective 

rule change to allow market participants to reduce 

the time at which Market Orders are ‘‘collared’’ 

from 500 milliseconds to zero, per Rule 6.62P–O). 

6See Rules 900.3NYP(a)(1) (defining Market 

Order), (a)(2) (defining Limit Order). 

7See Rule 900.3NYP(a)(4)(A)–(C) (describing 

Trading Collar functionality, including how such 

Collars are assigned and calculated). 

8See Rule 964NYP(a)(3) (providing that the 

‘‘working price’’ of an order or quote means the 

price at which it is eligible to trade at any given 

time, which may be different from the limit price 

or display price of the order or quote). The ‘‘display 

price’’ means the price at which an order or quote 

ranked Priority 2—Display Orders or Market Order 

is displayed, which may be different from the limit 

price or working price of the order. See Rule 

964NYP(a)(1). 

9See proposed Rule 900.3NYP(a)(4)(D)(i). The 

Exchange notes that once an order has been 

cancelled, the Exchange will likewise cancel any 

unexecuted portion of the cancelled order that 

returns to the Exchange after having been routed 

away. 

10See proposed Rule 900.3NYP(a)(4)(D)(i). 

11See proposed Rule 900.3NYP(a)(1)(A)(ii). See 

also Rule 900.3NYP(a)(1)(A)(i)–(iv) (setting forth 

pricing validations that a Market Order that arrives 

during continuous trading or that was routed, 

returns unexecuted, and has no resting quantity to 

join must pass to prevent being rejected or 

cancelled, as applicable). 

12See Rule 900.3NYP(a)(1)(C). 

13See Rule 900.3NYP(a)(1)(C) (providing that a 

Market Order will be cancelled before being 

displayed if there are no remaining contra-side 

Market Maker quotes on the Exchange or contraside ABBO). 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to modify 

Rule 900.3NYP (Orders and Modifiers) 

regarding the handling of certain Market 

Orders subject to Trading Collars and 

conforming changes to Rule 952NYP 

(Auction Process).4 The Exchange notes 

that an identical rule change was 

recently adopted on its affiliated 

exchange, NYSE Arca, Inc. (‘‘NYSE 

Arca’’) and therefore this proposal raises 

no new or novel issues not previously 

considered by the Commission.5

The Exchange employs Trading Collar 

functionality that is designed to provide 

ATP Holders price protection for Market 

Orders and Limit Orders traded on the 

Exchange.6 In particular, the Trading 

Collar applies a static ceiling price (for 

a buy order) or floor price (for a sell 

order) at which such order may be 

traded or routed that is determined at 

the time of entry (or after a series opens 

or reopens) and which is applicable 

until the order is traded or cancelled.7

As described below, the Exchange 

proposes to modify the application of 

Trading Collars to Market Orders. 

Currently, Rule 900.3NYP(a)(4)(D) 

describes how the Trading Collar is 

applied and provides that if an order to 

buy (sell) would trade or route above 

(below) the Trading Collar or would 

have its working price repriced to a 

Trading Collar that is below (above) its 

limit price, the order will be added to 

the Consolidated Book at the Trading 

Collar for 500 milliseconds and if not 

traded within that period, will be 

cancelled (each a ‘‘collared’’ order).8

Further, once the 500-millisecond timer 

begins for a collared order (the ‘‘collar 

timer’’), such order will be cancelled at 

the end of the timer even if it repriced 

or was routed to an Away Market during 

that period, in which case any portion 

of the collared order that is returned 

unexecuted is cancelled. 

Pursuant to the proposed rule change, 

Market Orders that are collared would 

no longer be held for the duration of the 

collar time (i.e., for 500 milliseconds). 

Instead, as proposed, if a Market Order 

to buy (sell) would trade or route above 

(below) the Trading Collar, such Market 

Orders would be cancelled.9 Thus, a 

collared Market Order that can trade 

within the Trading Collar will trade on 

the Exchange or route. Collared Market 

Orders will no longer be held and 

displayed on the Consolidated Book for 

the duration of the collar timer. 

The Exchange is not proposing to 

modify the handling of Limit Orders 

and such collared orders would 

continue to be subject to the abovedescribed handling, per Rule 

900.3NYP(a)(4)(D)(i).10 The current rule 

treats collared Market Orders and 

collared Limit Orders the same whereas 

the Exchange proposes to alter only the 

handling of collared Market Orders. 

Unlike Market Orders, Limit Orders 

include a specific price at which an 

ATP Holder is willing to trade (i.e., the 

limit price). Market Orders do not 

include a price and tend to be utilized 

to access liquidity. As such, the 

Exchange believes that the proposal to 

cancel back those Market Orders that 

have been collared would benefit ATP 

Holders because it would enable the 

order sender to reevaluate, on a timelier 

basis how best to handle this trading 

interest. 

The Exchange notes that it proposes 

to make this change in response to ATP 

Holders’ preference to have Market 

Orders for which they are agent 

immediately cancel back for handling— 

rather than have such collared Market 

Orders first post at aggressive prices for 

500 milliseconds. 

Conforming Changes 

Consistent with the proposed change 

to the handling of collared Market 

Orders—i.e., that such orders will not be 

held and displayed on the Consolidated 

Book for the duration of the collar timer, 

the Exchange proposes the following 

conforming changes. 

• First, the Exchange proposes to 

modify Rule 900.3NYP(a)(1)(A)(ii), 

which provides, in relevant part, that 

‘‘[a] Market Order to sell will be 

cancelled if it was assigned a Trading 

Collar, routed, and when it returns 

unexecuted, it has no resting portion to 

join and there is no NBB, regardless of 

the price of the NBO.’’ The Exchange 

proposes to modify this provision to 

instead provide that ‘‘[a] Market Order 

to sell that was assigned a Trading 

Collar, routed, and returned 

unexecuted, will be cancelled if there is 

no NBB, regardless of the price of the 

NBO.’’ 11

• Next, the Exchange proposes to 

modify Rule 900.3NYP(a)(1)(B), which 

provides, in relevant part, that ‘‘[a]fter 

trading or routing, or both, the Market 

Order will be displayed at the Trading 

Collar, subject to paragraph (a)(1)(C),’’ 

which provision provides that a Market 

Order will be cancelled before being 

displayed if there are no remaining 

contra-side Market Maker quotes on the 

Exchange or contra-side ABBO.12

Proposed Rule 900.3NYP(a)(1)(B) would 

provide that ‘‘[a]fter trading or routing, 

or both, the Market Order will be 

cancelled.’’ 

• In addition, the Exchange also 

proposes to delete as inapplicable Rule 

900.3NYP(a)(1)(C).13 The Exchange 

proposes to modify Rule 


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14Compare proposed Rule 952NYP(f)(3)(A)(vi) 

with Rule 952NYP(f)(3)(A)(vi) (providing that 

Market Orders received during a pre-open state will 

be subject to the validation specified in Rule 

900.3NYP(a)(1)(C)). 

15See Rule 900.3NYP(a)(1)(D) (providing that 

after being displayed at its Trading Collar, a Market 

Order will be cancelled if there ceases to be a 

contra-side NBBO). The Exchange proposes the 

non-substantive change to re-number current 

paragraph (a)(1)(E) of the Rule to new paragraph 

(a)(1)(C) to account for the aforementioned 

deletions. 

16 15 U.S.C. 78f(b). 

17 15 U.S.C. 78f(b)(5). 

18As discussed supra, the proposal would alter 

the handling of collared Market Orders (but not 

collared Limit Orders) because Market Orders 

(unlike Limit Orders) do not include a price and 

tend to be utilized to access liquidity. Thus, the 

proposal to cancel back collared Market Orders 

would benefit ATP Holders because it would enable 

the order sender to reevaluate, on a timelier basis 

how best to handle this trading interest. 

19 15 U.S.C. 78s(b)(3)(A)(iii). 

20 17 CFR 240.19b–4(f)(6). 

21 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 

19b–4(f)(6) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change at least five business 

days prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this 

requirement. 

22 15 U.S.C. 78s(b)(2)(B). 

952NYP(f)(3)(A)(vi), which cross 

references the to-be-deleted provision, 

and to provide that ‘‘[u]nexecuted 

Market Orders will be cancelled.’’ 14

• Finally, the Exchange also proposes 

to delete as inapplicable Rule 

900.3NYP(a)(1)(D).15

The Exchange believes that the 

proposed functionality would provide 

greater determinism for Market Orders 

that have been collared, which would 

provide ATP Holders that send Market 

Orders as agent greater control over, and 

more certainty regarding, the Exchange’s 

handling of such orders. 

Implementation 

This proposed change modifies a 

Pillar rule (i.e., with a ‘‘P’’ modifier). As 

is the case with all Pillar rules, this 

proposed rule change (as well as the 

entire Rule 900.3NYP) will not be 

implemented until all other Pillarrelated rule filings are approved or 

operative, as applicable, and the 

Exchange announces the migration of 

underlying symbols to Pillar by Trader 

Update. 

2. Statutory Basis 

The proposed rule change is 

consistent with section 6(b) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),16 in general, and furthers the 

objectives of section 6(b)(5),17 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 facilitating 

transactions in securities, to remove 

impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. 

The Exchange believes the proposed 

change to modify the handling of 

collared Market Orders, which is being 

made in response to ATP Holders’ 

preference to have Market Orders for 

which they are agent immediately 

cancel back for handling—rather than 

have such collared Market Orders first 

post at aggressive prices for 500 

milliseconds, would remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system because 

the proposed handling would refine the 

Trading Collar functionality in a manner 

that would enable ATP Holders to have 

more certainty regarding, and more 

control over, the handling of their 

Market Orders.18

The proposed conforming changes 

would remove impediments to, and 

perfect the mechanism of, a free and 

open market and a national market 

system and, in general, would protect 

investors and the public interest 

because such changes would add 

clarity, transparency, and internal 

consistency to Exchange rules. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange is proposing a market 

enhancement that would provide ATP 

Holders with greater control over, and 

more certainty regarding, collared 

Market Orders that such ATP Holders 

have submitted as agent. The proposal 

would apply to all similarly-situated 

ATP Holders and would not impose a 

competitive burden on any participant. 

The Exchange does not believe that the 

proposed change to the Trading Collar 

functionality would impose a burden on 

competing options exchanges. Rather, 

the availability of the modified Trading 

Collar functionality may foster more 

competition. Specifically, the Exchange 

notes that it operates in a highly 

competitive market in which market 

participants can readily favor competing 

venues. When an exchange offers 

enhanced functionality that 

distinguishes it from the competition 

and participants find it useful, it has 

been the Exchange’s experience that 

competing exchanges will move to 

adopt similar functionality. Thus, the 

Exchange believes that this type of 

competition amongst exchanges is 

beneficial to the marketplace as it can 

result in enhanced processes, 

functionality, and technologies. 

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 19 and Rule 

19b–4(f)(6) thereunder.20 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.21

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) 22 of the Act to 

determine whether the proposed rule 

change 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 Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 


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61004 Federal Register / Vol. 88, No. 171 / Wednesday, September 6, 2023 / Notices 

23 17 CFR 200.30–3(a)(12). 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSEAMER–2023–42 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–NYSEAMER–2023–42. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NYSEAMER–2023–42 and should 

be submitted on or before September 27, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19127 Filed 9–5–23; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Data Collection Available for Public 

Comments 

ACTION: 60-Day notice and request for 

comments. 

SUMMARY: The Small Business 

Administration (SBA) intends to request 

approval, from the Office of 

Management and Budget (OMB) for the 

collection of information described 

below. The Paperwork Reduction Act 

(PRA) requires federal agencies to 

publish a notice in the Federal Register 

concerning each proposed collection of 

information before submission to OMB, 

and to allow 60 days for public 

comment in response to the notice. This 

notice complies with that requirement. 

DATES: Submit comments on or before 

November 6, 2023. 

ADDRESSES: Send all comments to 

Marybeth Kerrigan, Financial Analyst, 

Secondary Markets Division, Office of 

Financial Assistance, Small Business 

Administration, Washington, DC 20416. 

FOR FURTHER INFORMATION CONTACT: 

Marybeth Kerrigan, Financial Analyst, 

Secondary Markets Division, Office of 

Financial Assistance, mary.kerrigan@

sba.gov 202–205–7552, or Curtis B. 

Rich, Agency Clearance Officer, 202– 

205–7030, curtis.rich@sba.gov; 

SUPPLEMENTARY INFORMATION: Small 

Business Administration collects this 

information from lenders who 

participate in the secondary market 

program. The information is used to 

facilitate and administer secondary 

market transactions in accordance with 

15 U.S.C. 634(f)3 and to monitor the 

program for compliance with 15 U.S.C. 

639(h). 

Solicitation of Public Comments 

SBA is removing duplicate sale data, 

reformatting sale data for ease of use, 

and amending sections for clarity. SBA 

is requesting comments on (a) Whether 

the collection of information is 

necessary for the agency to properly 

perform its functions; (b) whether the 

burden estimates are accurate; (c) 

whether there are ways to minimize the 

burden, including through the use of 

automated techniques or other forms of 

information technology; and (d) whether 

there are ways to enhance the quality, 

utility, and clarity of the information. 

Summary of Information Collection 

OMB Control Number: 3245–0185. 

Title: Secondary Participation 

Guaranty Agreement. 

Description of Respondents: Small 

Business Lenders. 

Form Number: SBA Forms 1502, 

1086. 

Total Estimated Annual Responses: 

4,000. 

Total Estimated Annual Hour Burden: 

60,000. 

Curtis Rich, 

Agency Clearance Officer. 

[FR Doc. 2023–19198 Filed 9–5–23; 8:45 am] 

BILLING CODE 8026–09–P 

SURFACE TRANSPORTATION BOARD 

[Docket No. EP 552 (Sub-No. 27)] 

Railroad Revenue Adequacy—2022 

Determination 

AGENCY: Surface Transportation Board. 

ACTION: Notice of decision. 

SUMMARY: On September 5, 2023, the 

Board served a decision announcing the 

2022 revenue adequacy determinations 

for the nation’s Class I railroads. Five 

Class I railroads (BNSF Railway 

Company, CSX Transportation, Inc., 

Norfolk Southern Combined Railroad 

Subsidiaries, Soo Line Corporation, and 

Union Pacific Railroad Company) were 

found to be revenue adequate. 

DATES: This decision is effective on 

September 5, 2023. 

FOR FURTHER INFORMATION CONTACT: 

Pedro Ramirez, (202) 245–0333. If you 

require an accommodation under the 

Americans with Disabilities Act, please 

call (202) 245–0245. 

SUPPLEMENTARY INFORMATION: Under 49 

U.S.C. 10704(a)(3), the Board is required 

to make an annual determination of 

railroad revenue adequacy. A railroad is 

considered revenue adequate under 49 

U.S.C. 10704(a) if it achieves a rate of 

return on net investment (ROI) equal to 

at least the current cost of capital for the 

railroad industry. For 2022, this number 

was determined to be 10.58% in 

Railroad Cost of Capital—2022, EP 558 

(Sub-No. 26) (STB served Aug. 3, 2023). 

The Board then applied this revenue 

adequacy standard to each Class I 

railroad. Five Class I carriers (BNSF 

Railway Company, CSX Transportation, 

Inc., Norfolk Southern Combined 

Railroad Subsidiaries, Soo Line 

Corporation, and Union Pacific Railroad 

Company) were found to be revenue 

adequate for 2022. 

The decision in this proceeding is 

posted at www.stb.gov. 

Decided: August 30, 2023. 


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