Federal Register / Vol. 77, No. 63 / Monday, April 2, 2012 / Notices 19741 

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

2 17 CFR 240.19b–4. 

3This rate applies to all transactions in securities 

priced $1 or greater made by the same market 

participant in any day in which such participant 

adds two million shares or more of liquidity. 

Market participants who share a trading acronym or 

MPID may aggregate their trading activity for 

purposes of this rate. Qualification for this rate will 

require that a market participant appropriately 

indicate his trading acronym and/or MPID in the 

appropriate field on the order. 

in ADAMS under Accession No. 

ML111330278. The regulatory analysis 

may be found in ADAMS under 

Accession No. ML111330285. 

• NRC’s PDR: You may examine and 

purchase copies of public documents at 

the NRC’s PDR, Room O1–F21, One 

White Flint North, 11555 Rockville 

Pike, Rockville, Maryland 20852. 

FOR FURTHER INFORMATION CONTACT: John 

Burke, Mechanical and Electrical 

Engineering Branch or Richard Jervey, 

Regulatory Guide Development Branch, 

Office of Nuclear Regulatory Research, 

U.S. Nuclear Regulatory Commission, 

Washington, DC 20555–0001, telephone 

(301) 251–7628 and (301) 251–7404 or 

email: John.Burke@nrc.gov and 

Richard.Jervey@nrc.gov. 

SUPPLEMENTARY INFORMATION: 

I. Introduction 

The NRC is issuing a revision to an 

existing guide in the agency’s 

‘‘Regulatory Guide’’ series. This series 

was developed to describe and make 

available to the public information such 

as methods that are acceptable to the 

NRC staff for implementing specific 

parts of the agency’s regulations, 

techniques that the staff uses in 

evaluating specific problems or 

postulated accidents, and data that the 

staff needs in its review of applications 

for permits and licenses. 

Revision 4 of Regulatory Guide (RG) 

1.82, ‘‘Water Sources for Long-Term 

Recirculation Cooling Following a Lossof-Coolant Accident,’’ was issued with a 

temporary identification as Draft 

Regulatory Guide, DG–1234. RG 1.82 

describes methods that the NRC staff 

considers acceptable to implement 

requirements regarding the sumps and 

suppression pools that provide water 

sources for emergency core cooling, 

containment heat removal, or 

containment atmosphere cleanup 

systems. RG 1.82 provides guidelines for 

evaluating the adequacy and the 

availability of the sump or suppression 

pool for long-term recirculation cooling 

following a loss-of-coolant accident. 

II. Further Information 

DG–1234 was published in the 

Federal Register on July 15 2010, (75 FR 

41241) for a 60-day public comment 

period. The public comment period 

closed on September 10, 2010. RG. 1.82, 

was first issued in June 1974. The NRC 

issued revisions to RG 1.82 in November 

1985, May 1996, and November 2003 to 

incorporate gains in the understanding 

of containment sump performance, 

particularly debris blockage on the 

Emergency Core Cooling System (ECCS) 

strainers, and provide guidance in 

determining net positive suction head 

margin for the ECCS and the 

containment heat removal system. Since 

the November 2003 revision, (Revision 

3), was issued supplemental 

information has been accumulated 

pertaining to ECCS performance 

accounting for in-plant considerations 

such as generation of debris and 

chemical effects associated with the 

debris circulating in the ECCS systems. 

Additionally, the NRC issued GL 2008– 

01, ‘‘Managing Gas Accumulation in 

Emergency Core Cooling, Decay Heat 

Removal, and Containment Spray 

Systems,’’ in January 2008, to address 

gas accumulation in safety systems. The 

NRC obtained significant testing and 

analysis methodology information 

relative to pump characteristics affected 

by fluid voiding and gas transport as a 

function of system flow conditions 

which are germane to RG 1.82. This 

revision of RG 1.82 includes the latest 

information, and incorporates revised 

staff regulatory positions reflected in 

several safety evaluations performed 

upon ECCS performance testing results 

since the RG 1.82 Revision 3 was issued. 

Public comments on DG–1234 and the 

staff responses to the public comments 

are available in ADAMS under 

Accession No. ML111330292. 

Dated at Rockville, Maryland, this 16th day 

of March 2012. 

For the Nuclear Regulatory Commission. 

Richard A. Jervey, 

Acting Chief, Regulatory Guide Development 

Branch, Division of Engineering, Office of 

Nuclear Regulatory Research. 

[FR Doc. 2012–7805 Filed 3–30–12; 8:45 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66665; File No. SR–CBOE– 

2012–029] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the CBOE 

Stock Exchange Fees Schedule 

March 27, 2012. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 26, 

2012, the Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘CBOE’’) 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 Exchange. 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 amend the 

CBOE Stock Exchange (‘‘CBSX’’) Fees 

Schedule. The text of the proposed rule 

change is available on the Exchange’s 

Web site (http://www.cboe.com/About

CBOE/CBOELegalRegulatory

Home.aspx), at the Exchange’s Office of 

the Secretary, 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

CBSX proposes to amend its Maker 

fees for transactions in securities priced 

$1 or greater to further institute a tiered 

fee structure through which Makers who 

transact more business on CBSX will 

pay lower transaction fees. Currently, 

the Maker fee for transactions in 

securities priced $1 or greater executed 

by a market participant that adds two 

million or more shares of liquidity that 

day is $0.0016 per share,3 and the 

Maker fee for transactions in securities 

priced $1 or greater executed by a 

market participant that does not add 

two million or more shares of liquidity 

that day is $0.0018 per share. CBSX 

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19742 Federal Register / Vol. 77, No. 63 / Monday, April 2, 2012 / Notices 

4 15 U.S.C. 78f(b). 

5 15 U.S.C. 78f(b)(4). 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(2). 

proposes to amend this tiered system 

regarding Maker fees for transactions in 

securities priced $1 or greater in the 

following manner: 

Maker (adds 15 million shares or more 

of liquidity in one day) $0.0013 

per share 

Maker (adds 10,000,000–14,999,999 

shares of liquidity in one day)

$0.0014 per share 

Maker (adds 5,000,000–9,999,999 shares 

of liquidity in one day) $0.0015 

per share 

Maker (adds 2,500,000–4,999,999 shares 

of liquidity in one day) $0.0016 

per share 

Maker (adds 2,499,999 shares or less of 

liquidity in one day) $0.0018 per 

share 

As with the current $0.0016 per share 

Maker fee for transactions in securities 

priced $1 or greater executed by a 

market participant that adds two million 

or more shares of liquidity that day, 

these rates apply to all transactions in 

securities priced $1 or greater made by 

the same market participant in any day 

in which such participant adds the 

established amount of shares or more of 

liquidity that is determined in the chart 

above for each tier. Market participants 

who share a trading acronym or MPID 

may aggregate their trading activity for 

purposes of these rates. Qualification for 

these rates will require that a market 

participant appropriately indicate his 

trading acronym and/or MPID in the 

appropriate field on the order. CBSX 

will promulgate an information circular 

to direct market participants on how to 

accurately qualify and aggregate their 

trading activity in order to receive this 

reduced rate. 

The structure of decreasing Maker 

fees for transactions in securities priced 

at $1 or greater for adding increasing 

amounts of liquidity is designed to 

encourage increased trading activity and 

liquidity on CBSX. The Exchange 

desires to incentivize market 

participants who may be able to meet 

higher thresholds to add more volume 

and liquidity to the CBSX marketplace. 

This increased volume and liquidity 

would benefit all CBSX market 

participants, including those who do 

not trade at the higher levels, by 

providing them with more opportunities 

for execution. The thresholds are 

applied on a daily basis in order to 

encourage market participants to add 

volume and liquidity on a consistent 

basis. The Exchange seeks market 

participants who will be active on CBSX 

on a regular basis, as the liquidity that 

such larger-volume participants provide 

will be attractive to all investors and 

benefit all market participants. The 

thresholds in the different tier levels 

were set based on an analysis of current 

trading activity and an aspirational 

intention to encourage trading at those 

higher levels (the higher tiers of which 

are not currently being reached by any 

specific market participant). 

The proposed change is intended to 

take effect on April 1, 2012. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the Act,4

in general, and furthers the objectives of 

Section 6(b)(4) 5 of the Act in particular, 

in that it is designed to provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among CBOE 

Trading Permit Holders and other 

persons using Exchange facilities. The 

proposed Maker fee amounts are 

reasonable because they are lower than 

current CBSX fees for such transactions. 

The proposed Maker fees and tiers are 

equitable and not unfairly 

discriminatory because they will apply 

to all market participants, and all 

market participants will have the 

opportunity to qualify for the reduced 

rate tiers. 

Further, the reduced fee tiers are 

equitable and not unfairly 

discriminatory because they will 

encourage market participants to trade 

on CBSX and bring greater liquidity to 

CBSX, which will benefit all market 

participants. By encouraging market 

participants to hit certain threshold of 

executing at least increasing amounts of 

shares a day (at which point such 

market participants would receive the 

corresponding lower Maker fees for all 

shares executed by the market 

participant that day), the Exchange 

incentivizes market participants who 

may be able to meet that threshold to 

add more volume and liquidity to the 

CBSX marketplace. This increased 

volume and liquidity would benefit all 

CBSX market participants, including 

those who do not trade at the higher 

levels, by providing them with more 

opportunities for execution. Orders that 

provide liquidity increase the likelihood 

that members seeking to access liquidity 

will have their orders filled. If the lower 

rates did not exist for market 

participants who execute increased 

amounts of shares a day, even those 

market participants who do not hit 

those thresholds would not receive the 

benefit of this added volume and 

liquidity. Applying the thresholds on a 

daily basis will encourage these largervolume market participants to add 

volume and liquidity on a consistent 

basis, and the resulting consistentlyavailable executions will benefit all 

market participants. As such, the 

Exchange believes that it is reasonable 

and equitable to use pricing incentives, 

such as lower fees for creating large 

amounts of liquidity, to encourage 

market participants to increase their 

participation in the market. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE 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. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

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) 6 of the Act and paragraph 

(f)(2) of Rule 19b–4 7 thereunder. 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. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CBOE–2012–029 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. 

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Federal Register / Vol. 77, No. 63 / Monday, April 2, 2012 / Notices 19743 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The ORF applies to all ‘‘C’’ account origin code 

orders executed by a member on the Exchange. 

Exchange Rules require each member to record the 

appropriate account origin code on all orders at the 

time of entry in order to allow the Exchange to 

properly prioritize and route orders and assess 

transaction fees pursuant to the Rules of the 

Exchange and report resulting transactions to OCC. 

See Exchange Rule 1063, Responsibilities of Floor 

Brokers, and Options Floor Procedure Advice F–4, 

Orders Executed as Spreads, Straddles, 

Combinations or Synthetics and Other Order Ticket 

Marking Requirements. The Exchange represents 

that it has surveillances in place to verify that 

members mark orders with the correct account 

origin code. 

4 In the case where one member both executes a 

transaction and clears the transaction, the ORF is 

assessed to the member only once on the execution. 

In the case where one member executes a 

transaction and a different member clears the 

transaction, the ORF is assessed only to the member 

who executes the transaction and is not assessed to 

the member who clears the transaction. In the case 

where a non-member executes a transaction and a 

member clears the transaction, the ORF is assessed 

to the member who clears the transaction. 

All submissions should refer to File 

Number SR–CBOE–2012–029. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/

rules/sro/shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street, NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of such filing 

will also 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 No. SR–CBOE– 

2012–029 and should be submitted on 

or before April 23, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–7772 Filed 3–30–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66664; File No. SR–Phlx– 

2012–36] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to the 

Options Regulatory Fee 

March 27, 2012. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 1, and Rule 19b–4 2 thereunder, 

notice is hereby given that, on 

March 19, 2012, NASDAQ OMX PHLX 

LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to increase its 

Options Regulatory Fee (‘‘ORF’’). 

While changes to the Pricing 

Schedule pursuant to this proposal are 

effective upon filing, the Exchange has 

designated these changes to be operative 

June 1, 2012. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://nasdaqtrader.com/ 

micro.aspx?id=PHLXfilings, 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend the ORF to increase 

it from $0.004 per contract to $0.0045 

per contract in order to recoup 

increased regulatory expenses while 

also ensuring that the ORF will not 

exceed costs. 

The ORF is assessed to each member 

for all options transactions executed or 

cleared by the member that are cleared 

at The Options Clearing Corporation 

(‘‘OCC’’) in the customer range (i.e., that 

clear in the customer account of the 

member’s clearing firm at OCC). The 

Exchange monitors the amount of 

revenue collected from the ORF to 

ensure that it, in combination with other 

regulatory fees and fines, does not 

exceed regulatory costs. The ORF is 

imposed upon all transactions executed 

by a member, even if such transactions 

do not take place on the Exchange.3 The 

ORF also includes options transactions 

that are not executed by an Exchange 

member but are ultimately cleared by an 

Exchange member.4 The ORF is not 

charged for member proprietary options 

transactions because members incur the 

costs of owning memberships and 

through their memberships are charged 

transaction fees, dues and other fees that 

are not applicable to non-members. The 

dues and fees paid by members go into 

the general funds of the Exchange, a 

portion of which is used to help pay the 

costs of regulation. The ORF is collected 

indirectly from members through their 

clearing firms by OCC on behalf of the 

Exchange. 

The ORF is designed to recover a 

portion of the costs to the Exchange of 

the supervision and regulation of its 

members, including performing routine 

surveillances, investigations, 

examinations, financial monitoring, and 

policy, rulemaking, interpretive, and 

enforcement activities. The Exchange 

believes that revenue generated from the 

ORF, when combined with all of the 

Exchange’s other regulatory fees, will 

cover a material portion, but not all, of 

the Exchange’s regulatory costs. The 

Exchange will continue to monitor the 

amount of revenue collected from the 

ORF to ensure that it, in combination 

with its other regulatory fees and fines, 

do not exceed regulatory costs. If the 

Exchange determines regulatory 

revenues exceed regulatory costs, the 

Exchange will adjust the ORF by 

submitting a fee change filing to the 

Commission. 

mstockstill on DSK4VPTVN1PROD with NOTICES