21140 Federal Register / Vol. 77, No. 68 / Monday, April 9, 2012 / Notices 

21 15 U.S.C. 78s(b)(3)(A)(ii). 

22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The change applies to securities priced at $1 or 

more per share. Fees and rebates for lower-priced 

securities are unchanged. 

4The $0.0014 per share executed rebate is also 

available for orders entered through an MPID 

through which the member (i) accesses an average 

daily volume of 3.5 million or more shares of 

liquidity, or (ii) provides an average daily volume 

of 25,000 or more shares of liquidity during the 

month. 

19(b)(3)(A)(ii) of the Act.21 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rulecomments@sec.gov. Please include File 

Number SR–Phlx–2012–34 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. 

All submissions should refer to File 

Number SR–Phlx–2012–34. 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 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–Phlx–

2012–34 and should be submitted on or 

before April 30, 2012. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.22

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2012–8427 Filed 4–6–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66718; File No. SR–BX– 

2012–021] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change To Modify 

Pricing for BX Members Using the 

NASDAQ OMX BX Equities System 

April 3, 2012. 

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 March 29, 

2012, The NASDAQ OMX BX, Inc. 

(‘‘BX’’ 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 BX. 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 

BX proposes to modify pricing for BX 

members using the NASDAQ OMX BX 

Equities System. BX will implement the 

proposed change on April 2, 2012. The 

text of the proposed rule change is 

available at http:// 

nasdaqomxbx.cchwallstreet.com, at 

BX’s principal office, 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, BX 

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. BX 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 

BX is proposing to modify its rebate 

schedule with respect to orders that 

access liquidity at BX.3 Currently, BX 

pays a rebate of $0.0014 per share 

executed with respect to orders entered 

through a market participant identifier 

(‘‘MPID’’) through which a member 

routes an average daily volume of 

25,000 or more shares during the 

month.4 For members that qualify for 

this rebate provision, the rebate applies 

to all shares entered through the MPID 

and executed on BX during the month, 

regardless of whether they are 

designated for routing. BX is proposing 

to eliminate this method of qualifying 

for a $0.0014 per share rebate, and 

replace it with an across-the-board 

rebate of $0.0014 per share executed for 

all orders that are designated for routing 

but that access liquidity on BX. 

Both the provision being eliminated 

and the new provision are designed to 

provide incentives for BX members to 

make greater use of the Exchange’s 

recently introduced routing service. The 

change reflects a concern that some 

members may be ‘‘gaming’’ the current 

provision by using BX’s router only to 

the extent necessary to qualify for the 

higher rebate, which then applies to all 

of their orders entered through the 

applicable MPID. By contrast, the 

change would apply the $0.0014 rebate 

to all orders that are designated for 

routing, regardless of volume, but would 

not apply to orders that are not 

designated for routing. Other methods of 


pmangrum on DSK3VPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 68 / Monday, April 9, 2012 / Notices 21141 

5A member that qualified for a $0.0014 per share 

rebate based on the extent of its liquidity providing 

or liquidity accessing and that used routable orders 

would not receive a double rebate on its routable 

orders. 

6 15 U.S.C. 78f. 

7 15 U.S.C. 78f(b)(4) and (5). 8 15 U.S.C. 78s(b)(3)(A)(ii). 

qualifying for a $0.0014 per share 

rebate, based on the extent of liquidity 

accessing or liquidity providing on BX, 

will remain in effect for all orders 

executed on BX.5

2. Statutory Basis 

BX believes that the proposed rule 

change is consistent with the provisions 

of Section 6 of the Act,6 in general, and 

with Sections 6(b)(4) and (5) of the Act,7

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 or system which BX operates or 

controls, and is not designed to permit 

unfair discrimination between 

customers, issuers, brokers or dealers. 

All similarly situated members are 

subject to the same fee structure, and 

access to BX is offered on fair and nondiscriminatory terms. 

The proposed elimination of the 

$0.0014 per share executed rebate tier 

for MPIDs through which a member 

routes a daily average of 25,000 shares 

is reasonable because it is being 

replaced by a $0.0014 per share rebate 

for all routable orders that execute on 

BX, and because other means of 

receiving a $0.0014 per share rebate for 

order executions remain in effect. BX 

also believes that the proposal is 

reasonable because the current tier 

related to the BX routing service was 

being utilized with respect to nonroutable orders to a greater extent than 

the Exchange had intended. BX believes 

that refocusing the incentive on routable 

orders will do more to encourage 

members to make use of BX’s routing 

services. The proposal is also consistent 

with an equitable allocation of fees 

because members will either receive a 

credit for routable orders that access 

liquidity on BX or pay fees in 

connection with routable orders that 

execute at venues other than BX. BX 

also notes that the increased use of the 

BX router may encourage members to 

post liquidity on BX to the extent that 

routable orders check the BX book. 

Finally, the Exchange believes that the 

change is not unreasonably 

discriminatory because affected 

members are being provided with 

alternative means to earn the same 

rebate with respect to both routable and 

non-routable orders. 

The proposed introduction of a 

$0.0014 per share executed rebate with 

respect to all routable orders is 

reasonable because it will result in a 

rebate being paid with respect to all 

routable orders that execute on BX, 

regardless of the volume of the member. 

Accordingly, the change will maintain 

or increase the rebate with respect to all 

such orders. The proposed introduction 

is consistent with an equitable 

allocation of fees because the Exchange 

believes that it is equitable to provide a 

financial incentive to members to make 

greater use of a service as a means of 

increasing its usage. In this regard, 

however, BX further notes that the 

rebate does not exceed the fees paid by 

liquidity providers on BX. Finally, BX 

believes that the rebate is not 

unreasonably discriminatory because it 

is not the exclusive means by which 

members may receive an enhanced 

rebate. 

Finally, BX 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. In such an environment, BX 

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 

numerous alternatives exist to the 

execution and routing services offered 

by BX, if BX increases its fees to an 

excessive extent, it will lose customers 

to its competitors. Accordingly, BX 

believes that competitive market forces 

help to ensure that the fees it charges for 

execution and routing are reasonable, 

equitably allocated, and nondiscriminatory. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

BX does not believe that the proposed 

rule change will result in any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act, as amended. 

Because the market for order execution 

and routing is extremely competitive, 

members may readily opt to disfavor 

BX’s execution and routing services if 

they believe that alternatives offer them 

better value. Moreover, the rebate 

provided with respect to execution of 

routable orders is lower than the fee 

charged to liquidity providers, such that 

BX is not providing a rebate that is 

higher than the corresponding charge. 

For these reasons and the reasons 

discussed in connection with the 

statutory basis for the proposed rule 

change, BX does not believe that the 

proposed changes will unfairly affect 

the ability of members or competitors to 

maintain their competitive standing in 

the financial markets. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor 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.8 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rulecomments@sec.gov. Please include File 

Number SR–BX–2012–021 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. 

All submissions should refer to File 

Number SR–BX–2012–021. 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 


pmangrum on DSK3VPTVN1PROD with NOTICES
21142 Federal Register / Vol. 77, No. 68 / Monday, April 9, 2012 / Notices 

9 17 CFR 200.30–3(a)(12). 

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 

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–BX–

2012–021 and should be submitted on 

or before April 30, 2012. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.9

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2012–8426 Filed 4–6–12; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 7842] 

Culturally Significant Objects Imported 

for Exhibition Determinations: 

‘‘Edouard Vuillard: A Painter and His 

Muses, 1890–1940’’ 

SUMMARY: Notice is hereby given of the 

following determinations: Pursuant to 

the authority vested in me by the Act of 

October 19, 1965 (79 Stat. 985; 22 U.S.C. 

2459), Executive Order 12047 of March 

27, 1978, the Foreign Affairs Reform and 

Restructuring Act of 1998 (112 Stat. 

2681, et seq.; 22 U.S.C. 6501 note, et 

seq.), Delegation of Authority No. 234 of 

October 1, 1999, and Delegation of 

Authority No. 236–3 of August 28, 2000 

(and, as appropriate, Delegation of 

Authority No. 257 of April 15, 2003), I 

hereby determine that the objects to be 

included in the exhibition ‘‘Edouard 

Vuillard: A Painter and His Muses, 

1890–1940,’’ imported from abroad for 

temporary exhibition within the United 

States, are of cultural significance. The 

objects are imported pursuant to loan 

agreements with the foreign owners or 

custodians. I also determine that the 

exhibition or display of the exhibit 

objects at The Jewish Museum, New 

York, New York from on or about May 

4, 2012, until on or about September 23, 

2012, and at possible additional 

exhibitions or venues yet to be 

determined, is in the national interest. 

I have ordered that Public Notice of 

these Determinations be published in 

the Federal Register. 

FOR FURTHER INFORMATION CONTACT: For 

further information, including a list of 

the exhibit objects, contact Ona M. 

Hahs, Attorney-Adviser, Office of the 

Legal Adviser, U.S. Department of State 

(telephone: 202–632–6473). The mailing 

address is U.S. Department of State, SA– 

5, L/PD, Fifth Floor (Suite 5H03), 

Washington, DC 20522–0505. 

Dated: April 3, 2012. 

J. Adam Ereli, 

Principal Deputy Assistant Secretary, Bureau 

of Educational and Cultural Affairs, 

Department of State. 

[FR Doc. 2012–8475 Filed 4–6–12; 8:45 am] 

BILLING CODE 4710–05–P 

DEPARTMENT OF STATE 

[Public Notice 7816] 

Advisory Committee for the Study of 

Eastern Europe and the Independent 

States of the Former Soviet Union 

(Title VIII) 

The Advisory Committee for the 

Study of Eastern Europe and the 

Independent States of the Former Soviet 

Union (Title VIII) will convene on 

Thursday, May 17, 2012 at 10:30 a.m. 

and last until approximately 12:30 p.m. 

The meeting location is Room 1205 of 

the U.S. Department of State, Harry S 

Truman Building, 2201 C Street NW., 

Washington, DC. 

The Advisory Committee will 

recommend grant recipients for the FY 

2012 competition of the Program for the 

Study of Eastern Europe and the 

Independent States of the Former Soviet 

Union in accordance with the Research 

and Training for Eastern Europe and the 

Independent States of the Former Soviet 

Union Act of 1983, Public Law 98–164, 

as amended. The agenda will include 

opening statements by the Chair and 

members of the committee, and, within 

the committee, discussion of grant 

agreements with certain ‘‘national 

organizations with an interest and 

expertise in conducting research and 

training concerning the countries of 

Eastern Europe and the Independent 

States of the Former Soviet Union,’’ 

based on the guidelines contained in the 

call for applications published in 

Grants.gov and GrantSolutions.gov on 

January 13, 2012. Following committee 

deliberation, interested members of the 

public may make oral statements 

concerning the Title VIII program in 

general. 

This meeting will be open to the 

public; however attendance will be 

limited to the seating available. Entry 

into the Harry S Truman building is 

controlled and must be arranged in 

advance of the meeting. Those planning 

to attend should notify the Title VIII 

Program Office at the U.S. Department 

of State on (202) 736–4661 by Thursday, 

May 10, 2012 providing the following 

information: Full Name, Date of Birth, 

Driver’s License Number and Issuing 

State, Country of Citizenship, and any 

requirements for special 

accommodation. All attendees must use 

the 2201 C Street entrance and must 

arrive no later than 10 a.m. to pass 

through security before entering the 

building. Visitors who arrive without 

prior notification and without photo 

identification will not be admitted. 

The identifying data from the public 

is requested pursuant to Public Law 99– 

399 (Omnibus Diplomatic Security and 

Antiterrorism Act of 1986), as amended; 

Public Law 107–56 (USA PATRIOT 

Act); and Executive Order 13356. The 

purpose of the collection is to validate 

the identity of individuals who enter 

Department facilities. The data will be 

entered into the Visitor Access Control 

System (VACS–D) database. Please see 

the Privacy Impact Assessment for 

VACS–D at http://www.state.gov/ 

documents/organization/100305.pdf for 

additional information. 

Dated: March 30, 2012. 

Susan Nelson, 

Executive Director, Advisory Committee for 

Study of Eastern Europe and Eurasia (the 

Independent States of the Former Soviet 

Union). 

[FR Doc. 2012–8478 Filed 4–6–12; 8:45 am] 

BILLING CODE 4710–32–P 

STATE DEPARTMENT 

[Public Notice 7815] 

International Security Advisory Board 

(ISAB) Meeting Notice; Closed Meeting 

In accordance with section 10(a)(2) of 

the Federal Advisory Committee Act, 5 

U.S.C. App § 10(a)(2), the Department of 

State announces a meeting of the 

International Security Advisory Board 

(ISAB) to take place on May 24, 2012, 

at the Department of State, Washington, 

DC 

Pursuant to section 10(d) of the 

Federal Advisory Committee Act, 5 

U.S.C. App § 10(d), and 5 U.S.C. 

552B(c)(1), it has been determined that 


pmangrum on DSK3VPTVN1PROD with NOTICES