Federal Register / Vol. 87, No. 112 / Friday, June 10, 2022 / Notices 35587 

1A single EBS request has a unique number 

assigned to each request (e.g., ’’0900001’’). 

However, the number of broker-dealer responses 

generated from one EBS request can range from one 

to several thousand. EBS requests are sent directly 

to clearing firms, as the clearing firm is the 

repository for trading data for securities 

transactions information provided by the clearing 

firm and the correspondent firms. Clearing brokers 

respond for themselves and other firms they clear 

for. There were 446,113 responses during the 24- 

month period, for an average of 223,057 annual 

responses. 

2Few respondents submit manual EBS responses. 

The small percentage of respondents that submit 

manual responses do so by hand, via email, 

spreadsheet, disk, or other electronic media. Thus, 

the number of manual submissions (approximately 

122 per year) has minimal effect on the total annual 

burden hours. 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Fee Schedule, Section I.M. BOLD 

Mechanism Fees & Credits. 

5The Exchange notes that this proposed change 

would only impact the credit relating to BOLD 

Initiating Orders, and the ACE Program credits 

outlined in Section I.E. remain unchanged. 

6See Securities Exchange Act Release No. 80964 

(June 19, 2017), 82 FR 28726 (June 23, 2017) (SR– 

NYSEMKT–2017–37) (Notice of Filing and 

Immediate Effectiveness of Proposed Change to 

Modify the NYSE Amex Options Fee Schedule). 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et. seq.) (‘‘PRA’’), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 17a–25 (17 CFR 

204.17a–25) under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et. 

seq.). 

Paragraph (a)(1) of Rule 17a–25 

requires registered broker-dealers to 

electronically submit securities 

transaction information, including 

identifiers for prime brokerage 

arrangements, average price accounts, 

and depository institutions, in a 

standardized format when requested by 

the Commission staff. In addition, 

Paragraph (c) of Rule 17a–25 requires 

broker-dealers to submit, and keep 

current, contact person information for 

electronic blue sheets (‘‘EBS’’) requests. 

The Commission uses the information 

for enforcement inquiries or 

investigations and trading 

reconstructions, as well as for 

inspections and examinations. 

The Commission estimates that it 

sends approximately 13,558 electronic 

blue sheet requests per year to clearing 

broker-dealers that in turn submit an 

average 223,057 responses.1 It is 

estimated that each broker-dealer that 

responds electronically will take 8 

minutes, and each broker-dealer that 

responds manually will take 11⁄2 hours 

to prepare and submit the securities 

trading data requested by the 

Commission. The annual aggregate hour 

burden for electronic and manual 

response firms is estimated to be 29,924 

(223,057 × 8 ÷ 60 = 29,741 hours) + (122 

× 1.5 = 183 hours), respectively.2

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information shall have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden of the proposed collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information to be collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing by August 9, 2022. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Office, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: June 6, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–12497 Filed 6–9–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95041; File No. SR– 

NYSEAMER–2022–22] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the NYSE 

American Options Fee Schedule 

June 3, 2022. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that, on May 31, 

2022, 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 amend the 

NYSE American Options Fee Schedule 

(‘‘Fee Schedule’’) regarding credits 

relating to the BOLD Mechanism. The 

Exchange proposes to implement the fee 

change effective June 1, 2022. 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. 

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 purpose of this filing is to modify 

credits associated with the BOLD 

Mechanism, a trading mechanism for 

automated order handling for eligible 

orders in designated classes pursuant to 

NYSE American Rule 994NY. 

Currently, BOLD Initiating Orders 

receive the better of a $0.12 per contract 

credit or a higher credit earned by 

qualifying for the American Customer 

Engagement (‘‘ACE’’) Program.4 As set 

forth in Section I.E. of the Fee Schedule, 

the ACE Program provides qualifying 

participants with per contract credits 

applicable to Electronic options 

transactions, including those executed 

via the BOLD Mechanism. 

The Exchange now proposes to 

modify Section I.M. of the Fee Schedule 

to provide that the credit available to 

BOLD Initiating Orders would be the 

better of $0.12 or, to the extent an ATP 

Holder would qualify for a higher credit 

via the ACE Program, $0.13.5

The Exchange notes that the fees and 

credits relating to the BOLD 

Mechanism, as originally established,6


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35588 Federal Register / Vol. 87, No. 112 / Friday, June 10, 2022 / Notices 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(4) and (5). 

9See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(S7–10–04) (‘‘Reg NMS Adopting Release’’). 

10The OCC publishes options and futures volume 

in a variety of formats, including daily and monthly 

volume by exchange, available here: https://

www.theocc.com/Market-Data/Market-DataReports/Volume-and-Open-Interest/MonthlyWeekly-Volume-Statistics. 

11Based on a compilation of OCC data for 

monthly volume of equity-based options and 

monthly volume of ETF-based options, see id., the 

Exchange’s market share in equity-based options 

decreased from 8.57% for the month of April 2021 

to 8.14% for the month of April 2022. 

were intended to encourage the use of 

the new mechanism, which purpose 

was achieved. The Exchange believes 

that, although the proposed change 

would set an upper limit on the credit 

for BOLD Initiating Orders offered to 

ATP Holders that qualify via the ACE 

Program, the proposed change would 

not discourage ATP Holders from 

continuing to use the BOLD Mechanism 

and would continue to provide an 

incentive to ATP Holders to submit 

orders to the Exchange for execution via 

the BOLD Mechanism. 

The Exchange proposes to implement 

the fee change effective June 1, 2022. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,7 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,8 in particular, 

because it provides for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members, 

issuers and other persons using its 

facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Proposed Rule Change Is 

Reasonable 

The Exchange operates in a highly 

competitive market. The Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, the 

Commission highlighted the importance 

of market forces in determining prices 

and SRO revenues and, also, recognized 

that current regulation of the market 

system ‘‘has been remarkably successful 

in promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 9

There are currently 16 registered 

options exchanges competing for order 

flow. Based on publicly-available 

information, and excluding index-based 

options, no single exchange has more 

than 16% of the market share of 

executed volume of multiply-listed 

equity and ETF options trades.10

Therefore, currently no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity 

and ETF options order flow. More 

specifically, in April 2022, the Exchange 

had less than 9% market share of 

executed volume of multiply-listed 

equity and ETF options trades.11

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow or discontinue or 

reduce use of certain categories of 

products, in response to fee changes. 

Accordingly, competitive forces 

constrain options exchange transaction 

fees. Stated otherwise, changes to 

exchange transaction fees can have a 

direct effect on the ability of an 

exchange to compete for order flow. 

The Exchange’s fees are constrained 

by intermarket competition, as OTP 

Holders may direct their order flow to 

any of the 16 options exchanges. The 

Exchange regularly reviews the 

effectiveness of various fees and 

incentives, including to determine 

whether moderations of such fees and 

incentives would be appropriate. As 

noted above, the existing fees and 

credits for use of the BOLD Mechanism 

were designed to incent ATP Holders to 

become familiar with the execution 

quality of the mechanism, and ATP 

Holders have now had the opportunity 

to do so. Having reviewed the 

effectiveness of the credit offered on 

BOLD Initiating Orders, the Exchange 

believes that its proposed modification 

of the incentives for use of the BOLD 

Mechanism is reasonably designed to 

continue to encourage ATP Holders to 

submit orders to the Exchange for 

execution via the BOLD Mechanism and 

would not discourage ATP Holders from 

continuing to use the BOLD Mechanism 

even though the credit available to ATP 

Holders that earn a higher credit 

through the ACE Program would be 

capped at $0.13, as proposed. 

The Exchange cannot predict with 

certainty whether or the extent to which 

ATP Holders would continue to use the 

BOLD Mechanism, but believes that the 

$0.12 credit on BOLD Initiating Orders 

(which remains unchanged) as well as 

the proposed credit of $0.13 for 

qualifying ACE Program participants 

would continue to encourage ATP 

Holders to utilize the mechanism. The 

Exchange further believes that the 

benefits associated with the use of the 

BOLD Mechanism would continue to 

provide an incentive for ATP Holders to 

direct Customer options order flow to 

the Exchange, which brings increased 

liquidity and order flow for the benefit 

of all market participants. 

Finally, to the extent the proposed 

change continues to attract volume and 

liquidity, while encouraging use of the 

BOLD Mechanism, the Exchange 

believes the proposed change would 

improve the Exchange’s overall 

competitiveness and strengthen its 

market quality for all market 

participants by offering various 

mechanisms for execution of orders. In 

the backdrop of the competitive 

environment in which the Exchange 

operates, the proposed rule change is a 

reasonable attempt by the Exchange to 

maintain the depth of its market and 

maintain its market share relative to its 

competitors. ATP Holders have a choice 

of where they direct their order flow 

(including their Customer marketable 

orders), and the proposed rule change is 

designed to continue to incent ATP 

Holders to direct liquidity to the 

Exchange, thereby promoting market 

depth, price discovery and 

improvement and enhancing order 

execution opportunities for market 

participants. 

The Proposed Rule Change is an 

Equitable Allocation of Credits and Fees 

The Exchange believes the proposed 

rule change is an equitable allocation of 

its fees and credits. The proposal is 

based on the amount and type of 

business transacted on the Exchange 

and ATP Holders can opt to use the 

BOLD Mechanism or not. Although the 

proposed change would limit the credit 

available on BOLD Initiating Orders for 

certain ATP Holders that also 

participate in the ACE Program, such 

limit would apply equally to all ACE 

Program participants that may be 

eligible for a higher credit and would 

thus provide for a more equitable 

allocation of credits associated with the 

use of the BOLD Mechanism. Moreover, 

the proposal is designed to continue to 

incent ATP Holders to aggregate all 

Customer interest at the Exchange as a 

primary execution venue and to attract 

more marketable orders to be executed 

through the BOLD Mechanism. To the 

extent that the proposed change does 

not discourage ATP Holders from 

directing Customer marketable orders to 

the Exchange, the Exchange believes 

that order flow sent to the Exchange for 

execution via the BOLD Mechanism 

would continue to make the Exchange a 

more competitive venue for, among 

other things, order execution of all order 

types. Thus, the Exchange believes the 

proposed rule change would improve 

market quality for all market 

participants on the Exchange and, as a 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 112 / Friday, June 10, 2022 / Notices 35589 

12See Reg NMS Adopting Release, supra note 9, 

at 37499. 

13See note 10, supra. 

14Based on a compilation of OCC data for 

monthly volume of equity-based options and 

monthly volume of ETF-based options, see id., the 

Exchange’s market share in equity-based options 

decreased from 8.57% for the month of April 2021 

to 8.14% for the month of April 2022. 

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

16 17 CFR 240.19b–4(f)(2). 

17 15 U.S.C. 78s(b)(2)(B). 

consequence, attract more order flow to 

the Exchange thereby improving marketwide quality and price discovery. 

The Proposed Rule Change Is Not 

Unfairly Discriminatory 

The Exchange does not believe that 

the proposed change to the credit for 

BOLD Initiating Orders is unfairly 

discriminatory because all ATP Holders 

that submit orders through the BOLD 

Mechanism would continue to be 

eligible for the $0.12 credit, and the 

proposed modification to cap the credit 

available to ATP Holders that may be 

eligible for a higher credit via the ACE 

Program at $0.13 would apply equally to 

all such ATP Holders. 

The proposal is based on the amount 

and type of business transacted on the 

Exchange, and ATP Holders are not 

obligated to use the BOLD Mechanism. 

Rather, the proposal is designed to 

encourage ATP Holders to utilize the 

Exchange as a primary trading venue for 

Customer marketable orders (if they 

have not done so previously). To the 

extent that the proposed change would 

continue to encourage ATP Holders to 

maintain their current level of Customer 

interest, including marketable interest, 

on the Exchange, this order flow would 

continue to make the Exchange a 

competitive venue for, among other 

things, order execution. Thus, the 

Exchange believes the proposed rule 

change would support market quality 

for all market participants on the 

Exchange and, as a consequence, attract 

order flow to the Exchange thereby 

improving market-wide quality and 

price discovery. The resulting continued 

volume and liquidity would provide 

more trading opportunities and tighter 

spreads to all market participants and 

thus would promote just and equitable 

principles of trade, 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. 

Finally, the Exchange believes that it 

is subject to significant competitive 

forces, as described below in the 

Exchange’s statement regarding the 

burden on competition. 

For the foregoing reasons, the 

Exchange believes that the proposal is 

consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act, the Exchange does not believe 

that the proposed rule change would 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

Instead, as discussed above, the 

Exchange believes that the proposed 

changes would continue to encourage 

the submission of additional liquidity to 

a public exchange, thereby promoting 

market depth, price discovery and 

transparency and enhancing order 

execution opportunities for all market 

participants. As a result, the Exchange 

believes that the proposed change 

furthers the Commission’s goal in 

adopting Regulation NMS of fostering 

integrated competition among orders, 

which promotes ‘‘more efficient pricing 

of individual stocks for all types of 

orders, large and small.’’ 12

Intramarket Competition. The 

proposed change is designed to 

maintain order flow (particularly 

Customer marketable orders) to the 

Exchange. The Exchange believes that 

the proposed modification to the credit 

on BOLD Initiating Orders would not 

discourage ATP Holders from using the 

BOLD Mechanism or maintaining their 

current level of Customer marketable 

order flow to the Exchange and, to the 

extent such purpose is achieved, the 

Exchange would maintain its Customer 

order flow, which benefits all market 

participants on the Exchange. In 

addition, because the credits available 

on BOLD Initiating Orders, as modified, 

would be available to all similarlysituated market participants that 

execute Customer marketable interest 

through the BOLD Mechanism, the 

Exchange does not believe that the 

proposed change would impose a 

disparate burden on competition among 

market participants on the Exchange. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily favor one of the 

16 competing option exchanges if they 

deem fee levels at a particular venue to 

be excessive. In such an environment, 

the Exchange must continually adjust its 

fees to remain competitive with other 

exchanges and to attract order flow to 

the Exchange. Based on publiclyavailable information, and excluding 

index-based options, no single exchange 

has more than 16% of the market share 

of executed volume of multiply-listed 

equity and ETF options trades.13

Therefore, currently no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity & 

ETF options order flow. More 

specifically, in April 2022, the Exchange 

had less than 9% market share of 

executed volume of multiply-listed 

equity & ETF options trades.14

The Exchange believes that the 

proposed rule change reflects this 

competitive environment because, 

although it may reduce the credit that 

some ATP Holders would earn on BOLD 

Initiating Orders, it modifies the 

Exchange’s fees in a manner designed to 

continue to incent ATP Holders to 

direct trading interest (particularly 

Customer marketable interest) to the 

Exchange, to provide liquidity and to 

attract order flow. To the extent that this 

purpose is achieved, all the Exchange’s 

market participants should benefit from 

the improved market quality and 

increased opportunities for price 

improvement. 

The Exchange believes that the 

proposed change could maintain 

competition between the Exchange and 

other execution venues, including those 

that currently offer similar Customer 

execution mechanisms, by encouraging 

additional orders to be sent to the 

Exchange for execution. 

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 foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 15 of the Act and 

subparagraph (f)(2) of Rule 19b–4 16

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

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) 17 of the Act to 

determine whether the proposed rule 


jspears on DSK121TN23PROD with NOTICES1
35590 Federal Register / Vol. 87, No. 112 / Friday, June 10, 2022 / Notices 

18 17 CFR 200.30–3(a)(12). 

1Public and confidential versions of the 

Agreement were filed with the verified notice. The 

confidential version was submitted under seal 

concurrently with a motion for protective order, 

which was granted on April 12, 2022. 

2MCCVR supplemented its verified notice on 

April 29 and May 26, 2022. Therefore, May 26, 

2022, is considered the filing date for the purpose 

of calculating the effective date of the exemption. 

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEAMER–2022–22 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–2022–22. 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 (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 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 

10:00 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSEAMER–2022–22, and 

should be submitted on or before July 1, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–12403 Filed 6–9–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[License No. 02/02–0671] 

PVP Fund I, LP; Surrender of License 

of Small Business Investment 

Company 

Pursuant to the authority granted to 

the United States Small Business 

Administration under the Small 

Business Investment Act of 1958, as 

amended, under Section 309 of the Act 

and Section 107.1900 of the Small 

Business Administration Rules and 

Regulations (13 CFR 107.1900) to 

function as a small business investment 

company under the Small Business 

Investment Company License No. 02/ 

02–0671 issued to PVP Fund I, LP, said 

license is hereby declared null and void. 

United States Small Business 

Administration. 

Bailey DeVries, 

Associate Administrator, Office of Investment 

and Innovation. 

[FR Doc. 2022–12487 Filed 6–9–22; 8:45 am] 

BILLING CODE P 

SMALL BUSINESS ADMINISTRATION 

[License No. 04/04–0319] 

CCSD II, L.P.; Surrender of License of 

Small Business Investment Company 

Pursuant to the authority granted to 

the United States Small Business 

Administration under the Small 

Business Investment Act of 1958, as 

amended, under Section 309 of the Act 

and Section 107.1900 of the Small 

Business Administration Rules and 

Regulations (13 CFR 107.1900) to 

function as a small business investment 

company under the Small Business 

Investment Company License No. 04/ 

04–0319 issued to CCSD II, L.P. said 

license is hereby declared null and void. 

United States Small Business 

Administration. 

Bailey DeVries, 

Associate Administrator, Office of Investment 

and Innovation. 

[FR Doc. 2022–12488 Filed 6–9–22; 8:45 am] 

BILLING CODE P 

SURFACE TRANSPORTATION BOARD 

[Docket No. FD 36589] 

Merced County Central Valley Railroad, 

LLC—Lease and Operation 

Exemption—Track in Merced County, 

Cal. 

Merced County Central Valley 

Railroad, LLC (MCCVR), a noncarrier, 

has filed a verified notice of exemption 

under 49 CFR 1150.31 to lease from 

Merced County, Cal. (the County), and 

to commence common carrier 

operations on approximately 0.3 miles 

of track located at the Castle Commerce 

Center at Atwater in Merced County (the 

Line). According to MCCVR, the Line 

currently is unregulated track and has 

no mileposts. 

This transaction is related to a 

verified notice of exemption filed 

concurrently in Patriot Rail Company— 

Continuance in Control Exemption— 

Merced County Central Valley Railroad, 

Docket No. FD 36590, in which Patriot 

Rail Company LLC and a number of 

other applicants seek to continue in 

control of MCCVR upon MCCVR’s 

becoming a Class III carrier. 

MCCVR states that it and the County 

entered into a Lease of County Property 

(the Lease), pursuant to which MCCVR 

will provide common carrier rail service 

on the Line.1

MCCVR certifies that its projected 

annual revenues from this transaction 

will not result in the creation of a Class 

I or Class II rail carrier and will not 

exceed $5 million. MCCVR also certifies 

that the Lease does not include an 

interchange commitment. 

The earliest this transaction may be 

consummated is June 25, 2022, the 

effective date of the exemption (30 days 

after the verified notice was filed).2

If the verified notice contains false or 

misleading information, the exemption 

is void ab initio. Petitions to revoke the 

exemption under 49 U.S.C. 10502(d) 

may be filed at any time. The filing of 

a petition to revoke will not 

automatically stay the effectiveness of 

the exemption. Petitions for stay must 

be filed no later than June 17, 2022 (at 

least seven days before the exemption 

becomes effective). 

All pleadings, referring to Docket No. 

FD 36589, must be filed with the 

Surface Transportation Board either via 


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