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Federal Register Highlights – 12/28/15

December 28, 2015

Unpublished, time-sensitive and proposed rules for December 28, 2015:

TEMPORARY RULE: The Coast Guard is establishing a temporary safety zone that encompasses all waters of the Main Branch of the Chicago River between the Michigan Avenue Highway Bridge and the west entrance to the Chicago Harbor Lock. The safety zone is intended to restrict vessels from a portion of the Main Branch of the Chicago River from 11:30 p.m. on December 31, 2015 to 12:15 a.m. on January 1, 2016. This temporary safety zone is necessary to protect the surrounding public and vessels from the hazards associated with multiple barge based firework displays for Chicago’s New Year’s Eve Celebration. This rule will be effective from 11:30 p.m. on December 31, 2015 to 12:15 a.m. on January 1, 2016.

PROPOSED RULE: This proposed rule would revise Bureau of Industry and Security’s (BIS) guidance regarding administrative enforcement cases based on violations of the Export Administration Regulations (EAR). The rule would rewrite Supplement No. 1 to part 766 of the EAR, setting forth the factors BIS considers when setting penalties in settlements of administrative enforcement cases and when deciding whether to pursue administrative charges or settle allegations of EAR violations. This proposed rule would not apply to alleged violations of part 760—Restrictive Trade Practices and Boycotts, which would continue to be subject to Supplement No. 2 to part 766. BIS is proposing these changes to make administrative penalties more predictable to the public and aligned with those promulgated by the Department of the Treasury, Office of Foreign Assets Control (OFAC). Comments must be received no later than February 26, 2016. (To submit comments, visit www.regulations.gov, reference Docket Number BIS-2015-0051.)

PROPOSED RULE: NMFS hereby proposes regulations under the Tuna Conventions Act to implement Recommendation C– 12–11 of the Inter-American Tropical Tuna Commission (IATTC). Recommendation C–12–11 revises the management regime for the area of overlapping jurisdiction between the IATTC and the Commission for the Conservation and Management of Highly Migratory Fish Stocks in the Western and Central Pacific Ocean (WCPFC). These proposed regulations provide that the management measures of the IATTC would no longer apply in the area of overlapping jurisdiction, with the exception of regulations governing the IATTC Regional Vessel Register. This action is necessary for the United States to satisfy its obligations as a member of the IATTC. Comments on the proposed rule and supporting documents must be submitted in writing by January 27, 2016. (To submit comments, visit www.regulations.gov, reference Docket Number NOAA-NMFS-2015-0158.)

PROPOSED RULE: The Securities and Exchange Commission is proposing to amend the regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 (“Exchange Act”) applicable to alternative trading systems (“ATSs”) that transact in National Market System (“NMS”) stocks (hereinafter referred to as (“NMS Stock ATSs”), including so called “dark pools.” First, the Commission is proposing to amend Regulation ATS to adopt Form ATS–N to provide information about the broker- dealer that operates the NMS Stock ATS (“broker-dealer operator”) and the activities of the broker-dealer operator and its affiliates in connection with the NMS Stock ATS, and to provide detailed information about the manner of operations of the ATS. Second, the Commission is proposing to make filings on Form ATS–N public by posting certain Form ATS–N filings on the Commission’s internet Web site and requiring each NMS Stock ATS that has a Web site to post on the NMS Stock ATS’s Web site a direct URL hyperlink to the Commission’s Web site that contains the required documents. Third, the Commission is proposing to amend Regulation ATS to provide a process for the Commission to determine whether an entity qualifies for the exemption from the definition of “exchange” under Exchange Act Rule 3a1–1(a)(2) with regard to NMS stocks and declare an NMS Stock ATS’s Form ATS–N either effective or, after notice and opportunity for hearing, ineffective. Fourth, under the proposal, the Commission could suspend, limit, or revoke the exemption from the definition of “exchange” after providing notice and opportunity for hearing. Fifth, the Commission is proposing to require that an ATS’s safeguards and procedures to protect subscribers’ confidential trading information be written. The Commission is also proposing to make conforming changes to Regulation ATS and Exchange Act Rule 3a1–1(a). Additionally, the Commission is requesting comment about, among other things, changing the requirements of the exemption from the definition of “exchange” pursuant to Exchange Act Rule 3a1–1(a) for ATSs that facilitate transactions in securities other than NMS stocks. Lastly, the Commission is also requesting comment regarding its consideration to amend Exchange Act Rules 600 and 606 to improve transparency around the handling and routing of institutional customer orders by broker-dealers. Comments should be received on or before February 26, 2016. (To submit comments, visit www.regulations.gov, reference File Number S7-23-15.)

PROPOSED RULE: The Surface Transportation Board (Board) is proposing a definition of ‘‘on-time performance’’ for purposes of Section 213 of the Passenger Rail Investment and Improvement Act of 2008 (PRIIA). Comments are due by February 8, 2016. Reply comments are due by February 29, 2016. (Submit written comments to the Surface Transportation Board at 395 E Street SW, Washington, DC 20423 or visit www.stb.dot.gov, click on the link for “E-FILING”. All submissions must reference Docket Number EP-726.)

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