80 FR 15846 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed Rule Change To Enhance the Measurement Used To Establish Minimum Capital Requirements for Banks Approved To Issue Letters of Credit

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 57 (March 25, 2015)

Page Range		15846-15847
FR Document		2015-06714
Federal Register, Volume 80 Issue 57 (Wednesday, March 25, 2015)
[Federal Register Volume 80, Number 57 (Wednesday, March 25, 2015)]
[Notices]
[Pages 15846-15847]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-06714]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74536; File No. SR-OCC-2015-007]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing of Proposed Rule Change To Enhance the Measurement 
Used To Establish Minimum Capital Requirements for Banks Approved To 
Issue Letters of Credit

March 19, 2015.
    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 6, 2015, The Options Clearing Corporation (``OCC'') 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 OCC. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    OCC proposes to amend its By-Laws and Rules in order to enhance the 
measurement used to establish minimum capital requirements for banks 
approved to issue letters of credit that may be deposited by clearing 
members as a form of margin asset.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of these 
statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

1. Purpose
    The purpose of this proposed rule change is to enhance the 
measurement used by OCC to establish minimum capital requirements for 
banks approved to issue letters of credit that may be deposited by 
clearing members as a form of margin asset. Currently, OCC Rule 604 
Interpretation and Policy .01 requires U.S. banks to have $100,000,000 
or more in shareholders' equity, and non-U.S. banks to have 
$200,000,000 or more in shareholders' equity, in order to be approved 
as an issuer of letters of credit that may deposited by clearing 
members to meet their margin obligation(s) at OCC. The purpose of these 
minimum capital requirements is to ensure that issuers of letters of 
credit whose letters of credit are deposited at OCC as a margin asset 
by clearing members have the ability to honor a demand for payment by 
OCC under such letters of credit should a need to do so arise, such as 
in the case of a clearing member default.
    The financial requirements set forth in OCC Rule 604 Interpretation 
and Policy .01 concerning issuers of letters of credit have been in 
place for some time.\3\ In the years since OCC adopted OCC Rule 604 
Interpretation and Policy .01, bank financial reporting standards have 
evolved and now place a greater emphasis on Tier 1 Capital as opposed 
shareholders' equity.\4\ In fact, Tier 1 Capital is the primary 
component of a bank's total regulatory capital.\5\ Tier 1 Capital is a 
more conservative measure of a bank's financial health as it ignores 
subordinated debt, intermediate-term preferred stock, cumulative and 
long-term preferred stock and a portion of a bank's allowance for loan 
and lease losses. In light of the more universal acceptance of Tier 1 
Capital for bank financial reporting standards, OCC is now proposing to 
amend OCC Rule 604 Interpretation and Policy .01 to substitute Tier 1 
Capital for shareholders' equity.
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    \3\ See Securities and Exchange Act Release No. 19422 (January 
12, 1983), SR-OCC-1982-08 [sic].
    \4\ Tier 1 Capital is the measure used by the Basel Committee on 
Banking Supervision to measure the financial health of a bank. The 
goal of the Basel Committee on Banking Supervision is to strengthen 
the regulation, supervision and risk management of the banking 
sector. The Basel Committee on Banking Supervision's most recent set 
of reform measures, Basel III, is located at: http://www.bis.org/publ/bcbs189.pdf.
    \5\ See https://www.kansascityfed.org/Publicat/BasicsforBankDirectors/BasicsforBankDirectors.pdf.>
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    OCC believes that by measuring a bank's financial health based on 
Tier 1 Capital, instead of shareholders' equity, OCC will reduce its 
credit risk to banks issuing letters of credit deposited by clearing 
members as a form of margin asset. As stated above, Tier 1 Capital is a 
more conservative measure of a bank's financial health. Therefore, 
after implementation of the proposed rule change, should OCC need to 
demand payment on a letter of credit deposited by a clearing member as 
a margin asset, such as in the case of a clearing member default, it is 
less likely that the bank issuing such letter of credit would not 
perform upon its payment commitment because the bank would be required 
to hold a greater amount of capital in order to be an OCC letter of 
credit bank. In turn, credit risk presented to OCC as a result of 
accepting letters of credit as a form of margin asset is reduced.\6\
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    \6\ OCC does not anticipate that the proposed rule change would 
impact any of the banks already approved to issue letters of credit 
that may be deposited by clearing members as a form of margin since 
all such banks maintain amounts of Tier 1 Capital that exceed, as 
applicable, $100 million for U.S. banks or $200 million for Non-U.S. 
banks.
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    In order to effect the proposed rule change, and in addition to 
amending OCC Rule 604 Interpretation and Policy .01 as described above, 
OCC is proposing to add a paragraph ``c'' to Interpretation and Policy 
.01 of OCC Rule 604 in order to adopt a definition for Tier 1 Capital 
that leverages the definition of Tier 1 Capital employed by a bank's 
regulatory agency. OCC believes that such a definition is appropriate 
given that OCC accepts letters of credit from banks regulated by 
different regulatory authorities.\7\ In addition, and for the reasons 
stated

[[Page 15847]]

above, OCC is proposing to make a conforming change to OCC Rule 604 
Interpretation and Policy .04 so that any one bank may not issue 
letters of credit for an individual clearing member exceeding 15% of 
the bank's Tier 1 Capital (instead of shareholders' equity).
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    \7\ See OCC Rule 604(c). For example, OCC accepts letters of 
credit issued by banks regulated by The Federal Reserve Board, The 
Office of the Comptroller of the Currency, The Australian Prudential 
Regulation Authority and The German Federal Financial Supervisory 
Authority.
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2. Statutory Basis
    OCC believes that the proposed rule change is consistent with 
Section 17A(b)(3)(F) of the Act \8\ because it will help ensure the 
safeguarding of securities and funds which are in the custody and 
control of OCC, or for which it is responsible. OCC believes that the 
proposed rule change would help ensure the safeguarding of securities 
and funds which are in the custody and control of OCC, or for which OCC 
is responsible, because banks approved to issue letters of credit that 
may be deposited by clearing members as a form of margin asset at OCC 
will be subject to a more conservative capital requirement thereby 
increasing the likelihood that the bank will have the ability to honor 
a demand for payment made by OCC. For the same reason, OCC believes 
that the adoption of a more conservative capital requirement for banks 
approved to issue letters of credit that may be deposited by clearing 
members as a form of margin asset is consistent with the requirement of 
SEC Rule 17Ad-22(d)(3), which requires OCC hold assets in a manner that 
minimizes risk of loss or delay in access to them.\9\ The proposed rule 
change is not inconsistent with any rules of OCC, including any other 
rules proposed to be amended.
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    \8\ 15 U.S.C. 78q-1(b)(3)(F).
    \9\ 17 CFR 240.17Ad-22(d)(3).
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(B) Clearing Agency's Statement on Burden on Competition

    OCC does not believe that the proposed rule change would impose any 
burden on competition.\10\ Changes to the rules of a clearing agency 
may have an impact on the participants in a clearing agency and the 
markets that the clearing agency serves. This proposed rule change 
enhances the measurement used to establish capital requirements for 
banks that want to be, or are, approved to issue letters of credit that 
clearing members may deposit as a margin asset at OCC. The proposed 
modifications would not unfairly inhibit access to OCC's services or 
disadvantage or favor any particular user in relationship to another 
user because each user will continue to be able to use the same set of 
approved letter of credit banks if it wishes to deposit a letter of 
credit as a form of margin asset. In addition, OCC permits a wide 
variety of other assets to be deposit by clearing members to meet their 
margin requirements at OCC.\11\ The proposed modifications would not 
disadvantage or favor any particular bank wishing to become an approved 
letter of credit bank, or already an approved letter of credit bank, as 
those wishing to become letter of credit banks will have the same 
capital requirement applied to them, and those currently approved as 
letter of credit banks already meet the enhanced capital measurement.
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    \10\ 15 U.S.C. 78q-1(b)(3)(I).
    \11\ See OCC Rule 604.
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    For the foregoing reasons, OCC believes that the proposed rule 
change is in the public interest, would be consistent with the 
requirements of the Act applicable to clearing agencies and would not 
impose a burden on competition.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received From Members, Participants or Others

    Written comments on the proposed rule change were not and are not 
intended to be solicited with respect to the proposed rule change and 
none have been received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be 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 [email protected]. Please include 
File Number SR-OCC-2015-007 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-OCC-2015-007. 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 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of OCC and on OCC's 
Web site at http://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_15_007.pdf. 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-OCC-2015-007 and should be submitted on 
or before April 15, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-06714 Filed 3-24-15; 8:45 am]
 BILLING CODE 8011-01-P
15846 Federal Register / Vol. 80, No. 57 / Wednesday, March 25, 2015 / Notices

default management process will further minimum capital requirements for Capital is the primary component of a
the safeguarding of securities and funds banks approved to issue letters of credit bank’s total regulatory capital.5 Tier 1
which are in the custody or control of that may be deposited by clearing Capital is a more conservative measure
OCC, or for which it is responsible. members as a form of margin asset. of a bank’s financial health as it ignores
subordinated debt, intermediate-term
III. Conclusion II. Clearing Agency’s Statement of the
preferred stock, cumulative and long-
On the basis of the foregoing, the Purpose of, and Statutory Basis for, the term preferred stock and a portion of a
Commission finds that the proposal is Proposed Rule Change bank’s allowance for loan and lease
consistent with the requirements of the In its filing with the Commission, losses. In light of the more universal
Act and in particular with the OCC included statements concerning acceptance of Tier 1 Capital for bank
requirements of Section 17A of the the purpose of and basis for the financial reporting standards, OCC is
Act 11 and the rules and regulations proposed rule change and discussed any now proposing to amend OCC Rule 604
thereunder. comments it received on the proposed Interpretation and Policy .01 to
It is therefore ordered, pursuant to rule change. The text of these statements substitute Tier 1 Capital for
Section 19(b)(2) of the Act,12 that the may be examined at the places specified shareholders’ equity.
proposed rule change (SR–OCC–2015– OCC believes that by measuring a
in Item IV below. OCC has prepared
04), as modified by Amendment 1, be, bank’s financial health based on Tier 1
summaries, set forth in sections (A), (B),
and it hereby is, approved. Capital, instead of shareholders’ equity,
and (C) below, of the most significant
For the Commission, by the Division of aspects of these statements. OCC will reduce its credit risk to banks
Trading and Markets, pursuant to delegated issuing letters of credit deposited by
authority.13 (A) Clearing Agency’s Statement of the clearing members as a form of margin
Brent J. Fields, Purpose of, and Statutory Basis for, the asset. As stated above, Tier 1 Capital is
Secretary. Proposed Rule Change a more conservative measure of a bank’s
[FR Doc. 2015–06715 Filed 3–24–15; 8:45 am] 1. Purpose financial health. Therefore, after
BILLING CODE 8011–01–P implementation of the proposed rule
The purpose of this proposed rule change, should OCC need to demand
change is to enhance the measurement payment on a letter of credit deposited
SECURITIES AND EXCHANGE used by OCC to establish minimum by a clearing member as a margin asset,
COMMISSION capital requirements for banks approved such as in the case of a clearing member
to issue letters of credit that may be default, it is less likely that the bank
[Release No. 34–74536; File No. SR–OCC–
deposited by clearing members as a issuing such letter of credit would not
2015–007]
form of margin asset. Currently, OCC perform upon its payment commitment
Self-Regulatory Organizations; The Rule 604 Interpretation and Policy .01 because the bank would be required to
Options Clearing Corporation; Notice requires U.S. banks to have hold a greater amount of capital in order
of Filing of Proposed Rule Change To $100,000,000 or more in shareholders’ to be an OCC letter of credit bank. In
Enhance the Measurement Used To equity, and non-U.S. banks to have turn, credit risk presented to OCC as a
Establish Minimum Capital $200,000,000 or more in shareholders’ result of accepting letters of credit as a
Requirements for Banks Approved To equity, in order to be approved as an form of margin asset is reduced.6
Issue Letters of Credit issuer of letters of credit that may In order to effect the proposed rule
deposited by clearing members to meet change, and in addition to amending
March 19, 2015. their margin obligation(s) at OCC. The OCC Rule 604 Interpretation and Policy
Pursuant to Section 19(b)(1) of the purpose of these minimum capital .01 as described above, OCC is
Securities Exchange Act of 1934 requirements is to ensure that issuers of proposing to add a paragraph ‘‘c’’ to
(‘‘Act’’) 1 and Rule 19b–4 thereunder 2 letters of credit whose letters of credit Interpretation and Policy .01 of OCC
notice is hereby given that on March 6, are deposited at OCC as a margin asset Rule 604 in order to adopt a definition
2015, The Options Clearing Corporation by clearing members have the ability to for Tier 1 Capital that leverages the
(‘‘OCC’’) filed with the Securities and honor a demand for payment by OCC definition of Tier 1 Capital employed by
Exchange Commission (‘‘Commission’’) under such letters of credit should a a bank’s regulatory agency. OCC
the proposed rule change as described need to do so arise, such as in the case believes that such a definition is
in Items I, II, and III below, which Items of a clearing member default. appropriate given that OCC accepts
have been prepared by OCC. The The financial requirements set forth letters of credit from banks regulated by
Commission is publishing this notice to in OCC Rule 604 Interpretation and different regulatory authorities.7 In
solicit comments on the proposed rule Policy .01 concerning issuers of letters addition, and for the reasons stated
change from interested persons. of credit have been in place for some
measures, Basel III, is located at: http://
I. Clearing Agency’s Statement of the time.3 In the years since OCC adopted www.bis.org/publ/bcbs189.pdf.
Terms of Substance of the Proposed OCC Rule 604 Interpretation and Policy 5 See https://www.kansascityfed.org/Publicat/

Rule Change .01, bank financial reporting standards BasicsforBankDirectors/
have evolved and now place a greater BasicsforBankDirectors.pdf.>
OCC proposes to amend its By-Laws 6 OCC does not anticipate that the proposed rule

and Rules in order to enhance the emphasis on Tier 1 Capital as opposed
change would impact any of the banks already
measurement used to establish shareholders’ equity.4 In fact, Tier 1 approved to issue letters of credit that may be
deposited by clearing members as a form of margin
rljohnson on DSK3VPTVN1PROD with NOTICES

3 See Securities and Exchange Act Release No. since all such banks maintain amounts of Tier 1
11 In approving this proposed rule change, the
19422 (January 12, 1983), SR–OCC–1982–08 [sic]. Capital that exceed, as applicable, $100 million for
Commission has considered the proposed rule’s 4 Tier 1 Capital is the measure used by the Basel U.S. banks or $200 million for Non-U.S. banks.
impact on efficiency, competition, and capital
Committee on Banking Supervision to measure the 7 See OCC Rule 604(c). For example, OCC accepts
formation. See 15 U.S.C. 78c(f).
12 15 U.S.C. 78s(b)(2).
financial health of a bank. The goal of the Basel letters of credit issued by banks regulated by The
Committee on Banking Supervision is to strengthen Federal Reserve Board, The Office of the
13 17 CFR 200.30–3(a)(12).
the regulation, supervision and risk management of Comptroller of the Currency, The Australian
1 15 U.S.C. 78s(b)(1).
the banking sector. The Basel Committee on Prudential Regulation Authority and The German
2 17 CFR 240.19b–4. Banking Supervision’s most recent set of reform Federal Financial Supervisory Authority.

VerDate Sep<11>2014 15:26 Mar 24, 2015 Jkt 235001 PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 E:\FR\FM\25MRN1.SGM 25MRN1
Federal Register / Vol. 80, No. 57 / Wednesday, March 25, 2015 / Notices 15847

above, OCC is proposing to make a credit as a form of margin asset. In Paper Comments
conforming change to OCC Rule 604 addition, OCC permits a wide variety of
Interpretation and Policy .04 so that any other assets to be deposit by clearing • Send paper comments in triplicate
one bank may not issue letters of credit members to meet their margin to Secretary, Securities and Exchange
for an individual clearing member requirements at OCC.11 The proposed Commission, 100 F Street NE.,
exceeding 15% of the bank’s Tier 1 modifications would not disadvantage Washington, DC 20549–1090.
Capital (instead of shareholders’ equity). or favor any particular bank wishing to All submissions should refer to File
2. Statutory Basis become an approved letter of credit Number SR–OCC–2015–007. This file
bank, or already an approved letter of number should be included on the
OCC believes that the proposed rule credit bank, as those wishing to become
change is consistent with Section subject line if email is used. To help the
letter of credit banks will have the same
17A(b)(3)(F) of the Act 8 because it will Commission process and review your
capital requirement applied to them,
help ensure the safeguarding of and those currently approved as letter of comments more efficiently, please use
securities and funds which are in the credit banks already meet the enhanced only one method. The Commission will
custody and control of OCC, or for capital measurement. post all comments on the Commission’s
which it is responsible. OCC believes For the foregoing reasons, OCC Internet Web site (http://www.sec.gov/
that the proposed rule change would believes that the proposed rule change rules/sro.shtml). Copies of the
help ensure the safeguarding of is in the public interest, would be submission, all subsequent
securities and funds which are in the consistent with the requirements of the amendments, all written statements
custody and control of OCC, or for Act applicable to clearing agencies and with respect to the proposed rule
which OCC is responsible, because would not impose a burden on change that are filed with the
banks approved to issue letters of credit competition. Commission, and all written
that may be deposited by clearing communications relating to the
members as a form of margin asset at (C) Clearing Agency’s Statement on
Comments on the Proposed Rule proposed rule change between the
OCC will be subject to a more Commission and any person, other than
conservative capital requirement Change Received From Members,
Participants or Others those that may be withheld from the
thereby increasing the likelihood that
public in accordance with the
the bank will have the ability to honor Written comments on the proposed provisions of 5 U.S.C. 552, will be
a demand for payment made by OCC. rule change were not and are not
For the same reason, OCC believes that available for Web site viewing and
intended to be solicited with respect to printing in the Commission’s Public
the adoption of a more conservative the proposed rule change and none have
capital requirement for banks approved Reference Room, 100 F Street NE.,
been received.
to issue letters of credit that may be Washington, DC 20549 on official
deposited by clearing members as a III. Date of Effectiveness of the business days between the hours of
form of margin asset is consistent with Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of the
the requirement of SEC Rule 17Ad- Commission Action filing also will be available for
22(d)(3), which requires OCC hold Within 45 days of the date of inspection and copying at the principal
assets in a manner that minimizes risk publication of this notice in the Federal office of OCC and on OCC’s Web site at
of loss or delay in access to them.9 The Register or within such longer period http://www.theocc.com/components/
proposed rule change is not inconsistent up to 90 days (i) as the Commission may docs/legal/rules_and_bylaws/sr_occ_15_
with any rules of OCC, including any designate if it finds such longer period 007.pdf. All comments received will be
other rules proposed to be amended. to be appropriate and publishes its posted without change; the Commission
reasons for so finding or (ii) as to which does not edit personal identifying
(B) Clearing Agency’s Statement on
the self-regulatory organization information from submissions. You
Burden on Competition
consents, the Commission will: should submit only information that
OCC does not believe that the (A) by order approve or disapprove you wish to make available publicly. All
proposed rule change would impose any such proposed rule change, or submissions should refer to File
burden on competition.10 Changes to (B) institute proceedings to determine Number SR–OCC–2015–007 and should
the rules of a clearing agency may have whether the proposed rule change be submitted on or before April 15,
an impact on the participants in a should be disapproved.
clearing agency and the markets that the 2015.
clearing agency serves. This proposed IV. Solicitation of Comments For the Commission, by the Division of
rule change enhances the measurement Interested persons are invited to Trading and Markets, pursuant to delegated
used to establish capital requirements submit written data, views and authority.12
for banks that want to be, or are, arguments concerning the foregoing, Brent J. Fields,
approved to issue letters of credit that including whether the proposed rule Secretary.
clearing members may deposit as a change is consistent with the Act. [FR Doc. 2015–06714 Filed 3–24–15; 8:45 am]
margin asset at OCC. The proposed Comments may be submitted by any of
BILLING CODE 8011–01–P
modifications would not unfairly inhibit the following methods:
access to OCC’s services or disadvantage
Electronic Comments
or favor any particular user in
• Use the Commission’s Internet
rljohnson on DSK3VPTVN1PROD with NOTICES

relationship to another user because
each user will continue to be able to use comment form (http://www.sec.gov/
the same set of approved letter of credit rules/sro.shtml); or
banks if it wishes to deposit a letter of • Send an email to rule-comments@
sec.gov. Please include File Number SR–
8 15 U.S.C. 78q-1(b)(3)(F). OCC–2015–007 on the subject line.
9 17 CFR 240.17Ad-22(d)(3).
10 15 U.S.C. 78q-1(b)(3)(I). 11 See OCC Rule 604. 12 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 15:26 Mar 24, 2015 Jkt 235001 PO 00000 Frm 00106 Fmt 4703 Sfmt 9990 E:\FR\FM\25MRN1.SGM 25MRN1
Document Created: 2018-02-21 09:49:14
Document Modified: 2018-02-21 09:49:14
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 15846