80 FR 18270 - Self-Regulatory Organizations; Proposed Rule Chanages; NYSE Arca, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 64 (April 3, 2015)
Federal Register Volume 80, Issue 64 (April 3, 2015)
| Page Range | 18270-18272 | |
| FR Document | 2015-07619 |
[Federal Register Volume 80, Number 64 (Friday, April 3, 2015)] [Notices] [Pages 18270-18272] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-07619] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74604; File No. SR-NYSEArca-2015-20] Self-Regulatory Organizations; Proposed Rule Chanages; NYSE Arca, Inc. March 30, 2015. Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the [[Page 18271]] ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on March 18, 2015, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C.78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its Schedule of Fees and Charges for Exchange Services (``Fee Schedule'') to specify that affiliated Exchange ETP Holders (or ``members'') may request that the Exchange aggregate its eligible activity with activity of the ETP Holder's affiliates for purposes of charges or credits based on volume. The text of the proposed rule change is available on the Exchange's Web site 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 Exchange proposes to amend its Fee Schedule to specify that affiliated ETP Holders may request that the Exchange aggregate their eligible activity with activity of its ETP Holder affiliates for purposes of charges or credits based on volume. The proposed rule change is based on NASDAQ Stock Market LLC (``NASDAQ'') Rule 7027, NASDAQ Options Market LLC (``NOM'') Rules at chapter XV, and the NASDAQ OMX PHLX LLC (``PHLX'') Pricing Schedule.\4\ --------------------------------------------------------------------------- \4\ Effective December 1, 2014, NASDAQ amended Rule 7027 to harmonize the treatment of aggregation of affiliate activity of affiliated members to be consistent with the rules governing NOM and PHLX. See Securities Exchange Act Release No. 72966 (Sept. 3, 2014), 79 FR 53473 (Sept. 9, 2014) (SR-NASDAQ-2014-083). NOM and PHLX also amended their respective rules to harmonize the process by which it collects information from its members for purposes of aggregating member activity between its equity and options markets. See Securities Exchange Act Release Nos. 72967 (Sept. 2, 2014), 79 FR 53471 (Sept. 9, 2014) (SR-NASDAQ-2014-082) and 72969 (Sept. 3, 2014), 79 FR 53485 (Sept. 9, 2014) (SR-PHLX-2014-56). --------------------------------------------------------------------------- As proposed, for purposes of applying any provision of the Exchange's Price List where the charge assessed, or credit provided, by the Exchange depends on the volume of a member organization's activity, an ETP Holder may request that the Exchange aggregate its eligible activity with activity of such ETP Holder's affiliates.\5\ The Exchange further proposes that an ETP Holder requesting aggregation of eligible affiliate activity would be required to (1) certify to the Exchange the affiliate status of ETP Holders whose activity it seeks to aggregate prior to receiving approval for aggregation, and (2) inform the Exchange immediately of any event that causes an entity to cease being an affiliate. The Exchange would review available information regarding the entities and reserves the right to request additional information to verify the affiliate status of an entity. As further proposed, the Exchange would approve a request, unless it determines that the certificate is not accurate.\6\ --------------------------------------------------------------------------- \5\ See Exhibit 5 for proposed language to be added to the Fee Schedule. The Exchange notes that this language is similar to that found in NASDAQ Rule 7027. \6\ See NASDAQ Rule 7027(a)(1). --------------------------------------------------------------------------- The Exchange also proposes that if two or more ETP Holders become affiliated on or prior to the sixteenth day of a month, and submit the required request for aggregation on or prior to the twenty-second day of the month, an approval of the request would be deemed to be effective as of the first day of that month. If two or more ETP Holders become affiliated after the sixteenth day of a month, or submit a request for aggregation after the twenty-second day of the month, an approval of the request would be deemed to be effective as of the first day of the next calendar month.\7\ The Exchange believes that this requirement, which is also similar to requirements of other exchanges,\8\ would be a fair and objective way to apply the aggregation rule to fees and streamline the billing process. --------------------------------------------------------------------------- \7\ See NASDAQ Rule 7027(a)(2). \8\ See supra note 7. --------------------------------------------------------------------------- The Exchange further proposes to provide that for purposes of applying any provision of the Price List where the charge assessed, or credit provided, by the Exchange depends upon the volume of a ETP Holder's activity, references to an entity would be deemed to include the entity and its affiliates that have been approved for aggregation.\9\ In addition, the Exchange proposes to provide that ETP Holders may not aggregate volume where the Price List specifies that aggregation is not permitted.\10\ --------------------------------------------------------------------------- \9\ See supra note 5. \10\ For example, the Price List specifies whether quoting and trading activity relating to Supplemental Liquidity Provider activity may be aggregated. --------------------------------------------------------------------------- Finally, the Exchange proposes that for purposes of the Fee Schedule, the term ``affiliate'' would mean any member organization under 75% common ownership or control of that member organization.\11\ --------------------------------------------------------------------------- \11\ See supra note 5. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act,\12\ in general, and furthers the objectives of sections 6(b)(4) and 6(b)(5) of the Act,\13\ in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among ETP Holders and issuers and other persons using any facility or system with the Exchange operates or controls and because it is designed to prevent fraudulent and manipulative acts and practices, 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 protect investors and the public interest. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange further believes that the proposed rule change is reasonable because it establishes a manner for the Exchange to treat affiliated ETP Holders for purposes of assessing charges or credits that are based on volume. The provision is equitable because all ETP Holders seeking to aggregate their activity are subject to the same parameters, in accordance with a standard that recognizes an affiliation as of the month's beginning or close in time to when the affiliation occurs, provided the member organization submits a timely request. Moreover, the proposed billing aggregation language, which would lower the Exchange's administrative burden, is substantially [[Page 18272]] similar to aggregation language adopted by other exchanges.\14\ --------------------------------------------------------------------------- \14\ See supra note 4. --------------------------------------------------------------------------- The Exchange further notes that the proposal would serve to reduce disparity of treatment between ETP Holders with regard to the pricing of different services and reduce any potential for confusion on how activity can be aggregated. The Exchange believes that the proposed rule change avoids disparate treatment of ETP Holders that have divided their various business activities between separate corporate entities as compared to ETP Holders that operate those business activities within a single corporate entity. The Exchange further notes that the proposed rule change is reasonable and is designed to remove impediments to and perfect the mechanism of a free and open market by harmonizing the manner by which the Exchanges permits ETP Holders to aggregate volume with other exchanges. In particular, the Exchange notes that NASDAQ, PHLX and BX all have the same standard that the Exchange is proposing to adopt. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with section 6(b)(8) of the Act,\15\ the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. As stated above, the proposed rule change, which applies equally to all ETP Holders, is intended to reduce the Exchange's administrative burden in applying volume price discounts for firms which have requested aggregation with that of an affiliate ETP Holder, and is substantially similar to rules adopted by other exchanges. Because the market for order execution and routing is extremely competitive, ETP Holders may readily opt to disfavor the Exchange if they believe that alternatives offer them better value. The Exchange does not believe the proposed changes will impair the ability of ETP Holders or competing order execution venues to maintain their competitive standing in the financial markets. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- 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 Exchange has filed the proposed rule change pursuant to section 19(b)(3)(A)(iii) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\ Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder.\18\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A)(iii). \17\ 17 CFR 240.19b-4(f)(6). \18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- 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 to determine whether the proposed rule 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 CommentsUse 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-NYSEArca-2015-20 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-NYSEArca-2015-20. 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 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 Number SR-NYSEArca-2015-20 and should be submitted on or before April 24, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-07619 Filed 4-2-15; 8:45 am] BILLING CODE 8011-01-P
![18270 Federal Register / Vol. 80, No. 64 / Friday, April 3, 2015 / Notices
organization, and $15,000 for each applicable to exchanges. Because Paper Comments
additional license.7 competitors are free to modify their own • Send paper comments in triplicate
The proposed change is not otherwise fees in response, and because market to Secretary, Securities and Exchange
intended to address any other issues, participants may readily adjust their Commission, 100 F Street NE.,
and the Exchange is not aware of any order routing practices, the Exchange Washington, DC 20549–1090.
problems that ETP Holders would have believes that the degree to which fee All submissions should refer to File
in complying with the proposed change. changes in this market may impose any Number SR–NYSEArca–2015–21. This
burden on competition is extremely file number should be included on the
2. Statutory Basis
limited. As a result of all of these subject line if email is used. To help the
The Exchange believes that the considerations, the Exchange does not Commission process and review your
proposed rule change is consistent with believe that the proposed changes will comments more efficiently, please use
section 6(b) of the Act,8 in general, and impair the ability of ETP Holders to only one method. The Commission will
furthers the objectives of sections 6(b)(4) maintain their competitive standing in post all comments on the Commission’s
and 6(b)(5) of the Act,9 in particular, the financial markets. Internet Web site (http://www.sec.gov/
because it provides for the equitable
C. Self-Regulatory Organization’s rules/sro.shtml). Copies of the
allocation of reasonable dues, fees, and
Statement on Comments on the submission, all subsequent
other charges among its members,
Proposed Rule Change Received From amendments, all written statements
issuers and other persons using its
Members, Participants, or Others with respect to the proposed rule
facilities and does not unfairly
No written comments were solicited change that are filed with the
discriminate between customers,
or received with respect to the proposed Commission, and all written
issuers, brokers or dealers. The
rule change. communications relating to the
Exchange believes that charging the ETP
proposed rule change between the
Fee is a reasonable and equitable
III. Date of Effectiveness of the Commission and any person, other than
method of ensuring that Exchange fees
Proposed Rule Change and Timing for those that may be withheld from the
fund the administrative and operating
Commission Action public in accordance with the
costs of the activity of the Exchange.
The foregoing rule change is effective provisions of 5 U.S.C. 552, will be
The Exchange because further believes
upon filing pursuant to section available for Web site viewing and
that the proposal to charge an ETP Fee
19(b)(3)(A) 11 of the Act and printing in the Commission’s Public
is equitable and not unfairly
subparagraph (f)(2) of Rule 19b–4 12 Reference Section, 100 F Street NE.,
discriminatory because all similarly
thereunder, because it establishes a due, Washington, DC 20549, on official
situated ETP Holders would be subject
fee, or other charge imposed by the business days between the hours of
to the same ETP Fee and because access
Exchange. 10:00 a.m. and 3:00 p.m. Copies of such
to the Exchange’s market would
At any time within 60 days of the filing will also be available for
continue to be offered on fair and
filing of such proposed rule change, the inspection and copying at the principal
nondiscriminatory terms.
Commission summarily may office of the Exchange. All comments
For these reasons, the Exchange
temporarily suspend such rule change if received will be posted without change;
believes that the proposal is consistent
it appears to the Commission that such the Commission does not edit personal
with the Act.
action is necessary or appropriate in the identifying information from
B. Self-Regulatory Organization’s public interest, for the protection of submissions. You should submit only
Statement on Burden on Competition investors, or otherwise in furtherance of information that you wish to make
In accordance with section 6(b)(8) of the purposes of the Act. If the available publicly. All submissions
the Act,10 the Exchange believes that the Commission takes such action, the should refer to File Number SR–
proposed rule change would not impose Commission shall institute proceedings NYSEArca–2015–21 and should be
any burden on competition that is not under section 19(b)(2)(B) 13 of the Act to submitted on or before April 24, 2015.
necessary or appropriate in furtherance determine whether the proposed rule For the Commission, by the Division of
of the purposes of the Act. change should be approved or Trading and Markets, pursuant to delegated
As discussed above, the Exchange’s disapproved. authority.14
membership fees are comparable to the Brent J. Fields,
IV. Solicitation of Comments Secretary.
analogous membership fees of Nasdaq
and the NYSE. In addition, membership Interested persons are invited to [FR Doc. 2015–07620 Filed 4–2–15; 8:45 am]
fees are subject to competition from submit written data, views, and BILLING CODE 8011–01–P
other exchanges. The Exchange notes arguments concerning the foregoing,
that it operates in a highly competitive including whether the proposed rule
market in which market participants can change is consistent with the Act. SECURITIES AND EXCHANGE
readily favor competing venues if they Comments may be submitted by any of COMMISSION
deem fee levels at a particular venue to the following methods:
[Release No. 34–74604; File No. SR–
be excessive. In such an environment, Electronic Comments NYSEArca–2015–20]
the Exchange must continually adjust its
fees to remain competitive with other • Use the Commission’s Internet Self-Regulatory Organizations;
asabaliauskas on DSK5VPTVN1PROD with NOTICES
exchanges and with alternative trading comment form (http://www.sec.gov/ Proposed Rule Chanages; NYSE Arca,
systems that have been exempted from rules/sro.shtml); or Inc.
compliance with the statutory standards • Send an email to rule-comments@
sec.gov. Please include File Number SR– March 30, 2015.
7 Seehttps://www.nyse.com/publicdocs/nyse/ NYSEArca–2015–21 on the subject line. Pursuant to section 19(b)(1) 1 of the
markets/nyse/NYSE_Price_List.pdf. Securities Exchange Act of 1934 (the
8 15 U.S.C. 78f(b). 11 15 U.S.C. 78s(b)(3)(A).
9 15 U.S.C. 78f(b)(4) and (5). 12 17 CFR 240.19b–4(f)(2). 14 17 CFR 200.30–3(a)(12).
10 15 U.S.C. 78f(b)(8). 13 15 U.S.C. 78s(b)(2)(B). 1 15 U.S.C.78s(b)(1).
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![18272 Federal Register / Vol. 80, No. 64 / Friday, April 3, 2015 / Notices
similar to aggregation language adopted III. Date of Effectiveness of the All submissions should refer to File
by other exchanges.14 Proposed Rule Change and Timing for Number SR–NYSEArca-2015–20. This
The Exchange further notes that the Commission Action file number should be included on the
proposal would serve to reduce subject line if email is used. To help the
The Exchange has filed the proposed
disparity of treatment between ETP Commission process and review your
rule change pursuant to section
Holders with regard to the pricing of comments more efficiently, please use
19(b)(3)(A)(iii) of the Act 16 and Rule
different services and reduce any only one method. The Commission will
19b–4(f)(6) thereunder.17 Because the
potential for confusion on how activity post all comments on the Commission’s
proposed rule change does not: (i)
can be aggregated. The Exchange Internet Web site (http://www.sec.gov/
Significantly affect the protection of
believes that the proposed rule change rules/sro.shtml). Copies of the
investors or the public interest; (ii)
avoids disparate treatment of ETP submission, all subsequent
impose any significant burden on
Holders that have divided their various amendments, all written statements
competition; and (iii) become operative
business activities between separate with respect to the proposed rule
prior to 30 days from the date on which
corporate entities as compared to ETP change that are filed with the
it was filed, or such shorter time as the
Commission, and all written
Holders that operate those business Commission may designate, if
communications relating to the
activities within a single corporate consistent with the protection of
proposed rule change between the
entity. The Exchange further notes that investors and the public interest, the
Commission and any person, other than
the proposed rule change is reasonable proposed rule change has become
those that may be withheld from the
and is designed to remove impediments effective pursuant to section 19(b)(3)(A)
public in accordance with the
to and perfect the mechanism of a free of the Act and Rule 19b–4(f)(6)(iii)
provisions of 5 U.S.C. 552, will be
and open market by harmonizing the thereunder.18
available for Web site viewing and
manner by which the Exchanges permits At any time within 60 days of the printing in the Commission’s Public
ETP Holders to aggregate volume with filing of such proposed rule change, the Reference Room, 100 F Street NE.,
other exchanges. In particular, the Commission summarily may Washington, DC 20549, on official
Exchange notes that NASDAQ, PHLX temporarily suspend such rule change if business days between the hours of
and BX all have the same standard that it appears to the Commission that such 10:00 a.m. and 3:00 p.m. Copies of such
the Exchange is proposing to adopt. action is necessary or appropriate in the filing will also be available for
public interest, for the protection of inspection and copying at the principal
B. Self-Regulatory Organization’s
investors, or otherwise in furtherance of office of the Exchange. All comments
Statement on Burden on Competition the purposes of the Act. If the received will be posted without change;
In accordance with section 6(b)(8) of Commission takes such action, the the Commission does not edit personal
the Act,15 the Exchange does not believe Commission shall institute proceedings identifying information from
that the proposed rule change will to determine whether the proposed rule submissions. You should submit only
impose any burden on intermarket or change should be approved or information that you wish to make
intramarket competition that is not disapproved. available publicly. All submissions
necessary or appropriate in furtherance IV. Solicitation of Comments should refer to File Number SR–
of the purposes of the Act. As stated NYSEArca–2015–20 and should be
above, the proposed rule change, which Interested persons are invited to submitted on or before April 24, 2015.
applies equally to all ETP Holders, is submit written data, views, and
arguments concerning the foregoing, For the Commission, by the Division of
intended to reduce the Exchange’s Trading and Markets, pursuant to delegated
administrative burden in applying including whether the proposed rule
authority.19
volume price discounts for firms which change is consistent with the Act.
Comments may be submitted by any of Brent J. Fields,
have requested aggregation with that of Secretary.
an affiliate ETP Holder, and is the following methods:
[FR Doc. 2015–07619 Filed 4–2–15; 8:45 am]
substantially similar to rules adopted by Electronic Comments BILLING CODE 8011–01–P
other exchanges. Because the market for
order execution and routing is • Use the Commission’s Internet
extremely competitive, ETP Holders comment form (http://www.sec.gov/
rules/sro.shtml); or SECURITIES AND EXCHANGE
may readily opt to disfavor the COMMISSION
Exchange if they believe that • Send an email to rule-comments@
alternatives offer them better value. The sec.gov. Please include File Number SR– [Release No. 34–74609; File No. SR–
Exchange does not believe the proposed NYSEArca–2015–20 on the subject line. NYSEARCA–2013–107]
changes will impair the ability of ETP Paper Comments
Holders or competing order execution Self-Regulatory Organizations; NYSE
venues to maintain their competitive • Send paper comments in triplicate Arca, Inc.; Order Granting an
standing in the financial markets. to Secretary, Securities and Exchange Extension to Limited Exemption From
Commission, 100 F Street NE., Rule 612(c) of Regulation NMS In
C. Self-Regulatory Organization’s Washington, DC 20549–1090. Connection With the Exchange’s Retail
Statement on Comments on the Liquidity Program Until September 30,
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Proposed Rule Change Received From 16 15 U.S.C. 78s(b)(3)(A)(iii). 2015
Members, Participants, or Others 17 17 CFR 240.19b–4(f)(6).
18 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
March 30, 2015.
No written comments were solicited 4(f)(6) requires a self-regulatory organization to give On December 23, 2013, the Securities
or received with respect to the proposed the Commission written notice of its intent to file and Exchange Commission
rule change. the proposed rule change at least five business days (‘‘Commission’’) issued an order
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the pursuant to its authority under Rule
14 See supra note 4. Commission. The Exchange has satisfied this
15 15 U.S.C. 78f(b)(8). requirement. 19 17 CFR 200.30–3(a)(12).
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Document Created: 2015-12-18 15:29:01
Document Modified: 2015-12-18 15:29:01
| 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 18270 |
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