80 FR 52815 - Notice of Filing and Request for Comment on Chicago Mercantile Exchange Inc.'s Request To Withdraw From Registration as a Clearing Agency

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 169 (September 1, 2015)

Page Range		52815-52817
FR Document		2015-21551
Federal Register, Volume 80 Issue 169 (Tuesday, September 1, 2015)
[Federal Register Volume 80, Number 169 (Tuesday, September 1, 2015)]
[Notices]
[Pages 52815-52817]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-21551]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75762; File No. 600-35]


Notice of Filing and Request for Comment on Chicago Mercantile 
Exchange Inc.'s Request To Withdraw From Registration as a Clearing 
Agency

August 26, 2015.

I. Introduction

    Pursuant to Section 19(a)(3) of the Securities Exchange Act of 1934 
(``Exchange Act''),\1\ on August 3, 2015, Chicago Mercantile Exchange 
Inc. (``CME'') filed with the Securities and Exchange Commission 
(``Commission'') a written request (the ``Written Request'') to 
withdraw from registration as a clearing agency under Section 17A

[[Page 52816]]

of the Exchange Act.\2\ The Commission is publishing this notice to 
solicit comments from interested persons concerning CME's request.
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    \1\ 15 U.S.C. 78s(a)(3).
    \2\ 15 U.S.C. 78q-1.
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II. Description

    The statements in this Item II concerning the background of CME's 
request for withdrawal from registration and its reasons for making the 
request have been submitted by CME in its Written Request. CME is 
registered as a derivatives clearing organization (``DCO'') with the 
Commodity Futures Trading Commission (``CFTC'') and offers clearing 
services for futures and swap products. Pursuant to Section 17A(l) of 
the Exchange Act,\3\ CME became deemed registered as a clearing agency 
solely for the purpose of clearing security-based swaps (``SBS''). To 
date, CME has never cleared SBS, has decided that it will not clear 
SBS, and has filed a rule change with the Commission (File Number SR-
CME-2014-49) reflecting CME's decision not to clear SBS.\4\
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    \3\ 15 U.S.C. 78q-1(l).
    \4\ See Securities Exchange Act Release No. 73615 (Nov. 17, 
2014), 79 FR 69545 (Nov. 21, 2014) (SR-CME-2014-49). The only 
exception is with respect to a set of very limited circumstances 
where single-name CDS contracts are created following the occurrence 
of a restructuring credit event in respect of a reference entity 
that is a component of an iTraxx Europe index CDS contract (``iTraxx 
Contract''). According to the standard terms of the iTraxx Contract, 
upon the occurrence of a restructuring credit event with respect to 
a reference entity that is a component of an iTraxx Contract, such 
reference entity will be ``spun out'' and maintained as a separate 
single-name CDS contract (a ``Restructuring European Single Name CDS 
Contract'') until settlement. If neither of the counterparties 
elects to trigger settlement, the positions in the Restructuring 
European Single Name CDS Contract will be maintained at CME until 
maturity of the index or the occurrence of a subsequent credit event 
for the same reference entity. CME stated that the clearing of 
Restructuring European Single Name CDS Contracts would be a 
necessary byproduct of clearing iTraxx Contracts, which commenced on 
February 2, 2015. CME has filed a rule change that will not permit 
market participants to increase, close out, or otherwise affect the 
size of a position in a Restructuring European Single Name CDS 
Contract, unless such increase, close-out, or change in size of a 
position in a Restructuring European single Name CDS Contract is due 
to (i) the occurrence of a credit event (where the Restructuring 
European Single Name CDS Contract needs to be settled and ceases to 
exist), (ii) a default management process (where a member defaults 
on its obligation to CME and CME needs to hedge and auction off the 
member's portfolio in order to determine the loss amount, or to 
transfer the defaulting member's customer positions to another 
clearing member), (iii) close-out of a defaulting customer's 
positions, or (iv) withdrawal from clearing membership by an 
existing clearing member, all in accordance with the existing CME 
rules. According to such rule change, CME may impose an increase or 
decrease in the position of a Restructuring European Single Name CDS 
contract only through its default management process under 
applicable CME rules. See Securities Exchange Act Release No. 34-
74055 (Jan. 14, 2015), 80 FR 2991 (Jan. 21, 2014) (SR-CME-2015-001).
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A. Background

    CME. CME states in the Written Request that it is registered with 
the CFTC as a designated contract market. CME, which is also registered 
with the CFTC as a DCO, operates CME Clearing. CME Clearing is one of 
the world's leading central counterparty clearing providers and acts as 
the guarantor of every transaction that happens in CME's markets. CME 
Clearing offers clearing and settlement services for exchange-traded 
contracts as well as for over-the-counter derivatives transactions. CME 
Clearing also limits accumulation of losses or debt with twice daily 
mark-to-market settlement, and is responsible for settling trading 
accounts, clearing trades, collecting and maintaining performance bond 
funds, regulating delivery, and reporting trading data.
    Clearing Agency Exemption. On March 23, 2009, the Commission 
granted CME a temporary conditional exemption from the requirement to 
register as a clearing agency under Section 17A of the Exchange Act 
solely to perform the functions of a clearing agency for ``Cleared 
CDS.'' \5\
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    \5\ Securities Exchange Act Release No. 34-59578 (Mar. 13, 
2009), 74 FR 11781 (Mar. 19, 2009). The exemption was subsequently 
extended. See Securities Exchange Act Release No. 34-61164 (Dec. 14, 
2009), 74 FR 67258, (Dec. 18, 2009), Securities Exchange Act Release 
No. 34-61803 (Mar. 30, 2010), 75 FR 17181, (Apr. 5, 2010), and 
Securities Exchange Act Release No. 34-63388 (Nov. 29, 2010), 75 FR 
75522 (Dec. 3, 2010).
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    Dodd-Frank Act. Section 763(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act of 2010 (``Dodd-Frank Act'') \6\ added 
Section 17A(l) to the Exchange Act,\7\ which provides, in relevant 
part, that a DCO registered with the CFTC that is required to register 
under Section 17A is deemed to be registered under Section 17A solely 
for the purpose of clearing SBS to the extent that, before the date of 
enactment of Section 17A(l), the DCO cleared swaps pursuant to an 
exemption from registration as a clearing agency. Pursuant to Section 
17A(l), CME became a registered clearing agency solely for the purpose 
of clearing SBS.\8\
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    \6\ The Dodd-Frank Wall Street Reform and Consumer Protection 
Act, Public Law 111-203, 124 Stat. 1376 (2010).
    \7\ 15 U.S.C. 78q-1(l).
    \8\ See Securities Exchange Act Release No. 69284 (Apr. 3, 
2013), 78 FR 21046, 21047, n. 20 (Apr. 9, 2013).
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    CME states in the Written Request that although it originally 
anticipated that it would begin clearing SBS, it has not, in fact, 
cleared SBS since the effective date of the Dodd-Frank Act, and does 
not engage in any clearing agency activity for SBS or any other 
security. On November 17, 2014, CME filed a rule change with the 
Commission reflecting its decision not to clear SBS and remove any 
provisions in its rulebook applicable to SBS.\9\
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    \9\ See supra note 4.
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    As a registered clearing agency, CME is required to comply with the 
requirements of the Exchange Act and the rules and regulations 
thereunder applicable to registered clearing agencies. These 
requirements include the obligation to file proposed rule changes 
pursuant to Section 19(b) of the Exchange Act.\10\ CME, as a DCO, 
generally implements rule changes by self-certifying that the new rule 
complies with the Commodity Exchange Act and the CFTC's regulations. 
For purpose of the Commodity Exchange Act and regulations thereunder, 
this self-certification process allows new rules and rule amendments to 
become effective ten business days after the date on which the CFTC 
receives the certification. CME notes that, while some proposed rule 
changes may become effective upon filing pursuant to Section 
19(b)(3)(A) of the Exchange Act,\11\ and Rule 19b-4(f) thereunder,\12\ 
others are required to go through a notice-and-comment period, pursuant 
to Section 19(b)(2),\13\ before the Commission takes action on the 
proposed rule change. CME states that this process can significantly 
delay the date that the rule change becomes fully effective. CME claims 
that, despite the absence of SBS clearing activity by CME, these 
overlapping but divergent rule review processes have in fact resulted 
in significant difficulties for CME.
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    \10\ 15 U.S.C. 78s(b).
    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f).
    \13\ 15 U.S.C. 78s(b)(2).
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B. Withdrawal of CME Pursuant to Section 19(a)(3) of the Exchange Act

    Following the effectiveness of the proposed rule change (SR-CME-
2014-49) regarding CME's decision not to clear SBS, CME has been filing 
proposed rule changes pursuant to Section 19(b)(3)(A) of the Exchange 
Act \14\ and Rule 19b-4(f)(4)(ii) \15\ thereunder, rendering those 
changes immediately effective. Nonetheless, CME states in the Written 
Request that given the absence of any actual or potential securities 
clearing activity by CME, with the exception of the limited clearing 
activities CME may need to provide in connection with

[[Page 52817]]

Restructuring European Single Name CDS Contracts,\16\ CME believes that 
clearing agency registration is unwarranted and unnecessary. CME 
therefore submits its request for withdrawal of its clearing agency 
registration pursuant to Section 19(a)(3) of the Exchange Act \17\ and 
respectfully requests that the Commission grant CME's request.
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    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f)(4)(ii).
    \16\ CME recognized that, as noted in SR-CME-2014-49, CME could 
be required to clear SBS in limited circumstances relating to its 
clearing services of certain iTraxx Europe index untranched CDS 
contracts. See supra note 4. CME has submitted a request to the 
Division of Trading and Markets for no-action relief to address the 
clearing of such SBS contracts.
    \17\ 15 U.S.C. 78s(a)(3).
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    CME further states that if an affiliate of CME seeks to clear SBS 
or another securities product, such affiliate would do so after 
registering with the Commission pursuant to the process set forth in 
Commission Rule 17Ab2-1.\18\ CME represents in the Written Request that 
it will not seek to engage in securities clearing activity in reliance 
on any ``deemed registered'' status pursuant to Section 17A(l) of the 
Exchange Act.\19\
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    \18\ 17 CFR 240.17Ab2-1.
    \19\ 15 U.S.C. 78q-1(1).
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    Additionally, CME states that because CME never conducted any 
clearing activity for SBS, it has no known or anticipated claims 
associated with its clearing agency registration. Furthermore, CME 
represents in the Written Request that it will maintain all documents, 
books, and records, including correspondence, memoranda, papers, 
notices, accounts and other records (collectively ``records'') made or 
received by it in connection with proposed rule changes filed with the 
Commission or in connection with its index CDS clearance and settlement 
services as required to be maintained under Rule 17a-1(a) and (b).\20\ 
In the Written Request, CME further represents that it will produce 
such records and furnish such information at the request of any 
representative of the Commission, and will maintain such records for a 
period of 5 years from the effective date of the withdrawal of CME's 
registration as a clearing agency.
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    \20\ 17 CFR 240.17a-1(a) and (b).
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III. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the requested 
withdrawal is consistent with the Exchange 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/other.shtml), or
     Send an email to [email protected]. Please include 
File No. 600-35 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 600-35. 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/other.shtml). 
Comments are also 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.
    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 600-35 and should be 
submitted on or before September 22, 2015.

    By the Commission.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-21551 Filed 8-31-15; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 80, No. 169 / Tuesday, September 1, 2015 / Notices 52815

100 F Street NE., Washington, DC Affairs, Office of Management and estimates that compliance staff work at
20549–2736. Budget, Room 10102, New Executive subject entities results in an internal
Extension: Office Building, Washington, DC 20503, cost of compliance, at an estimated
Voluntary XBRL-Related Documents, SEC or by sending an email to: Shagufta_ hourly wage of $283, of $141.50 per year
File No. 270–550, OMB Control No. Ahmed@omb.eop.gov; and (ii) Pamela per entity (.5 hours × $283 per hour =
3235–0611. Dyson, Director/Chief Information $141.50 per year). Therefore, the
Notice is hereby given that, under the Officer, Securities and Exchange aggregate annual internal cost of
Paperwork Reduction Act of 1995 (44 Commission, c/o Remi Pavlik-Simon, compliance is approximately $1,415
U.S.C. 3501 et seq.) (‘‘Paperwork 100 F Street NE., Washington, DC 20549 ($141.50 × 10= $1,415).
or send an email to: PRA_Mailbox@ This rule does not involve the
Reduction Act’’), the Securities and
sec.gov. Comments must be submitted to collection of confidential information.
Exchange Commission (the
OMB within 30 days of this notice. An agency may not conduct or
‘‘Commission’’) has submitted to the
Office of Management and Budget Dated: August 26, 2015. sponsor, and a person is not required to
(‘‘OMB’’) a request for extension of the Robert W. Errett, respond to, a collection of information
previously approved collection of Deputy Secretary. under the PRA unless it displays a
information discussed below. [FR Doc. 2015–21556 Filed 8–31–15; 8:45 am]
currently valid OMB control number.
As part of our evaluation of the The public may view background
BILLING CODE 8011–01–P
potential of interactive data tagging documentation for this information
technology, the Commission permits collection at the following Web site:
registered investment companies SECURITIES AND EXCHANGE www.reginfo.gov. Comments should be
(‘‘funds’’) to submit on a voluntary basis COMMISSION directed to: (i) Desk Officer for the
specified financial statement and Securities and Exchange Commission,
[SEC File No. 270–28, OMB Control No. Office of Information and Regulatory
portfolio holdings disclosure tagged in 3235–0032]
eXtensible Business Reporting Language Affairs, Office of Management and
(‘‘XBRL’’) format as an exhibit to certain Submission for OMB Review; Budget, Room 10102, New Executive
filings on the Commission’s Electronic Comment Request Office Building, Washington, DC 20503,
Data Gathering, Analysis and Retrieval or by sending an email to: Shagufta_
System (‘‘EDGAR’’). The current Upon Written Request, Copies Available Ahmed@omb.eop.gov; and (ii) Pamela
voluntary program permits any fund to From: Securities and Exchange Dyson, Director/Chief Information
participate merely by submitting a Commission, Office of FOIA Services, Officer, Securities and Exchange
tagged exhibit in the required manner. 100 F Street NE., Washington, DC Commission, c/o Remi Pavlik-Simon,
These exhibits are publicly available but 20549–2736. 100 F Street NE., Washington, DC
are considered furnished rather than Extension: 20549, or by sending an email to: PRA_
filed. The purpose of the collection of Rule 17f–1(b). Mailbox@sec.gov. Comments must be
information is to help evaluate the Notice is hereby given that pursuant submitted to OMB within 30 days of
usefulness of data tagging and XBRL to to the Paperwork Reduction Act of 1995 this notice.
registrants, investors, the Commission, (44 U.S.C. 3501 et seq.) (‘‘PRA’’), the Dated: August 26, 2015.
and the marketplace. Securities and Exchange Commission Robert W. Errett,
We estimate that no funds participate (‘‘Commission’’) has submitted to the Deputy Secretary.
in the voluntary program each year. Office of Management and Budget [FR Doc. 2015–21550 Filed 8–31–15; 8:45 am]
This information collection, therefore, (‘‘OMB’’) a request for approval of BILLING CODE 8011–01–P
imposes no hour burden; however, we extension of the previously approved
are requesting a burden of one hour for collection of information provided for in
administrative purposes. We also Rule 17f–1(b) (17 CFR 240.17f–1(b)) SECURITIES AND EXCHANGE
estimate that the information collection under the Securities Exchange Act of COMMISSION
imposes no cost burden. 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange
Estimates of the average burden hours Act’’). [Release No. 34–75762; File No. 600–35]
and costs are made solely for the Rule 17f–1(b) under the Exchange Act
purposes of the Paperwork Reduction requires approximately 15,517 entities Notice of Filing and Request for
Act and are not derived from a in the securities industry to register in Comment on Chicago Mercantile
comprehensive or even representative the Lost and Stolen Securities Program Exchange Inc.’s Request To Withdraw
survey or study of the costs of (‘‘Program’’). Registration fulfills a From Registration as a Clearing
Commission rules and forms. statutory requirement that entities Agency
Participation in the program is report and inquire about missing, lost,
voluntary. Submissions under the counterfeit, or stolen securities. August 26, 2015.
program will not be kept confidential. Registration also allows entities in the I. Introduction
An agency may not conduct or sponsor, securities industry to gain access to a
and a person is not required to respond confidential database that stores Pursuant to Section 19(a)(3) of the
to, a collection of information unless it information for the Program. Securities Exchange Act of 1934
displays a currently valid OMB control The Commission staff estimates that (‘‘Exchange Act’’),1 on August 3, 2015,
Chicago Mercantile Exchange Inc.
mstockstill on DSK4VPTVN1PROD with NOTICES

number. 10 new entities will register in the
The public may view the background Program each year. The staff estimates (‘‘CME’’) filed with the Securities and
documentation for this information that the average number of hours Exchange Commission (‘‘Commission’’)
collection at the following Web site, necessary to comply with Rule 17f–1(b) a written request (the ‘‘Written
www.reginfo.gov. Comments should be is one-half hour. Accordingly, the staff Request’’) to withdraw from registration
directed to: (i) Desk Officer for the estimates that the total annual burden as a clearing agency under Section 17A
Securities and Exchange Commission, for all participants is 5 hours (10 × one-
Office of Information and Regulatory half hour). The Commission staff 1 15 U.S.C. 78s(a)(3).

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Federal Register / Vol. 80, No. 169 / Tuesday, September 1, 2015 / Notices 52817

Restructuring European Single Name Electronic Comments summarized below. The Commission
CDS Contracts,16 CME believes that • Use the Commission’s Internet plans to submit this existing collection
clearing agency registration is comment form (http://www.sec.gov/ of information to the Office of
unwarranted and unnecessary. CME rules/other.shtml), or Management and Budget for extension
therefore submits its request for • Send an email to rule-comments@ and approval.
withdrawal of its clearing agency sec.gov. Please include File No. 600–35 Form 18 (17 CFR 249.218) is a
registration pursuant to Section 19(a)(3) on the subject line. registration form used by a foreign
of the Exchange Act 17 and respectfully government or political subdivision to
requests that the Commission grant Paper Comments register securities for listing on a U.S.
CME’s request. • Send paper comments in triplicate exchange. The information collected is
CME further states that if an affiliate to Secretary, Securities and Exchange intended to ensure that the information
of CME seeks to clear SBS or another Commission, 100 F Street NE., required by the Commission to be filed
securities product, such affiliate would Washington, DC, 20549–1090. permits verification of compliance with
do so after registering with the All submissions should refer to File securities law requirements and assures
Commission pursuant to the process set Number 600–35. This file number the public availability of the
forth in Commission Rule 17Ab2–1.18 should be included on the subject line information. Form 18 takes
CME represents in the Written Request if email is used. To help the approximately 8 hours per response and
that it will not seek to engage in Commission process and review your is filed by approximately 5 respondents
securities clearing activity in reliance on comments more efficiently, please use for a total of 40 annual burden hours.
any ‘‘deemed registered’’ status only one method. The Commission will Written comments are invited on: (a)
pursuant to Section 17A(l) of the post all comments on the Commission’s whether this proposed collection of
Exchange Act.19 Internet Web site (http://www.sec.gov/ information is necessary for the proper
Additionally, CME states that because rules/other.shtml). Comments are also performance of the functions of the
CME never conducted any clearing available for Web site viewing and agency, including whether the
activity for SBS, it has no known or printing in the Commission’s Public information will have practical utility;
anticipated claims associated with its Reference Room, 100 F Street NE., (b) the accuracy of the agency’s estimate
clearing agency registration. Washington, DC 20549, on official of the burden imposed by the collection
Furthermore, CME represents in the business days between the hours of of information; (c) ways to enhance the
Written Request that it will maintain all 10:00 a.m. and 3:00 p.m. quality, utility, and clarity of the
documents, books, and records, All comments received will be posted information collected; and (d) ways to
including correspondence, memoranda, without change; the Commission does minimize the burden of the collections
papers, notices, accounts and other not edit personal identifying of information on respondents,
records (collectively ‘‘records’’) made or information from submissions. You including through the use of automated
received by it in connection with should submit only information that collection techniques or other forms of
proposed rule changes filed with the you wish to make available publicly. information technology. Consideration
Commission or in connection with its All submissions should refer to File will be given to comments and
index CDS clearance and settlement Number 600–35 and should be suggestions submitted in writing within
services as required to be maintained submitted on or before September 22, 60 days of this publication.
under Rule 17a–1(a) and (b).20 In the 2015.
Written Request, CME further represents Please direct your written comments
By the Commission. to Pamela Dyson, Director/Chief
that it will produce such records and
furnish such information at the request Robert W. Errett, Information Officer, Securities and
of any representative of the Deputy Secretary. Exchange Commission, c/o Remi Pavlik-
Commission, and will maintain such [FR Doc. 2015–21551 Filed 8–31–15; 8:45 am] Simon, 100 F Street NE., Washington,
records for a period of 5 years from the BILLING CODE 8011–01–P DC 20549 or send an email to: PRA_
effective date of the withdrawal of Mailbox@sec.gov.
CME’s registration as a clearing agency. Dated: August 26, 2015.
SECURITIES AND EXCHANGE Robert W. Errett,
III. Solicitation of Comments COMMISSION Deputy Secretary.
Interested persons are invited to [SEC File No. 270–105, OMB Control No. [FR Doc. 2015–21553 Filed 8–31–15; 8:45 am]
submit written data, views and 3235–0121] BILLING CODE 8011–01–P
arguments concerning the foregoing,
including whether the requested Proposed Collection; Comment
withdrawal is consistent with the Request SECURITIES AND EXCHANGE
Exchange Act. Comments may be COMMISSION
submitted by any of the following Upon Written Request Copies Available
methods: From: Securities and Exchange
Commission, Office of FOIA Services, [Release No. 34–75763; File No. SR–Phlx–
100 F Street NE., Washington, DC 2015–72]
16 CME recognized that, as noted in SR–CME–

2014–49, CME could be required to clear SBS in 20549–2736.
Self-Regulatory Organizations;
limited circumstances relating to its clearing Extension: NASDAQ OMX PHLX LLC; Notice of
mstockstill on DSK4VPTVN1PROD with NOTICES

services of certain iTraxx Europe index untranched
CDS contracts. See supra note 4. CME has
Form 18. Filing and Immediate Effectiveness of
submitted a request to the Division of Trading and Notice is hereby given that, pursuant Proposed Rule Change Regarding
Markets for no-action relief to address the clearing NASDAQ Last Sale Plus
of such SBS contracts.
to the Paperwork Reduction Act of 1995
17 15 U.S.C. 78s(a)(3). (44 U.S.C. 3501 et seq.), the Securities
August 26, 2015.
18 17 CFR 240.17Ab2–1. and Exchange Commission
19 15 U.S.C. 78q–1(1). (‘‘Commission’’) is soliciting comments Pursuant to Section 19(b)(1) of the
20 17 CFR 240.17a–1(a) and (b). on the collection of information Securities Exchange Act of 1934

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Document Created: 2018-02-26 10:05:01
Document Modified: 2018-02-26 10:05:01
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 52815