80 FR 73016 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Market Quality Incentive Program and Certain Other Fees and Credits for Execution and Routing

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 225 (November 23, 2015)

Page Range		73016-73019
FR Document		2015-29705

Federal Register, Volume 80 Issue 225 (Monday, November 23, 2015)

[Federal Register Volume 80, Number 225 (Monday, November 23, 2015)]
[Notices]
[Pages 73016-73019]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-29705]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76450; File No. SR-NASDAQ-2015-137]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Market Quality Incentive Program and Certain Other Fees and
Credits for Execution and Routing

November 17, 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 November 3, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. 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\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

Nasdaq is proposing to amend Nasdaq Rule 7014, concerning the
Exchange's Market Quality Incentive Programs, and Nasdaq Rule 7018,
governing fees and credits assessed for execution and routing of
securities priced at $1 or more.
The text of the proposed rule change is available at
nasdaq.cchwallstreet.com at Nasdaq principal office [sic], 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, Nasdaq 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
Nasdaq is proposing to amend Rule 7014 to add new tiers to the Lead
Market Maker (``LMM'') Program and to modify credits provided under
Rule 7018(a).
Rule 7014
The Exchange is proposing to modify the benefits provided by the
LMM Program under Rule 7014. Under the LMM Program, a LMM may receive a
credit of $0.004 per share executed (or $0, in the case of executions
against Quotes/Orders in the Nasdaq Market Center at less than $1.00
per share) if it provides displayed liquidity through the Nasdaq Market
Center. The credit applies to transactions in a Qualified Security \3\
and is provided in lieu of credits under Rules 7018 and 7014. A LMM is
a registered Nasdaq market maker for a Qualified Security that has
committed to maintain minimum performance standards. A LMM is selected
by Nasdaq based on factors including, but not limited to, experience
with making markets in exchange-traded funds and index-linked
securities, adequacy of capital, willingness to promote Nasdaq as a
marketplace, issuer preference, operational capacity, support
personnel, and history of adherence to Nasdaq rules and securities
laws. Nasdaq may limit the number of LMMs in a security, or modify a
previously established limit, upon prior written notice to members.
---------------------------------------------------------------------------

\3\ A Qualified Security: (1) Is an exchange-traded fund or
index-linked security listed on Nasdaq pursuant to Nasdaq Rules
5705, 5710, or 5720; and (2) has at least one Lead Market Maker. See
Rule 7014(f)(1).
---------------------------------------------------------------------------

Nasdaq sets minimum performance criteria to qualify as a LMM. These
minimum performance standards are determined by Nasdaq from time to
time and may vary depending on the price, liquidity, and volatility of
the Qualified Security in which the LMM is registered. Nasdaq may apply
performance measurements that include one or more of the following: (A)
Percent of time at the national best bid (best offer) (``NBBO''); (B)
percent of executions better than the NBBO; (C) average displayed size;
and (D) average quoted spread (collectively, ``LMM Criteria''). The LMM
Criteria will be established upon written notice to members. Currently,
the established LMM Criteria requires a LMM to be at the NBBO more than
15% of the time.\4\
---------------------------------------------------------------------------

\4\ See Equity Trader Alert 2015-109 (http://www.nasdaqtrader.com/TraderNews.aspx?id=ETA2015-109).
---------------------------------------------------------------------------

The Exchange is proposing to provide higher rebates to LMMs the
greater percentage of the time they are at the NBBO. Specifically, the
Exchange is creating three rebate tiers. The first tier will provide a
LMM a rebate of $0.004 per share executed for displayed liquidity (for
executions above $1) if the LMM is at the NBBO more than 15% of the
time and up to 20% of the time. The second tier will provide a LMM a
rebate of $0.0043 per share executed for displayed liquidity (for
executions above $1) if the LMM is at the NBBO more than 20% of the
time and up to 50% of the time. The third tier will provide a LMM a
rebate of $0.0046 per share executed for displayed liquidity (for
executions above $1) if the LMM is at the NBBO more than 50% of the
time. As is the case currently under the LMM Program, a LMM will not
receive a rebate for executions less than $1 per share.
Under each of the new tiers, the Exchange is also providing a new
maximum fee for participation in the opening and closing crosses as
additional incentive to LMMs. Under Rule 7018, a Participant,\5\
including a LMM, is assessed a per share executed charge of $0.0015 to
$0.0008 for participation in the Opening and Closing Crosses.\6\ Under
the LMM Program, the Exchange is proposing to cap the fee a LMM is
charged if they qualify for one of the three new tiers. Specifically,
Nasdaq will provide a maximum Opening and Closing Cross fee of $0.0010
per share executed to a LMM that qualifies under the first tier

[[Page 73017]]

under new Rule 7014(f)(4), and a maximum opening and Closing Cross fee
of $0.0000 per share executed to a LMM that qualifies under the second
or third tier under new Rule 7014(f)(4). A LMM that qualifies for a
maximum charge under Rule 7014(f)(4) would not be precluded from taking
advantage of a lower charge provided under Rules 7018(d) or (e).\7\
---------------------------------------------------------------------------

\5\ As defined by Rule 4701(c).
\6\ See Rule 7018(d) and (e).
\7\ For example, if a LMM was eligible to receive a maximum
charge of $0.0010 per share executed under the first tier of Rule
7014(f)(4), but also qualified for a charge of $0.0008 per share
executed in the closing cross under Tier A of Rule 7018(d)(2), the
Participant would receive the lower charge under Rule 7018(d)(2).
---------------------------------------------------------------------------

Nasdaq is also deleting rule text that concerns the performance
standards applied under Rule 7014(f). The Exchange notes that it is
applying the current established LMM criteria \8\ under the first tier
of Rule 7014(f)(4), and expanding the use of the criteria under the
second and third tiers. Nasdaq may apply the other performance
measurements noted currently under Rule 7014(f)(2) in the future and
will amend the rule text to reflect the new criteria based on those
performance measurements. Nasdaq is also making clarifying changes to
the rule under Rule 7014(f)(3).
---------------------------------------------------------------------------

\8\ Supra note 4.
---------------------------------------------------------------------------

Rule 7018(a)
Rule 7018(a) concerns fees and credits provided for the use of the
order execution and routing services of the Nasdaq Market Center by
members for all securities priced at $1 or more that it trades. Under
the proposed changes to the rule, Nasdaq is proposing to eliminate
certain credit tiers, add new credit tiers and modify existing credit
tier [sic].
First, Nasdaq is proposing to delete four credit tiers that apply
to securities of each of the three Tape securities. Specifically,
Nasdaq is proposing to:
Eliminate the $0.00305 per share executed credit provided
to a member with (i) shares of liquidity provided in all securities
through one of its Nasdaq Market Center MPIDs that represent 1.60% or
more of Consolidated Volume during the month, or (ii) shares of
liquidity provided in all securities through one or more of its Nasdaq
Market Center MPIDs that represent 1.60% or more of Consolidated Volume
during the month, and shares of liquidity provided in all securities
through one of its Nasdaq Market Center MPIDs that represent 0.75% or
more of Consolidated Volume during the month.
Eliminate the $0.0030 per share executed credit provided
to a member with (i) shares of liquidity provided in all securities
through one of its Nasdaq Market Center MPIDs that represent 1.20% or
more of Consolidated Volume during the month, or (ii) shares of
liquidity provided in all securities through one or more of its Nasdaq
Market Center MPIDs that represent 1.20% or more of Consolidated Volume
during the month, and shares of liquidity provided in all securities
through one of its Nasdaq Market Center MPIDs that represent 0.75% or
more of Consolidated Volume during the month.
Eliminate the $0.00295 per share executed credit provided
to a member with shares of liquidity provided in all securities through
one of its Nasdaq Market Center MPIDs that represent more than 0.90% of
Consolidated Volume during the month.
Eliminate the $0.00295 per share executed credit provided
to a member (i) that is a registered market maker through one of its
Nasdaq Market Center MPIDs in at least 7,000 securities, (ii) with
shares of liquidity provided in all securities through one of its
Nasdaq Market Center MPIDs that represent more than 0.75% of
Consolidated Volume during the month, and (iii) with shares of
liquidity provided in all securities through one or more of its Nasdaq
Market Center MPIDs that represent more than 0.90% of Consolidated
Volume during the month.
Second, Nasdaq is proposing to add two new credits that apply to
securities of each of the three Tape securities. Specifically, Nasdaq
is proposing to:
Add a new credit of $0.00305 per share executed to a
member with shares of liquidity provided in all securities through one
or more of its Nasdaq Market Center MPIDs that represent more than
1.25% of Consolidated Volume during the month.
Add a new credit of $0.0030 per share executed to a member
with shares of liquidity provided in all securities through one or more
of its Nasdaq Market Center MPIDs that represent more than 0.75% of
Consolidated Volume during the month and member provides a daily
average of at least 5 Million shares of non-displayed liquidity.
Lastly, the Exchange is proposing to amend the eligibility criteria
for a credit applied to securities of each of the three Tape
securities. Currently, Nasdaq provides a $0.0030 per share executed
credit to a member (i) with shares of liquidity provided in all
securities during the month representing at least 0.20% of Consolidated
Volume during the month, through one or more of its Nasdaq Market
Center MPIDs, and (ii) Adds Customer, Professional, Firm, Non-NOM
Market Maker, NOM Market Maker and/or Broker-Dealer liquidity in Penny
Pilot Options and/or Non- Penny Pilot Options of 0.90% or more of total
industry ADV in the customer clearing range for Equity and ETF option
contracts per day in a month on the Nasdaq Options Market. Nasdaq is
proposing to reduce the level of required Consolidated Volume under
paragraph (i) of the tier from 0.20% to 0.15%. The Exchange is also
limiting the type of liquidity allowed to qualify under paragraph (ii)
of the tier to NOM Market Maker.
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\9\ in general, and with
Sections 6(b)(4) and 6(b)(5) of the Act,\10\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility or system which Nasdaq operates or controls and is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest; and are not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers.
---------------------------------------------------------------------------

\9\ 15 U.S.C. 78f.
\10\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, for example, the Commission indicated that market forces should
generally determine the price of non-core market data because national
market system regulation ``has been remarkably successful in promoting
market competition in its broader forms that are most important to
investors and listed companies.'' \11\ Likewise, in NetCoalition v.
NYSE Arca, Inc., 615 F.3d 525 (D.C. Cir. 2010), the DC Circuit upheld
the Commission's use of a market-based approach in evaluating the
fairness of market data fees against a challenge claiming that Congress

[[Page 73018]]

mandated a cost-based approach.\12\ As the court emphasized, the
Commission ``intended in Regulation NMS that `market forces, rather
than regulatory requirements' play a role in determining the market
data . . . to be made available to investors and at what cost.'' \13\
---------------------------------------------------------------------------

\11\ See Exchange Act Release No. 34-51808 (June 9, 2005)
(``Regulation NMS Adopting Release'').
\12\ See NetCoalition, 615 F.3d at 534.
\13\ Id. at 537.
---------------------------------------------------------------------------

Further, ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing agents, have a wide range of choices of
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers'. . . .'' \14\
---------------------------------------------------------------------------

\14\ NetCoalition I, 615 F.3d at 539 (quoting ArcaBook Order, 73
FR at 74782-74783).
---------------------------------------------------------------------------

Rule 7014
The Exchange believes that the proposed changes to Rule 7014(f) are
reasonable because they provide greater incentives to LMMs to improve
market quality. The proposed changes achieve this by increasing the
rebate provided under the rule. Currently, a LMM only is provided an
incentive to be at the NBBO greater than 15% of the time, but is not
provided any further incentive to exceed the threshold beyond what is
needed to receive the current credit. To provide an incentive to exceed
the current 15% threshold, Nasdaq is adding additional higher credit
tiers based on a greater percentage of time at the NBBO. Nasdaq is also
providing an Opening and Closing Cross incentive under each new tier,
which does not exist today. Nasdaq believes increasing the rebates
available to LMMs and limiting the charge assessed for participation in
the Opening and Closing Crosses will improve market quality for all
market participants because it may provide incentive to LMMs to add
liquidity in the opening and closing processes as well as during
regular market hours. Nasdaq also believes deletion of the language
concerning minimum performance standards under Rule 7014(f)(2) is
reasonable because new Rule 7014(f)(4) now provides the performance
criteria needed to receive the rebates and fees under the program,
which is based on the current criteria in place. If Nasdaq determines
to modify the criteria, it will do so through a rule change in lieu of
written notice to members. Lastly, The [sic] Exchange believes that
providing LMMs a reduced charge in the Opening and Closing Crosses is
equitable and not unfairly discriminatory because, in return for the
reduced charges, LMMs are providing beneficial displayed liquidity to
the benefit of all market participants.
The Exchange believes that the proposed changes to Rule 7014(f) are
an equitable allocation and is [sic] not unfairly discriminatory
because the Exchange will apply the same fees and provide the same
rebates to all similarly situated members. The rebates and fees under
the amended rule are available to all LMMs that qualify under the new
tiers of the program. The Exchange does not believe that the proposed
changes are unfairly discriminatory because all LMMs have the
opportunity to achieve the level of time at the NBBO if they so choose.
Rule 7018
The Exchange believes that the proposed changes to Rule 7018(a) are
reasonable because the Exchange must, from time to time, adjust the
level of credits provided, and the criteria required to receive them,
to provide the most efficient allocation of credits in terms of market
improving behavior. In this regard, Nasdaq is limited in the amount of
credits that it can provide to market participants. The Exchange
determined that the eliminated credit tiers no longer provided the most
efficient and effective use of the credits it is able to provide. With
regard to the eliminated $0.00295 credit tiers, Nasdaq observed that no
Participants qualified for the fees recently, rendering them
ineffective at providing incentive. With regard to the eliminated
$0.00305 and $0.0030 credit tiers, Nasdaq does not believe that they
are achieving an adequate level of qualifying beneficial market
activity and is consequently replacing them with two new credit tiers
of the same amount. The Exchange is now requiring a reduced level of
Consolidated Volume to qualify for the new $0.00305 per share executed
credit tier and is not applying the additional criteria of the deleted
$0.00305 credit tier. Consequently, the Exchange believes that the
change may provide a more attainable level of incentive thereby
promoting Participants to provide the liquidity needed to qualify for
the tier. To receive a $0.0030 per share executed credit under the
proposed new tier, a Participant must provide a significantly reduced
level of Consolidated Volume, but must also provide a daily average of
at least 5 million shares of non-displayed liquidity. The Exchange
believes that the criteria of the new tier may make it more attainable
for Participants than the deleted $0.0030 tier. The Exchange believes
that elimination of the $0.00295 credit tiers reasonable [sic] because
no Participants have recently qualified under the tiers, and the
Exchange may accordingly allocate its resources in more effective ways
to encourage market improving activity. Lastly, the changes to
eligibility criteria to receive a $0.0030 per share executed credit is
[sic] reasonable because by reducing the amount of Consolidated Volume
required to receive the credit but limiting the Nasdaq Options Market
based criteria to market making activity, the Exchange believes that it
may provide greater incentive for market makers to improve liquidity on
the Nasdaq Options Market. In addition, because of a limited amount of
credits it can provide, the Exchange chose to continue to provide this
tier to NOM market makers because they actively provide liquidity to
the benefit of all NOM participants. In sum, the Exchange believes that
the changes to Rule 7018(a) are reasonable because the Exchange has
determined that the new tiers may better promote provision of liquidity
and use of non-displayed orders on the Exchange, which improves market
quality for all market participants.
The Exchange believes that the proposed changes to Rule 7018(a) are
an equitable allocation and are not unfairly discriminatory because the
Exchange will provide the same credits to all similarly situated
members. The credits Nasdaq provides are designed to improve market
quality for all market participants, and Nasdaq allocates its credits
in a manner that it believes are the most likely to achieve that
result. Elimination of the existing credits under the rule is an
equitable allocation and is not unfairly discriminatory because the
credits were ineffective at providing adequate incentive to
Participants to provide market improving order activity. Consequently,
the Exchange is proposing to change the criteria needed to receive
$0.00305 and $0.0030 credits by adopting new tiers it believes will be
more effective. The Exchange believes that elimination of the $0.00295
credit tiers is an equitable allocation and is not unfairly
discriminatory because no participants qualified under the tiers,
therefore their removal will not impact any Participants. With regard
to the changes to eligibility criteria to receive a $0.0030 per share
executed credit, the Exchange believes that they are an equitable
allocation and are not unfairly discriminatory because Nasdaq must be
selective in providing credits to

[[Page 73019]]

Participants, and allocates credits to where it believes it will
receive the best result in terms of improvement to market quality. In
this case, Nasdaq is limiting the credit to NOM market makers because
it believes that market quality will be improved the most by market
makers actively providing liquidity and this benefits both Nasdaq and
NOM participants.

B. Self-Regulatory Organization's Statement on Burden on Competition

Nasdaq does not believe that the proposed rule changes will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended.\15\ Nasdaq notes
that it operates in a highly competitive market in which market
participants can readily favor competing venues if they deem fee levels
at a particular venue to be excessive, or rebate opportunities
available at other venues to be more favorable. In such an environment,
Nasdaq must continually adjust its fees to remain competitive with
other exchanges and with alternative trading systems that have been
exempted from compliance with the statutory standards applicable to
exchanges. Because competitors are free to modify their own fees in
response, and because market participants may readily adjust their
order routing practices. [sic]
---------------------------------------------------------------------------

\15\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

In this instance, the proposed changes to the LMM Program and the
charges assessed and credits available to Participants for execution of
securities in securities of all three Tapes do not impose a burden on
competition because the Exchange's execution services are completely
voluntary and subject to extensive competition both from other
exchanges and from off-exchange venues. The Exchange is modifying a
market improving incentive program and is also adjusting credit tiers
provided Participants in return for market improving activity, in an
effort to make them more effective. Such changes may foster competition
among exchanges and other market venues to provide similar incentives,
which would benefit all market participants. The Exchange must weigh
the costs of offering incentives to market participants against the
desired benefit the Exchange seeks to achieve. To the extent these
incentives are inefficient or at [sic] fail to achieve these goals, the
Exchange may from time to time adjust the level of incentive and/or the
market improving activity required to qualify for the incentive credits
and fees, or adopt an alternative incentive in lieu thereof. Such
changes are reflective of robust competition among exchanges and other
market venues. In sum, if the changes proposed herein are unattractive
to market participants it is likely that Nasdaq will lose market share
as a result. As such, the Exchange does not believe the proposed
changes will place a burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

Written comments were neither solicited nor received.

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

The foregoing change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \16\ and Rule 19b-4(f)(2) thereunder.\17\ At
any time within 60 days of the filing of such proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings under Section
19(b)(2)(B) of the Act \18\ to determine whether the proposed rule
change should be approved or disapproved.
---------------------------------------------------------------------------

\16\ 15 U.S.C. 78fs(b)(3)(A)(ii).
\17\ 17 CFR 240.19b-4(f)(2).
\18\ 15 U.S.C. 78fs(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File No. SR-NASDAQ-2015-137 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 No. SR-NASDAQ-2015-137. 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 also will 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 No. SR-NASDAQ-2015-137, and should be
submitted on or before December 14, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

\19\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-29705 Filed 11-20-15; 8:45 am]
BILLING CODE 8011-01-P

Document Created: 2018-03-01 11:18:05
Document Modified: 2018-03-01 11:18:05

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 73016