81 FR 14914 - Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change To Provide for the Clearance of Certain Asia-Pacific Credit Default Swap Contracts
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 53 (March 18, 2016)
Federal Register Volume 81, Issue 53 (March 18, 2016)
| Page Range | 14914-14916 | |
| FR Document | 2016-06089 |
[Federal Register Volume 81, Number 53 (Friday, March 18, 2016)] [Notices] [Pages 14914-14916] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-06089] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77361; File No. SR-ICC-2016-002] Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change To Provide for the Clearance of Certain Asia-Pacific Credit Default Swap Contracts March 14, 2016. I. Introduction On January 27, 2016, ICE Clear Credit LLC (``ICC'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change (SR-ICC-2016-002) to provide the basis for ICC to clear certain Asia-Pacific credit default swap (``CDS'') contracts. On January 29, 2016, ICC filed Amendment No. 1 to the proposal.\3\ The proposed rule change, as amended, was published for comment in the Federal Register on February 12, 2016.\4\ The Commission did not receive comments on the proposed rule change. For the reasons discussed below, the Commission is approving the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ In Amendment No. 1, ICC deleted a factual error in the originally filed proposal that stated that no changes would be made to ICC's Risk Management Framework. Amendment No. 1 amended and replaced the original filing in its entirety. \4\ Securities Exchange Act Release No. 34-77079 (February 8, 2016), 81 FR 7613 (February 12, 2016) (SR-ICC-2016-002). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change The purpose of the proposed rule change is to adopt new rules that will provide the basis for ICC to clear certain Asia-Pacific CDS contracts. Specifically, ICC has proposed to amend Chapter 26 of the ICC Rulebook (``ICC Rules'') to add Subchapters 26J and 26L to provide for the clearance of iTraxx Asia/Pacific CDS contracts (``iTraxx Asia/ Pacific Contracts'') and Standard Asia/Pacific Sovereign CDS contracts (``SAS Contracts'', collectively with iTraxx Asia/Pacific Contracts ``Asia-Pacific CDS Contracts''). The SAS Contracts will reference the Commonwealth of Australia, the Malaysian Federation, the People's Republic of China, the Republic of Indonesia, the Republic of Korea and the Republic of the Philippines. Additionally, ICC has proposed to amend the ICC End-of-Day Price Discovery Policies and Procedures to add two additional pricing windows to accommodate the submission of end-of-day prices relating to such Asia-Pacific CDS Contracts. Finally, ICC has proposed to amend the ICC Risk Management Framework to include the risk horizon utilized for instruments traded during Asia-Pacific hours and to amend the ICC Risk Management Model Description document to add Asia-Pacific to the list of regions to be considered in General Wrong Way Risk calculations. ICC has represented that the iTraxx Asia/Pacific Contracts have similar terms to the CDX North American IG/HY/XO CDS contracts (``CDX NA Contracts'') currently cleared by ICC and governed by Subchapter 26A of the ICC Rules, the CDX Emerging Markets CDS contracts (``CDX EM Contracts'') currently cleared by ICC and governed by Subchapter 26C of the ICC Rules, and the iTraxx Europe CDS contracts (``iTraxx Europe Contracts'') currently cleared by ICC and governed by Subchapter 26F of the ICC Rules. ICC asserts that the proposed rules found in Subchapter 26J largely mirror the ICC Rules for CDX NA Contracts in Subchapter 26A, CDX EM Contracts in Subchapter 26C, and iTraxx Europe Contracts in Subchapter 26F, with certain modifications that reflect differences in terms and market conventions between those contracts and iTraxx Asia/ Pacific Contracts. Additionally, iTraxx Asia/Pacific Contracts will be denominated in United States Dollars. ICC Rule 26J-102 (Definitions) will set forth the definitions used for the iTraxx Asia/Pacific Contracts. ICC has represented that the definitions are substantially the same as the definitions found in Subchapters 26A, 26C, and 26F of the ICC Rules, other than certain conforming changes. ICC Rules 26J-309 (Acceptance of iTraxx Asia/Pacific Untranched Contracts by ICE Clear Credit), 26J-315 (Terms of the Cleared iTraxx Asia/Pacific Untranched Contract), 26J-316 (Updating Index Version of Fungible Contracts After a Credit Event or a Succession Event; Updating Relevant Untranched Standard Terms Supplement), and 26J-317 (Terms of iTraxx Asia/Pacific Untranched Contracts) will reflect or incorporate the basic contract specifications for iTraxx Asia/Pacific Contracts and, according to ICC, are substantially the same as under Subchapters 26A, 26C, and 26F of the ICC Rules. ICC has represented that SAS Contracts have similar terms to the Standard North American Corporate [[Page 14915]] Single Name CDS contracts (``SNAC Contracts'') currently cleared by ICC and governed by Subchapter 26B of the ICC Rules, the Standard Emerging Sovereign CDS contracts (``SES Contracts'') currently cleared by ICC and governed by Subchapter 26D of the ICC Rules, the Standard European Corporate Single Name CDS contracts (``STEC Contracts'') currently cleared at ICC and governed by Subchapter 26G of the ICC Rules, the Standard European Financial Corporate Single Name CDS Contracts (``STEFC Contracts'') currently cleared at ICC and governed by Subchapter 26H of the ICC Rules, and the Standard Western European Corporate Single Name CDS contracts (``SWES Contracts'') currently cleared by ICC and governed by Subchapter 26I of the ICC Rules. ICC asserts that the proposed rules found in Subchapter 26L largely mirror the ICC Rules for SNAC Contracts in Subchapter 26B, SES Contracts in Subchapter 26D, STEC Contracts in Subchapter 26G, STEFC Contracts in Subchapter 26H, and SWES Contracts in Subchapter 26I, with certain modifications that reflect differences in terms and market conventions between those contracts and SAS Contracts. Additionally, SAS Contracts will be denominated in United States Dollars. ICC Rule 26L-102 (Definitions) will set forth the definitions used for the SAS Contracts. ``Eligible SAS Reference Entities'' will be defined as ``each particular Reference Entity included in the List of Eligible SAS Reference Entities,'' which is a list maintained, updated and published from time to time by ICC containing certain specified information with respect to each reference entity. ICC is proposing to add the Commonwealth of Australia, the Malaysian Federation, the People's Republic of China, the Republic of Indonesia, the Republic of Korea and the Republic of the Philippines to its List of Eligible SAS Reference Entities. If ICC determines to add or remove additional SAS Contracts from the List of Eligible SAS Reference Entities, it has represented that it will seek approval from the Commission for such contracts (or for a class of product including such contracts) by a subsequent filing. ICC asserts that the remaining definitions are substantially the same as the definitions found in Subchapters 26B, 26D, 26G, 26H, and 26I of the ICC Rules, other than certain conforming changes. ICC Rules 26L-203 (Restriction on Activity), 26L-206 (Notices Required of Participants with respect to SAS Contracts), 26L-303 (SAS Contract Adjustments), 26L-309 (Acceptance of SAS Contracts by ICE Clear Credit), 26L-315 (Terms of the Cleared SAS Contract), 26L-316 (Relevant Physical Settlement Matrix Updates), 26L-502 (Specified Actions), and 26L-616 (Contract Modification) will reflect or incorporate the basic contract specifications for SAS Contracts and, according to ICC, are substantially the same as under Subchapters 26B, 26D, 26G, 26H, and 26I of the ICC Rules. Additionally, ICC has proposed to amend the ICC End-of-Day Price Discovery Policies and Procedures to add two additional pricing windows to accommodate the submission of end-of-day prices relating to such Asia-Pacific CDS Contracts. Specifically, ICC has proposed adding one pricing window at the end of the Sydney trading day to determine prices for instruments primarily traded in Sydney hours and one pricing window at the end of the Singapore trading day to determine prices for instruments primarily traded in Singapore/Hong Kong hours. ICC has represented that it will apply the same price discovery methodology to all submission windows. ICC asserts that for easier comprehension, it also consolidated information regarding the timing of all pricing windows into a table in an appendix to the policy. Accordingly, ICC has proposed replacing references throughout the document to specific pricing window times with a reference to this table. ICC has also proposed removing a reference to end-of-day risk requirements, as ICC asserts that such information is more appropriately included in the Risk Management Framework. Finally, ICC has proposed amending the ICC Risk Management Framework to include the risk horizon utilized for instruments traded during Asia-Pacific hours and to amend the ICC Risk Management Model Description document to add Asia-Pacific to the list of regions to be considered in General Wrong Way Risk calculations. III. Discussion and Commission Findings Section 19(b)(2)(C) of the Act \5\ directs the Commission to approve a proposed rule change of a self-regulatory organization if the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such self-regulatory organization. Section 17A(b)(3)(F) of the Act \6\ requires, among other things, that the rules of a clearing agency are designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2)(C). \6\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- The Commission finds that the proposed rule change is consistent with the requirements of Section 17A of the Act \7\ and the rules and regulations thereunder applicable to ICC. The proposed rule change will provide for the clearing of iTraxx Asia/Pacific Contracts and SAS Contracts referencing the Commonwealth of Australia, the Malaysian Federation, the People's Republic of China, the Republic of Indonesia, the Republic of Korea and the Republic of the Philippines. The iTraxx Asia/Pacific Contracts and SAS Contracts will be cleared pursuant to ICC's existing clearing arrangements and related financial safeguards, protections and risk management procedures, as modified by the proposed rule change. The Commission therefore finds that the proposed rule change is designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, and to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78q-1. --------------------------------------------------------------------------- IV. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act \8\ and the rules and regulations thereunder. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78q-1. --------------------------------------------------------------------------- It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\9\ that the proposed rule change (File No. SR-ICC-2016-002) be, and hereby is, approved.\10\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(2). \10\ In approving the proposed rule change, the Commission considered the proposal's impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). [[Page 14916]] --------------------------------------------------------------------------- For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-06089 Filed 3-17-16; 8:45 am] BILLING CODE 8011-01-P
![14914 Federal Register / Vol. 81, No. 53 / Friday, March 18, 2016 / Notices
Paper Comments SECURITIES AND EXCHANGE Discovery Policies and Procedures to
COMMISSION add two additional pricing windows to
• Send paper comments in triplicate accommodate the submission of end-of-
to Secretary, Securities and Exchange [Release No. 34–77361; File No. SR–ICC– day prices relating to such Asia-Pacific
Commission, 100 F Street NE., 2016–002] CDS Contracts. Finally, ICC has
Washington, DC 20549–1090. proposed to amend the ICC Risk
Self-Regulatory Organizations; ICE
All submissions should refer to File Management Framework to include the
Clear Credit LLC; Order Approving
risk horizon utilized for instruments
Number SR–NYSEARCA–2016–41. This Proposed Rule Change To Provide for
traded during Asia-Pacific hours and to
file number should be included on the the Clearance of Certain Asia-Pacific
amend the ICC Risk Management Model
subject line if email is used. To help the Credit Default Swap Contracts
Description document to add Asia-
Commission process and review your Pacific to the list of regions to be
March 14, 2016.
comments more efficiently, please use considered in General Wrong Way Risk
only one method. The Commission will I. Introduction calculations.
post all comments on the Commission’s On January 27, 2016, ICE Clear Credit ICC has represented that the iTraxx
Internet Web site (http://www.sec.gov/ LLC (‘‘ICC’’) filed with the Securities Asia/Pacific Contracts have similar
rules/sro.shtml). Copies of the and Exchange Commission terms to the CDX North American IG/
submission, all subsequent (‘‘Commission’’), pursuant to Section HY/XO CDS contracts (‘‘CDX NA
amendments, all written statements 19(b)(1) of the Securities Exchange Act Contracts’’) currently cleared by ICC and
with respect to the proposed rule of 1934 (‘‘Act’’) 1 and Rule 19b–4 governed by Subchapter 26A of the ICC
change that are filed with the thereunder,2 a proposed rule change Rules, the CDX Emerging Markets CDS
Commission, and all written (SR–ICC–2016–002) to provide the basis contracts (‘‘CDX EM Contracts’’)
communications relating to the for ICC to clear certain Asia-Pacific currently cleared by ICC and governed
proposed rule change between the credit default swap (‘‘CDS’’) contracts. by Subchapter 26C of the ICC Rules, and
Commission and any person, other than On January 29, 2016, ICC filed the iTraxx Europe CDS contracts
those that may be withheld from the Amendment No. 1 to the proposal.3 The (‘‘iTraxx Europe Contracts’’) currently
proposed rule change, as amended, was cleared by ICC and governed by
public in accordance with the
published for comment in the Federal Subchapter 26F of the ICC Rules. ICC
provisions of 5 U.S.C. 552, will be
Register on February 12, 2016.4 The asserts that the proposed rules found in
available for Web site viewing and Subchapter 26J largely mirror the ICC
printing in the Commission’s Public Commission did not receive comments
on the proposed rule change. For the Rules for CDX NA Contracts in
Reference Room, 100 F Street NE., Subchapter 26A, CDX EM Contracts in
Washington, DC 20549, on official reasons discussed below, the
Commission is approving the proposed Subchapter 26C, and iTraxx Europe
business days between the hours of Contracts in Subchapter 26F, with
rule change.
10:00 a.m. and 3:00 p.m. Copies of the certain modifications that reflect
filing also will be available for II. Description of the Proposed Rule differences in terms and market
inspection and copying at the principal Change conventions between those contracts
office of the Exchange. All comments The purpose of the proposed rule and iTraxx Asia/Pacific Contracts.
received will be posted without change; change is to adopt new rules that will Additionally, iTraxx Asia/Pacific
the Commission does not edit personal provide the basis for ICC to clear certain Contracts will be denominated in
identifying information from Asia-Pacific CDS contracts. Specifically, United States Dollars.
submissions. You should submit only ICC has proposed to amend Chapter 26 ICC Rule 26J–102 (Definitions) will
information that you wish to make of the ICC Rulebook (‘‘ICC Rules’’) to set forth the definitions used for the
available publicly. All submissions add Subchapters 26J and 26L to provide iTraxx Asia/Pacific Contracts. ICC has
should refer to File Number SR– for the clearance of iTraxx Asia/Pacific represented that the definitions are
NYSEARCA–2016–41, and should be CDS contracts (‘‘iTraxx Asia/Pacific substantially the same as the definitions
Contracts’’) and Standard Asia/Pacific found in Subchapters 26A, 26C, and 26F
submitted on or before April 8, 2016.
Sovereign CDS contracts (‘‘SAS of the ICC Rules, other than certain
For the Commission, by the Division of conforming changes.
Contracts’’, collectively with iTraxx
Trading and Markets, pursuant to delegated ICC Rules 26J–309 (Acceptance of
Asia/Pacific Contracts ‘‘Asia-Pacific
authority.14 iTraxx Asia/Pacific Untranched
CDS Contracts’’). The SAS Contracts
Robert W. Errett, Contracts by ICE Clear Credit), 26J–315
will reference the Commonwealth of
Deputy Secretary. (Terms of the Cleared iTraxx Asia/
Australia, the Malaysian Federation, the
Pacific Untranched Contract), 26J–316
[FR Doc. 2016–06097 Filed 3–17–16; 8:45 am] People’s Republic of China, the
(Updating Index Version of Fungible
BILLING CODE 8011–01–P Republic of Indonesia, the Republic of
Contracts After a Credit Event or a
Korea and the Republic of the
Succession Event; Updating Relevant
Philippines.
Untranched Standard Terms
Additionally, ICC has proposed to
Supplement), and 26J–317 (Terms of
amend the ICC End-of-Day Price
iTraxx Asia/Pacific Untranched
Contracts) will reflect or incorporate the
asabaliauskas on DSK3SPTVN1PROD with NOTICES
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4. basic contract specifications for iTraxx
3 In Amendment No. 1, ICC deleted a factual error Asia/Pacific Contracts and, according to
in the originally filed proposal that stated that no ICC, are substantially the same as under
changes would be made to ICC’s Risk Management Subchapters 26A, 26C, and 26F of the
Framework. Amendment No. 1 amended and
replaced the original filing in its entirety.
ICC Rules.
4 Securities Exchange Act Release No. 34–77079 ICC has represented that SAS
(February 8, 2016), 81 FR 7613 (February 12, 2016) Contracts have similar terms to the
14 17 CFR 200.30–3(a)(12). (SR–ICC–2016–002). Standard North American Corporate
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![14916 Federal Register / Vol. 81, No. 53 / Friday, March 18, 2016 / Notices
For the Commission, by the Division of The Exchange has prepared summaries, B. Self-Regulatory Organization’s
Trading and Markets, pursuant to delegated set forth in sections A, B, and C below, Statement on Burden on Competition
authority.11 of the most significant parts of such
Robert W. Errett, In accordance with Section 6(b)(8) of
statements.
Deputy Secretary.
the Act,8 the Exchange does not believe
A. Self-Regulatory Organization’s that the proposed rule change will
[FR Doc. 2016–06089 Filed 3–17–16; 8:45 am]
Statement of the Purpose of, and the impose any burden on competition that
BILLING CODE 8011–01–P
Statutory Basis for, the Proposed Rule is not necessary or appropriate in
Change furtherance of the purposes of the Act.
As noted above, the proposed change is
SECURITIES AND EXCHANGE 1. Purpose
non-competitive and is designed to
COMMISSION
The purpose of this filing is to remove provide additional clarity and greater
[Release No. 34–77359; File No. SR– reference and information relating to transparency regarding the Exchange’s
NYSEArca–2016–39] Mini Options, as the Exchange no longer fees.
lists or trades Mini Options and has no C. Self-Regulatory Organization’s
Self-Regulatory Organizations; NYSE
current plans to do so. Statement on Comments on the
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed The Exchange added rules relating to Proposed Rule Change Received From
Rule Change Amending the NYSE Arca the listing of Mini Options (options Members, Participants, or Others
Options Fee Schedule overlying 10 shares of stock) in 2012 4
and later changed its Fee Schedule to No written comments were solicited
March 14, 2016. address the treatment of Mini Options, or received with respect to the proposed
Pursuant to Section 19(b)(1) 1 of the including establishing transactions fees rule change.
Securities Exchange Act of 1934 (the for these products.5 However, the III. Date of Effectiveness of the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Exchange no longer lists or trades Mini Proposed Rule Change and Timing for
notice is hereby given that, on March 8, Option series, and has no current plans Commission Action
2016, NYSE Arca, Inc. (the ‘‘Exchange’’ to do so.
or ‘‘NYSE Arca’’) filed with the The foregoing rule change is effective
Thus, the Exchange proposes to strip
Securities and Exchange Commission upon filing pursuant to Section
references, and charges related to, Mini
(the ‘‘Commission’’) the proposed rule 19(b)(3)(A) 9 of the Act and
Options from the Fee Schedule.
change as described in Items I, II, and subparagraph (f)(2) of Rule 19b–4 10
III below, which Items have been 2. Statutory Basis thereunder, because it establishes a due,
prepared by the self-regulatory fee, or other charge imposed by the
The Exchange believes that the
organization. The Commission is Exchange.
proposed rule change is consistent with
publishing this notice to solicit At any time within 60 days of the
Section 6(b) of the Act,6 in general, and
comments on the proposed rule change filing of such proposed rule change, the
furthers the objectives of Sections
from interested persons. Commission summarily may
6(b)(4) and (5) of the Act,7 in particular,
temporarily suspend such rule change if
I. Self-Regulatory Organization’s because it provides for the equitable
it appears to the Commission that such
Statement of the Terms of Substance of allocation of reasonable dues, fees, and
action is necessary or appropriate in the
the Proposed Rule Change other charges among its members,
public interest, for the protection of
issuers and other persons using its
The Exchange proposes to amend the investors, or otherwise in furtherance of
facilities and does not unfairly
NYSE Arca Options Fee Schedule (‘‘Fee the purposes of the Act. If the
discriminate between customers,
Schedule’’) to remove reference and Commission takes such action, the
issuers, brokers or dealers.
information relating to Mini Options. Commission shall institute proceedings
The Exchange believes the proposed under Section 19(b)(2)(B) 11 of the Act to
The Exchange proposes to implement change is reasonable, equitable, and not
the fee change effective March 8, 2016. determine whether the proposed rule
unfairly discriminatory, as the Exchange change should be approved or
The proposed rule change is available no longer lists or trades Mini-option
on the Exchange’s Web site at disapproved.
series and has no intention to do so at
www.nyse.com, at the principal office of this time. Thus, removing outmoded IV. Solicitation of Comments
the Exchange, and at the Commission’s references on the Fee Schedule would
Public Reference Room. Interested persons are invited to
alleviate potential investor confusion submit written data, views, and
II. Self-Regulatory Organization’s and improve the clarity and arguments concerning the foregoing,
Statement of the Purpose of, and transparency of the Fee Schedule. The including whether the proposed rule
Statutory Basis for, the Proposed Rule proposed change is also reasonable, change is consistent with the Act.
Change equitable and not unfairly Comments may be submitted by any of
discriminatory as it applies to all market the following methods:
In its filing with the Commission, the
participants.
self-regulatory organization included Electronic Comments
statements concerning the purpose of, For these reasons, the Exchange
and basis for, the proposed rule change believes that the proposal is consistent • Use the Commission’s Internet
with the Act.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
and discussed any comments it received comment form (http://www.sec.gov/
on the proposed rule change. The text rules/sro.shtml); or
of those statements may be examined at 4 See Securities Exchange Act Release No. 67948
• Send an email to rule-
(September 28, 2012), 77 FR 60735 (October 4, comments@sec.gov. Please include File
the places specified in Item IV below. 2012) (SR–NYSEArca–2012–64; SR–ISE–2012–58).
5 See Securities Exchange Act Release No. 69246
11 17 CFR 200.30–3(a)(12). 8 15 U.S.C. 78f(b)(8).
(March 27, 2013), 78 FR 19784 (April 2, 2013) (SR–
1 15 U.S.C. 78s(b)(1). NYSEArca–2013–25). 9 15 U.S.C. 78s(b)(3)(A).
2 15 U.S.C. 78a. 6 15 U.S.C. 78f(b). 10 17 CFR 240.19b–4(f)(2).
3 17 CFR 240.19b–4. 7 15 U.S.C. 78f(b)(4) and (5). 11 15 U.S.C. 78s(b)(2)(B).
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Document Created: 2018-02-02 15:13:35
Document Modified: 2018-02-02 15:13:35
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| FR Citation | 81 FR 14914 |
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