82 FR 15258 - Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, To Shorten the Settlement Cycle From T+3 to T+2
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 57 (March 27, 2017)
Federal Register Volume 82, Issue 57 (March 27, 2017)
| Page Range | 15258-15263 | |
| FR Document | 2017-05919 |
[Federal Register Volume 82, Number 57 (Monday, March 27, 2017)] [Notices] [Pages 15258-15263] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-05919] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80282; File No. SR-BX-2017-013] Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, To Shorten the Settlement Cycle From T+3 to T+2 March 21, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on March 9, 2017, NASDAQ BX, Inc. (``BX'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. On March 13, 2017, the Exchange filed Amendment No. 1.\3\ The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ In Amendment No. 1, the Exchange proposes to capitalize the letter ``d'' in the word ``department'' in the proposed revisions to Rule 11140(b)(1), as set forth in Exhibit 5 to the filing, to conform to the Exchange's current rule text. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend BX Rules 11140 (Transactions in Securities ``Ex-Dividend,'' ``Ex-Rights'' or ``Ex-Warrants''), 11150 (Transactions ``Ex-Interest'' in Bonds Which Are Dealt in ``Flat''), 11210 (Sent by Each Party), 11320 (Dates of Delivery), 11620 (Computation of Interest), and IM-11810 (Sample Buy-In Forms), to conform to the Commission's proposed amendment to SEA Rule 15c6-1(a) to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (``T+3'') to two business days after the trade date (``T+2'') and the industry-led initiative to shorten the settlement cycle from T+3 to T+2.\4\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 78962 (September 28, 2016), 81 FR 69240 (October 5, 2016) (Amendment to Securities Transaction Settlement Cycle) (File No. S7-22-16) (``SEC Proposing Release''). --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqbx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. [[Page 15259]] 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 Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose SEC Proposing Release On September 28, 2016, the Commission proposed amending SEA Rule 15c6-1(a) to shorten the standard settlement cycle for most broker- dealer transactions from T+3 to T+2 on the basis that the shorter settlement cycle would reduce the risks that arise from the value and number of unsettled securities transactions prior to the completion of settlement, including credit, market, and liquidity risk directly faced by U.S. market participants.\5\ The proposed rule amendment was published for comment in the Federal Register on October 5, 2016.\6\ --------------------------------------------------------------------------- \5\ See Securities and Exchange Commission Press Release 2016- 200: ``SEC Proposes Rule Amendment to Expedite Process for Settling Securities Transactions'' (September 28, 2016). \6\ See supra note 4. --------------------------------------------------------------------------- Background In 1995, the standard U.S. trade settlement cycle for equities, municipal and corporate bonds, and unit investment trusts, and financial instruments composed of these products was shortened from five business days after the trade date (``T+5'') to T+3.\7\ Accordingly, BX and other self-regulatory organizations (``SROs'') amended their respective rules to conform to the T+3 settlement cycle.\8\ Since that time, the SEC and the financial services industry have continued to explore the idea of shortening the settlement cycle even further.\9\ --------------------------------------------------------------------------- \7\ In 1993, the Commission adopted SEA Rule 15c6-1 which became effective in 1995. See Securities Exchange Act Release Nos. 33023 (October 6, 1993), 58 FR 52891 (October 13, 1993) and 34952 (November 9, 1994), 59 FR 59137 (November 16, 1994). SEA Rule 15c6- 1(a) provides, in relevant part, that ``a broker or dealer shall not effect or enter into a contract for the purchase or sale of a security (other than an exempted security, government security, municipal security, commercial paper, bankers' acceptances, or commercial bills) that provides for payment of funds and delivery of securities later than the third business day after the date of the contract unless otherwise expressly agreed to by the parties at the time of the transaction.'' 17 CFR 240.15c6-1(a). Although not covered by SEA Rule 15c6-1, in 1995, the Commission approved the Municipal Securities Rulemaking Board's rule change requiring transactions in municipal securities to settle by T+3. See Securities Exchange Act Release No. 35427 (February 28, 1995), 60 FR 12798 (March 8, 1995) (Order Approving File No. SR-MSRB-94-10). \8\ See, e.g., Securities Exchange Act Release No. 35507 (March 17, 1995), 60 FR15616 (March 24, 1995) (Order Approving File No. SR- NASD-94-56); Securities Exchange Act Release No. 35506 (March 17, 1995), 60 FR 15618 (March 24, 1995) (Order Approving File No. SR- NYSE-94-40); and Securities Exchange Act Release No. 35553 (March 31, 1995), 60 FR 18161 (April 10, 1995) (Order Approving File No. SR-Amex-94-57). \9\ See, e.g., Securities Industry Association (``SIA''), ``SIA T+1 Business Case Final Report'' (July 2000); Concept Release: Securities Transactions Settlement, Securities Exchange Act Release No. 49405 (March 11, 2004), 69 FR 12922 (March 18, 2004); and Depository Trust & Clearing Corporation, ``Proposal to Launch a New Cost-Benefit Analysis on Shortening the Settlement Cycle'' (December 2011). --------------------------------------------------------------------------- In April 2014, the Depository Trust & Clearing Corporation (``DTCC'') published its formal recommendation to shorten the standard U.S. trade settlement cycle to T+2 and announced that it would partner with market participants and industry organizations to devise the necessary approach and timelines to achieve T+2.\10\ --------------------------------------------------------------------------- \10\ See DTCC, ``DTCC Recommends Shortening the U.S. Trade Settlement Cycle'' (April 2014). --------------------------------------------------------------------------- In an effort to improve the overall efficiency of the U.S. settlement system by reducing the attendant risks in T+3 settlement of securities transactions, and to align U.S. markets with other major global markets that have already moved to T+2, DTCC, in collaboration with the financial services industry, formed an Industry Steering Committee (``ISC'') and an industry working group and sub-working groups to facilitate the move to T+2.\11\ In June 2015, the ISC published a White Paper outlining the activities and proposed time frames that would be required to move to T+2 in the U.S.\12\ Concurrently, the Securities Industry and Financial Markets Association (``SIFMA'') and the Investment Company Institute (``ICI'') jointly submitted a letter to SEC Chair White, expressing support of the financial services industry's efforts to shorten the settlement cycle and identifying SEA Rule 15c6-1(a) and several SRO rules that they believed would require amendments for an effective transition to T+2.\13\ In March 2016, the ISC announced the industry target date of September 5, 2017 for the transition to a T+2 settlement cycle to occur.\14\ --------------------------------------------------------------------------- \11\ The ISC includes, among other participants, DTCC, the Securities Industry and Financial Markets Association and the Investment Company Institute. \12\ See ``Shortening the Settlement Cycle: The Move to T+2'' (June 18, 2015). \13\ See Letter from ICI and SIFMA to Mary Jo White, Chair, SEC, dated June 18, 2015. See also Letter from Mary Jo White, Chair to Kenneth E. Bentsen, Jr., President and CEO, SIFMA, and Paul Schott Stevens, President and CEO, ICI, dated September 16, 2015 (expressing her strong support for industry efforts to shorten the trade settlement cycle to T+2 and commitment to developing a proposal to amend SEA Rule 15c6-1(a) to require standard settlement no later than T+2). \14\ See ISC Media Alert: ``US T+2 ISC Recommends Move to Shorter Settlement Cycle On September 5, 2017'' (March 7, 2016). --------------------------------------------------------------------------- Proposed Rule Change In light of the SEC Proposing Release that would amend SEA Rule 15c6-1(a) to require standard settlement no later than T+2 and similar proposals from other SROs,\15\ BX is proposing changes to its rules pertaining to securities settlement by, among other things, amending the definition of ``standard'' settlement as occurring on T+2. SEA Rule 15c6-1(a) currently establishes ``standard'' settlement as occurring no later than T+3 for all securities, other than an exempt security, government security, municipal security, commercial paper, bankers' acceptances, or commercial bills.\16\ BX is proposing changes to rules pertaining to securities settlement to support the industry-led initiative to shorten the standard settlement cycle to two business days. Most of the rules that BX has identified for these changes are successors to provisions under the legacy NASD Rules of Fair Practice and NASD Uniform Practice Code (``UPC'') that were amended when the Commission adopted SEA Rule 15c6-1(a), which established T+3 as the standard settlement cycle.\17\ As such, BX is proposing to amend BX Rules 11140 (Transactions in Securities ``Ex- [[Page 15260]] Dividend,'' ``Ex-Rights'' or ``Ex-Warrants''), 11150 (Transactions ``Ex- Interest'' in Bonds Which Are Dealt in ``Flat''), 11320 (Dates of Delivery), and 11620 (Computation of Interest). In addition, BX is proposing to amend BX Rules 11210 (Sent by Each Party) and IM-11810 (Sample Buy-In Forms) to conform provisions, where appropriate, to the T+2 settlement cycle.\18\ --------------------------------------------------------------------------- \15\ See, e.g., Securities Exchange Act Release No. 77744 (April 29, 2016), 81 FR 26851 (May 4, 2016) (Order Approving File No. SR- MSRB-2016-04). \16\ See supra note 7. \17\ The legacy NASD rules that were changed to conform to the move from T+5 to T+3 included Section 26 (Investment Companies) of the Rules of Fair Practice, and Section 5 (Transactions in Securities ``Ex-Dividend,'' ``Ex-Rights'' or ``Ex- Warrants''), Section 6 (Transactions ``Ex-Interest'' in Bonds Which Are Dealt in ``Flat''), Section 12 (Dates of Delivery), Section 46 (Computation of Interest) and Section 64 (Acceptance and Settlement of COD Orders) of the UPC. See Securities Exchange Act Release No. 35507 (March 17, 1995), 60 FR 15616 (March 24, 1995) (Order Approving File No. SR-NASD-94-56). See also Notice to Members 95-36 (May 1995) (enumerating the various sections under the NASD Rules of Fair Practice and UPC that were amended to implement T+3 settlement for securities transactions). \18\ BX Rules 11210 and IM-11810 are successors to legacy NASD UPC Section 9 (Sent by Each Party) and 59 (``Buying-in''), respectively, which remained unchanged during the transition from T+5 to T+3. See supra note 17. --------------------------------------------------------------------------- The details of the proposed rule change are described below. (1) BX Rule 11140 (Transactions in Securities ``Ex-Dividend,'' ``Ex- Rights'' or ``Ex-Warrants'') Rule 11140(b)(1) provides that for dividends or distributions, and the issuance or distribution of warrants, that are less than 25 percent of the value of the subject security, if definitive information is received sufficiently in advance of the record date, the date designated as the ``ex-dividend date'' shall be the second business day preceding the record date if the record date falls on a business day, or the third business day preceding the record date if the record date falls on a day designated by Exchange's Regulation Department \19\ as a non-delivery date. BX is proposing to shorten the time frames in Rule 11140(b)(1) by one business day. --------------------------------------------------------------------------- \19\ See supra note 3. --------------------------------------------------------------------------- (2) BX Rule 11150 (``Ex-Interest'' in Bonds Which Are Dealt in ``Flat'') Rule 11150(a) prescribes the manner for establishing ``ex-interest dates'' for transactions in bonds or other similar evidences of indebtedness which are traded ``flat.'' Such transactions are ``ex- interest'' on the second business day preceding the record date if the record date falls on a business day, on the third business day preceding the record date if the record date falls on a day other than a business day, or on the third business day preceding the date on which an interest payment is to be made if no record date has been fixed. BX is proposing to shorten the time frames in Rule 11150(a) by one business day. (3) BX Rule 11210 (Sent by Each Party) Paragraphs (c) and (d) of Rule 11210 set forth the ``Don't Know'' (``DK'') voluntary procedures for using ``DK Notices'' or other forms of notices, respectively. Depending upon the notice used, a confirming member may follow the ``DK'' procedures when it sends a comparison or confirmation of a trade (other than one that clears through the National Securities Clearing Corporation (``NSCC'') or other registered clearing agency), but does not receive a comparison or confirmation or a signed ``DK'' from the contra-member by the close of four business days following the trade date of the transaction (``T+4''). The procedures generally provide that after T+4, the confirming member shall send a ``DK Notice'' (or similar notice) to the contra-member. The contra-member then has four business days after receipt of the confirming member's notice to either confirm or ``DK'' the transaction. BX is proposing to amend paragraphs (c) and (d) of Rule 11210 to provide that the ``DK'' procedures may be used by the confirming member if it does not receive a comparison or confirmation or signed ``DK'' from the contra-member by the close of one business day following the trade date of the transaction, rather than the current T+4.\20\ In addition, BX is proposing amendments to paragraphs (c)(2)(A), (c)(3), and (d)(5) of Rule 11210 to adjust the time in which a contra-member has to respond to a ``DK Notice'' (or similar notice) from four business days after the contra-member's receipt of the notice to two business days. --------------------------------------------------------------------------- \20\ As stated above, the time frames in Rule 11210 remained unchanged during the transition from T+5 to T+3. In light of the industry-led initiative to shorten the standard settlement cycle and the SEC Proposing Release to amend SEA Rule 15c6-1(a) to establish T+2 as the standard settlement for most broker dealer transactions, the Exchange believes that the current time frames in Rule 11210 are more protracted than necessary even in a T+3 environment and as such, the Exchange is proposing to amend these time frames to reflect more current industry practices. --------------------------------------------------------------------------- (4) BX Rule 11320 (Dates of Delivery) Rule 11320 prescribes delivery dates for various transactions. Paragraph (b) states that for a ``regular way'' transaction, delivery must be made on, but not before, the third business day after the date of the transaction. BX is proposing to amend Rule 11320(b) to change the reference to third business day to second business day. Paragraph (c) provides that in a ``seller's option'' transaction, delivery may be made by the seller on any business day after the third business day following the date of the transaction. BX is proposing to amend Rule 11320(c) to change the reference to third business day to second business day. (5) BX Rule 11620 (Computation of Interest) In the settlement of contracts in interest-paying securities other than for cash, Rule 11620(a) requires the calculation of interest at the rate specified in the security up to, but not including, the third business day after the date of the transaction. The proposed amendment would shorten the time frame to the second business day. In addition, the proposed amendment would make non-substantive technical changes to the title of paragraph (a). (6) BX Rule IM-11810 (Sample Buy-In Forms) Rule IM-11810(i)(1)(A) sets forth the fail-to-deliver and liability notice procedures where a securities contract is for warrants, rights, convertible securities or other securities which have been called for redemption; are due to expire by their terms; are the subject of a tender or exchange offer; or are subject to other expiring events such as a record date for the underlying security and the last day on which the securities must be delivered or surrendered is the settlement date of the contract or later.\21\ --------------------------------------------------------------------------- \21\ Rule IM-11810(i) is the successor to legacy NASD UPC Section 59(i) (Failure to Deliver and Liability Notice Procedures). When this provision was added to NASD's existing close-out procedures in 1984, it was drafted to be similar to the liability notice provisions adopted by the NSCC so that members that were also participants in NSCC could use the same procedures for both ex- clearing and NSCC cleared transactions, thereby simplifying members' back office procedures. --------------------------------------------------------------------------- Under Rule IM-11810(i)(1)(A), the receiving member delivers a liability notice to the owing counterparty. The liability notice sets a cutoff date for the delivery of the securities by the counterparty and provides notice to the counterparty of the liability attendant to its failure to deliver the securities in time. If the owing counterparty, or delivering member, delivers the securities in response to the liability notice, it has met its delivery obligation. If the delivering member fails to deliver the securities on the expiration date, it will be liable for any damages that may accrue thereby. Rule IM-11810(i)(1)(A) further provides that when both parties to a contract are participants in a registered clearing agency that has an automated liability notification service, transmission of the liability notice must be accomplished through such system.\22\ When the parties to a contract are not [[Page 15261]] both participants in a registered clearing agency that has an automated liability notification service, such notice must be issued using written or comparable electronic media having immediate receipt capabilities not later than one business day prior to the latest time and the date of the offer or other event in order to obtain the protection provided by the Rule.\23\ --------------------------------------------------------------------------- \22\ In 2007, NYSE Rule 180 was amended to require that when the parties to a failed contract were both participants in a registered clearing agency that had an automated service for notifying a failing party of the liability that will be attendant to a failure to deliver and the contract was to be settled through the facilities of that registered clearing agency, the transmission of the liability notification must be accomplished through the use of the registered clearing agency's automated liability notification system. See Securities Exchange Act Release No. 55132 (January 19, 2007), 72 FR 3896 (January 26, 2007) (Order Approving File No. SR- NYSE-2006-57). \23\ While Rule IM-11810 has undergone amendments over the years, the one-day time frame in paragraph (j) has remained unchanged. The one-day time frame also appears in comparable provisions of other SROs. See, e.g., NSCC Rules & Procedures, Procedure X (Execution of Buy-Ins) (Effective August 10, 2016); NYSE Rule 282.65 (Fail to Deliver and Liability Notice Procedures). See also infra note 31 and accompanying text. --------------------------------------------------------------------------- Given the proposed shortened settlement cycle, BX is proposing to amend Rule IM-11810(i)(1)(A) in situations where both parties to a contract are not participants of a registered clearing agency with an automated notification service, by extending the time frame for delivery of the liability notice. Rule IM-11810(i)(1)(A) would be amended to provide that in such cases, the receiving member must send the liability notice to the delivering member as soon as practicable but not later than two hours prior to the cutoff time set forth in the instructions on a specific offer or other event to obtain the protection provided by the Rule. BX believes that extending the time given to the receiving member to transmit liability notifications will maintain the efficiency of the notification process while mitigating the possible overuse of such notifications. Currently, BX understands that the identity of the counterparty, or delivering member, becomes known to the receiving member by mid-day on the business day after trade date (``T+1''), and by that time, the receiving member will generally also know which transactions are subject to an event identified in Rule IM-11810(i)(1)(A) that would prompt the receiving member to issue a liability notice to the delivering member. BX believes that the receiving member regularly issues liability notices to the seller or other parties from which the securities involved are due when the security is subject to an event identified in Rule IM-11810(i)(1)(A) during the settlement cycle as a way to mitigate the risk of a potential fail-to-deliver. In the current T+3 settlement environment, the one business day time frame gives the receiving member the requisite time needed to identify the parties involved and undertake the liability notification process. However, BX believes that the move to a T+2 settlement environment will create inefficiencies in the liability notification process under Rule IM-11810(i)(1)(A) when both parties to a contract are not participants in a registered clearing agency with an automated notification service. The shorter settlement cycle, with the loss of one business day, would not afford the receiving member sufficient time to: (1) Ascertain that the securities are subject to an event listed in Rule IM-11810(i)(1)(A) during the settlement cycle; (2) identify the delivering member and other parties from which the securities involved are due; and (3) determine the likelihood that such parties may fail to deliver. Where the receiving member has sufficient time (e.g., one business day after), it can transmit liability notices as needed to the right parties. However, as a consequence of the shortened settlement cycle, the receiving member would be compelled to issue liability notices proactively to all potentially failing parties as a matter of course to preserve its rights against such parties without the benefit of knowing which transactions would actually necessitate the delivery of such notice. This would create a significant increase in the volume of liability notices members send and receive, many of which may be unnecessary. Members would then have to manage this overabundance of liability notices, increasing the possibility of errors, which would adversely impact the efficiency of the process. Therefore, BX believes its proposal to extend the time for the receiving member to deliver a liability notice when the parties to a contract are not both participants in a registered clearing agency with an automated notification service would help alleviate the potential burden on the liability notification process in a T+2 settlement environment. Implementation BX will announce the operative date of the proposed rule change in an Equity Regulatory Alert, which date would correspond with the industry-led transition to a T+2 standard settlement, and the compliance date of the proposed amendment to SEA Rule 15c6-1(a) that the Commission may adopt, to require standard settlement no later than T+2.\24\ --------------------------------------------------------------------------- \24\ See supra note 4. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\25\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\26\ in particular, in that it is designed 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, and, in general, to protect investors and the public interest. The Exchange believes that the proposed rule change supports the supports the industry-led initiative to shorten the settlement cycle to two business days. Moreover, the proposed rule change is consistent with the SEC's proposed amendment to SEA Rule 15c6-1(a) to require standard settlement no later than T+2. BX believes that the proposed rule change will provide the regulatory certainty to facilitate the industry-led move to a T+2 settlement cycle. As noted herein, upon approval, BX will announce the operative date of the proposed rule change in an Equity Regulatory Alert, which date would correspond with the industry-led transition to a T+2 standard settlement, and the compliance date of the Commission's proposed amendment to SEA Rule 15c6-1(a) to require standard settlement no later than T+2. --------------------------------------------------------------------------- \25\ 15 U.S.C. 78f(b). \26\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change makes changes to rules pertaining to securities settlement and is intended to facilitate the implementation of the industry-led transition to a T+2 settlement cycle. Moreover, the proposed rule changes are consistent with the SEC's proposed amendment to SEA Rule 15c6-1(a) to require standard settlement no later than T+2. Accordingly, BX believes that the proposed changes do not impose any burdens on the industry in addition to those necessary to implement amendments to SEA Rule 15c6- 1(a) as described and enumerated in the SEC Proposing Release.\27\ --------------------------------------------------------------------------- \27\ See supra note 4. --------------------------------------------------------------------------- These conforming changes include changes to rules that specifically establish the settlement cycle as well as rules that establish time frames based on settlement dates, including for certain post-settlement rights and obligations. BX believes that the proposed changes set forth in the filing are necessary to [[Page 15262]] support a standard settlement cycle across the U.S. for secondary market transactions in equities, corporate and municipal bonds, unit investment trusts, and financial instruments composed of these products, among other things.\28\ A standard U.S. settlement cycle for such products is critical for the operation of fair and orderly markets. --------------------------------------------------------------------------- \28\ See supra note 4. --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others A previous version of the proposed rule change was published for comment in Equity Regulatory Alert 2016-4 on May 18, 2016. Two comments were received in response to the Regulatory Alert.\29\ A copy of the Regulatory Alert is attached as Exhibit 2a.\30\ Copies of the comment letters received in response to the Regulatory Notice are attached as Exhibits 2d and a list of comments is attached as Exhibit 2c. --------------------------------------------------------------------------- \29\ See Letter from Martin A. Burns, Chief Industry Operations Officer, Investment Company Institute to John Zecca, Senior Vice President, Marketwatch dated June 8, 2016 (``ICI''); letter from Thomas F. Price, Managing Director, Operations, Securities Industry and Financial Markets Association, to John Zecca, Senior Vice President Market Watch dated June 8, 2016 (``SIFMA''). \30\ The Commission notes that the exhibits referred to are attached to the filing and not to this Notice. --------------------------------------------------------------------------- Both of the letters received expressed support for the industry led move to T+2 stating, among other benefits, that the move will align U.S. markets with international markets that already work in the T+2 environment, improve the overall efficiency and liquidity of the securities markets, and the stability of the financial system by reducing counterparty risk and pro-cyclical and liquidity demands, and decreasing clearing capital requirements. SIFMA also provided their view on the proposed amendments to two rules under the BX Rule 11800 Series (Buying In). BX Rule IM-11810(i)--Sample Buy-In Forms In its comment letter, SIFMA raised a concern with the one-day time frame in Rule IM-11810(i)(1)(A), asserting that the requirement for the delivering member to deliver a liability notice to the receiving member no later than one business day prior to the latest time and the date of the offer or other event in order to obtain the protection provided by the Rule may no longer be appropriate in a T+2 environment in some situations such as where the delivery obligation is transferred to another party as a result of continuous net settlement, settlements outside of the NSCC, and settlements involving a third party that is not a BX member firm. SIFMA noted that NYSE Rule 180 (Failure to Deliver) includes a similar requirement for NYSE member firms that are participants in a registered clearing agency to transmit liability notification through an automated notification service and proposed amending Rule IM-11810(i)(1)(A) to omit the reference to a notification time frame, which would align with NYSE Rule 180.\31\ In the alternative, SIFMA proposed amending Rule IM-11810(i)(1)(A) to require that the liability notice be delivered in a ``reasonable amount of time'' ahead of the settlement obligation in light of facts and circumstances. SIFMA maintained that under either proposed amendment to paragraph (j), the delivering member would be liable for any damages caused by its failure to deliver in a timely fashion. --------------------------------------------------------------------------- \31\ See NYSE Rule 180 (Failure to Deliver) providing in part that ``[w]hen the parties to a contract are both participants in a registered clearing agency which has an automated service for notifying a failing party of the liability that will be attendant to a failure to deliver and that contract was to be settled through the facilities of said registered clearing agency, the transmission of the liability notification must be accomplished through use of said automated notification service.'' BX notes that NYSE Rule 180 does not address the transmission of the liability notification for parties to a contract that are not both participants in a registered clearing agency (or non-participants). The transmission of the liability notification for non-participants is addressed under NYSE Rule 282.65 (Failure to Deliver and Liability Notice Procedures). See supra note 23. --------------------------------------------------------------------------- While BX did not initially propose amendments to Rule IM-11810 for the T+2 initiative,\32\ in light of SIFMA's concern regarding Rule IM- 11810(i)(1)(A), BX is proposing to amend the Rule to provide that, where both parties to a contract are not participants of a registered clearing agency with an automated notification service, the receiving member must send the liability notice to the delivering member as soon as practicable but not later than two hours prior to the cutoff time set forth in the instructions on a specific offer or other event to obtain the protection provided by the Rule.\33\ --------------------------------------------------------------------------- \32\ See Equity Regulatory Alert 2016-4. \33\ BX expects similar amendments to other comparable SRO provisions in NYSE Rule 282.65 (Fail to Deliver and Liability Notice Procedures) and FINRA Rule 11810 (Buying-in), and NSCC Rules & Procedures, Procedure X (Execution of Buy-Ins) to address SIFMA's concern about the one-day notification time frame. --------------------------------------------------------------------------- III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the Exchange consents, the Commission shall: (a) By order approve or disapprove such proposed rule change, or (b) institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as modified by Amendment No. 1, 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-BX-2017-013 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-BX-2017-013. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for [[Page 15263]] 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-BX-2017-013, and should be submitted on or before April 17, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\34\ --------------------------------------------------------------------------- \34\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-05919 Filed 3-24-17; 8:45 am] BILLING CODE 8011-01-P
![15258 Federal Register / Vol. 82, No. 57 / Monday, March 27, 2017 / Notices
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A proposed rule change filed • Send paper comments in triplicate
pursuant to Rule 19b–4(f)(6) under the to Brent J. Fields, Secretary, Securities [Release No. 34–80282; File No. SR–BX–
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Self-Regulatory Organizations;
filing. However, Rule 19b–4(f)(6)(iii) 33 All submissions should refer to File NASDAQ BX, Inc.; Notice of Filing of
permits the Commission to designate a Number SR–MIAX–2017–13. This file Proposed Rule Change, as Modified by
shorter time if such action is consistent number should be included on the Amendment No. 1, To Shorten the
with the protection of investors and the Settlement Cycle From T+3 to T+2
subject line if email is used. To help the
public interest. The Exchange has asked
Commission process and review your
the Commission to waive the 30-day March 21, 2017.
operative delay so that the proposal may comments more efficiently, please use
Pursuant to Section 19(b)(1) of the
become operative immediately upon only one method. The Commission will
Securities Exchange Act of 1934
filing. The Commission believes that post all comments on the Commission’s
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
waiving the 30-day operative delay is Internet Web site (http://www.sec.gov/ notice is hereby given that on March 9,
consistent with the protection of rules/sro.shtml). Copies of the 2017, NASDAQ BX, Inc. (‘‘BX’’ or
investors and the public interest as it submission, all subsequent ‘‘Exchange’’) filed with the Securities
will allow the Exchange to implement amendments, all written statements and Exchange Commission (‘‘SEC’’ or
the proposed rule change by April 17, with respect to the proposed rule ‘‘Commission’’) the proposed rule
2017 in coordination with the other change that are filed with the change as described in Items I, II, and
options exchanges. Accordingly, the Commission, and all written III, below, which Items have been
Commission hereby waives the communications relating to the prepared by the Exchange. On March
operative delay and designates the proposed rule change between the 13, 2017, the Exchange filed
proposal operative upon filing.34 Commission and any person, other than Amendment No. 1.3 The Commission is
At any time within 60 days of the those that may be withheld from the publishing this notice to solicit
filing of the proposed rule change, the public in accordance with the comments on the proposed rule change,
Commission summarily may provisions of 5 U.S.C. 552, will be as modified by Amendment No. 1, from
temporarily suspend such rule change if available for Web site viewing and interested persons.
it appears to the Commission that such printing in the Commission’s Public
action is: (i) Necessary or appropriate in I. Self-Regulatory Organization’s
Reference room, 100 F Street NE., Statement of the Terms of Substance of
the public interest; (ii) for the protection Washington, DC 20549 on official
of investors; or (iii) otherwise in the Proposed Rule Change
business days between the hours of
furtherance of the purposes of the Act. 10:00 a.m. and 3:00 p.m. Copies of such The Exchange proposes to amend BX
If the Commission takes such action, the Rules 11140 (Transactions in Securities
filing also will be available for
Commission shall institute proceedings ‘‘Ex-Dividend,’’ ‘‘Ex-Rights’’ or ‘‘Ex-
inspection and copying at the principal
to determine whether the proposed rule Warrants’’), 11150 (Transactions ‘‘Ex-
office of the Exchange. All comments
should be approved or disapproved. Interest’’ in Bonds Which Are Dealt in
received will be posted without change; ‘‘Flat’’), 11210 (Sent by Each Party),
IV. Solicitation of Comments the Commission does not edit personal 11320 (Dates of Delivery), 11620
Interested persons are invited to identifying information from (Computation of Interest), and IM–
submit written data, views, and submissions. You should submit only 11810 (Sample Buy-In Forms), to
arguments concerning the foregoing, information that you wish to make conform to the Commission’s proposed
including whether the proposed rule available publicly. All submissions amendment to SEA Rule 15c6–1(a) to
change is consistent with the Act. should refer to File Number SR–MIAX– shorten the standard settlement cycle
Comments may be submitted by any of 2017–13, and should be submitted on or for most broker-dealer transactions from
the following methods: before April 17, 2017. three business days after the trade date
Electronic Comments (‘‘T+3’’) to two business days after the
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
trade date (‘‘T+2’’) and the industry-led
• Use the Commission’s Internet initiative to shorten the settlement cycle
comment form (http://www.sec.gov/ authority.35
from T+3 to T+2.4
rules/sro.shtml); or Eduardo A. Aleman, The text of the proposed rule change
• Send an email to rule-comments@ Assistant Secretary. is available on the Exchange’s Web site
sec.gov. Please include File Number SR– [FR Doc. 2017–05921 Filed 3–24–17; 8:45 am] at http://nasdaqbx.cchwallstreet.com/,
MIAX–2017–13 on the subject line. BILLING CODE 8011–01–P at the principal office of the Exchange,
and at the Commission’s Public
31 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
Reference Room.
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 1 15 U.S.C. 78s(b)(1).
prior to the date of filing of the proposed rule 2 17 CFR 240.19b–4.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
change, or such shorter time as designated by the 3 In Amendment No. 1, the Exchange proposes to
Commission. The Exchange has satisfied this capitalize the letter ‘‘d’’ in the word ‘‘department’’
requirement. in the proposed revisions to Rule 11140(b)(1), as set
32 17 CFR 240.19b–4(f)(6).
forth in Exhibit 5 to the filing, to conform to the
33 17 CFR 240.19b–4(f)(6)(iii). Exchange’s current rule text.
34 For purposes only of waiving the 30-day 4 See Securities Exchange Act Release No. 78962
operative delay, the Commission has also (September 28, 2016), 81 FR 69240 (October 5,
considered the proposed rule’s impact on 2016) (Amendment to Securities Transaction
efficiency, competition, and capital formation. See Settlement Cycle) (File No. S7–22–16) (‘‘SEC
15 U.S.C. 78c(f). 35 17 CFR 200.30–3(a)(12). Proposing Release’’).
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![15262 Federal Register / Vol. 82, No. 57 / Monday, March 27, 2017 / Notices
support a standard settlement cycle another party as a result of continuous III. Date of Effectiveness of the
across the U.S. for secondary market net settlement, settlements outside of Proposed Rule Change and Timing for
transactions in equities, corporate and the NSCC, and settlements involving a Commission Action
municipal bonds, unit investment third party that is not a BX member Within 45 days of the date of
trusts, and financial instruments firm. SIFMA noted that NYSE Rule 180 publication of this notice in the Federal
composed of these products, among (Failure to Deliver) includes a similar Register or within such longer period (i)
other things.28 A standard U.S. requirement for NYSE member firms as the Commission may designate up to
settlement cycle for such products is that are participants in a registered 90 days of such date if it finds such
critical for the operation of fair and clearing agency to transmit liability longer period to be appropriate and
orderly markets.
notification through an automated publishes its reasons for so finding or
C. Self-Regulatory Organization’s notification service and proposed (ii) as to which the Exchange consents,
Statement on Comments on the amending Rule IM–11810(i)(1)(A) to the Commission shall: (a) By order
Proposed Rule Change Received From omit the reference to a notification time approve or disapprove such proposed
Members, Participants, or Others frame, which would align with NYSE rule change, or (b) institute proceedings
A previous version of the proposed Rule 180.31 In the alternative, SIFMA to determine whether the proposed rule
rule change was published for comment proposed amending Rule IM– change should be disapproved.
in Equity Regulatory Alert 2016–4 on 11810(i)(1)(A) to require that the IV. Solicitation of Comments
May 18, 2016. Two comments were liability notice be delivered in a
received in response to the Regulatory Interested persons are invited to
‘‘reasonable amount of time’’ ahead of
Alert.29 A copy of the Regulatory Alert submit written data, views, and
the settlement obligation in light of facts
is attached as Exhibit 2a.30 Copies of the arguments concerning the foregoing,
and circumstances. SIFMA maintained
comment letters received in response to including whether the proposed rule
that under either proposed amendment change, as modified by Amendment No.
the Regulatory Notice are attached as to paragraph (j), the delivering member
Exhibits 2d and a list of comments is 1, is consistent with the Act. Comments
would be liable for any damages caused may be submitted by any of the
attached as Exhibit 2c. by its failure to deliver in a timely
Both of the letters received expressed following methods:
fashion.
support for the industry led move to Electronic Comments
T+2 stating, among other benefits, that While BX did not initially propose
the move will align U.S. markets with amendments to Rule IM–11810 for the • Use the Commission’s Internet
international markets that already work T+2 initiative,32 in light of SIFMA’s comment form (http://www.sec.gov/
in the T+2 environment, improve the concern regarding Rule IM– rules/sro.shtml); or
overall efficiency and liquidity of the 11810(i)(1)(A), BX is proposing to • Send an email to rule-comments@
securities markets, and the stability of amend the Rule to provide that, where sec.gov. Please include File Number SR–
the financial system by reducing both parties to a contract are not BX–2017–013 on the subject line.
counterparty risk and pro-cyclical and participants of a registered clearing Paper Comments
liquidity demands, and decreasing agency with an automated notification
clearing capital requirements. SIFMA • Send paper comments in triplicate
service, the receiving member must to Secretary, Securities and Exchange
also provided their view on the send the liability notice to the
proposed amendments to two rules Commission, 100 F Street NE.,
delivering member as soon as Washington, DC 20549–1090.
under the BX Rule 11800 Series (Buying practicable but not later than two hours
In). All submissions should refer to File
prior to the cutoff time set forth in the Number SR–BX–2017–013. This file
BX Rule IM–11810(i)—Sample Buy-In instructions on a specific offer or other number should be included on the
Forms event to obtain the protection provided subject line if email is used. To help the
In its comment letter, SIFMA raised a by the Rule.33 Commission process and review your
concern with the one-day time frame in comments more efficiently, please use
Rule IM–11810(i)(1)(A), asserting that 31 See NYSE Rule 180 (Failure to Deliver)
only one method. The Commission will
providing in part that ‘‘[w]hen the parties to a post all comments on the Commission’s
the requirement for the delivering
contract are both participants in a registered
member to deliver a liability notice to clearing agency which has an automated service for
Internet Web site (http://www.sec.gov/
the receiving member no later than one notifying a failing party of the liability that will be rules/sro.shtml). Copies of the
business day prior to the latest time and attendant to a failure to deliver and that contract submission, all subsequent
the date of the offer or other event in was to be settled through the facilities of said amendments, all written statements
order to obtain the protection provided registered clearing agency, the transmission of the with respect to the proposed rule
liability notification must be accomplished through
by the Rule may no longer be use of said automated notification service.’’ BX
change that are filed with the
appropriate in a T+2 environment in notes that NYSE Rule 180 does not address the Commission, and all written
some situations such as where the transmission of the liability notification for parties communications relating to the
delivery obligation is transferred to to a contract that are not both participants in a proposed rule change between the
registered clearing agency (or non-participants). The Commission and any person, other than
transmission of the liability notification for non-
28 See supra note 4. those that may be withheld from the
participants is addressed under NYSE Rule 282.65
29 See Letter from Martin A. Burns, Chief Industry public in accordance with the
asabaliauskas on DSK3SPTVN1PROD with NOTICES
(Failure to Deliver and Liability Notice Procedures).
Operations Officer, Investment Company Institute provisions of 5 U.S.C. 552, will be
See supra note 23.
to John Zecca, Senior Vice President, Marketwatch
dated June 8, 2016 (‘‘ICI’’); letter from Thomas F.
32 See Equity Regulatory Alert 2016–4. available for Web site viewing and
Price, Managing Director, Operations, Securities 33 BX expects similar amendments to other printing in the Commission’s Public
Industry and Financial Markets Association, to John comparable SRO provisions in NYSE Rule 282.65 Reference Room, 100 F Street NE.,
Zecca, Senior Vice President Market Watch dated (Fail to Deliver and Liability Notice Procedures) Washington, DC 20549, on official
June 8, 2016 (‘‘SIFMA’’). and FINRA Rule 11810 (Buying-in), and NSCC
30 The Commission notes that the exhibits Rules & Procedures, Procedure X (Execution of Buy- business days between the hours of
referred to are attached to the filing and not to this Ins) to address SIFMA’s concern about the one-day 10:00 a.m. and 3:00 p.m. Copies of the
Notice. notification time frame. filing also will be available for
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![Federal Register / Vol. 82, No. 57 / Monday, March 27, 2017 / Notices 15263
inspection and copying at the principal interpretations of the law and claims filed on or after March 27, 2017,
office of the Exchange. All comments regulations. the final rules state that adjudicators
received will be posted without change; We are rescinding the following SSRs: will not provide any articulation about
the Commission does not edit personal • SSR 96–2p: Titles II and XVI: their consideration of decisions from
identifying information from Giving Controlling Weight to Treating other governmental agencies and
submissions. You should submit only Source Medical Opinions. nongovernmental entities because this
information that you wish to make • SSR 96–5p: Titles II and XVI: evidence is inherently neither valuable
available publicly. All submissions Medical Source Opinions on Issues nor persuasive to us. Therefore, this SSR
should refer to File Number SR–BX– Reserved to the Commissioner. is inconsistent with the final rules.
2017–013, and should be submitted on • SSR 06–03p: Titles II and XVI:
Considering Opinions and Other (Catalog of Federal Domestic Assistance,
or before April 17, 2017. Programs Nos. 96.001, Social Security—
Evidence from Sources Who Are Not Disability Insurance; 96.002, Social
For the Commission, by the Division of ‘‘Acceptable Medical Sources’’ in
Trading and Markets, pursuant to delegated Security—Retirement Insurance; 96.004,
Disability Claims; Considering Social Security—Survivors Insurance;
authority.34
Decisions on Disability by Other 96.006—Supplemental Security Income.)
Eduardo A. Aleman, Governmental and Nongovernmental
Assistant Secretary. Agencies. Nancy A. Berryhill,
[FR Doc. 2017–05919 Filed 3–24–17; 8:45 am] These three SSRs are inconsistent or Acting Commissioner of Social Security.
BILLING CODE 8011–01–P unnecessarily duplicative with our [FR Doc. 2017–05958 Filed 3–24–17; 8:45 am]
recent final rules, Revisions to Rules BILLING CODE 4191–02–P
Regarding the Evaluation of Medical
SOCIAL SECURITY ADMINISTRATION Evidence, published in the Federal
Register on January 18, 2017 (82 FR SOCIAL SECURITY ADMINISTRATION
[Docket No. SSA–2012–0035] 5844). [Docket No. SSA–2012–0035]
SSR 96–2p explained how
Rescission of Social Security Rulings adjudicators should evaluate medical Social Security Ruling (SSR) 17–2p:
96–2p, 96–5p, and 06–3p opinions from treating sources, Titles II and XVI: Evidence Needed by
AGENCY: Social Security Administration. including when it is appropriate to give Adjudicators at the Hearings and
ACTION: Notice of rescission of Social controlling weight to medical opinions Appeals Council Levels of the
Security Rulings. from treating sources. The final rules Administrative Review Process To
revised these policies for claims filed on Make Findings About Medical
SUMMARY: In accordance with 20 CFR or after March 27, 2017, in several ways. Equivalence
402.35(b)(1), the Acting Commissioner For example, adjudicators will not
assign a weight, including controlling AGENCY: Social Security Administration.
of Social Security gives notice of the
rescission of Social Security Rulings weight, to any medical opinion for ACTION: Notice of Social Security Ruling
(SSR) 96–2p, 96–5p, and 06–03p. claims filed on or after March 27, 2017. (SSR).
DATES: Effective Date: This rescission Therefore, this SSR is inconsistent with SUMMARY: We are providing notice of
will be effective for claims filed on or the final rules. SSR 17–2p. This SSR provides guidance
after March 27, 2017. SSR 96–5p explained how about how adjudicators at the hearings
adjudicators should consider and and Appeals Council (AC) levels of the
FOR FURTHER INFORMATION CONTACT:
articulate their consideration of medical administrative review process make
Joshua Silverman, Office of Disability source opinions on issues reserved to
Policy, Social Security Administration, findings about medical equivalence in
the Commissioner in the notice of the disability claims under titles II and XVI
6401 Security Boulevard, Baltimore, MD determination or decision. The final
21235–6401, (410) 594–2128. For of the Social Security Act.
rules revised these policies for claims
information on eligibility or filing for DATES: Effective Date: March 27, 2017.
filed on or after March 27, 2017, in
benefits, call our national toll-free several ways. For example, in claims FOR FURTHER INFORMATION CONTACT:
number 1–800–772, 1213, or TTY 1– filed on or after March 27, 2017, Joshua Silverman, Office of Disability
800–325–0778, or visit our Internet site, adjudicators will not provide any Policy, Social Security Administration,
Social Security Online, at http:// articulation about their consideration of 6401 Security Boulevard, Baltimore, MD
www.socialsecurity.gov. this evidence because it is inherently 21235–6401, (410) 594–2128. For
SUPPLEMENTARY INFORMATION: Although neither valuable nor persuasive to us. information on eligibility or filing for
5 U.S.C. 552(a)(1) and (a)(2) do not Therefore, this SSR is inconsistent with benefits, call our national toll-free
require us to publish this notice, we are the final rules. number 1–800–772, 1213, or TTY 1–
doing so in accordance with 20 CFR SSR 06–03p explained how we 800–325–0778, or visit our Internet site,
402.35(b)(1). consider opinions and other evidence Social Security Online, at http://
Through SSRs, we make available to from sources who are not acceptable www.socialsecurity.gov.
the public precedential decisions medical sources and how we consider SUPPLEMENTARY INFORMATION: Although
relating to the Federal old-age, decisions by other governmental and 5 U.S.C. 552(a)(1) and (a)(2) do not
survivors, disability, supplemental nongovernmental agencies on the issue require us to publish this SSR, we are
security income, and special veterans of disability or blindness. The final doing so in accordance with 20 CFR
asabaliauskas on DSK3SPTVN1PROD with NOTICES
benefits programs. We may base SSRs rules revised these policies for claims 402.35(b)(1).
on determinations or decisions made at filed on or after March 27, 2017, in Through SSRs, we make available to
all levels of administrative adjudication, several ways. For example, in claims the public precedential decisions
Federal court decisions, Commissioner’s filed on or after March 27, 2017, the relating to the Federal old-age,
decisions, opinions of the Office of the final rules state that all medical sources, survivors, disability, supplemental
General Counsel, or other not just acceptable medical sources, can security income, and special veterans
make evidence that we categorize and benefits programs. We may base SSRs
34 17 CFR 200.30–3(a)(12). consider as medical opinions. Also, in on determinations or decisions made at
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Document Created: 2017-03-25 00:21:27
Document Modified: 2017-03-25 00:21:27
| 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 | 82 FR 15258 |
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