83 FR 18106 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Proposed Rule Change, Security-Based Swap Submission or Advance Notice Relating to Amendments to the ICE Clear Europe CDS End-of-Day Pricing Policy
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 80 (April 25, 2018)
Federal Register Volume 83, Issue 80 (April 25, 2018)
| Page Range | 18106-18108 | |
| FR Document | 2018-08618 |
[Federal Register Volume 83, Number 80 (Wednesday, April 25, 2018)] [Notices] [Pages 18106-18108] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-08618] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83072; File No. SR-ICEEU-2018-006] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Proposed Rule Change, Security-Based Swap Submission or Advance Notice Relating to Amendments to the ICE Clear Europe CDS End- of-Day Pricing Policy April 19, 2018 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 April 5, 2018, ICE Clear Europe Limited (``ICE Clear Europe'' or the ``Clearing House'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule changes described in Items I, II, and III below, which Items have been prepared primarily by ICE Clear Europe. 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. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change ICE Clear Europe proposes revisions to its CDS End-of-Day Price Discovery Policy (``Price Discovery Policy'') related to the bid-offer width (``BOW'') methodology for credit default swap (``CDS'') contracts. II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements. (A) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (a) Purpose ICE Clear Europe proposes revising its Price Discovery Policy to enhance the methodology used to determine bid-offer widths (``BOWs'') for CDS Contracts to incorporate a new variability band methodology, and to make certain other updates and clarifications. Each business day, ICE Clear Europe determines end-of-day (``EOD'') levels for CDS Contracts through its Price Discovery Policy, based on EOD submissions from its CDS Clearing Members. ICE Clear Europe uses these levels for mark-to-market and risk management purposes. As part of this price discovery process, ICE Clear Europe determines BOWs for each eligible CDS Contract. The BOW is intended to estimate the bid- offer width for the two-way market available for each clearing-eligible instrument at the specified determination time on each business day. The BOWs are then used in ICE Clear Europe's price discovery process as inputs in the determination of EOD levels and firm trades, and other risk management matters. The current methodology for determining BOWs is based on observed intraday quotes and an assessment of the current level of market variability. Based on this information, ICE Clear Europe determines a consensus BOW for each relevant instrument. The amendments remove from the Price Discovery Policy an alternative approach for calculating consensus BOWs using exponentially weighting moving averages that was planned but never implemented. The amendments restate the current methodology in use (which is based on specified averages of BOW time series). The amendments also adopt a new variability band approach for widening BOWs in certain market conditions. Under volatile or fast- moving market conditions, BOWs may temporarily be wider than observed in intraday quotes. Currently, ICE Clear Europe's clearing risk department monitors market conditions and may apply manual adjustments to BOWs as appropriate to take into account such conditions. ICE Clear Europe proposes to capture such market conditions in a more comprehensive and automated way through a methodology that computes a variability level and a variability band for each of the main risk factors based on a time series of intraday quote mid-levels for the most actively traded instrument (``MATI'') of the considered risk factor. The BOW will be automatically adjusted based on the variability band, as discussed herein. For index instruments, under the revised approach, ICE Clear Europe will compute a variability level for each of the main index risk factors. For each instrument, ICE Clear Europe's systems establish a time series of intraday quote mid-levels for the MATI. If the last mid- level in the time series is below the prior day's EOD level by more than one pre-defined BOW for regime 3, the variability level is the difference between the prior day's EOD level and the minimum mid-level in the time series, divided by the pre-defined BOW. For intraday mid- levels falling within one pre-defined regime 3 BOW from the prior day's EOD level, the variability level is set to 1.0 if the range of mid- levels in the time series is less than or equal to the pre-defined regime 3 BOW, and set to 1.2 if the range of mid-levels in the time series is greater than the pre-defined regime 3 BOW. Under the revised policy, ICE Clear Europe will establish variability bands (from zero to three) that correspond to specific ranges of variability level (with band zero having the lowest range of variability level). ICE Clear Europe will then group index risk factors into specific market-proxy groups, CDX (covering the North American investment grade and high yield index risk factors) and iTraxx (covering the [[Page 18107]] iTraxx main, cross over, senior financial, sub financials and high volatility index risk factors). For each market proxy group, ICE Clear Europe will determine a market proxy variability band by using the largest variability band computed for the index risk factors within that proxy group. For index instruments, ICE Clear Europe will continue to maintain three different predefined BOWs, each of which corresponds to one of three specific market regimes (regime 1, regime 2 and regime 3, with the BOW for regime 1 being the smallest and regime 3 the largest). As under the current approach, ICE Clear Europe first selects the market regime for each index risk sub-factor based on its MATI. Under the revised approach, ICE Clear Europe will then adjust the regime for each index risk sub-factor's MATI depending on the applicable market proxy variability band for the instrument. The adjustment (referred to as an index variability increment) can be none, one regime (moving from Regime 1 to Regime 2 or from Regime 2 to Regime 3), or two regimes (moving from Regime 1 to Regime 3 or from Regime 2 to Regime 3). Higher market proxy variability bands result in a larger adjustment. The clearing risk department has the discretion to adjust market regimes as it determines best reflects current market conditions. For single-name instruments, the revised policy applies a new scaling factor, referred to as an SN variability factor, to the consensus EOD BOWs for single name instruments calculated under the existing methodology. The SN variability factor will be determined based on a market proxy variability band. ICE Clear Europe will assign each single name risk factor to a specific market proxy group (CDX for standard North American corporates, iTraxx for standard European corporates and standard Western European sovereigns). The scaling factor will range from 1 to 1.5, depending on the market proxy variability band (with higher bands having a higher variability factor). The clearing risk department also has discretion to override the scaling actor with any factor it deems appropriate to best reflect market conditions. In connection with these changes, ICE Clear Europe is removing from the policy an alternative approach to variability adjustments that was planned but had not been implemented. The amendments also contain various typographical corrections, updates to cross-references and similar clarifications. (b) Statutory Basis ICE Clear Europe believes that the proposed amendments are consistent with the requirements of Section 17A of the Act \3\ and the regulations thereunder applicable to it. Section 17A(b)(3)(F) of the Act \4\ in particular requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, the safeguarding of securities and funds in the custody or control of the clearing agency, and the protection of investors and the public interest. The proposed amendments are designed to enhance the Clearing House's Price Discovery Policy, which is a key aspect of the risk management and daily settlement procedures of the Clearing House for CDS Contracts. The proposed amendments in particular will provide a more comprehensive and automated approach for adjusting BOWs used in the EOD price discovery process for both index and single-name CDS Contracts to reflect market conditions, particularly during periods of high market variability. ICE Clear Europe believes that the amendments will thus promote prompt and accurate clearing and settlement, within the meaning of Section 17A(b)(3)(F). For similar reasons, ICE Clear Europe believes that the amendments are also consistent with the risk- based margining requirements of Commission Rule 17Ad-22(e)(6),\5\ including the requirement to use reliable sources of timely price data and procedures and sound valuation models for addressing circumstances in which pricing data are not readily available or reliable. --------------------------------------------------------------------------- \3\ 15 U.S.C. 78q-1. \4\ 15 U.S.C. 78q-1(b)(3)(F). \5\ 17 CFR 240.17Ad-22(e)(6). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition ICE Clear Europe does not believe the proposed rule changes would have any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the purpose of the Act. The proposed changes to the Price Discovery Policy, and in particular the revised BOW variability methodology for Single Name and Index instruments, will apply uniformly across all CDS Clearing Members and market participants. ICE Clear Europe does not believe the amendments will adversely affect competition among CDS Clearing Members, the cost of clearing, or the ability of market participants to clear CDS Contracts generally. Similarly, the Clearing House does not believe the amendments will reduce access to clearing of CDS Contracts or limit market participants' choices for clearing CDS Contracts. Therefore, ICE Clear Europe does not believe the proposed rule changes impose any burden on competition that is inappropriate in furtherance of the purposes of the Act. (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed amendments have not been solicited or received by ICE Clear Europe. ICE Clear Europe will notify the Commission of any comments received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change or (B) institute proceedings to determine whether the proposed rule change should be disapproved. The proposal shall not take effect until all regulatory actions required with respect to the proposal are completed. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml) or Send an email to rule-comments@sec.gov. Please include File Number SR-ICEEU-2018-006 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-ICEEU-2018-006. This file number should be included on the [[Page 18108]] 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 website (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 website viewing and printing in the Commission's Public Reference Section, 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 filings will also be available for inspection and copying at the principal office of ICE Clear Europe and on ICE Clear Europe's website at https://www.theice.com/notices/Notices.shtml?regulatoryFilings. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-ICEEU-2018-006 and should be submitted on or before May 16, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\6\ --------------------------------------------------------------------------- \6\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-08618 Filed 4-24-18; 8:45 am] BILLING CODE 8011-01-P
![18106 Federal Register / Vol. 83, No. 80 / Wednesday, April 25, 2018 / Notices
rules/sro.shtml). Copies of the have been prepared primarily by ICE Based on this information, ICE Clear
submission, all subsequent Clear Europe. The Commission is Europe determines a consensus BOW
amendments, all written statements publishing this notice to solicit for each relevant instrument. The
with respect to the proposed rule comments on the proposed rule change amendments remove from the Price
change that are filed with the from interested persons. Discovery Policy an alternative
Commission, and all written approach for calculating consensus
communications relating to the I. Clearing Agency’s Statement of the BOWs using exponentially weighting
proposed rule change between the Terms of Substance of the Proposed moving averages that was planned but
Commission and any person, other than Rule Change never implemented. The amendments
those that may be withheld from the ICE Clear Europe proposes revisions restate the current methodology in use
public in accordance with the to its CDS End-of-Day Price Discovery (which is based on specified averages of
provisions of 5 U.S.C. 552, will be Policy (‘‘Price Discovery Policy’’) BOW time series).
available for website viewing and related to the bid-offer width (‘‘BOW’’) The amendments also adopt a new
printing in the Commission’s Public methodology for credit default swap variability band approach for widening
Reference Room, 100 F Street NE, (‘‘CDS’’) contracts. BOWs in certain market conditions.
Washington, DC 20549 on official Under volatile or fast-moving market
business days between the hours of II. Clearing Agency’s Statement of the conditions, BOWs may temporarily be
10:00 a.m. and 3:00 p.m. Copies of such Purpose of, and Statutory Basis for, the wider than observed in intraday quotes.
filing also will be available for Proposed Rule Change Currently, ICE Clear Europe’s clearing
inspection and copying at the principal In its filing with the Commission, ICE risk department monitors market
office of the Exchange. All comments Clear Europe included statements conditions and may apply manual
received will be posted without change. concerning the purpose of and basis for adjustments to BOWs as appropriate to
Persons submitting comments are the proposed rule change and discussed take into account such conditions. ICE
cautioned that we do not redact or edit any comments it received on the Clear Europe proposes to capture such
personal identifying information from proposed rule change. The text of these market conditions in a more
comment submissions. You should statements may be examined at the comprehensive and automated way
submit only information that you wish places specified in Item IV below. ICE through a methodology that computes a
to make available publicly. All Clear Europe has prepared summaries, variability level and a variability band
submissions should refer to File set forth in sections (A), (B), and (C) for each of the main risk factors based
Number SR–NYSEArca–2018–23, and below, of the most significant aspects of on a time series of intraday quote mid-
should be submitted on or before May such statements. levels for the most actively traded
16, 2018. instrument (‘‘MATI’’) of the considered
(A) Clearing Agency’s Statement of the risk factor. The BOW will be
For the Commission, by the Division of Purpose of, and Statutory Basis for, the
Trading and Markets, pursuant to delegated automatically adjusted based on the
authority.54
Proposed Rule Change variability band, as discussed herein.
Eduardo A. Aleman, (a) Purpose For index instruments, under the
Assistant Secretary. revised approach, ICE Clear Europe will
ICE Clear Europe proposes revising its compute a variability level for each of
[FR Doc. 2018–08616 Filed 4–24–18; 8:45 am] Price Discovery Policy to enhance the the main index risk factors. For each
BILLING CODE 8011–01–P methodology used to determine bid- instrument, ICE Clear Europe’s systems
offer widths (‘‘BOWs’’) for CDS establish a time series of intraday quote
Contracts to incorporate a new mid-levels for the MATI. If the last mid-
SECURITIES AND EXCHANGE variability band methodology, and to
COMMISSION level in the time series is below the
make certain other updates and prior day’s EOD level by more than one
[Release No. 34–83072; File No. SR–ICEEU– clarifications. pre-defined BOW for regime 3, the
2018–006] Each business day, ICE Clear Europe variability level is the difference
determines end-of-day (‘‘EOD’’) levels between the prior day’s EOD level and
Self-Regulatory Organizations; ICE for CDS Contracts through its Price the minimum mid-level in the time
Clear Europe Limited; Notice of Filing Discovery Policy, based on EOD series, divided by the pre-defined BOW.
of Proposed Rule Change, Security- submissions from its CDS Clearing For intraday mid-levels falling within
Based Swap Submission or Advance Members. ICE Clear Europe uses these one pre-defined regime 3 BOW from the
Notice Relating to Amendments to the levels for mark-to-market and risk prior day’s EOD level, the variability
ICE Clear Europe CDS End-of-Day management purposes. As part of this level is set to 1.0 if the range of mid-
Pricing Policy price discovery process, ICE Clear levels in the time series is less than or
April 19, 2018 Europe determines BOWs for each equal to the pre-defined regime 3 BOW,
Pursuant to Section 19(b)(1) of the eligible CDS Contract. The BOW is and set to 1.2 if the range of mid-levels
Securities Exchange Act of 1934 intended to estimate the bid-offer width in the time series is greater than the pre-
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 for the two-way market available for defined regime 3 BOW.
notice is hereby given that on April 5, each clearing-eligible instrument at the Under the revised policy, ICE Clear
2018, ICE Clear Europe Limited (‘‘ICE specified determination time on each Europe will establish variability bands
Clear Europe’’ or the ‘‘Clearing House’’) business day. The BOWs are then used (from zero to three) that correspond to
in ICE Clear Europe’s price discovery specific ranges of variability level (with
sradovich on DSK3GMQ082PROD with NOTICES
filed with the Securities and Exchange
Commission (‘‘Commission’’) the process as inputs in the determination band zero having the lowest range of
proposed rule changes described in of EOD levels and firm trades, and other variability level). ICE Clear Europe will
Items I, II, and III below, which Items risk management matters. then group index risk factors into
The current methodology for specific market-proxy groups, CDX
54 17 CFR 200.30–3(a)(12). determining BOWs is based on observed (covering the North American
1 15 U.S.C. 78s(b)(1). intraday quotes and an assessment of investment grade and high yield index
2 17 CFR 240.19b–4. the current level of market variability. risk factors) and iTraxx (covering the
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![18108 Federal Register / Vol. 83, No. 80 / Wednesday, April 25, 2018 / Notices
subject line if email is used. To help the (‘‘Commission’’), pursuant to Section the proposed rule change would remove
Commission process and review your 19(b)(1) of the Securities Exchange Act from the performance objective setting
comments more efficiently, please use of 1934 (‘‘Act’’),1 and Rule 19b–4 and monitoring process all references to
only one method. The Commission will thereunder,2 a proposed rule change to the ORM and assign to ICC Systems
post all comments on the Commission’s update the ICC Operational Risk Operations and the ERM the ORM’s
internet website (http://www.sec.gov/ Management Framework responsibilities under the mitigate and
rules/sro.shtml). Copies of the (‘‘Framework’’). The proposed rule report components of the Operational
submission, all subsequent change was published for comment in Risk Lifecycle.10 The proposed rule
amendments, all written statements the Federal Register on March 7, 2018.3 change would eliminate the ORM’s
with respect to the proposed rule The Commission did not receive responsibilities related to business
change that are filed with the comments regarding the proposed rule continuity planning (‘‘BCP’’) and
Commission, and all written change. For the reasons discussed disaster recovery (‘‘DR’’) from the
communications relating to the below, the Commission is approving the ‘‘Business Continuity Planning and
proposed rule change between the proposed rule change. Disaster Recovery’’ risk focus area and
Commission and any person, other than reassign those responsibilities to ICC,
II. Description of the Proposed Rule
those that may be withheld from the the ICC BCP and DR Oversight
Change
public in accordance with the Committee, and the ICC Compliance
provisions of 5 U.S.C. 552, will be The Framework details ICC’s program Committee.11 Finally, the proposed rule
available for website viewing and of operational risk assessment and change would remove from the ‘‘New
printing in the Commission’s Public oversight.4 The proposed rule change Products, Processes and Initiatives’’ risk
Reference Section, 100 F Street NE, would modify the Framework to remove focus area reference to the ORM’s role
Washington, DC 20549, on official the role of the Operational Risk Manager on the ICC New Initiative Approval
business days between the hours of (‘‘ORM’’) and assign several of its Committee and note that the ERM
10:00 a.m. and 3:00 p.m. Copies of such responsibilities to the ICE, Inc. conducts post-implementation reviews
filings will also be available for Enterprise Risk Management Chief Risk of new initiatives.12
inspection and copying at the principal Officer for North American Clearing
Houses (‘‘ERM’’).5 The ORM was an ICC The proposed rule change would
office of ICE Clear Europe and on ICE
employee responsible for implementing revise the ‘‘Vendor Assessment’’ risk
Clear Europe’s website at https://
the Framework across ICC, and reported focus area of the Framework to clarify
www.theice.com/notices/Notices.shtml?
regulatoryFilings. directly to ICC’s Chief Compliance that the ICC BCP and DR Oversight
All comments received will be posted Officer. The ERM, in contrast, is an ICE, Committee will replace the ORM in
without change. Persons submitting Inc. employee and is responsible for the performing the following functions: (1)
comments are cautioned that we do not ICE, Inc. Enterprise Risk Management Reviewing and recommending that the
redact or edit personal identifying Department’s (‘‘ERM Department’’) ICC Compliance Committee approve the
information from comment submissions. coverage of ICC,6 which provides the inventory of critical vendors and (2)
You should submit only information oversight and framework for identifying, conducting a service provider risk
that you wish to make available assessing, managing, monitoring, and assessment for each critical vendor.13
publicly. All submissions should refer reporting on risk across the ICE, Inc. The proposed rule change would also
to File Number SR–ICEEU–2018–006 organization as a whole.7 Going add to the Framework procedures for
and should be submitted on or before forward, responsibility for overseeing the assessment process of critical
May 16, 2018. the management of the Framework will vendors.14
For the Commission, by the Division of rest with the ERM, in conjunction with The proposed rule change would
Trading and Markets, pursuant to delegated the ICC Compliance Committee.8 modify the ‘‘ICE Information Security’’
authority.6 The proposed rule change would risk focus area of the Framework to refer
Eduardo A. Aleman, remove from the risk assessment process to the ICE Information Security
Assistant Secretary. all references to the ORM and assign to Department’s overall governing
[FR Doc. 2018–08618 Filed 4–24–18; 8:45 am]
the ERM the ORM’s responsibilities document and to reflect changes to the
under the identify, monitor, mitigate, membership of the Department’s
BILLING CODE 8011–01–P
and report components of the governance committee.15
Operational Risk Lifecycle.9 Similarly, Finally, the proposed rule change
SECURITIES AND EXCHANGE 1 15
would make clarifying edits to the
U.S.C. 78s(b)(1).
COMMISSION 2 17
Framework to reflect current practices
CFR 240.19b–4.
[Release No. 34–83071; File No. SR–ICC– 3 Securities Exchange Act Release No. 82798 and other non-material changes.16 For
2018–003] (March 1, 2018), 83 FR 9786 (March 7, 2018) (SR– example, the proposed rule change
ICC–2018–003) (‘‘Notice’’). would make minor grammatical and
Self-Regulatory Organizations; ICE 4 Notice, 83 FR at 9787. Capitalized terms used
structural changes to the Framework
herein but not otherwise defined have the meaning and update the appendix to more clearly
Clear Credit LLC; Order Approving set forth in the ICE Clear Europe rulebook, which
Proposed Rule Change Relating to is available at https://www.theice.com/clear-europe/ summarize and describe the regulatory
Amendments to the ICC Operational regulation#rulebook. requirements and industry guidance to
Risk Management Framework 5 Id. which ICC is subject.17
6 Id.
sradovich on DSK3GMQ082PROD with NOTICES
April 19, 2018. 7 Id.
10 Notice, 83 FR at 9787.
8 Id.
I. Introduction 9 Id. ICC’s operational risk program is framed by
11 Id.
12 Id.
On February 23, 2018, ICE Clear an Operational Risk Lifecycle, the goal of which is 13 Id.
Credit LLC (‘‘ICC’’) filed with the to actively identify, assess, monitor, mitigate, and 14 Id.
report on all plausible sources of operational risk.
Securities and Exchange Commission See Securities Exchange Act Release No. 77769
15 Notice, 83 FR at 9787.
16 Id.
(May 5, 2016), 81 FR 29312 (May 11, 2016) (SR–
6 17 CFR 200.30–3(a)(12). ICC–2016–003) (describing the Framework). 17 Id. at 9787–9788.
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Document Created: 2018-11-02 08:17:49
Document Modified: 2018-11-02 08:17:49
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 18106 |
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