83 FR 25074 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing of Proposed Rule Change To Amend Rules 7150 and 7245
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 105 (May 31, 2018)
Federal Register Volume 83, Issue 105 (May 31, 2018)
| Page Range | 25074-25076 | |
| FR Document | 2018-11607 |
[Federal Register Volume 83, Number 105 (Thursday, May 31, 2018)] [Notices] [Pages 25074-25076] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-11607] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83317; File No. SR-BOX-2018-17] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing of Proposed Rule Change To Amend Rules 7150 and 7245 May 24, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on May 14, 2018, BOX Options Exchange LLC (the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to amend Rules 7150 and 7245. The text of the proposed rule change is available from the principal office of the Exchange, at the Commission's Public Reference Room and also on the Exchange's internet website at http://boxoptions.com. 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 self-regulatory organization 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 self-regulatory organization 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rules 7150 (Price Improvement Period (``PIP'')) and 7245 (Complex Price Improvement Period (``COPIP'')) to provide additional information in the respective auction notifications. Specifically, the Exchange is proposing to provide the account type of the PIP Order \3\ and COPIP Order \4\ as part of the auction broadcast.\5\ --------------------------------------------------------------------------- \3\ A PIP Order is an order that is executed entirely via the Price Improvement Period (``PIP''). See Rule 7150(f). \4\ A COPIP Orders is a Complex Order that is executed via the Complex Order Price Improvement Period (``COPIP''). See Rule 7245(f). \5\ BOX has the following account types: Public Customer, Professional Customer, Broker Dealer, Market Maker and Away Market Maker. See RC-2014-05A for more details. --------------------------------------------------------------------------- The system commences a PIP and COPIP Auction by broadcasting a message via the High Speed Vendor Feed (``HSVF'').\6\ Currently, the broadcast: (1) States that a Primary Improvement Order \7\ has been processed; (2) contains information concerning series,\8\ size, start price, and side of market; and (3) states when the auction will conclude. The Exchange is now proposing that, in addition to the above information, the broadcast will include the account type of the PIP and COPIP Order.\9\ The Exchange notes that other option exchanges provide account type information for orders on their electronic book as part of their data feeds.\10\ --------------------------------------------------------------------------- \6\ See Rules 7150(f) and 7245(f). \7\ A Primary Improvement Order is a contra side order equal to the full size of the PIP or COPIP Order. See Rules 7150(f) and 7245(f). \8\ For a COPIP, the strategy identifier is broadcasted. \9\ See proposed changes to Rules 7150(f) and 7245(f). \10\ See Securities Exchange Act Release No. 74759 (April 17, 2015), 80 FR 22749 (Notice of Filing and Immediate Effectiveness SR- MIAX-2015-28). The MIAX Order Feed provides, among other things, the origin of each order for the entire order book to its users. The Exchange notes there are certain differences between the proposal and the MIAX Order Feed. Specifically, the Exchange is only proposing to provide the account type for PIP and COPIP Orders while MIAX provides the account type of each order for the entire order book, but not for auctions. The Exchange believes this is a minor difference because both exchanges are providing the same information (i.e., account type) with BOX providing it to a limited subset of orders where MIAX is not providing such information. Further, as expressed in the proposal, the Exchange does not believe that the proposed information will have a material impact on the participation during the PIP and COPIP auctions. Therefore, the Exchange believes it is reasonable and consistent with the Act to provide the proposed information for PIP and COPIP Orders. See also Securities Exchange Act Release No. 66993 (May 15, 2012), 77 FR 30043 (Notice of Filing and Immediate Effectiveness SR-PHLX-2012- 63). --------------------------------------------------------------------------- [[Page 25075]] The HSVF provides data to enhance the ability of subscribers to analyze market conditions and to create and test trading models and analytical strategies. In response to Participant feedback, the Exchange is exploring the feasibility of adding information (i.e. account type) that market participants can use to gain comprehensive insight into the trading activity on the Exchange as well as additional transparency with regard to orders submitted to the Exchange. The Exchange is proposing to first include the account type of the PIP and COPIP Order into the PIP Broadcast because such a change can be implemented quickly.\11\ The Exchange believes that providing the proposed information is important as it will provide additional transparency to market participants so they may have greater insight into the order flow on the Exchange. --------------------------------------------------------------------------- \11\ The Exchange notes that including the account type of all orders on the BOX Book would take substantially longer to implement. The Exchange believes that providing the account type for PIP and COPIP Orders can be implemented in a short time frame and will allow the Exchange to assess whether such information would be beneficial in BOX's HSVF. --------------------------------------------------------------------------- The Exchange does not believe the proposed change will have a material impact on competition. Specifically, the Exchange does not believe that the proposed change will have a noticeable impact on competition or the level of responses during an auction. The Exchange believes that Participants will ultimately make a determination on whether to respond to the auction based on price, size, current quote and market conditions. The proposed information will provide additional transparency to Participants; however, it should not materially affect participation during the auctions. As such, the Exchange believes the proposed change is not unfairly discriminatory.\12\ --------------------------------------------------------------------------- \12\ The Exchange notes that PIP and COPIP Orders are entered into the system with a contra-side order guaranteeing the full size of the PIP or COPIP Order. Therefore, the PIP and COPIP Order is fully guaranteed and will always receive a full execution once submitted to the system. --------------------------------------------------------------------------- The Exchange anticipates implementing the proposed change during the third quarter of 2018, pending approval of this filing. The Exchange will provide at least two weeks notification to Participants of the exact implementation date via Circular. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \13\ in general, and furthers the objectives of Section 6(b)(5) of the Act \14\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b). \14\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- In particular, the Exchange believes the proposed rule change is designed to remove impediments to and perfect the mechanisms of a free and open market and a national market system by providing additional information and insight to Participants. Further, the Exchange believes that the proposed change will enhance Participants' ability to make more informed and timely trading decisions. Additionally, as set forth above, the Exchange believes that the proposed change is reasonable and appropriate as another options exchange disseminates account type information on orders.\15\ --------------------------------------------------------------------------- \15\ See supra note 10. --------------------------------------------------------------------------- The Exchange believes the proposed change is not unfairly discriminatory because the proposed information will be available to all subscribers of the HSVF. As such, the Exchange does not believe the proposed change will have an adverse impact on any market participant. Additionally, as explained above, the Exchange does not believe the proposed change will have a material impact on competition during the auctions. B. Self-Regulatory Organization's Statement on Burden on Competition This proposed change will give market participants greater information on which to base their trading strategies. As such, 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. As discussed above, other option exchanges include account type information in their data feeds. Additionally, the Exchange does not believe that the proposed change will have a material impact on competition during the auction. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received comments on the proposed rule change. 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 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. 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 [email protected]. Please include File Number SR-BOX-2018-17 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-BOX-2018-17. 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 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 [[Page 25076]] 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 Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change. 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-BOX- 2018-17, and should be submitted on or before June 21, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-11607 Filed 5-30-18; 8:45 am] BILLING CODE 8011-01-P
![25074 Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices
Asset-Based Distribution and/or Service Applicants’ Condition II. Self-Regulatory Organization’s
Fees Statement of the Purpose of, and
Applicants agree that any order Statutory Basis for, the Proposed Rule
1. Section 17(d) of the Act and rule granting the requested relief will be Change
17d–1 under the Act prohibit an subject to the following condition:
In its filing with the Commission, the
affiliated person of a registered Each Fund relying on the order will self-regulatory organization included
investment company, or an affiliated comply with the provisions of rules 6c– statements concerning the purpose of,
person of such person, acting as 10, 12b–1, 17d–3, 18f–3, 22d–1, and, and basis for, the proposed rule change
principal, from participating in or where applicable, 11a–3 under the Act, and discussed any comments it received
effecting any transaction in connection as amended from time to time, as if on the proposed rule change. The text
with any joint enterprise or joint those rules applied to closed-end of these statements may be examined at
arrangement in which the investment management investment companies, the places specified in Item IV below.
company participates unless the and will comply with the FINRA Sales The self-regulatory organization has
Commission issues an order permitting Charge Rule, as amended from time to prepared summaries, set forth in
the transaction. In reviewing time, as if that rule applied to all closed- Sections A, B, and C below, of the most
applications submitted under section end management investment significant aspects of such statements.
17(d) and rule 17d–1, the Commission companies.
considers whether the participation of A. Self-Regulatory Organization’s
For the Commission, by the Division of Statement of the Purpose of, and
the investment company in a joint Investment Management, under delegated
enterprise or joint arrangement is Statutory Basis for, the Proposed Rule
authority. Change
consistent with the provisions, policies Eduardo A. Aleman,
and purposes of the Act, and the extent 1. Purpose
Assistant Secretary.
to which the participation is on a basis The Exchange proposes to amend
[FR Doc. 2018–11594 Filed 5–30–18; 8:45 am]
different from or less advantageous than Rules 7150 (Price Improvement Period
that of other participants. BILLING CODE 8011–01–P
(‘‘PIP’’)) and 7245 (Complex Price
2. Rule 17d–3 under the Act provides Improvement Period (‘‘COPIP’’)) to
an exemption from section 17(d) and SECURITIES AND EXCHANGE provide additional information in the
rule 17d–1 to permit open-end COMMISSION respective auction notifications.
investment companies to enter into Specifically, the Exchange is proposing
distribution arrangements pursuant to to provide the account type of the PIP
[Release No. 34–83317; File No. SR–BOX–
rule 12b–1 under the Act. Applicants Order 3 and COPIP Order 4 as part of the
2018–17]
request an order under section 17(d) and auction broadcast.5
rule 17d–1 under the Act to the extent The system commences a PIP and
Self-Regulatory Organizations; BOX
necessary to permit the Fund to impose COPIP Auction by broadcasting a
Options Exchange LLC; Notice of
asset-based distribution and/or service message via the High Speed Vendor
Filing of Proposed Rule Change To
fees. Applicants have agreed to comply Feed (‘‘HSVF’’).6 Currently, the
Amend Rules 7150 and 7245
with rules 12b–1 and 17d–3 as if those broadcast: (1) States that a Primary
rules applied to closed-end investment May 24, 2018. Improvement Order 7 has been
companies, which they believe will processed; (2) contains information
Pursuant to Section 19(b)(1) of the
resolve any concerns that might arise in concerning series,8 size, start price, and
Securities Exchange Act of 1934 (the
connection with a Fund financing the side of market; and (3) states when the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
distribution of its shares through asset- auction will conclude. The Exchange is
notice is hereby given that on May 14,
based fees. now proposing that, in addition to the
2018, BOX Options Exchange LLC (the
above information, the broadcast will
For the reasons stated above, ‘‘Exchange’’) filed with the Securities
include the account type of the PIP and
applicants submit that the exemptions and Exchange Commission
COPIP Order.9 The Exchange notes that
requested under section 6(c) are (‘‘Commission’’) the proposed rule
other option exchanges provide account
necessary and appropriate in the public change as described in Items I and II
type information for orders on their
interest and are consistent with the below, which Items have been prepared
electronic book as part of their data
protection of investors and the purposes by the self-regulatory organization. The
feeds.10
fairly intended by the policy and Commission is publishing this notice to
provisions of the Act. Applicants further solicit comments on the proposed rule 3 A PIP Order is an order that is executed entirely
submit that the relief requested change from interested persons. via the Price Improvement Period (‘‘PIP’’). See Rule
pursuant to section 23(c)(3) will be 7150(f).
I. Self-Regulatory Organization’s 4 A COPIP Orders is a Complex Order that is
consistent with the protection of Statement of the Terms of the Substance executed via the Complex Order Price Improvement
investors and will insure that applicants of the Proposed Rule Change Period (‘‘COPIP’’). See Rule 7245(f).
do not unfairly discriminate against any 5 BOX has the following account types: Public
holders of the class of securities to be The Exchange proposes to amend Customer, Professional Customer, Broker Dealer,
purchased. Finally, applicants state that Rules 7150 and 7245. The text of the Market Maker and Away Market Maker. See RC–
2014–05A for more details.
the Funds’ imposition of asset-based proposed rule change is available from 6 See Rules 7150(f) and 7245(f).
distribution and/or service fees is the principal office of the Exchange, at
amozie on DSK3GDR082PROD with NOTICES1
7 A Primary Improvement Order is a contra side
consistent with the provisions, policies the Commission’s Public Reference order equal to the full size of the PIP or COPIP
and purposes of the Act and does not Room and also on the Exchange’s Order. See Rules 7150(f) and 7245(f).
8 For a COPIP, the strategy identifier is
involve participation on a basis different internet website at http://
broadcasted.
from or less advantageous than that of boxoptions.com. 9 See proposed changes to Rules 7150(f) and
other participants. Applicants therefore 7245(f).
believe that the requested relief meets 1 15 U.S.C. 78s(b)(1). 10 See Securities Exchange Act Release No. 74759
the standards of section 6(c) of the Act. 2 17 CFR 240.19b–4. (April 17, 2015), 80 FR 22749 (Notice of Filing and
VerDate Sep<11>2014 17:46 May 30, 2018 Jkt 241001 PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 E:\FR\FM\31MYN1.SGM 31MYN1](https://thefederalregister.org/doc/83_FR_25179/page/1.svg)
![25076 Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices
Commission and any person, other than I. Self-Regulatory Organization’s business organizations (such as royalty
those that may be withheld from the Statement of the Terms of Substance of trusts) and derivative and special
public in accordance with the the Proposed Rule Change purpose securities either do not have
provisions of 5 U.S.C. 552, will be The Exchange proposes to amend the right to elect directors at annual
available for website viewing and NYSE Arca Rule 5.3–E to exclude meetings or have the right to elect
printing in the Commission’s Public certain categories of issuers from the directors only in very limited
Reference Room, 100 F Street NE, Exchange’s annual meeting requirement. circumstances. For example, holders of
Washington, DC 20549 on official The proposed rule change is available non-voting preferred securities may
business days between the hours of on the Exchange’s website at have the right to temporarily elect
10:00 a.m. and 3:00 p.m. Copies of such www.nyse.com, at the principal office of directors if dividends on such securities
filing also will be available for the Exchange, and at the Commission’s have not been paid for a specified
inspection and copying at the principal Public Reference Room. period of time. Absent such special
office of the Exchange. All comments circumstances, in no event do holders of
received will be posted without change. II. Self-Regulatory Organization’s the securities listed above elect directors
Persons submitting comments are Statement of the Purpose of, and on an annual basis. Despite the fact that
Statutory Basis for, the Proposed Rule there is no matter with respect to which
cautioned that we do not redact or edit
Change holders of these securities have an
personal identifying information from
comment submissions. You should In its filing with the Commission, the annual voting right under state law or
submit only information that you wish self-regulatory organization included their governing documents, NYSE Arca
to make available publicly. All statements concerning the purpose of, rules currently do not exclude the
submissions should refer to File and basis for, the proposed rule change issuers of such securities from the
Number SR–BOX–2018–17, and should and discussed any comments it received requirement that they hold an annual
be submitted on or before June 21, 2018. on the proposed rule change. The text meeting of shareholders.
of those statements may be examined at NYSE Arca now proposes to change
For the Commission, by the Division of the places specified in Item IV below.
Trading and Markets, pursuant to delegated the preamble to Rule 5.3–E to provide
The Exchange has prepared summaries, that issuers of these securities would
authority.16 set forth in sections A, B, and C below, not need to satisfy the requirement to
Eduardo A. Aleman, of the most significant parts of such hold an annual meeting under Rule 5.3–
Assistant Secretary. statements. E(e)(1). The Exchange also proposes to
[FR Doc. 2018–11607 Filed 5–30–18; 8:45 am] A. Self-Regulatory Organization’s clarify that the exclusions for preferred
BILLING CODE 8011–01–P Statement of the Purpose of, and the stock set forth in that provision are
Statutory Basis for, the Proposed Rule specifically applicable only to non-
Change voting preferred stock. Notwithstanding
SECURITIES AND EXCHANGE the exclusions noted above, if an issuer
COMMISSION 1. Purpose also lists common stock or voting
NYSE Arca proposes to amend NYSE preferred stock, or their equivalent, such
[Release No. 34–83324; File No. SR– Arca Rule 5.3–E to exclude certain issuer must still hold an annual meeting
NYSEArca–2018–31] categories of issuers from the for the holders of that common stock or
Exchange’s annual meeting requirement. voting preferred stock, or their
Self-Regulatory Organizations; NYSE NYSE Arca Rule 5.3–E(e) provides equivalent. The Exchange further
Arca, Inc.; Notice of Filing and that a listed company is required to hold proposes to clarify NYSE Arca Rule 5.3–
Immediate Effectiveness of Proposed an annual meeting of shareholders to E(e)(1) by specifying that the annual
Rule Change To Amend NYSE Arca elect directors and to take action on meeting requirement contained in such
Rule 5.3–E To Exclude Certain other corporate matters in accordance rule is applicable to issuers listing
Categories of Issuers From the with its charter, by-laws and applicable common stock or voting preferred stock,
Exchange’s Annual Meeting state or other laws. The preamble to and their equivalents 6 and that such
Requirement Rule 5.3–E provides that preferred and annual meeting requirement is
debt listings, passive business inapplicable to preferred and debt
May 24, 2018. organizations (such as royalty trusts), listings, passive business organizations
derivative and special purpose (such as royalty trusts), and certain
Pursuant to Section 19(b)(1) 1 of the
securities 4 are not required to comply categories of derivative and special
Securities Exchange Act of 1934 (the
with certain of the Corporate purpose securities listed pursuant to
‘‘Act’’),2 and Rule 19b–4 thereunder,3
Governance and Disclosure Policies set Rules 5.2–E(h), 5.2–E(j)(2)–(6) and 8–E
notice is hereby given that, on May 16,
forth in NYSE Arca Rule 5.3–E.5 (8.100–E, 8.200–E, 8.201–E, 8.202–E,
2018, NYSE Arca, Inc. (the ‘‘Exchange’’
However, the preamble does not 8.203–E, 8.204–E, 8.300–E, 8.400–E,
or ‘‘NYSE Arca’’) filed with the
exclude the obligation to hold an annual 8.600–E and 8.700–E).
Securities and Exchange Commission
meeting pursuant to NYSE Arca Rule
(the ‘‘Commission’’) the proposed rule 5.3–E(e) from those requirements with The Exchange notes that the listing
change as described in Items I and II which such issuers must comply. rules of the NASDAQ Stock Market LLC
below, which Items have been prepared Holders of non-voting preferred and (‘‘NASDAQ’’), Cboe BZX Exchange, Inc.
by the self-regulatory organization. The debt securities, securities of passive (‘‘Cboe BZX’’) and NYSE American LLC
Commission is publishing this notice to (‘‘NYSE American’’) all provide explicit
amozie on DSK3GDR082PROD with NOTICES1
solicit comments on the proposed rule 4 Derivative and special purpose securities are exclusions for issuers of ETFs and other
change from interested persons. securities listed pursuant to Rules 5.2–E(h), 5.2– derivative securities products from the
E(j)(2)–(6) and Rule 8–E (8.100–E, 8.200–E, 8.201– annual meeting requirements in their
16 17
E, 8.202–E, 8.203–E, 8.204–E, 8.300–E, 8.400–E,
CFR 200.30–3(a)(12). 8.600–E and 8.700–E), including Exchange Traded
1 15 U.S.C.78s(b)(1). Funds (‘‘ETFs’’) and similar products. 6 This language is identical to that used in the
2 15 U.S.C. 78a. 5 See Securities Exchange Act Release No. 49810 NASDAQ annual meeting rule. See NASDAQ
3 17 CFR 240.19b–4. (June 4, 2004), 69 FR 32647 (June 10, 2004). Marketplace Rules IM–5620.
VerDate Sep<11>2014 17:46 May 30, 2018 Jkt 241001 PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 E:\FR\FM\31MYN1.SGM 31MYN1](https://thefederalregister.org/doc/83_FR_25179/page/3.svg)
Document Created: 2018-05-31 00:48:53
Document Modified: 2018-05-31 00:48:53
| 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 | 83 FR 25074 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR