83 FR 40379 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Clarifying and Conforming Changes to The Options Clearing Corporation's Margins Methodology and Margin Policy
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 157 (August 14, 2018)
Federal Register Volume 83, Issue 157 (August 14, 2018)
| Page Range | 40379-40381 | |
| FR Document | 2018-17395 |
[Federal Register Volume 83, Number 157 (Tuesday, August 14, 2018)] [Notices] [Pages 40379-40381] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-17395] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83799; File No. SR-OCC-2018-011] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Clarifying and Conforming Changes to The Options Clearing Corporation's Margins Methodology and Margin Policy August 8, 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 July 24, 2018, The Options Clearing Corporation (``OCC'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by OCC. OCC filed the proposed rule change pursuant to [[Page 40380]] Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(1) \4\ thereunder so that the proposal was effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(1). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change OCC proposes to make clarifying and conforming changes to its Margin Policy and Margins Methodology related to enhancements to OCC's margin methodology that were recently approved by the Commission. The proposed changes to the Margin Policy and Margins Methodology are included as confidential Exhibits 5A and 5B, respectively. Material proposed to be added to the Margin Policy and Margins Methodology as currently in effect is underlined and material proposed to be deleted is marked in strikethrough text. All capitalized terms not defined herein have the same meaning as set forth in the OCC By-Laws and Rules.\5\ --------------------------------------------------------------------------- \5\ OCC's By-Laws and Rules can be found on OCC's public website: http://optionsclearing.com/about/publications/bylaws.jsp. --------------------------------------------------------------------------- II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these statements. (A) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (1) Purpose Background OCC's margin methodology, the System for Theoretical Analysis and Numerical Simulations (``STANS''), is OCC's proprietary risk management system that calculates Clearing Member margin requirements.\6\ STANS utilizes large-scale Monte Carlo simulations to forecast price and volatility movements in determining a Clearing Member's margin requirement.\7\ The STANS margin requirement is calculated at the portfolio level of Clearing Member accounts with positions in marginable securities and consists of an estimate of a 99% expected shortfall \8\ over a two-day time horizon and an add-on margin charge for model risk (the concentration/dependence stress test charge).\9\ The STANS methodology is used to measure the exposure of portfolios of options and futures cleared by OCC and cash instruments in margin collateral. --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 53322 (February 15, 2006), 71 FR 9403 (February 23, 2006) (SR-OCC-2004-20). \7\ See OCC Rule 601. \8\ The expected shortfall component is established as the estimated average of potential losses higher than the 99% value at risk threshold. The term ``value at risk'' or ``VaR'' refers to a statistical technique that, generally speaking, is used in risk management to measure the potential risk of loss for a given set of assets over a particular time horizon. \9\ A detailed description of the STANS methodology is available at http://optionsclearing.com/risk-management/margins/. --------------------------------------------------------------------------- On May 23, 2018, the Commission issued a Notice of No Objection to OCC's advance notice filing concerning a number of enhancements to OCC's margin methodology.\10\ The proposed changes were designed to enable OCC to: (1) Obtain daily price data for equity products for use in the daily estimation of econometric model parameters; (2) enhance OCC's econometric model for updating statistical parameters for all risk factors that reflect the most recent data obtained; (3) improve the sensitivity and stability of correlation estimates across risk factors by using de-volatized returns; and (4) improve OCC's methodology related to the treatment of defaulting securities. On May 24, 2018, the Commission approved a proposed rule changed by OCC concerning these same enhancements (collectively with the advance notice filing, the ``Initial Filings'').\11\ The purpose of this proposed rule change is to make clarifying and conforming changes to OCC's Margin Policy and Margins Methodology related to the implementation of the methodology enhancements in the Initial Filings. The proposed changes are described in detail below. --------------------------------------------------------------------------- \10\ See Securities Exchange Act Release No. 83305 (May 23, 2018), 83 FR 24536 (May 29, 2018) (SR-OCC-2017-811). \11\ See Securities Exchange Act Release No. 83326 (May 24, 2018), 83 FR 25081 (May 31, 2018) (SR-OCC-2017-022). --------------------------------------------------------------------------- Proposed Changes OCC proposes to revise its Margin Policy to reflect the use of daily price data in its margin models. Under the Initial Filings, the statistical parameters for OCC's econometric model would be updated on a daily basis using the new daily price data obtained by OCC.\12\ As a result, OCC would no longer need to rely on scale factors to approximate day-to-day market volatility for equity-based products.\13\ Instead, statistical parameters would be calibrated on a daily basis, allowing OCC to calculate more accurate margin requirements that are representative of the most recent market data. OCC therefore proposes to make conforming changes to its Margin Policy to remove references to scale factors and to provide that market data would be recalibrated on an at least weekly-basis with a daily recalibration performed where possible (as opposed to recalibrating on a monthly-basis). --------------------------------------------------------------------------- \12\ See supra notes 10 and 11. \13\ Prior to the implementation of daily updates, OCC would continue to employ an approach where one or many identified market proxies (or ``scale-factors'') are used to incorporate day-to-day market volatility across all associated asset classes throughout. In 2017, the Commission approved a proposed rule change and issued a Notice of No Objection to an advance notice filing by OCC which, among other things: (1) Expanded the number of scale factors used for equity-based products to more accurately measure the relationship between current and long-run market volatility with proxies that correlate more closely to certain products carried within the equity asset class, and (2) applied relevant scale factors to the greater of (i) the estimated variance of 1-day return scenarios or (ii) the historical variance of the daily return scenarios of a particular instrument, as a floor to mitigate procyclicality. See Securities Exchange Act Release No. 80147 (March 3, 2017), 82 FR 13163 (March 9, 2017) (SR-OCC-2017-001) and Securities Exchange Act Release No. 80143 (March 2, 2017), 82 FR 13036 (March 8, 2017) (SR-OCC-2017-801). --------------------------------------------------------------------------- OCC also proposes to revise its Margins Methodology to clarify certain constraints on first and second day conditional variance estimates that would be imposed as part of the implementation of the methodology enhancements in the Initial Filings. As part of the Initial Filings, OCC introduced a second-day forecast for volatility into the model to estimate the two-day scenario distributions for risk factors.\14\ OCC proposes to clarify in its Margins Methodology that OCC would impose an upper-bound limitation on the second-day conditional variance estimate in order to ensure that the expected shortfall is finite. Specifically, in the implementation of the new methodology, OCC would floor the day ahead and second day conditional variance for STANS at 100% every day. --------------------------------------------------------------------------- \14\ See supra notes 10 and 11. --------------------------------------------------------------------------- Finally, OCC proposes to revise its Margins Methodology to clarify that the proposed changes from the Initial Filings and the proposed changes described herein would not be implemented until October 1, 2018. (2) Statutory Basis Section 17A(b)(3)(F) of the Act, requires, among other things, that the rules of a clearing agency be designed, [[Page 40381]] in general, to protect investors and the public interest.\15\ The proposed rule change would make a number of clarifying and conforming changes to OCC's Margin Policy and Margins Methodology related to enhancements to OCC's margin methodology that were recently approved by the Commission.\16\ Specifically, the proposed rule change is designed to improve OCC's policy and methodology documentation by clarifying certain implementation details of the methodology changes in the Initial Filings, ensuring that OCC's Margin Policy is properly aligned with the methodology enhancements upon their implementation, and clarifying the implementation date for these changes. OCC believes that the proposed rule change is therefore designed, in general, to protect investors and the public interest in accordance with Section 17A(b)(3)(F) of the Act.\17\ --------------------------------------------------------------------------- \15\ 17 U.S.C. 78q-1(b)(3)(F). \16\ See supra notes 10 and 11 and associated text. \17\ 17 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition Section 17A(b)(3)(I) of the Act \18\ requires that the rules of a clearing agency not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. OCC does not believe that the proposed rule change would have any impact or impose a burden on competition. The proposed rule change is intended to make clarifying and conforming changes to OCC's Margin Policy and Margins Methodology in connection with the implementation of a proposed rule change that was previously approved by the Commission. Accordingly, OCC does not believe that the proposed rule change would have any impact or impose a burden on competition. --------------------------------------------------------------------------- \18\ 15 U.S.C. 78q-1(b)(3)(I). --------------------------------------------------------------------------- (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments on the proposed rule change were not and are not intended to be solicited with respect to the proposed rule change and none have been received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \19\ and Rule 19b-4(f)(1) \20\ thereunder because it constitutes a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule. --------------------------------------------------------------------------- \19\ 15 U.S.C. 78s(b)(3)(A). \20\ 17 CFR 240.19b-4(f)(1). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.\21\ --------------------------------------------------------------------------- \21\ Notwithstanding its immediate effectiveness, implementation of this rule change will be delayed until (1) this change is deemed certified under CFTC Regulation 40.6 and (2) the implementation of the related methodology enhancements on October 1, 2018. --------------------------------------------------------------------------- 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-OCC-2018-011 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-OCC-2018-011. 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 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 OCC and on OCC's website at https://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_18_011.pdf. 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-OCC-2018-011 and should be submitted on or before September 4, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\22\ --------------------------------------------------------------------------- \22\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-17395 Filed 8-13-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 157 / Tuesday, August 14, 2018 / Notices 40379
The Exchange believes that the encourages market participants to with respect to the proposed rule
proposed changes to the rebates and fees provide liquidity and to send order flow change that are filed with the
for participation in a cPRIME Auction to the Exchange. Commission, and all written
are not going to have an impact on intra- communications relating to the
C. Self-Regulatory Organization’s
market competition based on the total proposed rule change between the
Statement on Comments on the
cost for participants to transact in such Commission and any person, other than
order types versus the cost for Proposed Rule Change Received From
those that may be withheld from the
participants to transact in the other Members, Participants, or Others
public in accordance with the
order types available for trading on the Written comments were neither provisions of 5 U.S.C. 552, will be
Exchange. As noted above, the Exchange solicited nor received. available for website viewing and
believes that the proposed changes in III. Date of Effectiveness of the printing in the Commission’s Public
the rebates and fees for the cPRIME Reference Room, 100 F Street NE,
Proposed Rule Change and Timing for
Auction are comparable to that of other Washington, DC 20549 on official
Commission Action
exchanges offering similar electronic business days between the hours of
price improvement mechanisms for The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of such
complex orders and the Exchange effective pursuant to Section filing also will be available for
believes that, based on experience with 19(b)(3)(A)(ii) of the Act,52 and Rule inspection and copying at the principal
electronic price improvement crossing 19b–4(f)(2) 53 thereunder. At any time office of the Exchange. All comments
mechanisms on other markets, market within 60 days of the filing of the received will be posted without change.
participants understand that the price- proposed rule change, the Commission Persons submitting comments are
improving benefits offered by the summarily may temporarily suspend cautioned that we do not redact or edit
cPRIME Auction justify the transaction such rule change if it appears to the personal identifying information from
costs associated with the cPRIME Commission that such action is comment submissions. You should
Auction. To the extent that there is a necessary or appropriate in the public submit only information that you wish
difference between non-cPRIME interest, for the protection of investors, to make available publicly. All
Auction transactions and cPRIME or otherwise in furtherance of the submissions should refer to File
Auction transactions, the Exchange does purposes of the Act. If the Commission Number SR–MIAX–2018–22, and
not believe this difference will cause takes such action, the Commission shall should be submitted on or before
participants to refrain from responding institute proceedings to determine September 4, 2018.
to cPRIME Auctions. whether the proposed rule should be
With respect to cPRIME Auctions, the approved or disapproved. For the Commission, by the Division of
Trading and Markets, pursuant to delegated
Exchange notes that Cboe caps its fees
IV. Solicitation of Comments authority.54
at $0.50 per contract in its complex
order auction mechanisms. And NYSE Interested persons are invited to Eduardo A. Aleman,
American does not assess its surcharge submit written data, views, and Assistant Secretary.
in its paired complex auction arguments concerning the foregoing, [FR Doc. 2018–17393 Filed 8–13–18; 8:45 am]
mechanism. As proposed, the Exchange including whether the proposed rule BILLING CODE 8011–01–P
will apply its surcharge in its single- change is consistent with the Act.
sided complex auction mechanism Comments may be submitted by any of
(COA), but it will not apply the the following methods: SECURITIES AND EXCHANGE
surcharge in its paired complex auction COMMISSION
Electronic Comments
mechanism (cPRIME). Accordingly, as [Release No. 34–83799; File No. SR–OCC–
proposed to be expanded, the • Use the Commission’s internet 2018–011]
Exchange’s surcharge will be more in comment form (http://www.sec.gov/
line with Cboe’s and NYSE American’s rules/sro.shtml); or Self-Regulatory Organizations; The
surcharges, but it will be no more • Send an email to rule-comments@ Options Clearing Corporation; Notice
expansive than either such exchange.51 sec.gov. Please include File Number SR– of Filing and Immediate Effectiveness
Because the Complex Surcharge will not MIAX–2018–22 on the subject line. of Proposed Rule Change To Make
be applied in its cPRIME Auction, the Paper Comments Clarifying and Conforming Changes to
Exchange believes that the proposed The Options Clearing Corporation’s
rule change will not impose any burden • Send paper comments in triplicate Margins Methodology and Margin
on competition not necessary or to Secretary, Securities and Exchange Policy
appropriate in furtherance of the Commission, 100 F Street NE,
purposes of the Act. Washington, DC 20549–1090. August 8, 2018.
The Exchange notes that it operates in All submissions should refer to File Pursuant to Section 19(b)(1) of the
a highly competitive market in which Number SR–MIAX–2018–22. This file Securities Exchange Act of 1934
market participants can readily favor number should be included on the (‘‘Act’’),1 and Rule 19b–4 thereunder,2
competing venues if they deem fee subject line if email is used. To help the notice is hereby given that on July 24,
levels at a particular venue to be Commission process and review your 2018, The Options Clearing Corporation
excessive. In such an environment, the comments more efficiently, please use (‘‘OCC’’) filed with the Securities and
Exchange must continually adjust its only one method. The Commission will Exchange Commission (‘‘Commission’’)
fees to remain competitive with other post all comments on the Commission’s the proposed rule change as described
amozie on DSK3GDR082PROD with NOTICES1
exchanges and to attract order flow. The internet website (http://www.sec.gov/ in Items I, II, and III below, which Items
Exchange believes that the proposed rules/sro.shtml). Copies of the have been prepared by OCC. OCC filed
rule change reflects this competitive submission, all subsequent the proposed rule change pursuant to
environment because they modify the amendments, all written statements
Exchange’s fees in a manner that 54 17 CFR 200.30–3(a)(12).
52 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1).
51 See supra note 14. 53 17 CFR 240.19b–4(f)(2). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 83, No. 157 / Tuesday, August 14, 2018 / Notices 40381
in general, to protect investors and the stated policy, practice, or interpretation filing also will be available for
public interest.15 The proposed rule with respect to the meaning, inspection and copying at the principal
change would make a number of administration, or enforcement of an office of OCC and on OCC’s website at
clarifying and conforming changes to existing rule. https://www.theocc.com/components/
OCC’s Margin Policy and Margins At any time within 60 days of the docs/legal/rules_and_bylaws/sr_occ_18_
Methodology related to enhancements filing of the proposed rule change, the 011.pdf.
to OCC’s margin methodology that were Commission summarily may All comments received will be posted
recently approved by the Commission.16 temporarily suspend such rule change if without change. Persons submitting
Specifically, the proposed rule change is it appears to the Commission that such comments are cautioned that we do not
designed to improve OCC’s policy and action is necessary or appropriate in the redact or edit personal identifying
methodology documentation by public interest, for the protection of information from comment submissions.
clarifying certain implementation investors, or otherwise in furtherance of You should submit only information
details of the methodology changes in the purposes of the Act.21 that you wish to make available
the Initial Filings, ensuring that OCC’s publicly.
IV. Solicitation of Comments All submissions should refer to File
Margin Policy is properly aligned with
the methodology enhancements upon Interested persons are invited to Number SR–OCC–2018–011 and should
their implementation, and clarifying the submit written data, views and be submitted on or before September 4,
implementation date for these changes. arguments concerning the foregoing, 2018.
OCC believes that the proposed rule including whether the proposed rule For the Commission, by the Division of
change is therefore designed, in general, change is consistent with the Act. Trading and Markets, pursuant to delegated
to protect investors and the public Comments may be submitted by any of authority.22
interest in accordance with Section the following methods: Eduardo A. Aleman,
17A(b)(3)(F) of the Act.17 Electronic Comments Assistant Secretary.
[FR Doc. 2018–17395 Filed 8–13–18; 8:45 am]
(B) Clearing Agency’s Statement on • Use the Commission’s internet
Burden on Competition comment form (http://www.sec.gov/ BILLING CODE 8011–01–P
Section 17A(b)(3)(I) of the Act 18 rules/sro.shtml); or
requires that the rules of a clearing • Send an email to rule-comments@
agency not impose any burden on sec.gov. Please include File Number SR– SMALL BUSINESS ADMINISTRATION
competition not necessary or OCC–2018–011 on the subject line.
Reporting and Recordkeeping
appropriate in furtherance of the Paper Comments Requirements Under OMB Review
purposes of the Act. OCC does not
believe that the proposed rule change • Send paper comments in triplicate AGENCY: Small Business Administration.
would have any impact or impose a to Brent J. Fields, Secretary, Securities ACTION: 30-Day notice.
burden on competition. The proposed and Exchange Commission, 100 F Street
rule change is intended to make NE, Washington, DC 20549–1090. SUMMARY: The Small Business
clarifying and conforming changes to All submissions should refer to File Administration (SBA) is publishing this
OCC’s Margin Policy and Margins Number SR–OCC–2018–011. This file notice to comply with requirements of
Methodology in connection with the number should be included on the the Paperwork Reduction Act (PRA),
implementation of a proposed rule subject line if email is used. To help the which requires agencies to submit
change that was previously approved by Commission process and review your proposed reporting and recordkeeping
the Commission. Accordingly, OCC comments more efficiently, please use requirements to OMB for review and
does not believe that the proposed rule only one method. The Commission will approval, and to publish a notice in the
change would have any impact or post all comments on the Commission’s Federal Register notifying the public of
impose a burden on competition. internet website (http://www.sec.gov/ that submission.
rules/sro.shtml). Copies of the DATES: Submit comments on or before
(C) Clearing Agency’s Statement on submission, all subsequent September 13, 2018.
Comments on the Proposed Rule amendments, all written statements ADDRESSES: Comments should refer to
Change Received From Members, with respect to the proposed rule the information collection by name and/
Participants or Others change that are filed with the or OMB Control Number and should be
Written comments on the proposed Commission, and all written sent to: Agency Clearance Officer, Curtis
rule change were not and are not communications relating to the Rich, Small Business Administration,
intended to be solicited with respect to proposed rule change between the 409 3rd Street SW, 5th Floor,
the proposed rule change and none have Commission and any person, other than Washington, DC 20416; and SBA Desk
been received. those that may be withheld from the Officer, Office of Information and
III. Date of Effectiveness of the public in accordance with the Regulatory Affairs, Office of
Proposed Rule Change and Timing for provisions of 5 U.S.C. 552, will be Management and Budget, New
Commission Action available for website viewing and Executive Office Building, Washington,
printing in the Commission’s Public DC 20503.
The foregoing rule change has become Reference Room, 100 F Street NE, FOR FURTHER INFORMATION CONTACT:
effective pursuant to Section 19(b)(3)(A) Washington, DC 20549, on official Curtis Rich, Agency Clearance Officer,
of the Act 19 and Rule 19b–4(f)(1) 20 business days between the hours of (202) 205–7030, curtis.rich@sba.gov.
amozie on DSK3GDR082PROD with NOTICES1
thereunder because it constitutes a 10:00 a.m. and 3:00 p.m. Copies of such Copies: A copy of the Form OMB 83–
15 17
1, supporting statement, and other
U.S.C. 78q–1(b)(3)(F).
16 See supra notes 10 and 11 and associated text.
21 Notwithstanding its immediate effectiveness,
documents submitted to OMB for
implementation of this rule change will be delayed review may be obtained from the
17 17 U.S.C. 78q–1(b)(3)(F).
until (1) this change is deemed certified under
18 15 U.S.C. 78q–1(b)(3)(I).
CFTC Regulation 40.6 and (2) the implementation Agency Clearance Officer.
19 15 U.S.C. 78s(b)(3)(A).
of the related methodology enhancements on
20 17 CFR 240.19b–4(f)(1). October 1, 2018. 22 17 CFR 200.30–3(a)(12).
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Document Created: 2018-08-14 02:20:01
Document Modified: 2018-08-14 02:20:01
| 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 40379 |
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