83 FR 48483 - Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Equity Rule 6950 Series Concerning the Order Audit Trail System To Make Conforming and Technical Changes
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 186 (September 25, 2018)
Federal Register Volume 83, Issue 186 (September 25, 2018)
| Page Range | 48483-48486 | |
| FR Document | 2018-20898 |
[Federal Register Volume 83, Number 186 (Tuesday, September 25, 2018)] [Notices] [Pages 48483-48486] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-20898] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84227; File No. SR-BX-2018-045] Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Equity Rule 6950 Series Concerning the Order Audit Trail System To Make Conforming and Technical Changes September 20, 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 September 12, 2018, Nasdaq BX, Inc. (``BX'' or ``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 Exchange. The Exchange filed the proposal as a ``non-controversial'' rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to the [sic] Rule 6950 Series concerning the Order Audit Trail System to make conforming and technical changes. The text of the proposed rule change is available on the Exchange's website at http://nasdaqbx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing to amend the Equity Rule 6950 Series \5\ concerning the Order Audit Trail System to: (1) Renumber the whole Equity Rule 6950 Series to conform it to the numbering convention used by the Nasdaq Stock Market LLC (``Nasdaq'') and FINRA; (2) amend Equity Rule 7410A to expand two exemptions and to make technical changes to text under the Rule; (3) delete inapplicable text from Equity Rules 7430A, 7440A and 7450A and make other conforming changes to these Rules; (4) reorganize rule text under Equity Rule 7450A; (5) delete current Equity Rules 6957and 6958. --------------------------------------------------------------------------- \5\ The term ``Equity Rules'' means the numbered rules set forth in the Exchange Manual denominated as the 0100, 1000, 2000, 3000, 4000, 5000, 6000, 7000, 8000, 9000, 10000, and 11000 Series Rules. See Equity Rule 0120(p). The Exchange is proposing to make it clear in the proposed rules that references to rules of the Exchange are ``Equity Rules.'' --------------------------------------------------------------------------- The Exchange's Equity Rule 6950 Series imposes an obligation on Exchange members to record in electronic form and report to FINRA on a daily basis certain information with respect to orders originated, received, transmitted, modified, canceled, or executed by members in Nasdaq- and Exchange-listed stocks. FINRA's Order Audit Trail System (``OATS'') captures this order information and integrates it with quote and transaction information to create a time-sequenced record of orders, quotes, and transactions. This information is used by FINRA staff to conduct surveillance and investigations of members for potential violation of Exchange rules and federal securities laws. The Exchange adopted the Equity Rule 6950 Series to copy Nasdaq and FINRA OATS rules, where appropriate. As a general principle, the Exchange endeavors to keep its rules worded and structured as closely as possible to the FINRA rules on which they are based, including FINRA's OATS rules under its Rule 7000 Series. In instances where the FINRA rules are inapplicable to the Exchange, such as FINRA Rule 7410(o)(2), which concerns an exception to the definition of a Reporting Member relating to members operating on equities floors, the Exchange has not copied those FINRA rules. Generally, the Exchange also seeks to keep the Equity Rule 6950 Series consistent with Nasdaq's Rule 7400A Series, which should also be materially identical to the related rules of the Exchange. The proposed changes will harmonize Exchange rules with analogous Nasdaq and FINRA rules, which have been amended since the Exchange first adopted its rules. First Change The Exchange is proposing to renumber the Equity Rule 6950 Series to a new Equity Rule 7000A Series, which is identical to how Nasdaq presents its OATS rules. This will allow the Exchange's OATS rules to follow the numbering convention used by Nasdaq and FINRA. Like Nasdaq, the Exchange is proposing to add an ``A'' to each of the rules so that they do not conflict with the existing Equity Rule 7000 Series within the Exchange's rule book yet also follow FINRA's numbering convention. FINRA's OATS rules are under the FINRA Rule 7400 Series and individual rule numbers align with those of Nasdaq's OATS rules and those proposed by the Exchange. As part of this change, the Exchange is also updating references to rules in the Equity Rule 6950 Series to the renumbered rules in the Equity Rule 7000A Series. Relatedly, the Exchange is correcting citations in Equity Rules 7430A, 7440A, and 7450A that currently reference NASD rule [sic] that have been renumbered as FINRA rules. [[Page 48484]] Second Change The Exchange is amending Equity Rule 7410A to conform it to the rules of Nasdaq. The Exchange is proposing to add new text as paragraph (a) noting that terms used in the Rule have the same meanings as are ascribed to those terms in the Exchange's By-Laws and in its other rules, unless otherwise noted, which is identical to Nasdaq's Rule 7410A. Consequently, the Exchange is renumbering current paragraphs (a)-(n) as paragraphs (b)-(o). The Exchange is also amending Equity Rule 7410A to make technical changes that harmonize the definitions of ``Electronic Communication Network,'' ``Index Arbitrage Trade,'' ``Intermarket Sweep Order,'' and ``Program Trade'' with the definitions of those terms in the Nasdaq Rules.\6\ --------------------------------------------------------------------------- \6\ The Exchange is not adopting the definition of ``NMS Stock'' found under Nasdaq Rule 7410A(j). The term is not used in the BX OATS rules. In addition, the term is not used in the Nasdaq OATS rules. The term is used in FINRA Rule 7410(k) defining ``Order Audit Trail System,'' whereas BX and Nasdaq instead reference Exchange and Nasdaq listed securities under Equity Rule 7410A(k) and Nasdaq listed securities under Nasdaq Rule 7410A(l). --------------------------------------------------------------------------- The Exchange is also proposing to adopt the same limited exemption from OATS order data recordation requirements provided under Nasdaq Rule 7410A(k) for BX members that are registered market makers in standardized options on any market. Equity Rule 7410A(j) defines the term ``Order'' and provides a limited exemption from the definition for a proprietary transaction originated by a trading desk in the ordinary course of a member's market making activities. The Exchange is proposing to adopt a second limited exemption currently available under Nasdaq's analogous definition of ``Order.'' \7\ That limited exemption excludes from the definition of an ``Order'' a bona fide hedge transaction involving a Nasdaq-listed equity security originated by a trading desk in the ordinary course of the member's options market making activities.\8\ As noted by Nasdaq in adopting the exemption, OATS was designed to provide an accurate, time-sequenced record of orders and transactions, beginning with the receipt of an equity order at the first point of contact between the broker-dealer and the customer or counterparty and further documenting the life of the equity order through the process of execution.\9\ The proposed rule change does not impact the customer protection orientation of OATS since, by definition, bona fide hedging transactions in equity securities that are undertaken by options market makers do not involve customer orders in those equity securities. Rather, bona fide hedging transactions in equity securities are undertaken by an options market maker to hedge against the firm risk that it creates through its conduct as a registered options market maker. Accordingly, submitting bona fide hedging transactions to OATS recording requirements provides no customer protection or equivalent regulatory benefit. It is also very expensive for firms that are not currently FINRA members or that do not currently trade Exchange or Nasdaq equities to develop and maintain the compliance systems and compliance staff required to continuously monitor the daily transmission of OATS data. For these reasons, the Exchange is proposing to adopt such an exemption, available to its options market makers. --------------------------------------------------------------------------- \7\ See Nasdaq Rule 7410A(k). \8\ The Exchange notes that Nasdaq capitalizes the term ``Bona Fide Hedge Transaction'' in Nasdaq Rule 7410A(k), although the term is not defined in Nasdaq's rules. The Exchange believes that capitalizing the term was an error and is therefore not capitalizing the term in Equity Rule 7410A(k). \9\ See Securities Exchange Act Release No. 59369 (February 6, 2009), 74 FR 7278 (February 13, 2009) (SR-NASDAQ-2008-097). --------------------------------------------------------------------------- The Exchange is proposing to amend Equity Rule 7410A(n)(1) to harmonize the rule with FINRA Rule 7410(o)(1)(A) and Nasdaq Rule 7410A(o)(1)(A). Equity Rule 7410A(n) defines a ``Reporting Member'' as a member that receives or originates an order and has an obligation to record and report information under Equity Rules 7440A and 7450A. The Rule also provides an exception to the general definition of a ``Reporting Member'' if the member meets four conditions.\10\ The first condition in subparagraph (n)(1), which is the only condition at issue in this proposal, is that currently the member engages in a non- discretionary order routing process, pursuant to which it immediately routes, by electronic or other means, all of its orders to a single receiving Reporting Member. On May 12, 2014, FINRA amended FINRA Rule 7410(o)(1)(A) to allow a member to satisfy this condition by permitting a member to alternatively route its orders to two receiving Reporting Members, if two related requirements were met.\11\ First, the orders must be routed by the member to each receiving Reporting Member on a pre-determined schedule approved by FINRA. Second, the FINRA member's orders must be routed to two receiving Reporting Members pursuant to the schedule for a time period not to exceed one year. Under FINRA's rule as amended, FINRA members may continue to rely on the exception from the definition of Reporting Member if it [sic] routes all of its [sic] orders to a single Reporting Member, provided the other conditions of the exception are met. Consequently, BX is also keeping its existing single receiving Reporting Member exception and adding a second exception for two receiving Reporting Members. FINRA noted in adopting the change that the rule was intended to accommodate introducing firms that transition to a different clearing firm over time and, during the transition, route their orders [sic] two different clearing firms, both of which report the introducing firm's information to OATS during the transition time. Nasdaq recently amended its rule to incorporate this change.\12\ The Exchange believes that this additional limited exception is appropriate for its members, which likewise may encounter a transition to a different clearing firm whereby a member would no longer be eligible for the exception to the definition of Reporting Member. Accordingly, the Exchange is proposing to adopt the FINRA rule text under Equity Rule 7410A(n)(1)(B). --------------------------------------------------------------------------- \10\ The four conditions are provided under Equity Rules 7410A(n)(1)-(4). \11\ See Securities Exchange Act Release No. 72191 (May 20, 2014), 79 FR 30219 (May 27, 2014) (SR-FINRA-2014-024). \12\ See Securities Exchange Act Release No. 83115 (April 26, 2018), 83 FR 19384 (May 2, 2018) (SR-NASDAQ-2018-030). --------------------------------------------------------------------------- Third Change The Exchange is proposing to amend Equity Rules 7430A(a), 7440A(a) and 7450A(a) to delete text concerning FINRA's process of transitioning certain NASD rules into a new FINRA rulebook because this transition period has ended and the text is obsolete. The Exchange is also proposing to make technical changes that update citations to the appropriate FINRA rules under Equity Rules 7430A(a), 7440A(a) and 7450A(a).\13\ Consistent with Nasdaq Rule 7440A(d)(2), the Exchange is proposing to add new Equity Rule 7440A(d)(2), which provides that references to FINRA Rules 5320, 7440, and 7450 shall be construed as references to Equity Rules IM-2110-2, 7440A, and 7450A, respectively. Last, the Exchange is making minor clarifying changes under Equity Rules 7440A(d)(1) and (2) to make it clear that certain rules [[Page 48485]] noted thereunder are references to FINRA rules. --------------------------------------------------------------------------- \13\ The Exchange notes that Rule 7450A(b) requires both Proprietary Trading Firms as well as their associated persons to comply with FINRA Rule 7450 in limited circumstances, whereas Nasdaq's Rule 7450A only requires compliance by Proprietary Trading Firms. The Exchange believes that this is an omission in the Nasdaq rule and is accordingly not adjusting the Exchange rule. --------------------------------------------------------------------------- Fourth Change The Exchange is proposing to delete paragraph (c) from current Equity Rule 6954 (which will be renumbered Equity Rule 7440A and paragraph (d) from current Equity Rule 6955 (which will be renumbered Equity Rule 7450A), and move the text to Equity Rules 7440A(a) and 7450A(a), respectively, with minor technical differences to correct citations.\14\ The Rules explain that the Exchange and FINRA are parties to the FINRA Regulatory Contract, pursuant to which FINRA has agreed to perform certain functions on behalf of the Exchange. The Rules also note that members are complying with current Equity Rules 6954 and 6955 by complying with NASD Rules 6954 and 6955, respectively. Nasdaq places the same text as current Equity Rules 6954(d) and 6955(d) under Nasdaq Rules 7440A(a) and 7450A(a), respectively. Thus, the Exchange is moving the text, as amended, under Equity Rules 7440A(a) and 7450A(a). As a consequence, the Exchange is changing the lettering of paragraphs (d) and (e) of current Equity Rule 6954 to paragraphs (c) and (d), respectively, of Equity Rule 7440A, and the lettering of paragraph (e) of current Equity Rule 6955 to paragraph (d) of Equity Rule 7450A. --------------------------------------------------------------------------- \14\ The Exchange is not including text from current Equity Rules 6954(c) and 6955(d), which notes that members are complying with these rules by complying with the related FINRA rules, in Equity Rules 7440A(a) and 7450A(a). The Exchange believes these sentences are duplicative of the first sentence of Equity Rules 7440A(a) and 7450A(a). The Exchange notes that Nasdaq's Rules 7440A(a) and 7450A(a) include this duplicative text. --------------------------------------------------------------------------- Fifth Change The Exchange is proposing to delete current Equity Rules 6957 and 6958. Equity Rule 6957 concerns compliance with NASD Rule 6954. NASD Rule 6954 provided the effective dates of requirements of the Order Audit Trail System, all of which have passed. FINRA has deleted NASD Rule 6954 and consequently, the Exchange is proposing to delete Equity Rule 6957. The Exchange is proposing to delete current Equity Rule 6958, which will be renumbered Equity Rule 7470A and held in reserve. Current Equity Rule 6958 provided an exemption from the order recording and data transmission requirements of current Equity Rules 6954 and 6955, which are OATS rules applicable to manual orders. The exemption has not been requested by any Exchange member to date and the Exchange does not believe that Exchange members are likely to need the exemption, since the vast majority of such members to which the rule applies are electronic proprietary trading firms that would not qualify for the exemption.\15\ Thus, the Exchange is proposing to eliminate the rule text under Equity Rule 6958 from its rule book, renumber the rule to Equity Rule 7470A, and hold the rule in reserve. --------------------------------------------------------------------------- \15\ The Exchange notes that Nasdaq does not have an analogous rule, having eliminated similar text recently for the same reasons. See note 10 [sic], supra. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\16\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\17\ 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, by harmonizing the Exchange's OATS rules with those of FINRA, on which they are based, and with those of Nasdaq, which they should largely match. Consequently, the proposed change will conform Exchange Rules to changes made to corresponding FINRA and Nasdaq rules, thus promoting consistent regulatory standards with respect to rules that FINRA enforces pursuant to its Regulatory Services Agreements with the Exchange and Nasdaq. With respect to the proposed amendment to Equity Rule 7410A(n)(1), the exemption will provide Exchange members with the same flexibility to transition to a new clearing firm that both Nasdaq and FINRA members currently enjoy. The rule is intended to accommodate introducing firms that transition to a different clearing firm over time and, during the transition, route their orders to two different clearing firms, both of which report the introducing firm's information to OATS during the transition time. Adopting the new and amended rule text under Equity Rule 7410A will also align the Exchange rulebook with Nasdaq's and FINRA's, thereby reducing complexity from FINRA's work under a regulatory services agreement with the Exchange. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78f(b). \17\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that adopting the new limited exception to the definition of ``Order'' is consistent with the Act because it provides a very narrow exemption from reporting transactions that are done to manage risk and facilitate options market making. Bona fide hedging transactions in equity securities that are undertaken by options market makers do not involve customer orders in those equity securities and thus do not implicate customer protection issues. Moreover, information regarding bona fide hedging transactions retained by a registered BX Options Market market maker is otherwise available to FINRA and BX Regulation through the Exchange's electronic delivery systems, upon request. This information includes trade reporting data, including order time and sales data captured by the Exchange system. With respect to the proposed technical corrections to the rules, the Exchange believes that these changes are consistent with the Act because they will prevent investor confusion that may be caused by including in the Rules incorrect rule citations, defunct rule text and expired exemptions. 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 align [sic] the Exchange's rules with those of Nasdaq and FINRA, which will assist FINRA in its oversight work done pursuant to a regulatory services agreement. The proposed changes also provide uniform standards with which market participants must comply. Consequently, the Exchange does not believe that the proposed changes implicate competition at all. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \18\ and Rule 19b-4(f)(6) thereunder.\19\ --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(3)(A). \19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- [[Page 48486]] 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. 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-BX-2018-045 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-2018-045. 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 the 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-BX-2018-045 and should be submitted on or before October 16, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ Brent J. Fields, Secretary. --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2018-20898 Filed 9-24-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 186 / Tuesday, September 25, 2018 / Notices 48483
certified that, in his opinion, one or publishing this notice to solicit respect to orders originated, received,
more of the exemptions set forth in 5 comments on the proposed rule change transmitted, modified, canceled, or
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) from interested persons. executed by members in Nasdaq- and
and (10) and 17 CFR 200.402(a)(3), Exchange-listed stocks. FINRA’s Order
I. Self-Regulatory Organization’s
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and Audit Trail System (‘‘OATS’’) captures
Statement of the Terms of Substance of
(a)(10), permit consideration of the this order information and integrates it
the Proposed Rule Change
scheduled matters at the closed meeting. with quote and transaction information
Commissioner Peirce, as duty officer, The Exchange proposes to the [sic] to create a time-sequenced record of
voted to consider the items listed for the Rule 6950 Series concerning the Order orders, quotes, and transactions. This
closed meeting in closed session. Audit Trail System to make conforming information is used by FINRA staff to
The subject matters of the closed and technical changes. conduct surveillance and investigations
meeting will be: The text of the proposed rule change of members for potential violation of
Institution and settlement of is available on the Exchange’s website at Exchange rules and federal securities
injunctive actions; http://nasdaqbx.cchwallstreet.com/, at laws.
Institution and settlement of the principal office of the Exchange, and The Exchange adopted the Equity
administrative proceedings; at the Commission’s Public Reference Rule 6950 Series to copy Nasdaq and
Resolution of litigation claims; and Room. FINRA OATS rules, where appropriate.
Other matters relating to enforcement As a general principle, the Exchange
proceedings. II. Self-Regulatory Organization’s
Statement of the Purpose of, and endeavors to keep its rules worded and
At times, changes in Commission structured as closely as possible to the
priorities require alterations in the Statutory Basis for, the Proposed Rule
Change FINRA rules on which they are based,
scheduling of meeting items. including FINRA’s OATS rules under its
CONTACT PERSON FOR MORE INFORMATION: In its filing with the Commission, the Rule 7000 Series. In instances where the
For further information and to ascertain Exchange included statements FINRA rules are inapplicable to the
what, if any, matters have been added, concerning the purpose of and basis for Exchange, such as FINRA Rule
deleted or postponed; please contact the proposed rule change and discussed 7410(o)(2), which concerns an exception
Brent J. Fields from the Office of the any comments it received on the to the definition of a Reporting Member
Secretary at (202) 551–5400. proposed rule change. The text of these relating to members operating on
Dated: September 20, 2018. statements may be examined at the equities floors, the Exchange has not
Brent J. Fields, places specified in Item IV below. The copied those FINRA rules. Generally,
Secretary.
Exchange has prepared summaries, set the Exchange also seeks to keep the
forth in sections A, B, and C below, of Equity Rule 6950 Series consistent with
[FR Doc. 2018–20899 Filed 9–21–18; 11:15 am]
the most significant aspects of such Nasdaq’s Rule 7400A Series, which
BILLING CODE 8011–01–P
statements. should also be materially identical to
A. Self-Regulatory Organization’s the related rules of the Exchange. The
SECURITIES AND EXCHANGE Statement of the Purpose of, and proposed changes will harmonize
COMMISSION Statutory Basis for, the Proposed Rule Exchange rules with analogous Nasdaq
Change and FINRA rules, which have been
[Release No. 34–84227; File No. SR–BX– amended since the Exchange first
2018–045] 1. Purpose adopted its rules.
Self-Regulatory Organizations; Nasdaq The Exchange is proposing to amend First Change
BX, Inc.; Notice of Filing and the Equity Rule 6950 Series 5 concerning
the Order Audit Trail System to: (1) The Exchange is proposing to
Immediate Effectiveness of Proposed renumber the Equity Rule 6950 Series to
Rule Change To Amend the Equity Renumber the whole Equity Rule 6950
Series to conform it to the numbering a new Equity Rule 7000A Series, which
Rule 6950 Series Concerning the Order is identical to how Nasdaq presents its
Audit Trail System To Make convention used by the Nasdaq Stock
Market LLC (‘‘Nasdaq’’) and FINRA; (2) OATS rules. This will allow the
Conforming and Technical Changes Exchange’s OATS rules to follow the
amend Equity Rule 7410A to expand
September 20, 2018. numbering convention used by Nasdaq
two exemptions and to make technical
Pursuant to Section 19(b)(1) of the and FINRA. Like Nasdaq, the Exchange
changes to text under the Rule; (3)
Securities Exchange Act of 1934 is proposing to add an ‘‘A’’ to each of
delete inapplicable text from Equity
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 the rules so that they do not conflict
Rules 7430A, 7440A and 7450A and
notice is hereby given that on with the existing Equity Rule 7000
make other conforming changes to these
September 12, 2018, Nasdaq BX, Inc. Series within the Exchange’s rule book
Rules; (4) reorganize rule text under
(‘‘BX’’ or ‘‘Exchange’’) filed with the yet also follow FINRA’s numbering
Equity Rule 7450A; (5) delete current
Securities and Exchange Commission convention. FINRA’s OATS rules are
Equity Rules 6957and 6958.
(‘‘Commission’’) the proposed rule under the FINRA Rule 7400 Series and
The Exchange’s Equity Rule 6950
change as described in Items I and II individual rule numbers align with
Series imposes an obligation on
below, which Items have been prepared those of Nasdaq’s OATS rules and those
Exchange members to record in
by the Exchange. The Exchange filed the proposed by the Exchange. As part of
electronic form and report to FINRA on
proposal as a ‘‘non-controversial’’ rule this change, the Exchange is also
a daily basis certain information with
change pursuant to Section 19(b)(3)(A) updating references to rules in the
daltland on DSKBBV9HB2PROD with NOTICES
of the Act 3 and Rule 19b–4(f)(6) 5 The term ‘‘Equity Rules’’ means the numbered Equity Rule 6950 Series to the
thereunder.4 The Commission is rules set forth in the Exchange Manual renumbered rules in the Equity Rule
denominated as the 0100, 1000, 2000, 3000, 4000, 7000A Series. Relatedly, the Exchange is
1 15
5000, 6000, 7000, 8000, 9000, 10000, and 11000 correcting citations in Equity Rules
U.S.C. 78s(b)(1). Series Rules. See Equity Rule 0120(p). The
2 17 CFR 240.19b–4. Exchange is proposing to make it clear in the
7430A, 7440A, and 7450A that currently
3 15 U.S.C. 78s(b)(3)(A).
proposed rules that references to rules of the reference NASD rule [sic] that have been
4 17 CFR 240.19b–4(f)(6). Exchange are ‘‘Equity Rules.’’ renumbered as FINRA rules.
VerDate Sep<11>2014 17:40 Sep 24, 2018 Jkt 244001 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 E:\FR\FM\25SEN1.SGM 25SEN1](https://thefederalregister.org/doc/83_FR_48669/page/1.svg)
![48484 Federal Register / Vol. 83, No. 186 / Tuesday, September 25, 2018 / Notices
Second Change through the process of execution.9 The to the schedule for a time period not to
The Exchange is amending Equity proposed rule change does not impact exceed one year. Under FINRA’s rule as
Rule 7410A to conform it to the rules of the customer protection orientation of amended, FINRA members may
Nasdaq. The Exchange is proposing to OATS since, by definition, bona fide continue to rely on the exception from
add new text as paragraph (a) noting hedging transactions in equity securities the definition of Reporting Member if it
that terms used in the Rule have the that are undertaken by options market [sic] routes all of its [sic] orders to a
same meanings as are ascribed to those makers do not involve customer orders single Reporting Member, provided the
terms in the Exchange’s By-Laws and in in those equity securities. Rather, bona other conditions of the exception are
its other rules, unless otherwise noted, fide hedging transactions in equity met. Consequently, BX is also keeping
which is identical to Nasdaq’s Rule securities are undertaken by an options its existing single receiving Reporting
7410A. Consequently, the Exchange is market maker to hedge against the firm Member exception and adding a second
renumbering current paragraphs (a)–(n) risk that it creates through its conduct exception for two receiving Reporting
as paragraphs (b)–(o). The Exchange is as a registered options market maker. Members. FINRA noted in adopting the
also amending Equity Rule 7410A to Accordingly, submitting bona fide change that the rule was intended to
hedging transactions to OATS recording accommodate introducing firms that
make technical changes that harmonize
requirements provides no customer transition to a different clearing firm
the definitions of ‘‘Electronic
protection or equivalent regulatory
Communication Network,’’ ‘‘Index over time and, during the transition,
benefit. It is also very expensive for
Arbitrage Trade,’’ ‘‘Intermarket Sweep route their orders [sic] two different
firms that are not currently FINRA
Order,’’ and ‘‘Program Trade’’ with the clearing firms, both of which report the
members or that do not currently trade
definitions of those terms in the Nasdaq introducing firm’s information to OATS
Exchange or Nasdaq equities to develop
Rules.6 during the transition time. Nasdaq
and maintain the compliance systems
The Exchange is also proposing to recently amended its rule to incorporate
and compliance staff required to
adopt the same limited exemption from this change.12 The Exchange believes
continuously monitor the daily
OATS order data recordation that this additional limited exception is
transmission of OATS data. For these
requirements provided under Nasdaq appropriate for its members, which
reasons, the Exchange is proposing to
Rule 7410A(k) for BX members that are likewise may encounter a transition to
adopt such an exemption, available to
registered market makers in a different clearing firm whereby a
its options market makers.
standardized options on any market. The Exchange is proposing to amend member would no longer be eligible for
Equity Rule 7410A(j) defines the term Equity Rule 7410A(n)(1) to harmonize the exception to the definition of
‘‘Order’’ and provides a limited the rule with FINRA Rule 7410(o)(1)(A) Reporting Member. Accordingly, the
exemption from the definition for a and Nasdaq Rule 7410A(o)(1)(A). Equity Exchange is proposing to adopt the
proprietary transaction originated by a Rule 7410A(n) defines a ‘‘Reporting FINRA rule text under Equity Rule
trading desk in the ordinary course of a Member’’ as a member that receives or 7410A(n)(1)(B).
member’s market making activities. The originates an order and has an
Exchange is proposing to adopt a second Third Change
obligation to record and report
limited exemption currently available information under Equity Rules 7440A The Exchange is proposing to amend
under Nasdaq’s analogous definition of and 7450A. The Rule also provides an
‘‘Order.’’ 7 That limited exemption Equity Rules 7430A(a), 7440A(a) and
exception to the general definition of a 7450A(a) to delete text concerning
excludes from the definition of an ‘‘Reporting Member’’ if the member
‘‘Order’’ a bona fide hedge transaction FINRA’s process of transitioning certain
meets four conditions.10 The first NASD rules into a new FINRA rulebook
involving a Nasdaq-listed equity condition in subparagraph (n)(1), which
security originated by a trading desk in because this transition period has ended
is the only condition at issue in this and the text is obsolete. The Exchange
the ordinary course of the member’s proposal, is that currently the member
options market making activities.8 As is also proposing to make technical
engages in a non-discretionary order changes that update citations to the
noted by Nasdaq in adopting the routing process, pursuant to which it
exemption, OATS was designed to appropriate FINRA rules under Equity
immediately routes, by electronic or Rules 7430A(a), 7440A(a) and
provide an accurate, time-sequenced other means, all of its orders to a single
record of orders and transactions, 7450A(a).13 Consistent with Nasdaq
receiving Reporting Member. On May
beginning with the receipt of an equity Rule 7440A(d)(2), the Exchange is
12, 2014, FINRA amended FINRA Rule
order at the first point of contact proposing to add new Equity Rule
7410(o)(1)(A) to allow a member to
between the broker-dealer and the 7440A(d)(2), which provides that
satisfy this condition by permitting a
customer or counterparty and further references to FINRA Rules 5320, 7440,
member to alternatively route its orders
documenting the life of the equity order and 7450 shall be construed as
to two receiving Reporting Members, if
references to Equity Rules IM–2110–2,
two related requirements were met.11
6 The Exchange is not adopting the definition of 7440A, and 7450A, respectively. Last,
First, the orders must be routed by the
‘‘NMS Stock’’ found under Nasdaq Rule 7410A(j). the Exchange is making minor clarifying
The term is not used in the BX OATS rules. In member to each receiving Reporting
changes under Equity Rules 7440A(d)(1)
addition, the term is not used in the Nasdaq OATS Member on a pre-determined schedule
and (2) to make it clear that certain rules
rules. The term is used in FINRA Rule 7410(k) approved by FINRA. Second, the FINRA
defining ‘‘Order Audit Trail System,’’ whereas BX member’s orders must be routed to two
and Nasdaq instead reference Exchange and Nasdaq 12 See Securities Exchange Act Release No. 83115
listed securities under Equity Rule 7410A(k) and receiving Reporting Members pursuant (April 26, 2018), 83 FR 19384 (May 2, 2018) (SR–
daltland on DSKBBV9HB2PROD with NOTICES
Nasdaq listed securities under Nasdaq Rule NASDAQ–2018–030).
7410A(l). 9 See Securities Exchange Act Release No. 59369 13 The Exchange notes that Rule 7450A(b)
7 See Nasdaq Rule 7410A(k). (February 6, 2009), 74 FR 7278 (February 13, 2009) requires both Proprietary Trading Firms as well as
8 The Exchange notes that Nasdaq capitalizes the (SR–NASDAQ–2008–097). their associated persons to comply with FINRA
10 The four conditions are provided under Equity
term ‘‘Bona Fide Hedge Transaction’’ in Nasdaq Rule 7450 in limited circumstances, whereas
Rule 7410A(k), although the term is not defined in Rules 7410A(n)(1)–(4). Nasdaq’s Rule 7450A only requires compliance by
Nasdaq’s rules. The Exchange believes that 11 See Securities Exchange Act Release No. 72191 Proprietary Trading Firms. The Exchange believes
capitalizing the term was an error and is therefore (May 20, 2014), 79 FR 30219 (May 27, 2014) (SR– that this is an omission in the Nasdaq rule and is
not capitalizing the term in Equity Rule 7410A(k). FINRA–2014–024). accordingly not adjusting the Exchange rule.
VerDate Sep<11>2014 17:40 Sep 24, 2018 Jkt 244001 PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\25SEN1.SGM 25SEN1](https://thefederalregister.org/doc/83_FR_48669/page/2.svg)
![Federal Register / Vol. 83, No. 186 / Tuesday, September 25, 2018 / Notices 48485
noted thereunder are references to Exchange members are likely to need in equity securities that are undertaken
FINRA rules. the exemption, since the vast majority of by options market makers do not
such members to which the rule applies involve customer orders in those equity
Fourth Change
are electronic proprietary trading firms securities and thus do not implicate
The Exchange is proposing to delete that would not qualify for the customer protection issues. Moreover,
paragraph (c) from current Equity Rule exemption.15 Thus, the Exchange is information regarding bona fide hedging
6954 (which will be renumbered Equity proposing to eliminate the rule text transactions retained by a registered BX
Rule 7440A and paragraph (d) from under Equity Rule 6958 from its rule Options Market market maker is
current Equity Rule 6955 (which will be book, renumber the rule to Equity Rule otherwise available to FINRA and BX
renumbered Equity Rule 7450A), and 7470A, and hold the rule in reserve. Regulation through the Exchange’s
move the text to Equity Rules 7440A(a) electronic delivery systems, upon
and 7450A(a), respectively, with minor 2. Statutory Basis
request. This information includes trade
technical differences to correct The Exchange believes that its reporting data, including order time and
citations.14 The Rules explain that the proposal is consistent with Section 6(b) sales data captured by the Exchange
Exchange and FINRA are parties to the of the Act,16 in general, and furthers the system.
FINRA Regulatory Contract, pursuant to objectives of Section 6(b)(5) of the Act,17 With respect to the proposed
which FINRA has agreed to perform in particular, in that it is designed to technical corrections to the rules, the
certain functions on behalf of the promote just and equitable principles of Exchange believes that these changes
Exchange. The Rules also note that trade, to remove impediments to and are consistent with the Act because they
members are complying with current perfect the mechanism of a free and will prevent investor confusion that
Equity Rules 6954 and 6955 by open market and a national market may be caused by including in the Rules
complying with NASD Rules 6954 and system, and, in general to protect incorrect rule citations, defunct rule text
6955, respectively. Nasdaq places the investors and the public interest, by and expired exemptions.
same text as current Equity Rules harmonizing the Exchange’s OATS rules
6954(d) and 6955(d) under Nasdaq with those of FINRA, on which they are B. Self-Regulatory Organization’s
Rules 7440A(a) and 7450A(a), based, and with those of Nasdaq, which Statement on Burden on Competition
respectively. Thus, the Exchange is they should largely match. The Exchange does not believe that
moving the text, as amended, under Consequently, the proposed change will the proposed rule change will impose
Equity Rules 7440A(a) and 7450A(a). As conform Exchange Rules to changes any burden on competition not
a consequence, the Exchange is made to corresponding FINRA and necessary or appropriate in furtherance
changing the lettering of paragraphs (d) Nasdaq rules, thus promoting consistent of the purposes of the Act. The
and (e) of current Equity Rule 6954 to regulatory standards with respect to proposed rule change align [sic] the
paragraphs (c) and (d), respectively, of rules that FINRA enforces pursuant to Exchange’s rules with those of Nasdaq
Equity Rule 7440A, and the lettering of its Regulatory Services Agreements with and FINRA, which will assist FINRA in
paragraph (e) of current Equity Rule the Exchange and Nasdaq. With respect its oversight work done pursuant to a
6955 to paragraph (d) of Equity Rule to the proposed amendment to Equity regulatory services agreement. The
7450A. Rule 7410A(n)(1), the exemption will proposed changes also provide uniform
provide Exchange members with the standards with which market
Fifth Change
same flexibility to transition to a new participants must comply.
The Exchange is proposing to delete clearing firm that both Nasdaq and Consequently, the Exchange does not
current Equity Rules 6957 and 6958. FINRA members currently enjoy. The believe that the proposed changes
Equity Rule 6957 concerns compliance rule is intended to accommodate implicate competition at all.
with NASD Rule 6954. NASD Rule 6954 introducing firms that transition to a
provided the effective dates of C. Self-Regulatory Organization’s
different clearing firm over time and,
requirements of the Order Audit Trail Statement on Comments on the
during the transition, route their orders
System, all of which have passed. Proposed Rule Change Received From
to two different clearing firms, both of
FINRA has deleted NASD Rule 6954 Members, Participants, or Others
which report the introducing firm’s
and consequently, the Exchange is information to OATS during the No written comments were either
proposing to delete Equity Rule 6957. transition time. Adopting the new and solicited or received.
The Exchange is proposing to delete amended rule text under Equity Rule
current Equity Rule 6958, which will be III. Date of Effectiveness of the
7410A will also align the Exchange Proposed Rule Change and Timing for
renumbered Equity Rule 7470A and rulebook with Nasdaq’s and FINRA’s,
held in reserve. Current Equity Rule Commission Action
thereby reducing complexity from
6958 provided an exemption from the FINRA’s work under a regulatory Because the proposed rule change
order recording and data transmission services agreement with the Exchange. does not: (i) Significantly affect the
requirements of current Equity Rules The Exchange believes that adopting protection of investors or the public
6954 and 6955, which are OATS rules the new limited exception to the interest; (ii) impose any significant
applicable to manual orders. The definition of ‘‘Order’’ is consistent with burden on competition; and (iii) become
exemption has not been requested by the Act because it provides a very operative prior to 30 days from the date
any Exchange member to date and the narrow exemption from reporting on which it was filed, or such shorter
Exchange does not believe that transactions that are done to manage time as the Commission may designate,
risk and facilitate options market it has become effective pursuant to
daltland on DSKBBV9HB2PROD with NOTICES
14 The Exchange is not including text from
making. Bona fide hedging transactions Section 19(b)(3)(A) of the Act 18 and
current Equity Rules 6954(c) and 6955(d), which Rule 19b–4(f)(6) thereunder.19
notes that members are complying with these rules
15 The Exchange notes that Nasdaq does not have
by complying with the related FINRA rules, in
Equity Rules 7440A(a) and 7450A(a). The Exchange an analogous rule, having eliminated similar text 18 15 U.S.C. 78s(b)(3)(A).
believes these sentences are duplicative of the first recently for the same reasons. See note 10 [sic], 19 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
sentence of Equity Rules 7440A(a) and 7450A(a). supra. 4(f)(6)(iii) requires a self-regulatory organization to
16 15 U.S.C. 78f(b).
The Exchange notes that Nasdaq’s Rules 7440A(a) give the Commission written notice of its intent to
and 7450A(a) include this duplicative text. 17 15 U.S.C. 78f(b)(5). Continued
VerDate Sep<11>2014 17:40 Sep 24, 2018 Jkt 244001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 E:\FR\FM\25SEN1.SGM 25SEN1](https://thefederalregister.org/doc/83_FR_48669/page/3.svg)
![48486 Federal Register / Vol. 83, No. 186 / Tuesday, September 25, 2018 / Notices
At any time within 60 days of the Persons submitting comments are II. Self-Regulatory Organization’s
filing of the proposed rule change, the cautioned that we do not redact or edit Statement of the Purpose of, and
Commission summarily may personal identifying information from Statutory Basis for, the Proposed Rule
temporarily suspend such rule change if comment submissions. You should Change
it appears to the Commission that such submit only information that you wish In its filing with the Commission, the
action is necessary or appropriate in the to make available publicly. All Exchange included statements
public interest, for the protection of submissions should refer to File concerning the purpose of and basis for
investors, or otherwise in furtherance of Number SR–BX–2018–045 and should the proposed rule change and discussed
the purposes of the Act. be submitted on or before October 16, any comments it received on the
IV. Solicitation of Comments 2018. proposed rule change. The text of these
For the Commission, by the Division of statements may be examined at the
Interested persons are invited to
Trading and Markets, pursuant to delegated places specified in Item IV below. The
submit written data, views, and authority.20 Exchange has prepared summaries, set
arguments concerning the foregoing,
Brent J. Fields, forth in sections A, B, and C below, of
including whether the proposed rule
Secretary. the most significant aspects of such
change is consistent with the Act.
[FR Doc. 2018–20898 Filed 9–24–18; 8:45 am] statements.
Comments may be submitted by any of
the following methods: BILLING CODE 8011–01–P A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Electronic Comments
Statutory Basis for, the Proposed Rule
• Use the Commission’s internet SECURITIES AND EXCHANGE Change
comment form (http://www.sec.gov/ COMMISSION
rules/sro.shtml); or 1. Purpose
• Send an email to rule-comments@ [Release No. 34–84214; File No. SR–
The Exchange proposes to amend its
NASDAQ–2018–072]
sec.gov. Please include File Number SR– By-Laws at Article IV, Section 7 to
BX–2018–045 on the subject line. Self-Regulatory Organizations; The conform its provisions regarding the
Paper Comments Nasdaq Stock Market LLC; Notice of Exchange’s Chief Regulatory Officer
Filing and Immediate Effectiveness of (‘‘CRO’’) to those of its affiliate, Nasdaq
• Send paper comments in triplicate PHLX LLC (‘‘Phlx’’).3 By-Law Article IV,
to Secretary, Securities and Exchange Proposed Rule Change To Conform
the Exchange’s By-Law Provisions Section 7 presently requires that an
Commission, 100 F Street NE, officer of the Exchange 4 with the
Washington, DC 20549–1090. Regarding the Chief Regulatory Officer
to Those of Its Affiliate, Nasdaq PHLX position of Executive Vice President or
All submissions should refer to File Senior Vice President be designated as
LLC
Number SR–BX–2018–045. This file the CRO of the Exchange. The Exchange
number should be included on the September 19, 2018. now proposes to remove the
subject line if email is used. To help the Pursuant to Section 19(b)(1) of the requirement that the CRO be an
Commission process and review your Securities Exchange Act of 1934 Executive Vice President or Senior Vice
comments more efficiently, please use (‘‘Act’’),1 and Rule 19b–4 thereunder,2 President of the Exchange. The
only one method. The Commission will notice is hereby given that on Exchange believes that this requirement
post all comments on the Commission’s September 6, 2018, The Nasdaq Stock is unnecessary and notes that there may
internet website (http://www.sec.gov/ Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) be officers of the Exchange who are well
rules/sro.shtml). Copies of the filed with the Securities and Exchange qualified to serve in the CRO role, but
submission, all subsequent Commission (‘‘SEC’’ or ‘‘Commission’’) who may not hold the position of an
amendments, all written statements the proposed rule change as described Executive Vice President or Senior Vice
with respect to the proposed rule in Items I and II below, which Items President.5 The Exchange does not seek
change that are filed with the have been prepared by the Exchange. to amend any of the current
Commission, and all written The Commission is publishing this responsibilities of the CRO as set forth
communications relating to the notice to solicit comments on the in Section 7; 6 rather, the proposed
proposed rule change between the proposed rule change from interested changes are intended to give the
Commission and any person, other than persons. Exchange more flexibility to attract and
those that may be withheld from the retain well qualified officers to the role
public in accordance with the I. Self-Regulatory Organization’s
provisions of 5 U.S.C. 552, will be Statement of the Terms of Substance of 3 See Phlx By-Law Article IV, Section 4–7 (Chief
available for website viewing and the Proposed Rule Change Regulatory Officer).
4 In Exhibit 5, the references to ‘‘Company’’ mean
printing in the Commission’s Public The Exchange proposes to a proposal the Exchange.
Reference Room, 100 F Street NE, [sic] to conform the Exchange’s By-Law 5 The Exchange notes that Phlx’s CRO currently
Washington, DC 20549 on official provisions regarding the Chief holds the position of Vice President.
business days between the hours of Regulatory Officer to those of its 6 The CRO’s responsibilities include general
10:00 a.m. and 3:00 p.m. Copies of the supervision of the regulatory operations of the
affiliate, Nasdaq PHLX LLC (‘‘Phlx’’). Exchange, including responsibility for overseeing
filing also will be available for The text of the proposed rule change the Exchange’s surveillance, examination, and
inspection and copying at the principal is available on the Exchange’s website at enforcement functions and for administering any
office of the Exchange. All comments http://nasdaq.cchwallstreet.com, at the regulatory services agreements with another SRO to
daltland on DSKBBV9HB2PROD with NOTICES
which the Exchange is a party. In addition, the CRO
received will be posted without change. principal office of the Exchange, and at shall meet with the Regulatory Oversight
the Commission’s Public Reference Committee of the Exchange in executive session at
file the proposed rule change, along with a brief Room. regularly scheduled meetings of such committee,
description and text of the proposed rule change, and at any time upon request of the CRO or any
at least five business days prior to the date of filing member of the Regulatory Oversight Committee.
20 17 CFR 200.30–3(a)(12).
of the proposed rule change, or such shorter time Unlike Phlx, the Exchange’s By-Laws provide that
1 15 U.S.C. 78s(b)(1).
as designated by the Commission. The Exchange the CRO may also serve as the General Counsel of
has satisfied this requirement. 2 17 CFR 240.19b–4. the Exchange. See By-Law Article IV, Section 7.
VerDate Sep<11>2014 17:40 Sep 24, 2018 Jkt 244001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\25SEN1.SGM 25SEN1](https://thefederalregister.org/doc/83_FR_48669/page/4.svg)
Document Created: 2018-09-25 00:21:39
Document Modified: 2018-09-25 00:21:39
| 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 48483 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR