83 FR 49437 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To Amend NYSE Arca Rule 5.2-E(j)(6) Relating to Equity Index-Linked Securities Listing Standards Set Forth in NYSE Arca Rule 5.2-E(j)(6)(B)(I)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 190 (October 1, 2018)
Federal Register Volume 83, Issue 190 (October 1, 2018)
| Page Range | 49437-49440 | |
| FR Document | 2018-21234 |
[Federal Register Volume 83, Number 190 (Monday, October 1, 2018)] [Notices] [Pages 49437-49440] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-21234] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84279; File No. SR-NYSEARCA-2018-67] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To Amend NYSE Arca Rule 5.2-E(j)(6) Relating to Equity Index-Linked Securities Listing Standards Set Forth in NYSE Arca Rule 5.2-E(j)(6)(B)(I) September 25, 2018. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on September 10, 2018, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (the ``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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend NYSE Arca Rule 5.2-E(j)(6) relating to Equity Index-Linked Securities listing standards set forth in NYSE Arca Rule 5.2-E(j)(6)(B)(I). The proposed change is available on the Exchange's website at www.nyse.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 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 those 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 parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose NYSE Arca Rule 5.2-E(j)(6) relates to listing and trading of Equity Index-Linked Securities, Commodity-Linked Securities, Currency-Linked Securities, Fixed Income Index-Linked Securities, Futures-Linked Securities and Multifactor Index-Linked Securities (collectively, ``Index-Linked Securities''). These securities are frequently referred to as ``Exchange-Traded Notes'' or ``ETNs.'' NYSE Arca Rule 5.2- E(j)(6)(B)(I) sets forth listing standards applicable to Equity Index- Linked Securities.\4\ --------------------------------------------------------------------------- \4\ Equity Index-Linked Securities are securities that provide for the payment at maturity based on the performance of an underlying index or indexes of equity securities, securities of closed-end management investment companies registered under the Investment Company Act of 1940 (``1940 Act'') and/or Investment Company Units (as described in NYSE Arca Rule 5.2-E(j)(3)). --------------------------------------------------------------------------- The Exchange proposes to amend NYSE Arca Rule 5.2-E (j)(6)(B)(I) relating to criteria applicable to components of an index underlying an issue of Equity Index-Linked Securities, as described below.\5\ --------------------------------------------------------------------------- \5\ Rule 5.2-E(j)(6)(B)(I)(1)(b)(v) provides that all component securities shall be either: (A) Securities (other than foreign country securities and American Depository Receipts (``ADRs'')) that are (x) issued by a 1934 Act reporting company or by an investment company registered under the 1940 Act, which in each case is listed on a national securities exchange, and (y) an ``NMS stock'' (as defined in Rule 600 of SEC Regulation NMS); or (B) Foreign country securities or ADRs, provided that foreign country securities or foreign country securities underlying ADRs having their primary trading market outside the United States on foreign trading markets that are not members of the Intermarket Surveillance Group (``ISG'') or parties to comprehensive surveillance sharing agreements with the Exchange will not in the aggregate represent more than 50% of the dollar weight of the index, and provided further that: (i) the securities of any one such market do not represent more than 20% of the dollar weight of the index, and (ii) the securities of any two such markets do not represent more than 33% of the dollar weight of the index. --------------------------------------------------------------------------- The Exchange proposes to amend NYSE Arca Rule 5.2- E(j)(6)(B)(I)(1)(b)(v) to provide that all component securities of an index underlying an issue of Equity Index-Linked Securities shall be either (1) U.S. Component Stocks (as described in Rule 5.2-E(j)(3)) \6\ that are listed on a national securities exchange and are NMS Stocks as defined in Rule 600 of Regulation NMS under the Exchange Act; \7\ or (2) Non-U.S. Component Stocks (as described in Rule 5.2-E(j)(3)) \8\ that are listed and traded on an exchange that has last-sale reporting.\9\ The proposed amendment, therefore, would delete from Rule 5.2-E (j)(6)(B)(I)(1)(b)(v) the requirement that foreign country securities or foreign country securities underlying ADRs in an index satisfy requirements that a specified percentage of the dollar weight of the index have primary trading markets that are members of ISG or primary trading markets that are parties to comprehensive surveillance sharing agreements with the Exchange. --------------------------------------------------------------------------- \6\ Rule 5.2-E(j)(3) provides that the term ``US Component Stock'' shall mean an equity security that is registered under Sections 12(b) or 12(g) of the Securities Exchange Act of 1934 or an American Depositary Receipt, the underlying equity security of which is registered under Sections 12(b) or 12(g) of the Securities Exchange Act of 1934. \7\ The term ``Exchange Act'' is defined in Rule 1.1(q) to mean the Securities Exchange Act of 1934, as amended. \8\ Rule 5.2-E(j)(3) provides that the term ``Non-US Component Stock'' shall mean an equity security that is not registered under Sections 12(b) or 12(g) of the Securities Exchange Act of 1934 and that is issued by an entity that (a) is not organized, domiciled or incorporated in the United States, and (b) is an operating company (including Real Estate Investment Trusts (REITS) and income trusts, but excluding investment trusts, unit trusts, mutual funds, and derivatives). \9\ The text of proposed NYSE Arca Rule 5.2- E(j)(6)(B)(I)(1)(b)(v)(1) is comparable to the requirement for US Component Stocks in Commentary .01(a)(A)(5) to NYSE Arca Rule 5.2- E(j)(3). The text of proposed NYSE Arca Rule 5.2- E(j)(6)(B)(I)(1)(b)(v)(2) is comparable to the requirement for Non- US Component Stocks in Commentary .01(a)(B)(5) to NYSE Arca Rule 5.2-E(j)(3). --------------------------------------------------------------------------- The proposed amendment would eliminate a requirement for Equity Index-Linked Securities that is not applicable to Investment Company Units and Managed Fund Shares with respect to Non-U.S. Component Stock index components or holdings of Non-U.S. Component Stocks. The amendment, therefore, would afford greater flexibility to ETN issuers to list securities that include foreign stocks and to better compete with issuers of Investment Company Units and Managed Fund Shares, which are not subject to this requirement. The Exchange also proposes to amend NYSE Arca Rule 5.2- E(j)(6)(B)(I)(1)(a) by increasing the required minimum number of components in an index underlying Equity Index-Linked Securities that includes Non-U.S. Component Stocks.\10\ The Exchange [[Page 49438]] proposes that an underlying index consisting only of U.S. Component Stocks (as described in Rule 5.2-E(j)(3)) that are listed on a national securities exchange and are NMS Stocks as defined in Rule 600 of Regulation NMS under the Exchange Act is required to have at least ten (10) component securities; and an underlying index consisting of (a) only Non-U.S. Component Stocks (as described in Rule 5.2-E(j)(3)), or (b) both U.S. Component Stocks and Non-U.S. Component Stocks, is required to have at least twenty (20) component securities. --------------------------------------------------------------------------- \10\ NYSE Arca Rule 5.2-E(j)(6)(B)(I)(1)(a) provides that each underlying index is required to have at least ten (10) component securities; provided, however, that there shall be no minimum number of component securities if one or more issues of Derivative Securities Products (i.e., Investment Company Units (as described in Rule 5.2-E(j)(3)) and securities described in Section 2 of Rule 8) or Index-Linked Securities (as described in Rule 5.2-E(j)(6)), constitute, at least in part, component securities underlying an issue of Equity Index-Linked Securities. --------------------------------------------------------------------------- The Exchange believes the amendments are appropriate and in the public interest in that Equity Index-Linked Securities would continue to be subject to numerical criteria for index components underlying Equity Index-Linked Securities that are comparable in significant respects to the criteria for U.S. Component Stocks and Non-U.S. Component Stocks in Commentary .01 to NYSE Arca Rule 5.2-E(j)(3) for Investment Company Units and Commentary .01(a) to NYSE Arca Rule 8.600- E for Managed Fund Shares.\11\ --------------------------------------------------------------------------- \11\ Commentary .01 to NYSE Arca Rule 5.2-E(j)(3) and Commentary .01(a) to NYSE Arca Rule 8.600-E provide generic initial and continued listing criteria applicable to an equity index or portfolio underlying Investment Company Units and Managed Fund Shares, respectively. --------------------------------------------------------------------------- For example, Rule 5.2-E(j)(6)(B)(I)(1)(b)(ii) provides that component stocks that in the aggregate account for at least 90% of the weight of the index each shall have a minimum global monthly trading volume of 1,000,000 shares, or minimum global notional volume traded per month of $25,000,000, averaged over the last six months.\12\ In comparison, Commentary .01(a)(B)(2) to Rule 5.2-E(j)(3) applicable to an international or global index or portfolio provides that component stocks (excluding Derivative Securities Products) that in the aggregate account for at least 70% of the US and Non-US Component Stocks portions of the weight of the index or portfolio (excluding such Derivative Securities Products) each shall have a minimum global monthly trading volume of 250,000 shares, or minimum global notional volume traded per month of $25,000,000, averaged over the last six months.\13\ --------------------------------------------------------------------------- \12\ Rule 5.2-E(j)(6)(B)(I)(1)(b)(ii) excludes Derivative Securities Products and Index-Linked Securities from these provisions. \13\ Commentary .01(a)(2) (B) to Rule 8.600-E provides that Non- U.S. Component Stocks each shall have a minimum global monthly trading volume of 250,000 shares, or minimum global notional volume traded per month of $25,000,000, averaged over the last six months. --------------------------------------------------------------------------- In addition, Rule 5.2-E(j)(6)(B)(I)(1)(b)(iii) provides that no underlying component security will represent more than 25% of the dollar weight of the index, and, to the extent applicable, the five highest dollar weighted component securities in the index do not in the aggregate account for more than 50% of the dollar weight of the index (60% for an index consisting of fewer than 25 component securities).\14\ In comparison, Commentary .01(a)(B)(3) to Rule 5.2- E(j)(3) provides that the most heavily weighted component stock (excluding Derivative Securities Products) shall not exceed 25% of the combined US and Non-US Component Stocks portions of the weight of the index or portfolio, and, to the extent applicable, the five most heavily weighted component stocks (excluding Derivative Securities Products) shall not exceed 60% of the combined US and Non-US Component Stocks portions of the weight of the index or portfolio.\15\ --------------------------------------------------------------------------- \14\ Rule 5.2-E(j)(6)(B)(I)(1)(b)(iii) excludes Derivative Securities Products and Index-Linked Securities from these provisions. \15\ See also Commentary .01(a)(2)(C) to NYSE Arca Rule 8.600-E, which provides that the most heavily weighted Non-U.S. Component stock shall not exceed 25% of the equity weight of the portfolio, and, to the extent applicable, the five most heavily weighted Non- U.S. Component Stocks shall not exceed 60% of the equity weight of the portfolio. --------------------------------------------------------------------------- With respect to the proposed amendment to NYSE Arca Rule 5.2- E(j)(6)(B)(I)(1)(a), an increase in the required minimum number of components in an index that includes Non-U.S. Component Stocks is comparable to the requirement applicable to equity indexes underlying series of Investment Company Units listed under Commentary .01 to NYSE Arca Rule 5.2-E(j)(3), and would provide for greater diversification among index components.\16\ --------------------------------------------------------------------------- \16\ See Commentary .01(a)(B)(4) to NYSE Arca Rule 5.2-E(j)(3). See also Commentary .01(a)(2)(D) to NYSE Arca Rule 8.600-E, which provides that, where the equity portion of the portfolio includes Non-U.S. Component Stocks, the equity portion of the portfolio shall include a minimum of 20 component stocks; provided, however, that there shall be no minimum number of component stocks if (i) one or more series of Derivative Securities Products or Index-Linked Securities constitute, at least in part, components underlying a series of Managed Fund Shares, or (ii) one or more series of Derivative Securities Products or Index-Linked Securities account for 100% of the equity weight of the portfolio of a series of Managed Fund Shares. --------------------------------------------------------------------------- The Exchange notes that, in originally approving the generic listing criteria in Commentary .01(a)(B) to NYSE Arca Rule 5.2-E(j)(3) applicable to indexes that include only non-U.S. Component Stocks or both U.S. and Non-U.S. Component Stocks in an index or portfolio underlying a series of Investment Company Units, the Commission stated that ``[t]hese requirements are designed, among other things, to require that components of an index or portfolio underlying the ETF are adequately capitalized and sufficiently liquid, and that no one security dominates the index.'' \17\ In addition, in approving the Exchange's generic rules relating to listing of Index-Linked Securities, the Commission found that the rules' requirements should help ensure that index components of the applicable reference asset are adequately capitalized, sufficiently liquid, and diversified, and that these requirements should significantly minimize the potential for manipulation.\18\ --------------------------------------------------------------------------- \17\ See Securities Exchange Act Release No. 55621 (April 12, 2007), 72 FR 19571 (April 18, 2007) (SR-NYSEArca-2006-86) (Notice of Filing of Proposed Rule Change and Amendments No. 1, 2, 3, and 4 Thereto and Order Granting Accelerated Approval of the Proposed Rule Change as Modified by Amendments No. 2 and 4 Thereto Adopting Generic Listing Standards for Exchange-Traded Funds Based on International or Global Indexes or Indexes Described in Exchange Rules Previously Approved by the Commission as Underlying Benchmarks for Derivative Securities). See also Securities Exchange Act Release Nos. 54739 (November 9, 2006), 71 FR 61811 (October 19, 2006) (SR- Amex-2006-78) (Order Granting Accelerated Approval to Proposed Rule Change and Amendment No. 1 Thereto and Notice of Filing and Order Granting Accelerated Approval to Amendment No. 2 Thereto Relating to Generic Listing Standards for Series of Portfolio Depositary Receipts and Index Fund Shares Based on International or Global Indexes); 55113 (January 17, 2007), 72 FR 3179 (January 24, 2007) (SR-NYSE-2006-101) (Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change as Modified by Amendments No. 1 and 2 Thereto Adopting Generic Listing Standards for Exchange-Traded Funds Based on International or Global Indexes or Indexes Previously Approved by the Commission as Underlying Benchmarks for Derivative Securities). \18\ See, e.g., Securities Exchange Act Release No. 52204 (August 3, 2005) 70 FR 46559 (August 10, 2005) (SR-PCX-2005-63) (Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to the Adoption of Generic Listing Standards for Index-Linked Securities), in which the Commission stated that ``PCX's proposed listing criteria include minimum market capitalization, monthly trading volume, and relative weighting requirements for the Index Securities. These requirements are designed to ensure that the trading markets for index components underlying Index Securities are adequately capitalized and sufficiently liquid, and that no one stock dominates the index. The Commission believes that these requirements should significantly minimize the potential for manipulation.'' --------------------------------------------------------------------------- In addition to the above-referenced weighting and trading volume criteria, Rule 5.2-E(j)(6)(B)(I)(1)(b)(iv) provides that 90% of the index's numerical value and at least 80% of the total number of [[Page 49439]] component securities will meet the then current criteria for standardized option trading set forth in NYSE Arca Rule 5.3-O.\19\ An index is not subject to this requirement if (a) no underlying component security represents more than 10% of the dollar weight of the index and (b) the index has a minimum of 20 components.\20\ --------------------------------------------------------------------------- \19\ NYSE Arca Rule 5.3-O sets forth the criteria to be met by underlying securities with respect to which put or call option contracts are approved for listing and trading on the Exchange. \20\ Rule 5.2-E(j)(6)(B)(I)(1)(b)(iv) excludes Derivative Securities Products and Index-Linked Securities from these provisions. --------------------------------------------------------------------------- Like the requirements applicable to an index or portfolio underlying Investment Company Units noted above, the proposed amendments to NYSE Arca Rule 5.2-E(j)(6)(B)(I)(1)(b)(v) would subject an index or indexes underlying an issue of ETNs to specified minimum liquidity and market value requirements. Index components would continue to be subject to the weighting and diversification requirements of NYSE Arca Rule 5.2-E(j)(6)(B)(I)(1)(b)(iii), which prevent any stock or small group of stocks from dominating a fund's portfolio. The proposed amendments to NYSE Arca Rule 5.2- E(j)(6)(B)(I)(1)(b)(v) would provide additional flexibility to series of Equity Index-Linked Securities based on an index that includes Non- U.S. Component Stocks while continuing to apply substantial minimum criteria relating to liquidity, market capitalization and diversification. The Exchange also proposes to amend the phrase ``Section 19(b)(2) of the Act'' to ``Section 19(b)(2) of the Exchange Act'' in NYSE Arca Rule 5.2-E(j)(6)(B)(I)(1)(b)(1) in order to conform to usage in NYSE Arca Rule 1.1(q).\21\ The Exchange proposes further to make a grammatical change to NYSE Arca Rule 5.2-E(j)(6)(B)(I)(1)(b)(2) by deleting as repetitive the words ``the index or indexes.'' --------------------------------------------------------------------------- \21\ See note 7, supra. --------------------------------------------------------------------------- Other than the changes proposed above, no other changes are being proposed to NYSE Arca Rule 5.2-E(j)(6) and all other requirements applicable to Index-Linked Securities will continue to apply. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\22\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\23\ in particular, because it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \22\ 15 U.S.C. 78f(b). \23\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes the amendment is appropriate and in the public interest in that Equity Index-Linked Securities would continue to be subject to numerical criteria for index components underlying Equity Index-Linked Securities that are comparable in significant respects to the criteria for U.S. Component Stocks and Non-U.S. Component Stocks in Commentary .01 to NYSE Arca Rule 5.2-E(j)(3) for Investment Company Units and Commentary .01(a) to NYSE Arca Rule 8.600- E for Managed Fund Shares. Rule 5.2-E(j)(6)(B)(I)(1)(b)(ii) provides that component stocks that in the aggregate account for at least 90% of the weight of the index each shall have a minimum global monthly trading volume of 1,000,000 shares, or minimum global notional volume traded per month of $25,000,000, averaged over the last six months. In addition, Rule 5.2-E(j)(6)(B)(I)(1)(b)(iii) provides that no underlying component security will represent more than 25% of the dollar weight of the index, and, to the extent applicable, the five highest dollar weighted component securities in the index do not in the aggregate account for more than 50% of the dollar weight of the index (60% for an index consisting of fewer than 25 component securities). As noted above, the Commission, in approving the Exchange's generic rules relating to listing of Index-Linked Securities, found that the rules' requirements should help ensure that index components of the applicable reference asset are adequately capitalized, sufficiently liquid, and diversified, and that these requirements should significantly minimize the potential for manipulation.\24\ --------------------------------------------------------------------------- \24\ See note 17, supra. --------------------------------------------------------------------------- The proposed amendment would eliminate a requirement for Equity Index-Linked Securities that is not applicable to Investment Company Units and Managed Fund Shares with respect to Non-U.S. Component Stock index components or holdings of Non-U.S. Component Stocks. The amendment, therefore, would afford greater flexibility to ETN issuers to list securities that include foreign stocks and to better compete with issuers of Investment Company Units and Managed Fund Shares. With respect to the proposed amendment to NYSE Arca Rule 5.2- E(j)(6)(B)(I)(1)(a), an increase in the required minimum number of components in an index that includes Non-U.S. Component Stocks is comparable to the requirement applicable to equity indexes underlying series of Investment Company Units listed under Commentary .01 to NYSE Arca Rule 5.2-E(j)(3), and would provide for greater diversification among index components.\25\ --------------------------------------------------------------------------- \25\ See Commentary .01(a)(B)(4) to NYSE Arca Rule 5.2-E(j)(3). --------------------------------------------------------------------------- The proposed amendment to change the phrase ``Section 19(b)(2) of the Act'' to ``Section 19(b)(2) of the Exchange Act'' in NYSE Arca Rule 5.2-E(j)(6)(B)(I)(1)(b)(1) conforms to usage in NYSE Arca Rule 1.1(q). The proposed deletion of the words ``the index or indexes'' in NYSE Arca Rule 5.2-E(j)(6)(B)(I)(1)(b)(2) eliminates an unnecessary repetition. The Exchange represents that trading in ETNs is subject to the existing trading surveillances, administered by the Financial Industry Regulatory Authority (``FINRA'') on behalf of the Exchange, or by regulatory staff of the Exchange, which are designed to detect violations of Exchange rules and applicable federal securities laws. The Exchange represents that these procedures are adequate to properly monitor Exchange trading of ETNs in all Exchange trading sessions and to deter and detect violations of Exchange rules and federal securities laws applicable to trading on the Exchange.\26\ --------------------------------------------------------------------------- \26\ FINRA conducts cross-market surveillances on behalf of the Exchange pursuant to a regulatory services agreement. The Exchange is responsible for FINRA's performance under this regulatory services agreement. --------------------------------------------------------------------------- The Exchange or FINRA, on behalf of the Exchange, or both, will communicate as needed regarding trading in Exchange-listed ETNs with other markets and other entities that are members of the ISG, and the Exchange or FINRA, on behalf of the Exchange, or both, may obtain trading information regarding trading in ETNs from such markets and other entities. In addition, the Exchange may obtain information regarding trading in such securities and financial instruments from markets and other entities that are members of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement. For these reasons, the Exchange believes that the proposal is consistent with the Act. [[Page 49440]] B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\27\ the Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Instead, the Exchange believes that the proposed change will encourage competition by accommodating listing and trading of additional issues of Equity Index-Linked Securities and will permit ETN issuers to better compete with issuers of Investment Company Units and Managed Fund Shares. --------------------------------------------------------------------------- \27\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to 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 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 NYSEArca-2018-67 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 NYSEArca-2018-67. 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 a.m. and 3 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 NYSEArca-2018-67, and should be submitted on or before October 22, 2018. --------------------------------------------------------------------------- \28\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\28\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-21234 Filed 9-28-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 190 / Monday, October 1, 2018 / Notices 49437
should be submitted on or before of those statements may be examined at described in Rule 5.2–E(j)(3)) 6 that are
October 22,2018. the places specified in Item IV below. listed on a national securities exchange
For the Commission, by the Division of The Exchange has prepared summaries, and are NMS Stocks as defined in Rule
Trading and Markets, pursuant to delegated set forth in sections A, B, and C below, 600 of Regulation NMS under the
authority.14 of the most significant parts of such Exchange Act; 7 or (2) Non-U.S.
Eduardo A. Aleman, statements. Component Stocks (as described in Rule
Assistant Secretary. 5.2–E(j)(3)) 8 that are listed and traded
A. Self-Regulatory Organization’s on an exchange that has last-sale
[FR Doc. 2018–21231 Filed 9–28–18; 8:45 am] Statement of the Purpose of, and the reporting.9 The proposed amendment,
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule therefore, would delete from Rule 5.2–
Change E (j)(6)(B)(I)(1)(b)(v) the requirement
SECURITIES AND EXCHANGE 1. Purpose that foreign country securities or foreign
COMMISSION country securities underlying ADRs in
NYSE Arca Rule 5.2–E(j)(6) relates to an index satisfy requirements that a
[Release No. 34–84279; File No. SR– listing and trading of Equity Index- specified percentage of the dollar weight
NYSEARCA–2018–67] Linked Securities, Commodity-Linked of the index have primary trading
Securities, Currency-Linked Securities, markets that are members of ISG or
Self-Regulatory Organizations; NYSE Fixed Income Index-Linked Securities, primary trading markets that are parties
Arca, Inc.; Notice of Filing of Proposed Futures-Linked Securities and to comprehensive surveillance sharing
Rule Change To Amend NYSE Arca Multifactor Index-Linked Securities agreements with the Exchange.
Rule 5.2–E(j)(6) Relating to Equity (collectively, ‘‘Index-Linked The proposed amendment would
Index-Linked Securities Listing Securities’’). These securities are eliminate a requirement for Equity
Standards Set Forth in NYSE Arca Rule frequently referred to as ‘‘Exchange- Index-Linked Securities that is not
5.2–E(j)(6)(B)(I) Traded Notes’’ or ‘‘ETNs.’’ NYSE Arca applicable to Investment Company
September 25, 2018. Rule 5.2–E(j)(6)(B)(I) sets forth listing Units and Managed Fund Shares with
Pursuant to Section 19(b)(1) 1 of the standards applicable to Equity Index- respect to Non-U.S. Component Stock
Securities Exchange Act of 1934 (the Linked Securities.4 index components or holdings of Non-
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 The Exchange proposes to amend U.S. Component Stocks. The
notice is hereby given that, on NYSE Arca Rule 5.2–E (j)(6)(B)(I) amendment, therefore, would afford
September 10, 2018, NYSE Arca, Inc. relating to criteria applicable to greater flexibility to ETN issuers to list
(the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed components of an index underlying an securities that include foreign stocks
with the Securities and Exchange issue of Equity Index-Linked Securities, and to better compete with issuers of
Commission (the ‘‘Commission’’) the as described below.5 Investment Company Units and
proposed rule change as described in Managed Fund Shares, which are not
The Exchange proposes to amend subject to this requirement.
Items I and II below, which Items have NYSE Arca Rule 5.2–E(j)(6)(B)(I)(1)(b)(v)
been prepared by the self-regulatory The Exchange also proposes to amend
to provide that all component securities NYSE Arca Rule 5.2–E(j)(6)(B)(I)(1)(a) by
organization. The Commission is of an index underlying an issue of
publishing this notice to solicit increasing the required minimum
Equity Index-Linked Securities shall be number of components in an index
comments on the proposed rule change either (1) U.S. Component Stocks (as underlying Equity Index-Linked
from interested persons.
Securities that includes Non-U.S.
I. Self-Regulatory Organization’s 4 Equity Index-Linked Securities are securities
Component Stocks.10 The Exchange
Statement of the Terms of Substance of that provide for the payment at maturity based on
the performance of an underlying index or indexes
the Proposed Rule Change of equity securities, securities of closed-end
6 Rule 5.2–E(j)(3) provides that the term ‘‘US
management investment companies registered Component Stock’’ shall mean an equity security
The Exchange proposes to amend that is registered under Sections 12(b) or 12(g) of
under the Investment Company Act of 1940 (‘‘1940
NYSE Arca Rule 5.2–E(j)(6) relating to Act’’) and/or Investment Company Units (as
the Securities Exchange Act of 1934 or an American
Equity Index-Linked Securities listing Depositary Receipt, the underlying equity security
described in NYSE Arca Rule 5.2–E(j)(3)).
of which is registered under Sections 12(b) or 12(g)
standards set forth in NYSE Arca Rule 5 Rule 5.2–E(j)(6)(B)(I)(1)(b)(v) provides that all
of the Securities Exchange Act of 1934.
5.2–E(j)(6)(B)(I). The proposed change is component securities shall be either: 7 The term ‘‘Exchange Act’’ is defined in Rule
available on the Exchange’s website at (A) Securities (other than foreign country 1.1(q) to mean the Securities Exchange Act of 1934,
securities and American Depository Receipts as amended.
www.nyse.com, at the principal office of (‘‘ADRs’’)) that are (x) issued by a 1934 Act 8 Rule 5.2–E(j)(3) provides that the term ‘‘Non-US
the Exchange, and at the Commission’s reporting company or by an investment company Component Stock’’ shall mean an equity security
Public Reference Room. registered under the 1940 Act, which in each case that is not registered under Sections 12(b) or 12(g)
is listed on a national securities exchange, and (y) of the Securities Exchange Act of 1934 and that is
II. Self-Regulatory Organization’s an ‘‘NMS stock’’ (as defined in Rule 600 of SEC issued by an entity that (a) is not organized,
Statement of the Purpose of, and Regulation NMS); or domiciled or incorporated in the United States, and
Statutory Basis for, the Proposed Rule (B) Foreign country securities or ADRs, provided (b) is an operating company (including Real Estate
that foreign country securities or foreign country Investment Trusts (REITS) and income trusts, but
Change securities underlying ADRs having their primary excluding investment trusts, unit trusts, mutual
In its filing with the Commission, the trading market outside the United States on foreign funds, and derivatives).
trading markets that are not members of the 9 The text of proposed NYSE Arca Rule 5.2–
self-regulatory organization included Intermarket Surveillance Group (‘‘ISG’’) or parties E(j)(6)(B)(I)(1)(b)(v)(1) is comparable to the
statements concerning the purpose of, to comprehensive surveillance sharing agreements requirement for US Component Stocks in
and basis for, the proposed rule change with the Exchange will not in the aggregate
amozie on DSK3GDR082PROD with NOTICES
Commentary .01(a)(A)(5) to NYSE Arca Rule 5.2–
and discussed any comments it received represent more than 50% of the dollar weight of the E(j)(3). The text of proposed NYSE Arca Rule 5.2–
index, and provided further that: E(j)(6)(B)(I)(1)(b)(v)(2) is comparable to the
on the proposed rule change. The text
(i) the securities of any one such market do not requirement for Non-US Component Stocks in
represent more than 20% of the dollar weight of the Commentary .01(a)(B)(5) to NYSE Arca Rule 5.2–
14 17 CFR 200.30–3(a)(12). index, and E(j)(3).
1 15 U.S.C. 78s(b)(1). (ii) the securities of any two such markets do not 10 NYSE Arca Rule 5.2–E(j)(6)(B)(I)(1)(a) provides
2 15 U.S.C. 78a.
represent more than 33% of the dollar weight of the that each underlying index is required to have at
3 17 CFR 240.19b–4. index. Continued
VerDate Sep<11>2014 17:50 Sep 28, 2018 Jkt 247001 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 E:\FR\FM\01OCN1.SGM 01OCN1](https://thefederalregister.org/doc/83_FR_49627/page/1.svg)
![49438 Federal Register / Vol. 83, No. 190 / Monday, October 1, 2018 / Notices
proposes that an underlying index month of $25,000,000, averaged over the Commentary .01(a)(B) to NYSE Arca
consisting only of U.S. Component last six months.13 Rule 5.2–E(j)(3) applicable to indexes
Stocks (as described in Rule 5.2–E(j)(3)) In addition, Rule 5.2– that include only non-U.S. Component
that are listed on a national securities E(j)(6)(B)(I)(1)(b)(iii) provides that no Stocks or both U.S. and Non-U.S.
exchange and are NMS Stocks as underlying component security will Component Stocks in an index or
defined in Rule 600 of Regulation NMS represent more than 25% of the dollar portfolio underlying a series of
under the Exchange Act is required to weight of the index, and, to the extent Investment Company Units, the
have at least ten (10) component applicable, the five highest dollar Commission stated that ‘‘[t]hese
securities; and an underlying index weighted component securities in the requirements are designed, among other
consisting of (a) only Non-U.S. index do not in the aggregate account things, to require that components of an
Component Stocks (as described in Rule for more than 50% of the dollar weight index or portfolio underlying the ETF
5.2–E(j)(3)), or (b) both U.S. Component of the index (60% for an index are adequately capitalized and
Stocks and Non-U.S. Component Stocks, consisting of fewer than 25 component sufficiently liquid, and that no one
is required to have at least twenty (20) securities).14 In comparison, security dominates the index.’’ 17 In
component securities. Commentary .01(a)(B)(3) to Rule 5.2– addition, in approving the Exchange’s
The Exchange believes the E(j)(3) provides that the most heavily generic rules relating to listing of Index-
amendments are appropriate and in the weighted component stock (excluding Linked Securities, the Commission
public interest in that Equity Index- Derivative Securities Products) shall not found that the rules’ requirements
Linked Securities would continue to be exceed 25% of the combined US and should help ensure that index
subject to numerical criteria for index Non-US Component Stocks portions of components of the applicable reference
components underlying Equity Index- the weight of the index or portfolio, and, asset are adequately capitalized,
Linked Securities that are comparable in to the extent applicable, the five most sufficiently liquid, and diversified, and
significant respects to the criteria for heavily weighted component stocks that these requirements should
U.S. Component Stocks and Non-U.S. (excluding Derivative Securities significantly minimize the potential for
Component Stocks in Commentary .01 Products) shall not exceed 60% of the manipulation.18
to NYSE Arca Rule 5.2–E(j)(3) for combined US and Non-US Component In addition to the above-referenced
Investment Company Units and Stocks portions of the weight of the weighting and trading volume criteria,
Commentary .01(a) to NYSE Arca Rule index or portfolio.15 Rule 5.2–E(j)(6)(B)(I)(1)(b)(iv) provides
8.600–E for Managed Fund Shares.11 With respect to the proposed that 90% of the index’s numerical value
For example, Rule 5.2– amendment to NYSE Arca Rule 5.2– and at least 80% of the total number of
E(j)(6)(B)(I)(1)(b)(ii) provides that E(j)(6)(B)(I)(1)(a), an increase in the
component stocks that in the aggregate required minimum number of 17 See Securities Exchange Act Release No. 55621
account for at least 90% of the weight components in an index that includes (April 12, 2007), 72 FR 19571 (April 18, 2007) (SR–
NYSEArca–2006–86) (Notice of Filing of Proposed
of the index each shall have a minimum Non-U.S. Component Stocks is Rule Change and Amendments No. 1, 2, 3, and 4
global monthly trading volume of comparable to the requirement Thereto and Order Granting Accelerated Approval
1,000,000 shares, or minimum global applicable to equity indexes underlying of the Proposed Rule Change as Modified by
notional volume traded per month of series of Investment Company Units Amendments No. 2 and 4 Thereto Adopting Generic
Listing Standards for Exchange-Traded Funds
$25,000,000, averaged over the last six listed under Commentary .01 to NYSE Based on International or Global Indexes or Indexes
months.12 In comparison, Commentary Arca Rule 5.2–E(j)(3), and would Described in Exchange Rules Previously Approved
.01(a)(B)(2) to Rule 5.2–E(j)(3) provide for greater diversification by the Commission as Underlying Benchmarks for
among index components.16 Derivative Securities). See also Securities Exchange
applicable to an international or global Act Release Nos. 54739 (November 9, 2006), 71 FR
index or portfolio provides that The Exchange notes that, in originally
61811 (October 19, 2006) (SR–Amex–2006–78)
component stocks (excluding Derivative approving the generic listing criteria in (Order Granting Accelerated Approval to Proposed
Securities Products) that in the Rule Change and Amendment No. 1 Thereto and
13 Commentary .01(a)(2) (B) to Rule 8.600–E Notice of Filing and Order Granting Accelerated
aggregate account for at least 70% of the provides that Non-U.S. Component Stocks each Approval to Amendment No. 2 Thereto Relating to
US and Non-US Component Stocks shall have a minimum global monthly trading Generic Listing Standards for Series of Portfolio
portions of the weight of the index or volume of 250,000 shares, or minimum global Depositary Receipts and Index Fund Shares Based
portfolio (excluding such Derivative notional volume traded per month of $25,000,000, on International or Global Indexes); 55113 (January
averaged over the last six months. 17, 2007), 72 FR 3179 (January 24, 2007) (SR–
Securities Products) each shall have a 14 Rule 5.2–E(j)(6)(B)(I)(1)(b)(iii) excludes NYSE–2006–101) (Notice of Filing and Order
minimum global monthly trading Derivative Securities Products and Index-Linked Granting Accelerated Approval of a Proposed Rule
volume of 250,000 shares, or minimum Securities from these provisions. Change as Modified by Amendments No. 1 and 2
global notional volume traded per 15 See also Commentary .01(a)(2)(C) to NYSE Arca Thereto Adopting Generic Listing Standards for
Rule 8.600–E, which provides that the most heavily Exchange-Traded Funds Based on International or
weighted Non-U.S. Component stock shall not Global Indexes or Indexes Previously Approved by
least ten (10) component securities; provided, exceed 25% of the equity weight of the portfolio, the Commission as Underlying Benchmarks for
however, that there shall be no minimum number and, to the extent applicable, the five most heavily Derivative Securities).
of component securities if one or more issues of weighted Non-U.S. Component Stocks shall not 18 See, e.g., Securities Exchange Act Release No.
Derivative Securities Products (i.e., Investment exceed 60% of the equity weight of the portfolio. 52204 (August 3, 2005) 70 FR 46559 (August 10,
Company Units (as described in Rule 5.2–E(j)(3)) 16 See Commentary .01(a)(B)(4) to NYSE Arca 2005) (SR–PCX–2005–63) (Notice of Filing and
and securities described in Section 2 of Rule 8) or Rule 5.2–E(j)(3). See also Commentary .01(a)(2)(D) Order Granting Accelerated Approval of Proposed
Index-Linked Securities (as described in Rule 5.2– to NYSE Arca Rule 8.600–E, which provides that, Rule Change Relating to the Adoption of Generic
E(j)(6)), constitute, at least in part, component where the equity portion of the portfolio includes Listing Standards for Index-Linked Securities), in
securities underlying an issue of Equity Index- Non-U.S. Component Stocks, the equity portion of which the Commission stated that ‘‘PCX’s proposed
Linked Securities. the portfolio shall include a minimum of 20 listing criteria include minimum market
amozie on DSK3GDR082PROD with NOTICES
11 Commentary .01 to NYSE Arca Rule 5.2–E(j)(3)
component stocks; provided, however, that there capitalization, monthly trading volume, and relative
and Commentary .01(a) to NYSE Arca Rule 8.600– shall be no minimum number of component stocks weighting requirements for the Index Securities.
E provide generic initial and continued listing if (i) one or more series of Derivative Securities These requirements are designed to ensure that the
criteria applicable to an equity index or portfolio Products or Index-Linked Securities constitute, at trading markets for index components underlying
underlying Investment Company Units and least in part, components underlying a series of Index Securities are adequately capitalized and
Managed Fund Shares, respectively. Managed Fund Shares, or (ii) one or more series of sufficiently liquid, and that no one stock dominates
12 Rule 5.2–E(j)(6)(B)(I)(1)(b)(ii) excludes Derivative Securities Products or Index-Linked the index. The Commission believes that these
Derivative Securities Products and Index-Linked Securities account for 100% of the equity weight of requirements should significantly minimize the
Securities from these provisions. the portfolio of a series of Managed Fund Shares. potential for manipulation.’’
VerDate Sep<11>2014 17:50 Sep 28, 2018 Jkt 247001 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 E:\FR\FM\01OCN1.SGM 01OCN1](https://thefederalregister.org/doc/83_FR_49627/page/2.svg)
![49440 Federal Register / Vol. 83, No. 190 / Monday, October 1, 2018 / Notices
B. Self-Regulatory Organization’s number should be included on the with the Securities and Exchange
Statement on Burden on Competition subject line if email is used. To help the Commission (‘‘Commission’’) the
In accordance with Section 6(b)(8) of Commission process and review your proposed rule change as described in
the Act,27 the Exchange does not believe comments more efficiently, please use Items I and II below, which Items have
that the proposed rule change will only one method. The Commission will been prepared by the Exchange. The
impose any burden on competition that post all comments on the Commission’s Commission is publishing this notice to
is not necessary or appropriate in internet website (http://www.sec.gov/ solicit comments on the proposed rule
furtherance of the purposes of the Act. rules/sro.shtml). Copies of the change from interested persons.
Instead, the Exchange believes that the submission, all subsequent
I. Self-Regulatory Organization’s
proposed change will encourage amendments, all written statements
Statement of the Terms of Substance of
competition by accommodating listing with respect to the proposed rule
the Proposed Rule Change
and trading of additional issues of change that are filed with the
Commission, and all written The Exchange proposes to (a) relocate
Equity Index-Linked Securities and will
communications relating to the the GEMX Schedule of Fees and current
permit ETN issuers to better compete
proposed rule change between the Rule 209 to the Exchange’s rulebook’s
with issuers of Investment Company
Commission and any person, other than (‘‘Rulebook’’) shell structure,3 and (b)
Units and Managed Fund Shares.
those that may be withheld from the make conforming cross-reference
C. Self-Regulatory Organization’s public in accordance with the changes throughout the Rulebook.
Statement on Comments on the provisions of 5 U.S.C. 552, will be The text of the proposed rule change
Proposed Rule Change Received From available for website viewing and is available on the Exchange’s website at
Members, Participants, or Others printing in the Commission’s Public http://nasdaqgemx.cchwallstreet.com/,
No written comments were solicited Reference Room, 100 F Street NE, at the principal office of the Exchange,
or received with respect to the proposed Washington, DC 20549, on official and at the Commission’s Public
rule change. business days between the hours of 10 Reference Room.
a.m. and 3 p.m. Copies of the filing also II. Self-Regulatory Organization’s
III. Date of Effectiveness of the will be available for inspection and
Proposed Rule Change and Timing for Statement of the Purpose of, and
copying at the principal office of the Statutory Basis for, the Proposed Rule
Commission Action Exchange. All comments received will Change
Within 45 days of the date of be posted without change. Persons
submitting comments are cautioned that In its filing with the Commission, the
publication of this notice in the Federal
we do not redact or edit personal Exchange included statements
Register or up to 90 days (i) as the
identifying information from comment concerning the purpose of and basis for
Commission may designate if it finds
submissions. You should submit only the proposed rule change and discussed
such longer period to be appropriate
information that you wish to make any comments it received on the
and publishes its reasons for so finding
available publicly. All submissions proposed rule change. The text of these
or (ii) as to which the self-regulatory
should refer to File Number NYSEArca– statements may be examined at the
organization consents, the Commission
2018–67, and should be submitted on or places specified in Item IV below. The
will:
before October 22, 2018. Exchange has prepared summaries, set
(A) By order approve or disapprove
forth in sections A, B, and C below, of
the proposed rule change, or For the Commission, by the Division of
(B) institute proceedings to determine the most significant aspects of such
Trading and Markets, pursuant to delegated statements.
whether the proposed rule change authority.28
should be disapproved. Eduardo A. Aleman, A. Self-Regulatory Organization’s
IV. Solicitation of Comments Assistant Secretary. Statement of the Purpose of, and
[FR Doc. 2018–21234 Filed 9–28–18; 8:45 am] Statutory Basis for, the Proposed Rule
Interested persons are invited to Change
BILLING CODE 8011–01–P
submit written data, views, and
arguments concerning the foregoing, 1. Purpose
including whether the proposed rule SECURITIES AND EXCHANGE The Exchange proposes to relocate the
change is consistent with the Act. COMMISSION entire GEMX Schedule of Fees and Rule
Comments may be submitted by any of 209 to the Exchange’s shell structure;
the following methods: [Release No. 34–84283; File No. SR–GEMX– specifically, the Exchange will relocate
2018–29] the aforementioned rules to the Options
Electronic Comments
7 (‘‘Pricing Schedule’’) section of the
• Use the Commission’s internet Self-Regulatory Organizations; Nasdaq
shell. In addition, the Exchange will
comment form (http://www.sec.gov/ GEMX, LLC; Notice of Filing and
make conforming cross-reference
rules/sro.shtml); or Immediate Effectiveness of Proposed
changes throughout the Rulebook.
• Send an email to rule-comments@ Rule Change To Relocate the
sec.gov. Please include File Number Exchange’s Schedule of Fees (a) Relocation of Rules
NYSEArca–2018–67 on the subject line. September 25, 2018. As indicated, the Exchange, as part of
Pursuant to Section 19(b)(1) of the its continued effort to promote
Paper Comments
Securities Exchange Act of 1934
• Send paper comments in triplicate 3 In 2017, the Exchange added a shell structure to
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
amozie on DSK3GDR082PROD with NOTICES
to Secretary, Securities and Exchange its Rulebook with the purpose of improving
notice is hereby given that on efficiency and readability and to align its rules
Commission, 100 F Street NE,
September 12, 2018, Nasdaq GEMX, closer to those of its five sister exchanges, The
Washington, DC 20549–1090. Nasdaq Stock Market LLC; Nasdaq BX, Inc.; Nasdaq
LLC (‘‘GEMX’’ or ‘‘Exchange’’) filed
All submissions should refer to File PHLX LLC; Nasdaq ISE, LLC; and Nasdaq MRX,
LLC (‘‘Affiliated Exchanges’’). See Securities
Number NYSEArca–2018–67. This file 28 17 CFR 200.30–3(a)(12). Exchange Act Release No. 82171 (November 29,
1 15 U.S.C. 78s(b)(1). 2017), 82 FR 57516 (December 5, 2017) (SR–GEMX–
27 15 U.S.C. 78f(b)(8). 2 17 CFR 240.19b–4. 2017–54).
VerDate Sep<11>2014 17:50 Sep 28, 2018 Jkt 247001 PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 E:\FR\FM\01OCN1.SGM 01OCN1](https://thefederalregister.org/doc/83_FR_49627/page/4.svg)
Document Created: 2018-09-29 04:25:56
Document Modified: 2018-09-29 04:25:56
| 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 49437 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR