83 FR 54384 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a Proposed Rule Change To Amend NYSE Arca Rule 1.1(ll) To Modify the Formula for Establishing the Official Closing Price for a Derivative Securities Product When There Is No Closing Auction or if the Closing Auction Is Less Than One Round Lot, by Excluding the NBBO Midpoint if the Midpoint Multiplied by 10% Is Less Than the NBBO Spread or if the NBBO Is Crossed
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 209 (October 29, 2018)
Federal Register Volume 83, Issue 209 (October 29, 2018)
| Page Range | 54384-54385 | |
| FR Document | 2018-23507 |
[Federal Register Volume 83, Number 209 (Monday, October 29, 2018)] [Notices] [Pages 54384-54385] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-23507] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84471; File No. SR-NYSEArca-2018-63] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a Proposed Rule Change To Amend NYSE Arca Rule 1.1(ll) To Modify the Formula for Establishing the Official Closing Price for a Derivative Securities Product When There Is No Closing Auction or if the Closing Auction Is Less Than One Round Lot, by Excluding the NBBO Midpoint if the Midpoint Multiplied by 10% Is Less Than the NBBO Spread or if the NBBO Is Crossed October 23, 2018. I. Introduction On August 29, 2018, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (``Commission'') pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'' \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend NYSE Arca Rule 1.1(ll) to exclude from the time-weighted average price (``TWAP'') calculation, for purpose of determining the Official Closing Price \3\ for an Exchange-listed security that is a Derivative Securities Product \4\ if the Exchange does not conduct a Closing Auction \5\ or if a Closing Auction trade is less than a round lot, a midpoint that is based on a National Best Bid and Offer (``NBBO'') that may not be reflective of the security's true and current value. The proposed rule change was published for comment in the Federal Register on September 17, 2018.\6\ The Commission received no comment letters on the proposed rule change. This order approves the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See NYSE Arca Rule 1.1(ll) for a definition of Official Closing Price. \4\ With respect to equities traded on the Exchange, the term ``Derivative Securities Product'' means a security that meets the definition of ``derivative securities product'' in Rule 19b-4(e) under the Act. See NYSE Arca Rule 1.1(k). For purposes of Rule 19b- 4(e), a ``derivative securities product'' means any type of option, warrant, hybrid securities product or any other security, other than a single equity option or a security futures product, whose value is based, in whole or in part, upon the performance of, or interest, in, an underlying instrument. 17 CFR 240.19b-4(e). \5\ See NYSE Arca Rule 7.35-E(d) regarding the operation of Closing Auctions on the Exchange. \6\ See Securities Exchange Act Release No. 84079 (September 11, 2018), 83 FR 46981 (``Notice''). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change On March 20, 2018, the Commission approved the Exchange's proposal (``OCP Filing'') to amend NYSE Arca Rule 1.1(ll) to provide for how the Official Closing Price is determined for an Exchange-listed security that is a Derivative Securities Product if the Exchange does not conduct a Closing Auction or if a Closing Auction trade is less than a round lot.\7\ As described in the Notice, the Exchange had sought a method for deriving the Official Closing Price that would be more indicative of the actual value of the securities, in particular for listed securities that are thinly traded or generally illiquid.\8\ Prior to approval of the OCP Filing, the Official Closing Price for such securities would have been based on a last-sale trade that may have been hours, days, or even months old and therefore not necessarily indicative of their true and current value. With approval of the OCP Filing, the Exchange adopted a revised calculation to derive the value for securities that have a potentially stale last-price, depending on when the last consolidated last-sale eligible trade occurred. Specifically, for such securities, the Official Closing Price would be derived by adding a percentage of the TWAP of the NBBO midpoint measured over the last five minutes before the end of Core Trading Hours and a percentage of the last consolidated last-sale eligible trade before the end of Core Trading Hours on that trading day.\9\ --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 82907 (March 20, 2018), 83 FR 12980 (March 26, 2018) (order approving SR-NYSEArca- 2018-08). \8\ See Notice, supra, note 6, at 46981. \9\ See NYSE Arca Rule 1.1(ll)(1)(B)(i)-(vi). --------------------------------------------------------------------------- The Exchange now proposes to further amend NYSE Arca Rule 1.1(ll)(1)(B) to exclude from the TWAP calculation a midpoint that is based on an NBBO that the Exchange believes is too wide and therefore not reflective of the security's true and current value.\10\ Specifically, the Exchange proposes to exclude an NBBO midpoint from the calculation of the Official Closing Price if that midpoint, when multiplied by ten percent (10%), is less than the spread of that NBBO.\11\ The Exchange also would exclude a crossed NBBO from the calculation.\12\ --------------------------------------------------------------------------- \10\ See Notice, supra, note 6, at 46981. \11\ See proposed NYSE Arca Rule 1.1(ll)(1)(B). \12\ See id. For an example of this proposed new process, see Notice, supra, note 6, at 46981-82. --------------------------------------------------------------------------- The Exchange notes that its proposed change to the Official Closing Price calculation in this scenario is similar to how it considers an ``Auction NBBO,'' which is used as a basis for determining the Auction Reference Price for the Core Open Auction.\13\ To qualify as an Auction NBBO for the Core Open Auction, there must be both a bid and an offer that is not zero, the NBBO cannot be crossed, and the midpoint of the NBBO when multiplied by a designated percentage cannot be greater than or equal to the spread of the NBBO.\14\ --------------------------------------------------------------------------- \13\ The term ``Auction NBBO'' means an NBBO that is used for purposes of pricing an auction. See NYSE Arca Rule 7.35-E(a)(5). The Exchange also uses the Auction NBBO for determining the Indicative Match Price in specified situations for the Closing Auction. See NYSE Arca Rule 7.35-E(a)(8)(C). \14\ See NYSE Arca Rule 7.35-E(a)(5). The Exchange notes that, unlike its current proposal to codify a designated percentage of ten percent (10%) to be used in the TWAP calculation for the Official Closing Price, the designated percentage used for determining the Auction NBBO for the Core Open Auction is determined by the Exchange upon prior notice to ETP Holders. See Notice, supra, note 6, at 46982. --------------------------------------------------------------------------- The Exchange also proposes a non-substantive clarifying change to NYSE Arca Rule 1.1(ll) to specify that the process under NYSE Arca Rule 1.1(ll)(1)(D) would be utilized if the Official Closing Price cannot be determined under NYSE Arca Rule1.1(ll)(1)(A), (B), or (C).\15\ --------------------------------------------------------------------------- \15\ See proposed NYSE Arca Rule 1.1(ll)(1)(D). --------------------------------------------------------------------------- The Exchange anticipates the implementation date for the proposed rule change will be in the first quarter of 2019, and the Exchange will announce such implementation date by Trader Update.\16\ --------------------------------------------------------------------------- \16\ See Notice, supra, note 6, at 46982. --------------------------------------------------------------------------- III. Discussion and Commission's Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.\17\ In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,\18\ which requires, among other things, that the rules of a national securities exchange be [[Page 54385]] designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating transactions in securities, 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, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Commission also finds that the proposed rule change is consistent with Section 6(b)(8) of the Act,\19\ which requires that the rules of an exchange not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \17\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \18\ 15 U.S.C. 78f(b)(5). \19\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The proposal would set forth an additional procedure governing how the Exchange would determine the Official Closing Price in Exchange- listed securities that are Derivative Securities Products when the Exchange does not conduct a Closing Auction or if a Closing Auction trade is less than a round lot. The Commission notes that the primary listing market's closing price for a security is relied upon by market participants for a variety of reasons, including, but not limited to, calculation of index values, calculation of the net asset value of mutual funds and exchange-traded products, the price of derivatives that are based on the security, and certain types of trading benchmarks such as volume weighted average price strategies. As the Exchange notes, its current calculation for the Official Closing Price in such a scenario is designed to utilize more recent and reliable market information to provide a closing price that more accurately reflects the true and current value of a security that may be thinly traded or generally illiquid and when the Official Closing Price for such security may otherwise be based on a potentially stale last-sale trade.\20\ The Exchange now proposes to exclude from the TWAP calculation used under this process a midpoint that is based on an NBBO that the Exchange believes is too wide and therefore not reflective of the security's true and current value.\21\ The Commission believes that this exclusion, utilizing a specified percentage of the midpoint value, is a reasonable approach to avoid utilizing market information in the TWAP calculation that may provide less accurate information about the true value of a security. The Commission therefore believes that the Exchange's proposal is reasonably designed to achieve the Act's objectives to protect investors and the public interest. Accordingly, the Commission finds that the proposed rule change is consistent with the requirements of the Act. --------------------------------------------------------------------------- \20\ See Notice, supra note 6, at 46981. \21\ See id. --------------------------------------------------------------------------- IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\22\ that the proposed rule change (SR-NYSEArca-2018-63) be, and hereby is, approved. --------------------------------------------------------------------------- \22\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\23\ --------------------------------------------------------------------------- \23\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-23507 Filed 10-26-18; 8:45 am] BILLING CODE P
![54384 Federal Register / Vol. 83, No. 209 / Monday, October 29, 2018 / Notices
collection of information is 78 hours security’s true and current value. The that NBBO.11 The Exchange also would
and $239,400. proposed rule change was published for exclude a crossed NBBO from the
Issued in Washington, DC. comment in the Federal Register on calculation.12
September 17, 2018.6 The Commission The Exchange notes that its proposed
Hilary Duke,
received no comment letters on the change to the Official Closing Price
Assistant General Counsel for Regulatory
proposed rule change. This order calculation in this scenario is similar to
Affairs, Pension Benefit Guaranty
Corporation. approves the proposed rule change. how it considers an ‘‘Auction NBBO,’’
which is used as a basis for determining
[FR Doc. 2018–23498 Filed 10–26–18; 8:45 am] II. Description of the Proposed Rule the Auction Reference Price for the Core
BILLING CODE 7709–02–P Change Open Auction.13 To qualify as an
On March 20, 2018, the Commission Auction NBBO for the Core Open
approved the Exchange’s proposal Auction, there must be both a bid and
SECURITIES AND EXCHANGE (‘‘OCP Filing’’) to amend NYSE Arca an offer that is not zero, the NBBO
COMMISSION Rule 1.1(ll) to provide for how the cannot be crossed, and the midpoint of
[Release No. 34–84471; File No. SR– Official Closing Price is determined for the NBBO when multiplied by a
NYSEArca–2018–63] an Exchange-listed security that is a designated percentage cannot be greater
Derivative Securities Product if the than or equal to the spread of the
Self-Regulatory Organizations; NYSE Exchange does not conduct a Closing NBBO.14
Arca, Inc.; Order Approving a Auction or if a Closing Auction trade is The Exchange also proposes a non-
Proposed Rule Change To Amend less than a round lot.7 As described in substantive clarifying change to NYSE
NYSE Arca Rule 1.1(ll) To Modify the the Notice, the Exchange had sought a Arca Rule 1.1(ll) to specify that the
Formula for Establishing the Official method for deriving the Official Closing process under NYSE Arca Rule
Closing Price for a Derivative Price that would be more indicative of 1.1(ll)(1)(D) would be utilized if the
Securities Product When There Is No the actual value of the securities, in Official Closing Price cannot be
Closing Auction or if the Closing particular for listed securities that are determined under NYSE Arca
Auction Is Less Than One Round Lot, thinly traded or generally illiquid.8 Rule1.1(ll)(1)(A), (B), or (C).15
by Excluding the NBBO Midpoint if the Prior to approval of the OCP Filing, the The Exchange anticipates the
Midpoint Multiplied by 10% Is Less Official Closing Price for such securities implementation date for the proposed
Than the NBBO Spread or if the NBBO would have been based on a last-sale rule change will be in the first quarter
Is Crossed trade that may have been hours, days, or of 2019, and the Exchange will
even months old and therefore not announce such implementation date by
October 23, 2018. Trader Update.16
necessarily indicative of their true and
I. Introduction current value. With approval of the OCP III. Discussion and Commission’s
On August 29, 2018, NYSE Arca, Inc. Filing, the Exchange adopted a revised Findings
(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed calculation to derive the value for
securities that have a potentially stale After careful review, the Commission
with the Securities and Exchange finds that the proposed rule change is
Commission (‘‘Commission’’) pursuant last-price, depending on when the last
consolidated last-sale eligible trade consistent with the requirements of the
to Section 19(b)(1) of the Securities Act and the rules and regulations
Exchange Act of 1934 (‘‘Act’’ 1 and Rule occurred. Specifically, for such
securities, the Official Closing Price thereunder applicable to a national
19b–4 thereunder,2 a proposed rule securities exchange.17 In particular, the
change to amend NYSE Arca Rule 1.1(ll) would be derived by adding a
percentage of the TWAP of the NBBO Commission finds that the proposed
to exclude from the time-weighted rule change is consistent with Section
average price (‘‘TWAP’’) calculation, for midpoint measured over the last five
minutes before the end of Core Trading 6(b)(5) of the Act,18 which requires,
purpose of determining the Official among other things, that the rules of a
Closing Price 3 for an Exchange-listed Hours and a percentage of the last
consolidated last-sale eligible trade national securities exchange be
security that is a Derivative Securities
Product 4 if the Exchange does not before the end of Core Trading Hours on 11 See proposed NYSE Arca Rule 1.1(ll)(1)(B).
conduct a Closing Auction 5 or if a that trading day.9 12 See id. For an example of this proposed new
Closing Auction trade is less than a The Exchange now proposes to process, see Notice, supra, note 6, at 46981–82.
round lot, a midpoint that is based on further amend NYSE Arca Rule 13 The term ‘‘Auction NBBO’’ means an NBBO
1.1(ll)(1)(B) to exclude from the TWAP that is used for purposes of pricing an auction. See
a National Best Bid and Offer (‘‘NBBO’’) NYSE Arca Rule 7.35–E(a)(5). The Exchange also
that may not be reflective of the calculation a midpoint that is based on uses the Auction NBBO for determining the
an NBBO that the Exchange believes is Indicative Match Price in specified situations for
1 15 U.S.C. 78s(b)(1). too wide and therefore not reflective of the Closing Auction. See NYSE Arca Rule 7.35–
2 17 CFR 240.19b–4. the security’s true and current value.10 E(a)(8)(C).
14 See NYSE Arca Rule 7.35–E(a)(5). The
3 See NYSE Arca Rule 1.1(ll) for a definition of
Specifically, the Exchange proposes to
Official Closing Price. Exchange notes that, unlike its current proposal to
4 With respect to equities traded on the Exchange,
exclude an NBBO midpoint from the codify a designated percentage of ten percent (10%)
the term ‘‘Derivative Securities Product’’ means a
calculation of the Official Closing Price to be used in the TWAP calculation for the Official
security that meets the definition of ‘‘derivative if that midpoint, when multiplied by ten Closing Price, the designated percentage used for
securities product’’ in Rule 19b–4(e) under the Act. percent (10%), is less than the spread of determining the Auction NBBO for the Core Open
See NYSE Arca Rule 1.1(k). For purposes of Rule Auction is determined by the Exchange upon prior
notice to ETP Holders. See Notice, supra, note 6,
amozie on DSK3GDR082PROD with NOTICES1
19b–4(e), a ‘‘derivative securities product’’ means 6 See Securities Exchange Act Release No. 84079
any type of option, warrant, hybrid securities at 46982.
product or any other security, other than a single (September 11, 2018), 83 FR 46981 (‘‘Notice’’). 15 See proposed NYSE Arca Rule 1.1(ll)(1)(D).
7 See Securities Exchange Act Release No. 82907 16 See Notice, supra, note 6, at 46982.
equity option or a security futures product, whose
value is based, in whole or in part, upon the (March 20, 2018), 83 FR 12980 (March 26, 2018) 17 In approving this proposed rule change, the
performance of, or interest, in, an underlying (order approving SR–NYSEArca–2018–08). Commission has considered the proposed rule’s
8 See Notice, supra, note 6, at 46981.
instrument. 17 CFR 240.19b–4(e). impact on efficiency, competition, and capital
5 See NYSE Arca Rule 7.35–E(d) regarding the 9 See NYSE Arca Rule 1.1(ll)(1)(B)(i)–(vi). formation. See 15 U.S.C. 78c(f).
operation of Closing Auctions on the Exchange. 10 See Notice, supra, note 6, at 46981. 18 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014 17:48 Oct 26, 2018 Jkt 247001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 E:\FR\FM\29OCN1.SGM 29OCN1](https://thefederalregister.org/doc/83_FR_54593/page/1.svg)
![Federal Register / Vol. 83, No. 209 / Monday, October 29, 2018 / Notices 54385
designed to promote just and equitable achieve the Act’s objectives to protect Committee (‘‘AC’’) Charter (‘‘AC
principles of trade, to foster cooperation investors and the public interest. Charter’’), (2) Compensation and
and coordination with persons engaged Accordingly, the Commission finds that Performance Committee (‘‘CPC’’)
in regulating transactions in securities, the proposed rule change is consistent Charter (‘‘CPC Charter’’), (3) Governance
to remove impediments to and perfect with the requirements of the Act. and Nominating Committee (‘‘GNC’’)
the mechanism of a free and open Charter (‘‘GNC Charter’’), (4) Risk
IV. Conclusion
market and a national market system Committee (‘‘RC’’) Charter (‘‘RC
and, in general, to protect investors and It is therefore ordered, pursuant to Charter’’), (5) Technology Committee
the public interest, and not be designed Section 19(b)(2) of the Act,22 that the (‘‘TC’’) Charter (‘‘TC Charter’’), and (6)
to permit unfair discrimination between proposed rule change (SR–NYSEArca- Board of Directors (‘‘Board’’) Charter
customers, issuers, brokers, or dealers. 2018–63) be, and hereby is, approved. (‘‘Board Charter’’).5 These changes are
The Commission also finds that the For the Commission, by the Division of described and broadly categorized
proposed rule change is consistent with Trading and Markets, pursuant to delegated below.6
Section 6(b)(8) of the Act,19 which authority.23 As a general matter, the Proposed
requires that the rules of an exchange Eduardo A. Aleman, Rule Change would amend the charters
not impose any burden on competition Assistant Secretary. to provide that in carrying out their
that is not necessary or appropriate in [FR Doc. 2018–23507 Filed 10–26–18; 8:45 am] responsibilities the Board and the
furtherance of the purposes of the Act. BILLING CODE P committees would prioritize the safety
The proposal would set forth an
and efficiency of OCC, generally support
additional procedure governing how the
the stability of the broader financial
Exchange would determine the Official SECURITIES AND EXCHANGE system and consider the legitimate
Closing Price in Exchange-listed COMMISSION
securities that are Derivative Securities interests of Clearing Members,
Products when the Exchange does not [Release No. 34–84473; File No. SR–OCC– customers of Clearing Members and
conduct a Closing Auction or if a 2018–012] other relevant stakeholders, including
Closing Auction trade is less than a OCC’s shareholders and other
Self-Regulatory Organizations; The participant exchanges, taking into
round lot. The Commission notes that
Options Clearing Corporation; Order account prudent risk management
the primary listing market’s closing
Approving Proposed Rule Change standards (including systemic risk
price for a security is relied upon by
Related to The Options Clearing mitigation) and industry best practices.
market participants for a variety of
reasons, including, but not limited to, Corporation’s Board of Directors and
Board Committee Charters A. Clarity and Transparency
calculation of index values, calculation
of the net asset value of mutual funds October 23, 2018. Several of the changes within the
and exchange-traded products, the price Proposed Rule Change seek to better
of derivatives that are based on the I. Introduction describe OCC’s current processes. Such
security, and certain types of trading On August 24, 2018, The Options changes range from clarification (e.g.,
benchmarks such as volume weighted Clearing Corporation (‘‘OCC’’) filed with changing ‘‘annually’’ to ‘‘each calendar
average price strategies. As the the Securities and Exchange year’’) to removal of redundancies (e.g.,
Exchange notes, its current calculation Commission (‘‘Commission’’) the where a requirement is found elsewhere
for the Official Closing Price in such a proposed rule change SR–OCC–2018– in OCC’s rules) to stating the existing
scenario is designed to utilize more 012 (‘‘Proposed Rule Change’’) pursuant functions and responsibilities of OCC’s
recent and reliable market information to Section 19(b) of the Securities Board and Board committees. These
to provide a closing price that more Exchange Act of 1934 (‘‘Exchange changes are described in more detail
accurately reflects the true and current Act’’) 1 and Rule 19b–4 2 thereunder to below.
value of a security that may be thinly make changes to OCC’s (1) Audit The Proposed Rule Change would
traded or generally illiquid and when Committee Charter, (2) Compensation make a number of changes to OCC’s
the Official Closing Price for such and Performance Committee Charter, (3) Board committee charters to clarify that,
security may otherwise be based on a Governance and Nominating Committee where certain actions were required to
potentially stale last-sale trade.20 The Charter, (4) Risk Committee Charter, (5) be performed ‘‘annually’’ under the
Exchange now proposes to exclude from Technology Committee Charter and (6) charters, those actions would now be
the TWAP calculation used under this Board of Directors Charter. The required to occur ‘‘each calendar year.’’
process a midpoint that is based on an Proposed Rule Change was published OCC believes that it is appropriate to
NBBO that the Exchange believes is too for comment in the Federal Register on clarify which actions are required on an
wide and therefore not reflective of the September 10, 2018,3 and the every twelve months-basis, particularly
security’s true and current value.21 The Commission has received no comments in cases where a regulatory requirement
Commission believes that this in response.
exclusion, utilizing a specified set forth in the OCC By-Laws and Rules. OCC’s By-
percentage of the midpoint value, is a II. Background 4
Laws and Rules can be found on OCC’s public
reasonable approach to avoid utilizing The Proposed Rule Change would website: http://optionsclearing.com/about/
market information in the TWAP make certain changes to OCC’s (1) Audit publications/bylaws.jsp.
5 See Notice at 45707–08. As discussed below, the
calculation that may provide less changes to the Board Charter would involve
22 15 U.S.C. 78s(b)(2).
accurate information about the true
amozie on DSK3GDR082PROD with NOTICES1
23 17
incorporating provisions from OCC’s Corporate
value of a security. The Commission CFR 200.30–3(a)(12). Governance Principles (‘‘CGP’’) and changing the
1 15 U.S.C. 78s(b)(1).
therefore believes that the Exchange’s title of the resultant document to the Board Charter
2 17 CFR 240.19b–4.
and Corporate Governance Principles.
proposal is reasonably designed to 3 Securities Exchange Act Release No. 84021 (Sep. 6 Many of the components of the Proposed Rule
4, 2018), 83 FR 45706 (Sep. 10, 2018) (SR–OCC– Change may serve more than one purpose and
19 15 U.S.C. 78f(b)(8). 2018–012) (‘‘Notice’’). could, therefore, be discussed in more than one
20 See Notice, supra note 6, at 46981. 4 All terms with initial capitalization that are not category herein. The categorization of changes is
21 See id. otherwise defined herein have the same meaning as not designed to denote otherwise.
VerDate Sep<11>2014 17:48 Oct 26, 2018 Jkt 247001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\29OCN1.SGM 29OCN1](https://thefederalregister.org/doc/83_FR_54593/page/2.svg)
Document Created: 2018-10-27 01:07:55
Document Modified: 2018-10-27 01:07:55
| 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 54384 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR