83 FR 8138 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to a New F&O Concentration Charge Policy
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 37 (February 23, 2018)
Federal Register Volume 83, Issue 37 (February 23, 2018)
| Page Range | 8138-8140 | |
| FR Document | 2018-03691 |
[Federal Register Volume 83, Number 37 (Friday, February 23, 2018)] [Notices] [Pages 8138-8140] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-03691] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82729; File No. SR-ICEEU-2018-004] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to a New F&O Concentration Charge Policy February 16, 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 February 8, 2018, ICE Clear Europe Limited (``ICE Clear Europe'' or the ``Clearing House'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule changes described in Items I, II, and III below, which Items have been prepared primarily by ICE Clear Europe. ICE Clear Europe filed the proposed rule changes pursuant to Section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(4)(ii) thereunder,\4\ so that the proposal was immediately effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(4)(ii). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change ICE Clear Europe proposes to implement a new F&O Concentration Charge Policy (the ``Policy''), which will replace separate existing concentration charge policies for its energy and its financials and softs products. II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements. (A) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (a) Purpose ICE Clear Europe proposes to adopt the Policy, which will implement a new concentration charge margin model that will apply to all F&O Contracts, in both the energy and financials and softs (``F&S'') sectors. ICEU currently uses two separate concentration charge models: One for energy products and one for F&S products. The existing concentration models and their associated policies will be retired upon implementation of the Policy. The concentration charge model is designed to provide the Clearing House with extra margin to cover the potential additional default costs where liquidation of a defaulter's positions may be delayed or prolonged due to highly concentrated positions within the defaulter's portfolio. The new Policy is largely based on the existing concentration charge model applicable to F&S products, and as a result it is expected only marginally to impact margin for F&S products. The new Policy adds a few enhancements to the existing F&S model. Specifically, certain technical detail from the F&S model will be enhanced such that the concentration charge will no longer be calculated as a multiple of total SPAN initial margin, but instead as a multiple of individual margin component (i.e., outright or the scanning risk and the inter- month risk) summed together. The new Policy marks a more significant methodology change for energy products, and may more significantly increase concentration charges for those products. The existing energy concentration charge model is based on the percentage share of each clearing member's initial margin to the total clearing house initial margin, while the new Policy (like the existing F&S policy) is based on the clearing member's position relative to the perceived level of market depth as represented by the daily trading volume in the relevant products. ICE Clear Europe believes that the new Policy will provide a more robust approach to measuring concentration risk, based on expected cost and time of liquidation, and to imposing additional margin charges as a result. [[Page 8139]] The Policy itself sets out the key steps and procedures for calculating the concentration charge for F&O contracts. Calculations are made for each underlying commodity and each relevant expiration period. The Policy operates by scaling the initial margin requirement upward by extending the holding or liquidation period beyond the margin period of risk used in the standard margin calculation, to account for the longer time it is expected to take the Clearing House to liquidate the positions in light of the average daily trading volume in the product. The concentration charge is thus designed to reflect the portion of the defaulter's position expected to be remaining after the margin period of risk. The Policy uses a concentration charge scaling formula that takes into account these considerations. The final concentration charge takes into account both an outright position scanning range calculation and an intermonth (calendar spread) position calculation. The Policy sets out additional operational steps related to determining concentration charges, including weekly calculations and reports to members regarding their concentration charge percentages per underlying, per Clearing Member and on an account level. Additional detail can be provided to Clearing Members upon request. Parameters for the model are reviewed on an ongoing basis in conjunction with the charge calculation cycle and through a quarterly formal review of all parameters, where the latest market statistics are used to assess their adequacy. The Policy also incorporates an overall Board risk appetite and limit framework, which is consistent with other ICE Clear Europe policies, based on ICE Clear Europe's corporate objectives and risk objectives as established by the Board. The Policy also addresses governance and reporting, including independent validation, policy review and exception handling. Relevant models used to support the Policy are subject to an annual independent validation and governance oversight. The Policy addresses review and oversight by the policy owner, as well as escalation and notification protocols. The Policy will be reviewed by the F&O Risk Committee and Board at least annually. At a minimum, any material changes will be discussed by the ICE Clear Europe executive risk committee and approved by the Board (on the advice of the F&O Risk Committee and Board Risk Committee). Material deviations are reported to the ICE Clear Europe President and the risk oversight department to determine the appropriate governance escalation and notification requirements. (b) Statutory Basis ICE Clear Europe believes that the proposed amendments are consistent with the requirements of Section 17A of the Act \5\ and the regulations thereunder applicable to it, including the standards under Rule 17Ad-22.\6\ Section 17A(b)(3)(F) of the Act \7\ requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, the safeguarding of securities and funds in the custody or control of the clearing agency or for which it is responsible, and the protection of investors and the public interest. The new Policy is designed to enhance the Clearing House's margin model, by providing a more robust analysis of concentration risk that may be caused by clearing member positions that cannot be liquidated within the standard margin period of risk, and to provide for additional initial margin resources to cover that risk. The Policy will thus better align clearing member margin requirements with the concentration risks presented by such members. As such, the Policy will facilitate the prompt and accurate clearance and settlement of transactions, and protect the Clearing House against the risk of default, which will in turn enhance the protection of investors and the public interest, within the meaning of Section 17A(b)(3)(F). --------------------------------------------------------------------------- \5\ 15 U.S.C. 78q-1. \6\ 17 CFR 240.17Ad-22. \7\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- In addition, Rule 17Ad-22(e)(6) \8\ requires that a clearing agency cover its credit exposures to its participants by establishing a risk- based margin system that, among other matters, produces margin levels commensurate with, the risks and particular attributes of each relevant product, portfolio, and market; and calculates margin sufficient to cover its potential future exposure to participants in the interval between the last margin collection and the close out of positions following a participant default. As noted above, the new Policy is designed to enhance the Clearing House's ability to set additional margin requirements that reflect the concentration risk of particular Clearing Member portfolios, and thereby to hold sufficient margin to cover the additional liquidation risk inherent in those portfolios. The Policy sets appropriately conservative concentration limits that will bring concentration charges for energy products into alignment with other F&O products. The Policy is thus consistent with the requirements of Rule 17Ad-22(e)(6). --------------------------------------------------------------------------- \8\ 17 CFR 240.17Ad-22(e)(6). --------------------------------------------------------------------------- Rule 17Ad-22(e)(6)(vii) \9\ further requires that each covered clearing agency establish written policies and procedures that provide for a model validation for the covered clearing agency's margin system and related models to be performed not less than annually, or more frequently as may be contemplated by the covered clearing agency's risk management framework. As set forth above, the models underlying the Policy are subject to an annual independent validation. The Policy itself is subject to review by the F&O Risk Committee and Board at least annually. The Model parameters used to determine concentration limits are reviewed on an ongoing basis and there is also a quarterly formal review of all the parameters, where the latest market statistics are used to assess their adequacy. These procedures are consistent with Rule 17Ad-22(e)(6)(vii). --------------------------------------------------------------------------- \9\ 17 CFR 240.17Ad-22(e)(6)(vii). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition ICE Clear Europe does not believe the proposed rule changes would have any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the purposes of the Act. The changes are being proposed in order to more appropriately manage concentration risks in the portfolios of Clearing Members, and ensure that ICE Clear Europe imposes sufficient concentration charges to cover the potential liquidation risks arising from concentrated portfolios. The revised approach may result in increased concentration charges for F&O Clearing Member, particularly those with concentrated energy portfolios, and so may increase the cost of clearing for those Clearing Members. However, ICE Clear Europe believes that any such additional cost is appropriate to take into account the concentration risk posed to the Clearing House by such Clearing Members, consistent with the provisions of the Act and Commission regulations relating to margin requirements and methodologies as discussed above. The Policy will apply to all F&O Clearing Members, and such Clearing Members will be able to manage their positions to limit potential concentration charges if they so choose. ICE Clear Europe does not believe that [[Page 8140]] the revised Policy will otherwise impact competition among Clearing Members or other market participants, or affect the ability of market participants to access clearing generally. As a result, ICE Clear Europe believes that any impact on competition is appropriate in furtherance of the purposes of the Act. (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed changes to the rules have not been solicited or received. ICE Clear Europe will notify the Commission of any written comments received by ICE Clear Europe. III. Date of Effectiveness of the Proposed Rule Change The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \10\ and paragraph (f) of Rule 19b-4 \11\ thereunder. 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. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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 rule-comments@sec.gov. Please include File Number SR-ICEEU-2018-004 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-ICEEU-2018-004. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's internet website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission's Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filings will also be available for inspection and copying at the principal office of ICE Clear Europe and on ICE Clear Europe's website at https://www.theice.com/clear-europe/regulation#rule-filings. 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-ICEEU-2018-004 and should be submitted on or before March 16, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo Aleman, Assistant Secretary. [FR Doc. 2018-03691 Filed 2-22-18; 8:45 am] BILLING CODE 8011-01-P
![8138 Federal Register / Vol. 83, No. 37 / Friday, February 23, 2018 / Notices
public interest, for the protection of SR–CboeEDGX–2018–007 and should be statements may be examined at the
investors, or otherwise in furtherance of submitted on or before March 16, 2018. places specified in Item IV below. ICE
the purposes of the Act. If the For the Commission, by the Division of Clear Europe has prepared summaries,
Commission takes such action, the Trading and Markets, pursuant to delegated set forth in sections (A), (B), and (C)
Commission shall institute proceedings authority.24 below, of the most significant aspects of
to determine whether the proposed rule Eduardo A. Aleman, such statements.
should be approved or disapproved. Assistant Secretary. (A) Clearing Agency’s Statement of the
IV. Solicitation of Comments [FR Doc. 2018–03699 Filed 2–22–18; 8:45 am] Purpose of, and Statutory Basis for, the
Interested persons are invited to BILLING CODE 8011–01–P Proposed Rule Change
submit written data, views and (a) Purpose
arguments concerning the foregoing,
including whether the proposal is SECURITIES AND EXCHANGE ICE Clear Europe proposes to adopt
consistent with the Act. Comments may COMMISSION the Policy, which will implement a new
be submitted by any of the following [Release No. 34–82729; File No. SR–ICEEU– concentration charge margin model that
methods: 2018–004] will apply to all F&O Contracts, in both
the energy and financials and softs
Electronic Comments Self-Regulatory Organizations; ICE (‘‘F&S’’) sectors. ICEU currently uses
• Use the Commission’s internet Clear Europe Limited; Notice of Filing two separate concentration charge
comment form (http://www.sec.gov/ and Immediate Effectiveness of a models: One for energy products and
rules/sro.shtml); or Proposed Rule Change Relating to a one for F&S products. The existing
• Send an email to rule-comments@ New F&O Concentration Charge Policy concentration models and their
sec.gov. Please include File No. SR– associated policies will be retired upon
CboeEDGX–2018–007 on the subject February 16, 2018.
Pursuant to Section 19(b)(1) of the implementation of the Policy. The
line. concentration charge model is designed
Securities Exchange Act of 1934
Paper Comments (‘‘Act’’),1 and Rule 19b–4 thereunder,2 to provide the Clearing House with extra
margin to cover the potential additional
• Send paper comments in triplicate notice is hereby given that on February
8, 2018, ICE Clear Europe Limited (‘‘ICE default costs where liquidation of a
to Secretary, Securities and Exchange
Clear Europe’’ or the ‘‘Clearing House’’) defaulter’s positions may be delayed or
Commission, 100 F Street NE,
filed with the Securities and Exchange prolonged due to highly concentrated
Washington, DC 20549–1090.
Commission (‘‘Commission’’) the positions within the defaulter’s
All submissions should refer to File No. portfolio.
SR–CboeEDGX–2018–007. This file proposed rule changes described in
number should be included on the Items I, II, and III below, which Items The new Policy is largely based on the
subject line if email is used. To help the have been prepared primarily by ICE existing concentration charge model
Commission process and review your Clear Europe. ICE Clear Europe filed the applicable to F&S products, and as a
comments more efficiently, please use proposed rule changes pursuant to result it is expected only marginally to
only one method. The Commission will Section 19(b)(3)(A) of the Act,3 and Rule impact margin for F&S products. The
post all comments on the Commission’s 19b–4(f)(4)(ii) thereunder,4 so that the new Policy adds a few enhancements to
internet website (http://www.sec.gov/ proposal was immediately effective the existing F&S model. Specifically,
rules/sro.shtml). Copies of the upon filing with the Commission. The certain technical detail from the F&S
submission, all subsequent Commission is publishing this notice to model will be enhanced such that the
amendments, all written statements solicit comments on the proposed rule concentration charge will no longer be
with respect to the proposed rule change from interested persons. calculated as a multiple of total SPAN
change that are filed with the initial margin, but instead as a multiple
I. Clearing Agency’s Statement of the of individual margin component (i.e.,
Commission, and all written Terms of Substance of the Proposed
communications relating to the outright or the scanning risk and the
Rule Change inter-month risk) summed together.
proposed rule change between the
Commission and any person, other than ICE Clear Europe proposes to The new Policy marks a more
those that may be withheld from the implement a new F&O Concentration significant methodology change for
public in accordance with the Charge Policy (the ‘‘Policy’’), which will energy products, and may more
provisions of 5 U.S.C. 552, will be replace separate existing concentration significantly increase concentration
available for website viewing and charge policies for its energy and its charges for those products. The existing
printing in the Commission’s Public financials and softs products. energy concentration charge model is
Reference Room, 100 F Street NE, II. Clearing Agency’s Statement of the based on the percentage share of each
Washington, DC 20549, on official Purpose of, and Statutory Basis for, the clearing member’s initial margin to the
business days between the hours of Proposed Rule Change total clearing house initial margin,
10:00 a.m. and 3:00 p.m. Copies of such while the new Policy (like the existing
In its filing with the Commission, ICE
filing will also be available for F&S policy) is based on the clearing
Clear Europe included statements
inspection and copying at the principal member’s position relative to the
concerning the purpose of and basis for
office of the Exchange. All comments perceived level of market depth as
the proposed rule change and discussed
received will be posted without change. represented by the daily trading volume
any comments it received on the
daltland on DSKBBV9HB2PROD with NOTICES
Persons submitting comments are in the relevant products. ICE Clear
proposed rule change. The text of these
cautioned that we do not redact or edit Europe believes that the new Policy will
personal identifying information from 24 17 CFR 200.30–3(a)(12).
provide a more robust approach to
comment submissions. You should 1 15 U.S.C. 78s(b)(1). measuring concentration risk, based on
submit only information that you wish 2 17 CFR 240.19b–4. expected cost and time of liquidation,
to make available publicly. All 3 15 U.S.C. 78s(b)(3)(A). and to imposing additional margin
submissions should refer to File No. 4 17 CFR 240.19b–4(f)(4)(ii). charges as a result.
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![8140 Federal Register / Vol. 83, No. 37 / Friday, February 23, 2018 / Notices
the revised Policy will otherwise impact rules/sro.shtml). Copies of the notice is hereby given that, on February
competition among Clearing Members submission, all subsequent 6, 2018, New York Stock Exchange LLC
or other market participants, or affect amendments, all written statements (‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the ability of market participants to with respect to the proposed rule the Securities and Exchange
access clearing generally. As a result, change that are filed with the Commission (the ‘‘Commission’’) the
ICE Clear Europe believes that any Commission, and all written proposed rule change as described in
impact on competition is appropriate in communications relating to the Items I, II, and III below, which Items
furtherance of the purposes of the Act. proposed rule change between the have been prepared by the self-
Commission and any person, other than regulatory organization. The
(C) Clearing Agency’s Statement on those that may be withheld from the Commission is publishing this notice to
Comments on the Proposed Rule public in accordance with the solicit comments on the proposed rule
Change Received From Members, provisions of 5 U.S.C. 552, will be change from interested persons.
Participants or Others available for website viewing and
Written comments relating to the printing in the Commission’s Public I. Self-Regulatory Organization’s
proposed changes to the rules have not Reference Room, 100 F Street NE, Statement of the Terms of Substance of
been solicited or received. ICE Clear Washington, DC 20549, on official the Proposed Rule Change
Europe will notify the Commission of business days between the hours of The Exchange proposes to amend
any written comments received by ICE 10:00 a.m. and 3:00 p.m. Copies of such Section 902.11 of the Exchange’s Listed
Clear Europe. filings will also be available for Company Manual (the ‘‘Manual’’) to
inspection and copying at the principal provide that Acquisition Companies
III. Date of Effectiveness of the office of ICE Clear Europe and on ICE
Proposed Rule Change remaining listed after consummation of
Clear Europe’s website at https:// their Business Combination will not be
The foregoing rule change has become www.theice.com/clear-europe/ required to pay listing fees in relation to
effective pursuant to Section 19(b)(3)(A) regulation#rule-filings. any additional shares issued in
of the Act 10 and paragraph (f) of Rule All comments received will be posted connection with the consummation of
19b–4 11 thereunder. At any time within without change. Persons submitting the Business Combination. The
60 days of the filing of the proposed rule comments are cautioned that we do not proposed rule change is available on the
change, the Commission summarily may redact or edit personal identifying Exchange’s website at www.nyse.com, at
temporarily suspend such rule change if information from comment submissions. the principal office of the Exchange, and
it appears to the Commission that such You should submit only information at the Commission’s Public Reference
action is necessary or appropriate in the that you wish to make available Room.
public interest, for the protection of publicly. All submissions should refer
investors, or otherwise in furtherance of to File Number SR–ICEEU–2018–004 II. Self-Regulatory Organization’s
the purposes of the Act. and should be submitted on or before Statement of the Purpose of, and
March 16, 2018. Statutory Basis for, the Proposed Rule
IV. Solicitation of Comments Change
For the Commission, by the Division of
Interested persons are invited to Trading and Markets, pursuant to delegated In its filing with the Commission, the
submit written data, views, and authority.12 self-regulatory organization included
arguments concerning the foregoing, Eduardo Aleman, statements concerning the purpose of,
including whether the proposed rule Assistant Secretary. and basis for, the proposed rule change
change is consistent with the Act. [FR Doc. 2018–03691 Filed 2–22–18; 8:45 am] and discussed any comments it received
Comments may be submitted by any of on the proposed rule change. The text
BILLING CODE 8011–01–P
the following methods: of those statements may be examined at
Electronic Comments the places specified in Item IV below.
SECURITIES AND EXCHANGE The Exchange has prepared summaries,
• Use the Commission’s internet set forth in sections A, B, and C below,
COMMISSION
comment form (http://www.sec.gov/ of the most significant parts of such
rules/sro.shtml) or [Release No. 34–82731; File No. SR–NYSE–
statements.
• Send an email to rule-comments@ 2018–06]
sec.gov. Please include File Number SR– A. Self-Regulatory Organization’s
ICEEU–2018–004 on the subject line. Self-Regulatory Organizations; New Statement of the Purpose of, and the
York Stock Exchange LLC; Notice of Statutory Basis for, the Proposed Rule
Paper Comments Filing and Immediate Effectiveness of Change
• Send paper comments in triplicate Proposed Rule Change To Amend
to Secretary, Securities and Exchange Section 902.11 of the Exchange’s 1. Purpose
Commission, 100 F Street NE, Listed Company Manual Concerning Section 102.06 of the Manual
Washington, DC 20549–1090. Fees Applicable to Acquisition provides for the listing of companies
All submissions should refer to File Companies for Shares Issued in (‘‘Acquisition Companies’’ or ‘‘ACs’’)
Number SR–ICEEU–2018–004. This file Connection With the Consummation of with no prior operating history that
number should be included on the a Business Combination conduct an initial public offering of
subject line if email is used. To help the February 16, 2018. which at least 90% of the proceeds,
Commission process and review your Pursuant to Section 19(b)(1) 1 of the together with the proceeds of any other
daltland on DSKBBV9HB2PROD with NOTICES
comments more efficiently, please use Securities Exchange Act of 1934 (the concurrent sales of the AC’s equity
only one method. The Commission will ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 securities, will be held in a trust
post all comments on the Commission’s account controlled by an independent
internet website (http://www.sec.gov/ 12 17 CFR 200.30–3(a)(12). custodian until consummation of a
1 15 U.S.C. 78s(b)(1). business combination in the form of a
10 15 U.S.C. 78s(b)(3)(A). 2 15 U.S.C. 78a. merger, capital stock exchange, asset
11 17 CFR 240.19b–4(f). 3 17 CFR 240.19b–4. acquisition, stock purchase,
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Document Created: 2018-02-23 01:32:42
Document Modified: 2018-02-23 01:32:42
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 8138 |
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