Notice2021-11686
Consolidated Tape Association; Order Approving the Thirty-Sixth Substantive Amendment to the Second Restatement of the CTA Plan and the Twenty-Seventh Substantive Amendment to the Restated CQ Plan
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 3, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 86 Issue 105 (Thursday, June 3, 2021)</title>
</head>
<body><pre>
[Federal Register Volume 86, Number 105 (Thursday, June 3, 2021)]
[Notices]
[Pages 29849-29852]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-11686]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92070; File No. SR-CTA/CQ-2021-01]
Consolidated Tape Association; Order Approving the Thirty-Sixth
Substantive Amendment to the Second Restatement of the CTA Plan and the
Twenty-Seventh Substantive Amendment to the Restated CQ Plan
May 28, 2021.
I. Introduction
On February 3, 2021,\1\ the Consolidated Tape Association (``CTA'')
Plan participants \2\ filed with the Securities and Exchange Commission
(``SEC'' or ``Commission''), pursuant to Section 11A of the Securities
Exchange Act of 1934 (``Act'') \3\ and Rule 608 of Regulation National
Market System (``NMS'') thereunder,\4\ a proposal to amend the Second
Restatement of the CTA Plan and the Restated Consolidated Quotation
(``CQ'') Plan (collectively ``CTA/CQ Plans'' or ``Plans'').\5\ These
amendments represent the Thirty-Sixth Substantive Amendment to the
Second Restatement of the CTA Plan and the Twenty-Seventh Substantive
Amendment to the Restated CQ Plan (``Amendments'').
---------------------------------------------------------------------------
\1\ See Letter from Robert Books, Chair, CTA/CQ Operating
Committee, to Vanessa Countryman, Secretary, Commission (Feb. 3,
2021). The Amendments were posted to the Plans' website on February
12, 2021. See Email from James P. Dombach, Counsel to the Plans, to
Michael E. Coe, Assistant Director, Commission (Feb. 12, 2021).
\2\ These participants are: Cboe BYX Exchange, Inc., Cboe BZX
Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc.,
Cboe Exchange, Inc., Financial Industry Regulatory Authority, Inc.,
The Investors' Exchange LLC, Long-Term Stock Exchange, Inc., MEMX
LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq PHLX,
Inc., The Nasdaq Stock Market LLC, New York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE
National, Inc. (each a ``Participant,'' and collectively the
``Participants'').
\3\ 15 U.S.C. 78k-1(a)(3).
\4\ 17 CFR 242.608.
\5\ The CTA Plan, pursuant to which markets collect and
disseminate last-sale price information for non-Nasdaq-listed
securities, is a ``transaction reporting plan'' under Rule 601 of
Regulation NMS, 17 CFR 242.601, and a ``national market system
plan'' under Rule 608 of Regulation NMS, 17 CFR 242.608. The CQ
Plan, pursuant to which markets collect and disseminate bid/ask
quotation information for non-Nasdaq-listed securities, is a
``national market system plan'' under Rule 608 under the Act, 17 CFR
242.608. See Securities Exchange Act Release Nos. 10787 (May 10,
1974), 39 FR at 17799 (May 20, 1974) (declaring the CTA Plan
effective); 15009 (July 28, 1978), 43 FR at 34851 (Aug. 7, 1978)
(temporarily authorizing the CQ Plan); and 16518 (Jan. 22, 1980), 45
FR at 6521 (Jan. 28, 1980) (permanently authorizing the CQ Plan).
The most recent restatement of both Plans was in 1995.
---------------------------------------------------------------------------
The Amendments were published for comment in the Federal Register
on March 1, 2021.\6\ One comment letter was received.\7\ This order
approves the Amendments to the Plans.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 91189 (Feb. 23,
2021), 86 FR 12038 (Mar. 1, 2021) (``Notice'').
\7\ Comments received in response to the Notice are available at
<a href="https://www.sec.gov/comments/sr-ctacq-2021-01/srctacq202101.htm">https://www.sec.gov/comments/sr-ctacq-2021-01/srctacq202101.htm</a>.
---------------------------------------------------------------------------
II. Description of the Proposal
The Amendments propose revisions to the Plans' provisions governing
Regulatory Halts \8\ and Operational Halts.\9\ The Participants state
that ``[t]he purpose of the amendments is to incorporate into the Plans
the same processes for Regulatory Halts that are proposed by the equity
exchanges.'' \10\
---------------------------------------------------------------------------
\8\ The Amendments would define ``Regulatory Halt'' as ``a halt
declared by the Primary Listing Market in trading in one or more
securities on all Trading Centers for regulatory purposes, including
for the dissemination of material news, news pending, suspensions,
or where otherwise necessary to maintain a fair and orderly market.
A Regulatory Halt includes a trading pause triggered by Limit Up
Limit Down, a halt based on Extraordinary Market Activity, a trading
halt triggered by a Market-Wide Circuit Breaker, and a SIP Halt.''
See Section XI(a)(i)(J) of the CTA Plan, as amended.
\9\ The Amendments would define ``Operational Halt'' as ``a halt
in trading in one or more securities only on a Market declared by
such Participant and is not a Regulatory Halt.'' See Section
XI(a)(i)(G) of the CTA Plan, as amended.
\10\ See Notice, supra note 6, 86 FR at 12039.
---------------------------------------------------------------------------
A. Regulatory Halts
1. Declaration of a Regulatory Halt
With respect to declaration of a Regulatory Halt, the Amendments
would provide that the Primary Listing Market \11\ may declare a
Regulatory Halt in trading for any security for which it is the Primary
Listing Market (1) as provided for in the rules of the Primary Listing
Market; \12\ (2) if it determines \13\ there is a SIP Outage,\14\
Material SIP Latency,\15\ or Extraordinary Market Activity; \16\ or (3)
in the event of
[[Page 29850]]
national, regional, or localized disruption that necessitates a
Regulatory Halt to maintain a fair and orderly market.\17\
---------------------------------------------------------------------------
\11\ The Amendments would define ``Primary Listing Market'' as
``the national securities exchange on which an Eligible Security is
listed. If an Eligible Security is listed on more than one national
securities exchange, Primary Listing Market means the exchange on
which the security has been listed the longest.'' See Section
XI(a)(i)(H) of the CTA Plan, as amended.
\12\ See Section XI(a)(iii)(A)(1) of the CTA Plan, as amended.
\13\ See Section XI(a)(iii)(A)(2) of the CTA Plan, as amended.
\14\ The Amendments would define ``SIP Outage'' as ``a situation
in which the Processor has ceased, or anticipates being unable, to
provide updated and/or accurate quotation or last sale price
information in one or more securities for a material period that
exceeds the time thresholds for an orderly failover to backup
facilities established by mutual agreement among the Processor, the
Primary Listing Market for the affected securities, and the
Operating Committee unless the Primary Listing Market, in
consultation with the Processor and the Operating Committee,
determines that resumption of accurate data is expected in the near
future.'' See Section XI(a)(i)(M) of the CTA Plan, as amended.
\15\ The Amendments would define ``Material SIP Latency'' as ``a
delay of quotation or last sale price information in one or more
securities between the time data is received by the Processor and
the time the Processor disseminates the data over the high speed
line or over the ``high speed line'' under the CQ Plan, which delay
the Primary Listing Market determines, in consultation with, and in
accordance with, publicly disclosed guidelines established by the
Operating Committee, to be (a) material and (b) unlikely to be
resolved in the near future.'' See Section XI(a)(i)(E) of the CTA
Plan, as amended.
\16\ The Amendments would define ``Extraordinary Market
Activity'' as ``a disruption or malfunction of any electronic
quotation, communication, reporting, or execution system operated
by, or linked to, the Processor or a Trading Center or a member of
such Trading Center that has a severe and continuing negative
impact, on a market-wide basis, on quoting, order, or trading
activity or on the availability of market information necessary to
maintain a fair and orderly market. For purposes of this definition,
a severe and continuing negative impact on quoting, order, or
trading activity includes (i) a series of quotes, orders, or
transactions at prices substantially unrelated to the current market
for the security or securities; (ii) duplicative or erroneous
quoting, order, trade reporting, or other related message traffic
between one or more Trading Centers or their members; or (iii) the
unavailability of quoting, order, transaction information, or
regulatory messages for a sustained period.'' See Section
XI(a)(i)(A) of the CTA Plan, as amended.
\17\ See Section XI(a)(iii)(A)(3) of the CTA Plan, as amended.
---------------------------------------------------------------------------
The Amendments would further provide that, in determining whether
to declare a Regulatory Halt, the Primary Listing Market will consider
the totality of information available concerning the severity of the
issue, its likely duration, and potential impact on Member Firms and
other market participants, and will make a good-faith determination
that the criteria to declare a Regulatory Halt have been satisfied and
that a Regulatory Halt is appropriate.\18\ The Amendments would also
provide that, the Primary Listing Market will consult, if feasible,
with the affected Trading Center(s), other Participants, or the
Processor, as applicable, regarding the scope of the issue and what
steps are being taken to address the issue, and that the Primary
Listing Market will continue to evaluate the circumstances to determine
when trading may resume in accordance with the rules of the Primary
Listing Market.\19\
---------------------------------------------------------------------------
\18\ See Section XI(a)(iii)(B) of the CTA Plan, as amended.
\19\ See id. The Amendments would further provide that once a
Regulatory Halt has been declared, the Primary Listing Market will
continue to evaluate the circumstances to determine when trading may
resume in accordance with the rules of the Primary Listing Market.
See id.
---------------------------------------------------------------------------
2. Initiating a Regulatory Halt
The Amendments would specify procedures for initiating a Regulatory
Halt. Specifically, when initiating a Regulatory Halt, the start time
of a Regulatory Halt would be when the Primary Listing Market declares
the halt, regardless of whether an issue with communications impacts
the dissemination of the notice.\20\ The Amendments would further
provide that if the Processor is unable to disseminate notice of a
Regulatory Halt or the Primary Listing Market is not open for trading,
the Primary Listing Market will take reasonable steps to provide notice
of a Regulatory Halt, which shall include both the type and start time
of the Regulatory Halt, by dissemination through: (1) Proprietary data
feeds containing quotation and last sale price information that the
Primary Listing Market also sends to the Processor; (2) posting on a
publicly-available Participant website; or (3) system status
messages.\21\ The Amendments would further specify that a Participant
will halt trading for any security traded on its Market if the Primary
Listing Market declares a Regulatory Halt for the security.\22\
---------------------------------------------------------------------------
\20\ See Section XI(a)(iv)(A) of the CTA Plan, as amended.
\21\ See Section XI(a)(iv)(B) of the CTA Plan, as amended. The
Amendments would further provide that, except in exigent
circumstances, the Primary Listing Market will not declare a
Regulatory Halt retroactive to a time earlier than the notice of
such halt. See Section XI(a)(iv)(C) of the CTA Plan, as amended.
\22\ See Section XI(a)(vii) of the CTA Plan, as amended.
---------------------------------------------------------------------------
3. Resumption of Trading After a Regulatory Halt
The Amendments would specify certain procedures for the resumption
of trading following (1) Regulatory Halts other than a SIP Halts and
(2) SIP Halts.\23\
---------------------------------------------------------------------------
\23\ The Amendments would define ``SIP Halt'' as ``a Regulatory
Halt to trading in one or more securities that a Primary Listing
Market declares in the event of a SIP Outage or Material SIP
Latency.'' See Section XI(a)(i)(K) of the CTA Plan, as amended.
---------------------------------------------------------------------------
a. Resumption of Trading After a Regulatory Halt Other Than a SIP Halt
With respect to the resumption of trading after a Regulatory Halt
other than a SIP Halt, the Amendments would provide that the Primary
Listing Market will declare a resumption of trading when it makes a
good-faith determination that trading may resume in a fair and orderly
manner and in accordance with its rules.\24\ The Amendments would
further provide that for a Regulatory Halt that is initiated by another
Participant that is a Primary Listing Market, a Participant may resume
trading after the Participant receives notification from the Primary
Listing Market that the Regulatory Halt has been terminated.\25\
---------------------------------------------------------------------------
\24\ See Section XI(a)(v)(A) of the CTA Plan, as amended.
\25\ See Section XI(a)(v)(B) of the CTA Plan, as amended.
---------------------------------------------------------------------------
b. Resumption of Trading After a SIP Halt
With respect to the resumption of trading after a SIP Halt, the
Amendments would provide that the Primary Listing Market will determine
the SIP Halt Resume Time.\26\ The Amendments would further provide
that, in making such determination, the Primary Listing Market will
make a good-faith determination and consider the totality of
information to determine whether resuming trading would promote a fair
and orderly market, including input from the Processor, the Operating
Committee, or the operator of the system in question (as well as any
Trading Center(s) to which such system is linked), regarding
operational readiness to resume trading.\27\ The Amendments would also
provide that the Primary Listing Market retains discretion to delay the
SIP Halt Resume Time if it believes trading will not resume in a fair
and orderly manner.\28\ Also, with respect to termination of the SIP
Halt, the Amendments would provide that the Primary Listing Market will
terminate a SIP Halt with a notification that specifies a SIP Halt
Resume Time.\29\ The Amendments would further provide that the Primary
Listing Market shall provide a minimum notice of a SIP Halt Resume
Time, as specified by the rules of the Primary Listing Market, during
which period market participants may enter quotes and orders in the
affected securities.\30\ Under the Amendments, the Primary Listing
Market would be permitted to stagger the SIP Halt Resume Times for
multiple symbols in order to reopen in a fair and orderly manner.\31\
---------------------------------------------------------------------------
\26\ See Section XI(a)(vi)(A) of the CTA Plan, as amended. The
Amendments would define ``SIP Halt Resume Time'' as ``the time that
the Primary Listing Market determines as the end of a SIP Halt.''
See Section XI(a)(i)(L) of the CTA Plan, as amended.
\27\ See id.
\28\ See id.
\29\ See Section XI(a)(vi)(B) of the CTA Plan, as amended.
\30\ See id. The Amendments would further provide that, during
regular Trading Hours, the last SIP Halt Resume Time before the end
of Regular Trading Hours shall be an amount of time as specified by
the rules of the Primary Listing Market. See id.
\31\ See id.
---------------------------------------------------------------------------
Finally, the Amendments would provide that during Regular Trading
Hours, if the Primary Listing Market does not open a security within
the amount of time as specified by the rules of the Primary Listing
Market after the SIP Halt Resume Time, a Participant may resume trading
in that security.\32\ Under the Amendments, a Participant may, outside
Regular Trading Hours, resume trading immediately after the SIP Halt
Resume Time.\33\
---------------------------------------------------------------------------
\32\ See Section XI(a)(vi)(C) of the CTA Plan, as amended.
\33\ See id.
---------------------------------------------------------------------------
B. Communications
The Amendments address communications regarding trading halts.
Specifically, the Amendments would provide that, whenever in the
exercise of its regulatory functions the Primary Listing Market for an
Eligible Security determines it is appropriate to initiate a Regulatory
Halt, the Primary Listing
[[Page 29851]]
Market will notify all other Participants and the Processor of such
Regulatory Halt and will provide notice that a Regulatory Halt has been
lifted using such protocols and other emergency procedures as may be
mutually agreed to between the Operating Committee and the Primary
Listing Market.\34\ The Amendments would further provide that the
Processor shall disseminate to Participants notice of the Regulatory
Halt (as well as notice of the lifting of a Regulatory Halt) through
the high speed line or through the ``high speed line'' under the CQ
Plan, and (ii) any other means the Processor, in its sole discretion,
considers appropriate. Under the Amendments, each Participant would be
required to continuously monitor these communication protocols
established by the Operating Committee and the Processor during market
hours.\35\
---------------------------------------------------------------------------
\34\ See Section XI(a)(viii) of the CTA Plan, as amended.
\35\ See id. The Amendments would further provide that the
failure of a Participant to continuously monitor such communication
protocols as established by the Operating Committee and the
Processor during market hours will not prevent the Primary Listing
Market from initiating a Regulatory Halt in accordance with the
procedures specified in these Amendments. See id.
---------------------------------------------------------------------------
C. Operational Halts
With respect to Operational Halts,\36\ the Amendments would provide
that a Participant must notify the Processor if it has concerns about
its ability to collect and transmit quotes, orders or last sale prices,
or where it has declared an Operational Halt or suspension of trading
in one or more Eligible Securities, pursuant to the procedures adopted
by the Operating Committee.\37\
---------------------------------------------------------------------------
\36\ See supra note 9 and accompanying text.
\37\ See Section XI(a)(ii) of the CTA Plan, as amended.
---------------------------------------------------------------------------
III. Discussion and Commission Findings
After careful review, the Commission is approving the Amendments,
for the reasons discussed below. Section 11A of the Act authorizes the
Commission, by rule or order, to authorize or require the self-
regulatory organizations to act jointly with respect to matters as to
which they share authority under the Act in planning, developing,
operating, or regulating a facility of the national market system.\38\
Pursuant to this authority, the Commission adopted Regulation NMS.\39\
Rule 603 of Regulation NMS requires the SROs to act jointly pursuant to
NMS plans to ``disseminate consolidated information, including a
national best bid and national best offer, on quotations for and
transactions in NMS stocks.'' \40\ And Rule 608 of Regulation NMS
authorizes two or more SROs, acting jointly, to file with the
Commission a national market system plan (``NMS plan'') or a proposed
amendment to an effective NMS plan.\41\ Rule 608 further provides that
the Commission shall approve an amendment to an NMS plan if it finds
that the amendment is necessary or appropriate in the public interest,
for the protection of investors and the maintenance of fair and orderly
markets, to remove impediments to, and perfect the mechanisms of, a
national market system, or otherwise in furtherance of the purposes of
the Act.\42\
---------------------------------------------------------------------------
\38\ See 15 U.S.C. 78k-1(a)(3)(B).
\39\ 17 CFR 242.600-612; see also Regulation NMS, Securities
Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37495, 37560
(June 29, 2005).
\40\ 17 CFR 242.603(b).
\41\ See 17 CFR 242.608.
\42\ See 17 CFR 242.608(b)(2).
---------------------------------------------------------------------------
As stated above, the Commission received one comment letter
regarding the proposed Amendments. The commenter states that the
Amendments should be approved as filed.\43\ According to the commenter,
the purpose of the Amendments is to incorporate into the Plans the same
processes for Regulatory and Operational Halts that are proposed by the
equity exchanges, including that the Primary Listing Market be vested
with the authority to determine when to initiate and end a Regulatory
Halt, consistent with its rules.\44\ The commenter states that the
Primary Listing Market would be enabled to declare a Regulatory Halt as
provided for in the Primary Listing Market's rules, if it determines
that there is a SIP Outage, Material SIP Latency, Extraordinary Market
Activity, or in the event of national, regional, or localized
disruption that necessitates a Regulatory Halt to maintain a fair and
orderly market. The commenter states that the Commission should thus
approve the Amendments because they are consistent with the Act and
Rule 608 thereunder.\45\
---------------------------------------------------------------------------
\43\ See Letter from Elizabeth K. King, Chief Regulatory
Officer, ICE and General Counsel and Corporate Secretary, NYSE
Group, Inc., to Vanessa Countryman, Secretary, Commission, at 2
(Mar. 18, 2021) (``NYSE Letter'').
\44\ See id.
\45\ See id.
---------------------------------------------------------------------------
The Commission agrees that the Amendments are consistent with the
Act and Rule 608 of Regulation NMS.\46\ The Commission believes that
the Amendments further the goals of Section 11A of the Act and of Rules
603 and 608 of Regulation NMS by establishing a clear and uniform
approach with respect to trading halts under various defined
circumstances. The Plans' provisions currently lack clarity with
respect to whether a Primary Listing Market may declare a Regulatory
Halt due to underlying problems at the SIP, as well as the standard and
process for calling a halt and resuming trading thereafter. The
Amendments--and in particular the revisions that address Regulatory
Halts in connection with SIP Outages, Material SIP Latency,
Extraordinary Market Activity, and national, regional, or localized
disruptions that necessitate a Regulatory Halt to maintain a fair and
orderly market--address this shortcoming by providing for uniform rules
governing how Participants will address, among other things, the
initiation, implementation, and communication of trading halts, as well
as the resumption of trading after a trading halt or SIP Halt, thereby
clarifying the procedures to be followed and the standards to be
applied, improving coordination and certainty among the Participants
and other market participants, and enhancing the resiliency and
integrity of market systems. Accordingly, the Commission believes that
the Amendments are in the public interest, support the protection of
investors, and help the maintenance of fair and orderly markets because
the Amendments are reasonably designed to assist market participants in
understanding the processes to be followed during circumstances
potentially warranting a regulatory halt, such as events involving the
loss, timeliness, or accuracy of information that is processed or
disseminated by the SIPs. Additionally, the Commission believes that
the Amendments are reasonably designed to enhance the resiliency of the
national market system by clearly memorializing the coordinated actions
to be taken by the Participants during such events so that trading may
resume in a fair and orderly manner.
---------------------------------------------------------------------------
\46\ See 17 CFR 242.608.
---------------------------------------------------------------------------
The Commission further believes that the proposed requirement for
Primary Listing Markets to make good-faith determinations \47\ in
consultation with other market participants, as may be applicable
concerning the appropriateness of declaring a regulatory halt and
resuming trading thereafter, should promote fairness and orderliness in
decision-making by the Primary Listing Markets. In particular, the
good-faith determination standard promotes fair and orderly markets and
the protection of investors because it addresses potential concerns
that
[[Page 29852]]
Primary Listing Markets may be subject to commercial pressures in
making decisions to call a Regulatory Halt and resuming trading
thereafter. Accordingly, the Commission believes that the good-faith-
determination standard encourages Primary Listing Markets to consider
the broader interests of the national market system with respect to
declaring trading halts and resuming trading thereafter, thereby
promoting the maintenance of fair and orderly markets and enhancing the
protection of investors.\48\
---------------------------------------------------------------------------
\47\ See, e.g., Sections XI(a)(iii)(B); XI(a)(v)(A); and
XI(a)(vi)(A) of the CTA Plan, as amended.
\48\ This commenter also urges the Commission to publish and
provide notice of any material changes that the Commission is
considering with respect to the Amendments. See NYSE Letter, supra
note 43, at 2. The Commission has determined to approve the
Amendments without modification.
---------------------------------------------------------------------------
For the reasons discussed, the Commission finds that the Amendments
to the Plans, are consistent with the requirements of the Act and the
rules and regulations thereunder, and in particular, Section 11A of the
Act \49\ and Rule 608 \50\ thereunder in that the Amendments are
necessary or appropriate in the public interest, for the protection of
investors and the maintenance of fair and orderly markets, to remove
impediments to, and perfect the mechanisms of, a national market
system. Section 11A of the Act \51\ sets forth Congress' finding that
it is in the public interest and appropriate for the protection of
investors and the maintenance of fair and orderly markets to ensure the
prompt, accurate, reliable and fair collection, processing,
distribution, and publication of information with respect to quotations
for and transactions in such securities and the fairness and usefulness
of the form and content of such information. The Commission believes
that the Amendments further these goals set forth by Congress.
---------------------------------------------------------------------------
\49\ 15 U.S.C. 78k-1.
\50\ 17 CFR 242.608.
\51\ 15 U.S.C. 78k-1(c)(1)(B).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 11A of the Act,\52\
and Rule 608(b)(2) thereunder,\53\ that the Amendments to the CTA and
CQ Plans (File No. SR-CTA/CQ-2021-01) are approved.
---------------------------------------------------------------------------
\52\ 15 U.S.C. 78k-1.
\53\ 17 CFR 242.608(b)(2).
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-11686 Filed 6-2-21; 8:45 am]
BILLING CODE 8011-01-P
</pre></body>
</html>Indexed from Federal Register on June 3, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.