Notice2021-13105
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Pricing Schedule at Options 7, Section 5
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 23, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 86 Issue 118 (Wednesday, June 23, 2021)</title>
</head>
<body><pre>
[Federal Register Volume 86, Number 118 (Wednesday, June 23, 2021)]
[Notices]
[Pages 32989-32993]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-13105]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92200; File No. SR-Phlx-2021-36]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the
Exchange's Pricing Schedule at Options 7, Section 5
June 16, 2021.
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 June 11, 2021, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I, II, and III, below, which
Items have been prepared by the Exchange. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Exchange's Pricing Schedule at
Options 7, Section 5 to adopt an incentive program for Lead Market
Makers (``LMMs'') and Market Makers in Nasdaq 100 Micro Index (``XND'')
options.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rules">https://listingcenter.nasdaq.com/rulebook/phlx/rules</a>, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the
[[Page 32990]]
places specified in Item IV below. The Exchange has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange recently received approval to list index options on
XND on a pilot basis, and subsequently began to list XND options on
April 15, 2021.\3\ The Exchange now proposes to amend its Pricing
Schedule to adopt a rebate program in order to incentivize LMMS and
Market Makers to provide significant liquidity in XND options during
the trading day, which, in turn, would provide greater trading
opportunities, narrower bid-ask spreads, and enhanced price discovery
for all market participants in XND.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 91524 (April 9,
2021), 86 FR 19909 (April 15, 2021) (SR-Phlx-2021-07) (``Adopting
Filing''). The Exchange also filed to adopt initial fees for XND
options on April 15, 2021. See Securities Exchange Act Release No.
91696 (April 28, 2021), 86 FR 24109 (May 5, 2021) (SR-Phlx-2021-24).
---------------------------------------------------------------------------
Today, LMMs and Market Makers are subject to certain intra-day
electronic quoting obligations on the Exchange.\4\ As further described
below, the Exchange proposes to amend the Exchange's Pricing Schedule
to provide rebates to any LMM or Market Maker in XND that meet
heightened quoting standards during the trading day, which will be
specified in new Section 5.B of Options 7.\5\ As proposed, an LMM or
Market Maker will be eligible to receive the following additional
rebates in all XND series if they meet the following criteria: (i)
$0.03 per contract if the LMM or Market Maker provides continuous
electronic quotes during the trading day that meet or exceed the below
heightened quoting standards for all XND series with an expiration of
14 days or less, for the corresponding minimum time requirement on
average in a given month based on daily performance; (ii) $0.01 per
contract if the LMM or Market Maker provides continuous electronic
quotes during the trading day that meet or exceed the below heightened
quoting standards for all XND series with an expiration of 15 day to 60
days, for the corresponding minimum time requirement on average in a
given month based on daily performance; and (iii) $0.01 per contract if
the LMM or Market Maker provides continuous electronic quotes during
the trading day that meet or exceed the below heightened quoting
standards for all XND series with an expiration of 61 days or greater,
for the corresponding minimum time requirement on average in a given
month based on daily performance. The foregoing rebates may be
cumulative such that a qualifying LMM or Market Maker may receive a
total rebate of $0.05 per contract for all XND series.
---------------------------------------------------------------------------
\4\ See Options 2, Sections 4(c), 5(a), and 5(c).
\5\ In connection with this change, existing Sections 5.B and
5.C of Options 7 will be renumbered to 5.C and 5.D, respectively.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Expiring
-----------------------------------------------------------------------------------------------
Minimum time requirement (%) Premium level 14 days or less 15 days to 60 days 61 days or greater
-----------------------------------------------------------------------------------------------
Width Size Width Size Width Size
--------------------------------------------------------------------------------------------------------------------------------------------------------
90........................... $0.00-$1.00.............. $0.05 5 $0.06 5 $0.10 5
90........................... $1.01-$3.00.............. 0.08 5 0.08 5 0.12 5
90........................... $3.01-$5.00.............. 0.10 5 0.10 5 0.15 5
90........................... $5.01-$10.00............. 0.45 5 0.50 5 0.60 5
85........................... $10.01-$25.00............ 1.00 5 1.10 5 1.25 5
85........................... Greater than $25.00...... 2.50 5 3.00 5 3.50 5
--------------------------------------------------------------------------------------------------------------------------------------------------------
In calculating whether an LMM or Market Maker met the heightened
quoting standard each month, the Exchange will exclude from the
calculation in that month the worst quoting day in XND for the LMM or
Market Maker.
As proposed, the above minimum time requirements will apply to each
series on an individual basis such that an LMM or Market Maker must
meet those requirements separately for each premium level (e.g., a
Market Maker must quote a $0.95 premium XND option at least 90% of the
time, separately quote a $2.00 premium XND option at least 90% of the
time, etc. all the way down to the last premium level of greater than
$25 in order to be eligible for a rebate).\6\ An LMM or Market Maker
meeting all the minimum time requirements in all premium levels would
thus be eligible to receive the applicable rebate (i.e., $0.03 in the
14 days or less expiration bucket, $0.01 in the 15-60 days bucket, and/
or $0.01 in the 61 days or greater bucket) if it also meets the
specified heightened quoting standards in the applicable expiration
bucket, which rebate amount would then apply to all of the LMM's or
Market Maker's XND contracts. In other words, an LMM or Market Maker
can qualify for any one or combination of the foregoing rebates such
that it may receive anywhere between $0.01 and up to a total of $0.05
per contract, which would then be applied to all XND contracts.
---------------------------------------------------------------------------
\6\ As noted below, this is different from Cboe Exchange, Inc.'s
(``Cboe'') LMM incentive program, which also requires LMMs to quote
in a specified percentage of all series. See infra note 9.
---------------------------------------------------------------------------
The following examples further illustrate how the proposed rebate
program will work:
Example 1
A Market Maker is meeting the quote width requirement ($0.06) on a
$0.95 premium XND option 20 days until expiration 93% of the time. The
93% performance would count towards the 15-60 day expiration bucket
that could gain the $0.01 per contract rebate. Six days later, as the
XND option is now 14 days until expiration, the Market Maker tightens
to quoting $0.05 wide 91% of the time. The 91% performance would count
towards the 14 days or less expiration bucket that could gain the $0.03
per contract rebate.
Example 2
A Market Maker is meeting the quote width, size and minimum time
requirements for all 14 days or less XND options up to a $25 premium
level, but the Market Maker does not hit the 85% minimum time
requirement for XND options with a premium greater than $25. As a
result, the Market Maker would not be eligible to receive the $0.03 per
contract rebate for the 14 days or less expiration bucket. However, it
could still be eligible to receive the $0.01 per contract rebates in
the other
[[Page 32991]]
two expiration buckets (15-60 days and 61 days or greater) if they meet
all of the corresponding quote width, size and minimum time
requirements for all premium levels for each bucket.
LMMs and Market Makers in XND options are not obligated to satisfy
the heightened quoting standards described in the table above. Rather,
the LMM or Market Maker will only receive a rebate if they satisfy the
abovementioned heightened quoting standard. If an LMM or Market Maker
does not meet the heightened quoting standard, then it will simply not
receive the rebate for that month. The Exchange notes, however, that
with respect to quoting obligations, LMMs and Market Makers must still
comply with the continuous quoting obligations and other obligations of
LMMs and Market Makers described in the Exchange's Rules.\7\ The
Exchange believes that the proposed rebates for the additional quoting
standards described above will incentivize LMMs and Market Makers to
provide significant liquidity in XND options.
---------------------------------------------------------------------------
\7\ See supra note 4.
---------------------------------------------------------------------------
As it relates to the proposed exception to the heightened quoting
standards described above to exclude the LMM's or Market Maker's worst
quoting day in XND in a given month, the Exchange seeks to adopt this
exception to provide flexibility for LMMs and Market Makers, which in
turn may further encourage those market participants to provide
liquidity in XND options. For example, the Exchange notes that there
may be certain circumstances, such as where the LMM or Market Maker has
a system issue, that may impact their ability to meet the proposed
heightened quoting standards for that day, which could result in the
LMM or Market Maker no longer being able to satisfy the heightened
quoting standard for the remainder of the month. The Exchange believes
that the proposed change will further encourage LMMs and Market Makers
to continue to quote aggressively in XND options throughout the entire
month despite one poor performing day. For example, absent the proposed
rule change, if an LMM or Market Maker has a poor performing day early
in the month, the market participant may no longer have an incentive to
continue to quote at the proposed heightened levels for the remainder
of the month as it would know it would no longer be eligible to receive
the proposed rebates for that month even if it continued to meet or
exceed the prescribed quoting standards. Accordingly, the Exchange
believes the proposed rule change would eliminate the potential
disincentive that could occur if one poor performing day prevented an
LMM or Market Maker from meeting the proposed heightened quoting
standards.
The Exchange notes that the proposed XND incentive program is
substantially similar to incentive programs in place at Cboe that offer
financial benefits for meeting heightened quoting standards, with
certain structural differences.\8\ For instance, the proposed XND
incentive program will pay the rebates to the qualifying LMM or Market
Maker on a per contract basis, instead of as one monthly payment like
Cboe's programs. Furthermore, the proposed rebates may be cumulative
such that the qualifying LMM or Market Maker may receive up to $0.05
per contract in all XND series, as discussed above. The proposed
program will also be available to both LMMs and Market Makers in XND
whereas Cboe's programs are generally limited to LMMs. In this respect,
the Exchange seeks to expand the pool of Market Makers that may provide
liquidity in XND, which is ultimately beneficial to the marketplace by
facilitating tighter spreads and more trading opportunities,
particularly in a newly listed and traded product on the Exchange
during the trading day. In addition, while the Exchange will require
LMMs and Market Makers to satisfy the proposed heightened quoting
standards for a specified percentage of time for XND series, the
Exchange will not require LMMs or Market Makers to meet the proposed
heightened quoting requirements in a specified percentage of XND series
like Cboe's programs.\9\ Otherwise, the proposed heightened quoting
standards are similar to the detail and format (specific expiration
categories and corresponding premiums, quote widths, and sizes) of the
heightened quoting standards currently in place for Cboe's incentive
programs.\10\
---------------------------------------------------------------------------
\8\ See, e.g., Cboe Fees Schedule, ``MRUT LMM Incentive
Program,'' ``MSCI LMM Incentive Program,'' ``GTH VIX/VIXW LMM
Incentive Program,'' ``GTH SPX/SPXW LMM Incentive Program,'' and
``RTH SPESG LMM Incentive Program.''
\9\ For example, Cboe's RTH SPESG LMM Incentive Program requires
the LMM to meet the specified heightened quoting standards in at
least 60% of the series 90% of the time in a given month.
\10\ See supra note 8.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\11\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\12\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange believes that the proposed XND incentive program is
reasonable, equitable, and not unfairly discriminatory. The proposed
heightened quoting standards and rebate amounts for meeting the
heightened quoting standards in XND series are reasonably designed to
incentivize an LMM or Market Maker to meet the quoting standards for
XND during the trading day, thereby providing liquid and active
markets, which facilitates tighter spreads, increased trading
opportunities, and overall enhanced market quality to the benefit of
all market participants, particularly in a newly listed and traded
product like XND in order to encourage its growth on the Exchange. The
Exchange believes that creating an incentive program in which LMMs and
Market Makers must satisfy a heightened quoting standard to receive the
rebates is a reasonable way to fortify market quality in XND,
especially given XND's new market ecosystem where the Exchange expects
lower trading liquidity and trading levels as compared to more
established products that generally contain deeper pools of liquidity
and are more active.
The Exchange believes that the proposed rebates are set at
appropriate levels that are reasonably designed to incentivize LMMs and
Market Makers to provide liquid and active markets in XND options to
encourage its growth on the Exchange. As stated in the Adopting Filing,
the Exchange is seeking to attract a greater source of retail customer
business by listing XND options.\13\ Accordingly, the Exchange is
proposing to provide a higher rebate in XND series with expirations of
14 days or less as compared to longer-term XND series (i.e., $0.03 per
contract compared to $0.01 per contract) in order to incentivize
significant liquidity in retail XND orders, which would typically be in
XND series with shorter expirations and lower premiums. The Exchange
also believes that allowing the proposed rebates to be cumulative such
that qualifying LMMs and Market Makers could receive a total rebate of
up to $0.05 per contract would encourage a more liquid and active
market in all XND series, which will have a beneficial impact on market
quality.
---------------------------------------------------------------------------
\13\ See supra note 3.
---------------------------------------------------------------------------
The Exchange believes that the proposed heightened quoting
standards in XND options are reasonable in that
[[Page 32992]]
they are similar to the detail and format (specific expiration
categories and corresponding premiums, quote widths, and sizes) of the
heightened quoting standards currently in place for Cboe's incentive
programs.\14\ For example, the proposed expiration categories are
similar to those for Cboe's MRUT LMM incentive program except the
Exchange will not have a separate expiration category for long term
options (i.e., 271 days or greater). The Exchange notes that it does
not currently list any long term XND options series. The Exchange
believes that the proposed premiums and quote widths in the proposed
heightened quoting standards for XND LMMs and Market Makers reasonably
reflect what the Exchange believes will be typical market
characteristics in XND options, given their reduced notional value
based on the Nasdaq 100 Index, minimum increments, and target retail
base, thus smaller, retail-sized orders. In addition, the Exchange
believes that the proposed size requirement of five (5) contracts in
the heightened quoting standards is a reasonable balance of the typical
market characteristics of an XND order (i.e., smaller, retail-sized
orders) and the desire for the Exchange to encourage significant
liquidity in XND options. Furthermore, the Exchange believes that the
proposed minimum time requirements are set at reasonable levels that
would encourage LMMs and Market Makers to contribute to greater
liquidity in a newly-listed product like XND.
---------------------------------------------------------------------------
\14\ See supra note 8.
---------------------------------------------------------------------------
The Exchange believes the proposed XND incentive program is
equitable and not unfairly discriminatory as all LMMs and Market Makers
may qualify for this program by meeting the heightened quoting
standards described above. In addition, the Exchange believes that it
is equitable and not unfairly discriminatory to only offer the proposed
incentives to LMMs and Market Makers. LMMs and Market Makers add value
through continuous quoting and are subject to additional requirements
and obligations (such as continuous quoting obligations) that other
market participants are not. Furthermore, by incentivizing LMMs and
Market Makers to satisfy the heightened quoting standards in XND
series, the proposed changes may increase liquidity and tighter
spreads, which can lead to increased volume, thereby benefitting all
market participants by providing a robust market, particularly in a
newly listed and traded product like XND in order to encourage its
growth on the Exchange.
The Exchange believes that the proposed rule change to exclude the
LMM's or Market Maker's worst quoting day each month is reasonable
because it will encourage those market participants to continue to
quote aggressively in XND options throughout the entire month despite
an individual poor performing day. As discussed above, there may be
days on which an LMM or Market Maker cannot quote aggressively (e.g.,
the market participant has a system issue) and in certain months, one
poor performing day may prevent an LMM or Market Maker from meeting the
heightened quoting standard required to receive the rebates under the
proposed incentive program. Moreover, in such months where an LMM or
Market Maker has a poor performing day, the LMM or Market Maker may be
discouraged from quoting aggressively the remainder of the month if it
knows it were no longer eligible to receive the rebates that month.
This can be especially problematic if a poor performing day occurs
early in the month. The Exchange notes that the proposed XND rebate
program is to ensure there are sufficient incentives for an LMM or
Market Maker to quote at heightened levels in this newly-listed
product. Accordingly, the Exchange believes the proposed rule change
will encourage LMMs and Market Makers to quote aggressively in a class
throughout the entire month (and thereby ensure sufficient liquidity),
notwithstanding a poor performing day. The Exchange also notes that its
affiliated exchange, Nasdaq ISE, LLC (``ISE'') similarly omits a Market
Maker's worst quoting day each month under its Market Maker Plus rebate
program.\15\ Lastly, the Exchange believes the proposed exclusion is
equitable and not unfairly discriminatory as it will apply equally to
all LMMs and Market Makers.
---------------------------------------------------------------------------
\15\ See ISE Options 7, Section 3, footnote 5.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
In terms of intra-market competition, the Exchange does not believe
that its proposal will place any category of market participant at a
competitive disadvantage. The proposed XND incentive program is
intended to encourage growth in a newly listed and traded product by
providing rebates for LMMs and Market Makers that meet or exceed the
proposed heighted quoting standards described above. As discussed
above, the Exchange believes that its proposal will incentivize LMMS
and Market Makers to provide significant liquidity in XND options
during the trading day, which, in turn, would provide greater trading
opportunities, narrower bid-ask spreads, and enhanced price discovery
for all market participants in XND.
In terms of inter-market competition, the Exchange notes that it
operates in a highly competitive market in which market participants
can readily favor competing venues if they deem fee levels at a
particular venue to be excessive, or rebate opportunities available at
other venues to be more favorable. The Exchange notes that there are
other products today that are similarly based on the Nasdaq-100 Index.
Specifically, market participants are offered an opportunity to
transact in NDX, NDXP, or NQX, or separately execute options overlying
QQQ, which offer various notional sizes.\16\ Offering these products
provides market participants with a variety of choices in selecting the
product they desire to utilize to transact in the Nasdaq-100 Index.
Furthermore, the Exchange notes that there are other existing
investment products that are similar to XND options in that they seek
to allow investors to gain broad market exposure through reduced value
options.\17\ In sum, if the changes proposed herein are unattractive to
market participants, it is likely that the Exchange will lose market
share as a result.
---------------------------------------------------------------------------
\16\ See e.g., Options 7, Section 5.A for NDX and NDXP pricing.
See also ISE Options 7, Section 5.B for NQX pricing. NQX is
currently listed only on ISE.
\17\ For instance, Cboe offers both MRUT and Mini-SPX (``XSP'')
options, which are reduced-value options based on broad-based
indexes (i.e., the Russell 2000 Index and S&P 500 Index). See Cboe
Fees Schedule for MRUT and XSP pricing.
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \18\ and
[[Page 32993]]
subparagraph (f)(6) of Rule 19b-4 thereunder.\19\
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78s(b)(3)(A).
\19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or 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 Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4d3f382128602e2220202823393e0d3e282e632a223b"><span class="__cf_email__" data-cfemail="83f1f6efe6aee0eceeeee6edf7f0c3f0e6e0ade4ecf5">[email protected]</span></a>. Please include
File Number SR-Phlx-2021-36 on the subject line.
Paper Comments
<bullet> 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-Phlx-2021-36. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-Phlx-2021-36 and should be submitted on
or before July 14, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
---------------------------------------------------------------------------
\20\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-13105 Filed 6-22-21; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on June 23, 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.