Notice2021-15187
Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Clearing Agency Model Risk Management Framework
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
July 19, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 86 Issue 135 (Monday, July 19, 2021)</title>
</head>
<body><pre>
[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Pages 38143-38147]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-15187]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92379; File No. SR-DTC-2021-013)]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Clearing Agency Model Risk Management Framework
July 13, 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 July 7, 2021, The Depository Trust Company (``DTC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II and III below, which Items have been
prepared by the clearing agency. DTC filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(1)
thereunder.\4\ 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)(1).
---------------------------------------------------------------------------
[[Page 38144]]
I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change clarifies the scope of the Clearing Agency
Model Risk Management Framework (``Framework'') of DTC and its
affiliates National Securities Clearing Corporation (``NSCC'') and
Fixed Income Clearing Corporation (``FICC,'' and together with NSCC,
the ``CCPs,'' and the CCPs together with DTC, the ``Clearing
Agencies'').\5\ The Framework has been adopted by the Clearing Agencies
to support their compliance with Rule 17Ad-22(e) (the ``Covered
Clearing Agency Standards'').\6\ The proposed rule change \7\ would
amend the Framework to clarify that the Framework applies solely to
models \8\ utilized by the Clearing Agencies that are subject to the
model risk management requirements set forth in Rule 17Ad-22(e)(4),
(e)(6), and (e)(7) under the Act.\9\ The proposed rule change also
makes other technical and clarifying changes to the text, as more fully
described below.
---------------------------------------------------------------------------
\5\ The Framework sets forth the model risk management practices
that the Clearing Agencies follow to identify, measure, monitor, and
manage the risks associated with the design, development,
implementation, use, and validation of quantitative models. The
Framework is filed as a rule of the Clearing Agencies. See
Securities Exchange Act Release No. 81485 (August 25, 2017), 82 FR
41433 (August 31, 2017) (File Nos. SR-DTC-2017-008; SR-FICC-2017-
014; SR-NSCC-2017-008) (``2017 Notice'') and Securities Exchange Act
Release No. 88911 (May 20, 2020), 85 FR 31828 (May 27, 2020) (File
Nos. SR-DTC-2020-008; SR-FICC-2020-004; SR-NSCC-2020-008) (``2020
Notice'') (collectively, the MRMF Filings'').
\6\ 17 CFR 240.17Ad-22(e). Each of DTC, NSCC and FICC is a
``covered clearing agency'' as defined in Rule 17Ad-22(a)(5) and
must comply with Rule 17Ad-22(e).
\7\ Amending the Framework does not require any changes to the
Rules, By-Laws and Organization Certificate of DTC, the Rulebook of
the Government Securities Division of FICC, the Clearing Rules of
the Mortgage-Backed Securities Division of FICC, or the Rules &
Procedures of NSCC, because the Framework is a standalone document.
See MRMF Filings, supra note 5.
\8\ See infra note 16 for the definition of ``model'' as adopted
by the Clearing Agencies pursuant to the Framework.
\9\ 17 CFR 240.17Ad-22(e)(4), (e)(6) and (e)(7). References to
Rule 17Ad-22(e)(6) and compliance therewith apply to the CCPs only
and do not apply to DTC.
---------------------------------------------------------------------------
II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
In its filing with the Commission, the clearing agency 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. The clearing agency 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
1. Purpose
The proposed rule change clarifies the scope of the Framework to
make clear that it applies solely to models that are subject to Rule
17Ad-22(e)(4), (e)(6), and (e)(7).\10\ The proposed rule change also
makes other technical and clarifying changes to the text.
---------------------------------------------------------------------------
\10\ Id.
---------------------------------------------------------------------------
Background
The Framework is maintained by the Clearing Agencies to support
their compliance with the requirements of the Covered Clearing Agency
Standards relating to model risk management. The Covered Clearing
Agency Standards require that the Clearing Agencies take a variety of
steps to manage the models that they employ in identifying, measuring,
monitoring, and managing their respective credit exposures and
liquidity risks, including that the Clearing Agencies conduct daily
backtesting of model performance, periodic sensitivity analyses of
models, and annual validation of models.\11\
---------------------------------------------------------------------------
\11\ Id.
---------------------------------------------------------------------------
The Framework outlines the applicable regulatory requirements
described above, describes the risks that the Clearing Agencies' model
risk management program are designed to mitigate, and sets forth
specific model risk management practices and requirements adopted by
the Clearing Agencies in order to ensure compliance with the Covered
Clearing Agency Standards. These practices and requirements include,
among other things, the maintenance of a model inventory, a process for
rating model materiality and complexity, processes for performing model
validations and resolving findings identified during model validation,
and processes for model performance monitoring, including backtesting
and sensitivity analyses. The Framework also describes applicable
internal ownership and governance requirements.\12\
---------------------------------------------------------------------------
\12\ See MRMF Filings, supra note 5, for additional information
on the contents of the Framework.
---------------------------------------------------------------------------
The Depository Trust & Clearing Corporation (``DTCC''), the parent
company of the Clearing Agencies, has established a robust model risk
management program, which applies to models employed across multiple
business lines and corporate functions.\13\ DTCC may implement changes
in its model risk management program from time to time, some of which
changes may impact only lower-risk, lower-materiality models that are
not subject to the specific model risk management requirements of the
Covered Clearing Agency Standards. The Clearing Agencies previously
adopted changes to the Framework in connection with proposed
enhancements to their model risk management program, which rule changes
also deleted the defined term ``Clearing Agency Model'' on grounds that
the Framework related solely to models of the Clearing Agencies, and it
was unnecessary to use the modifier ``Clearing Agency''.\14\ In view of
continued expansion of DTCC's model risk management program, however,
the Clearing Agencies desire to avoid any doubt as to the applicability
of the Framework to specific models, and therefore propose to adopt
further clarifying changes to the text of the Framework.
---------------------------------------------------------------------------
\13\ DTCC operates on a shared services model with respect to
the Clearing Agencies. Most corporate functions are established and
managed on an enterprise-wide basis pursuant to intercompany
agreements under which it is generally DTCC that provides a relevant
service to a Clearing Agency.
\14\ See 2020 Notice, supra note 5.
---------------------------------------------------------------------------
Proposed Rule Change
Section 1 (Executive Summary) of the Framework recites the
regulatory requirements applicable to model risk management for credit
risk models, liquidity risk models, and margin models that are set
forth in the Covered Clearing Agency Standards. The proposed rule
change clarifies the Framework's scope by (i) amending Section 1 of the
Framework to add a sentence that states that the Framework supports the
Clearing Agencies in complying with their rule filing requirements
under Rule 19b-4 \15\ because the Framework itself is a rule that
governs the Clearing Agencies' management of their credit risk, margin,
and liquidity risk management models and (ii) adding a footnote that
states that only those models that satisfy the definition of ``model''
set forth in Section 3.1 of the Framework, and that support the
Clearing Agencies' compliance with the Standards, are models subject to
the Framework and, in contrast, models of the Clearing Agencies that
would satisfy the definition of ``model'' as set forth under Section
3.1 of the Framework, but do not support the Clearing Agencies'
compliance with the Standards, are not
[[Page 38145]]
subject to the Framework.\16\ In this regard, the proposed rule change
would also amend certain references to models in subsequent sections to
refer to models ``subject to this Framework''. Specifically, the text
``subject to this Framework'' would modify references to models in (i)
Section 3.1 with respect to (a) models to be added to the Clearing
Agencies' model inventory and (b) models subject to validation as set
forth in Section 2,\17\ (ii) Section 3.2 (Model Materiality and
Complexity) with respect to the assignment of complexity ratings to
models,\18\ (iii) Section 3.3 (Full Model Validation) with respect to a
requirement relating to the validation of new models,\19\ (iv) Section
3.4 (Periodic Model Validation) with respect to periodic validation of
models,\20\ (v) Section 3.5 (Model Change Management) with respect to
models that require changes in either structure or technique, (vi)
Section 3.7 (Resolution of Model Validation Findings) with respect to
internal tracking and reporting relating to model validations \21\ and
(vii) Section 4.2 (Escalation) \22\ with respect to internal escalation
of model performance monitoring oversight concerns.\23\
---------------------------------------------------------------------------
\15\ 17 CFR 240.19b-4.
\16\ Pursuant to Section 3.1 of the Framework, the Clearing
Agencies have adopted the following definition of ``model'':
``[M]odel'' refers to a quantitative method, system, or approach
that applies statistical, economic, financial, or mathematical
theories, techniques, and assumptions to process input data into
quantitative estimates. A ``model'' consists of three components: an
information input component, which delivers assumptions and data to
the model; a processing component, which transforms inputs into
estimates; and a reporting component, which translates the estimates
into useful business information. The definition of `model' also
covers quantitative approaches whose inputs are partially or wholly
qualitative or based on expert judgment, provided that the output is
quantitative in nature. See 2017 Notice, supra note 5. See also
Supervisory Guidance on Model Risk Management, SR Letter 11-7
Attachment, dated April 4, 2011, issued by the Board of Governors of
the Federal Reserve System and the Office of the Comptroller of the
Currency, available at <a href="https://www.federalreserve.gov/supervisionreg/srletters/sr1107a1.pdf">https://www.federalreserve.gov/supervisionreg/srletters/sr1107a1.pdf</a>, page 3.
\17\ Also in this regard, the applicable sentence that this
reference would be added to would also replace the words ``All
models (including, without limitation, all credit risk models margin
models, and liquidity risk models)'' with ``All models.'' The
described reference to ``subject to this Framework'' would be added
after the newly added text ``All models.''
\18\ In this instance, the new text ``subject to this
Framework'' would be preceded with the added text ``that is'' so
that the reference to ``model'' in this context reads ``. . . model
that is subject to this Framework . . . .''
\19\ Similar to the prior reference from Section 3.1, the added
reference to ``subject to this Framework'' in Section 3.3 would be
preceded with the added text ``that is'' so that the reference to
``model'' in this context reads ``. . . new model that is subject to
this Framework . . . .''
\20\ Similar to the prior reference from Section 3.3, the added
reference to ``subject to this Framework in Section 3.4 would be
followed with the added text ``that is'' so that the reference to
``model'' in this context reads ``. . . model subject to this
Framework that is . . . .''
\21\ The reference to model in this instance also refers to a
new model or a model change and the applicable text reads ``. . .
new model or model change . . . .'' To improve the flow of the text,
the words ``or model change'' would be deleted and ``or changed''
would be added after ``new.'' Also, the addition of ``subject to
this Framework'' would be preceded by newly added words ``that is''
so that the reference to ``model'' in this case refers to ``. . .
new or changed model that is subject to this Framework . . . .''
\22\ In this instance the existing text does not use the word
``model'' even though it is referencing the escalation of issues
relating to models. The applicable sentence currently begins with
``[a]ll model performance monitoring oversight concerns . . . .''
\23\ See MRMF Filings, supra note 5, for additional information
on the contents of these sections, and the Framework in general.
---------------------------------------------------------------------------
The proposed rule change makes several other technical and
clarifying changes to the text of the Framework. It revises a sentence
in Section 1 that currently states ``FICC/GSD, FICC/MBSD, and NSCC are
each a ``Central Counterparty'' or ``CCP'' and are collectively
referred to as the ``Central Counterparties'' or ``CCPs''. The proposed
revisions to this sentence (i) changes the first reference to ``Central
Counterparty'' from a capitalized term to an uncapitalized term, (ii)
deletes the second reference to this term in this sentence (shown as
``Central Counterparties'') such that ``CCP'' will be the sole defined
term used to described central counterparties, and (iii) adds ``below''
after the words ``referred to.''
It defines a term for ``Clearing Agency Model Documentation'' to
reduce the repetition of listing numerous documents that are
subordinate to the Framework with respect to model risk management. The
proposed rule change updates the titles of certain Clearing Agency
Model Documentation.\24\ It also consolidates a reference to
supplementary model risk documentation applicable to the Clearing
Agencies that may be created from time to time into the newly defined
term ``Clearing Agency Model Documentation''. The proposed rule change
adds this defined term to three sentences in Section 1 to replace
references in the section to specifically named model documentation and
supplemental model documentation. It also consolidates two references
that respectively provide that the documentation that is specifically
named in the Framework, and the supplemental documentation that may be
created, are subordinate to the Framework and are reasonably and fairly
implied by the Framework, into one such reference with respect to
Clearing Agency Model Documentation.
---------------------------------------------------------------------------
\24\ Section 1 provides that this documentation each of which
may be updated, amended, retired, or replaced from time to time. In
this regard, the text would be updated to reflect that (i) ``DTCC
Model Validation Procedures'' has been changed to ``Model Validation
Procedures'', (ii) ``DTCC Model Performance Monitoring Procedures''
has been changed to ``DTCC Model Performance Standards & Policy'',
and (iii) ``DTCC Backtesting Procedures'' has been changed to
``Clearing Agency Backtesting Procedures.'' Also, the ``Quantitative
Risk Management Policy'' and ``Quantitative Risk Management
Monitoring Procedures'' would be added as supporting documents.
---------------------------------------------------------------------------
The proposed rule change updates prior references to the Model
Validation & Control unit (defined in the Framework as ``MVC''), the
name of which has recently changed, to instead refer generically to the
unit within the Clearing Agencies' Group Chief Risk office that
performs second-line model risk management functions. This generic
reference to this unit would be defined as ``MRM'' in the Framework
and, therefore, all references to ``MVC'' would be replaced with
``MRM'' beginning from the first use of ``MVC'' in Section 3, and with
respect to all subsequent references to ``MVC,'' through and including
the last reference to ``MVC'' in the second to last paragraph of
Section 5.
In addition, a sentence in Section 3.1 that states ``[a]ll Model
Validations are performed by MVC, which consists of qualified persons
who are free from influence from the persons responsible for the
development or operation of the models being validated, as required by
the risk management standards described in Section 2[.]'' would be
revised to delete the clause ``as required by the risk management
standards described in Section 2'' and the comma immediately preceding
that clause would be deleted. This clause is unnecessary because it
follows in a paragraph that already makes reference to the referenced
``risk management standards'' in a similar context.
Also, a sentence in Section 3.8 describes that as part of model
performance monitoring, on at least a monthly basis, a sensitivity
analysis is performed on each CCP's margin models, the key parameters
and assumptions for backtesting of such margin models are reviewed, and
modifications will be considered to ensure the backtesting practices
are appropriate for determining the adequacy of such CCP's margin
resources. This sentence ends with a clause that states ``which
Quantitative Risk Management (``QRM'') performs as required by the risk
management standards described in Section 2.'' The reference to the
requirements of Section
[[Page 38146]]
2 is unnecessary when naming the group that performs these tasks.
Therefore, Clearing Agencies will delete the clause referencing these
requirements, and a comma that proceeds it, from the sentence in
Section 3.8 described immediately above, and add a new sentence, to
follow the existing sentence, stating that Quantitative Risk Management
performs these functions, without referencing the requirements
described in Section 2. The new sentence will read ``Quantitative Risk
Management (``QRM'') performs these functions.'' In addition, in this
same sentence, the proposed rule change will delete ``a'' that
currently appears before the words ``sensitivity analysis''.
The proposed rule change also makes certain technical and
grammatical corrections, including elimination of unused or misapplied
defined terms. The proposed rule change deletes the text ``in
compliance with applicable legal requirements'' from sentence in
Section 1 (Executive Summary) that states that Section 3 of the
Framework describes key aspects of the Framework in terms of the manner
in which the Clearing Agencies identify, measure, monitor, and manage
model risk. Referring to compliance with applicable legal requirements
with respect to an individual section is unnecessary, because Section 1
contains a separate reference indicating that the Framework itself is
designed to support compliance with the legal requirements set forth
under the Covered Clearing Agency Standards relating to model risk
management. The proposed rule change would also modify the beginning of
the sentence described immediately above that currently includes the
text ``Section 3 describes key aspects of the Framework in terms of the
manner in which the Clearing Agencies identify, measure, monitor, and
manage model risk . . .'' to delete the words ``Framework in terms of
the'' to simplify the text by deleting a clause that does not enhance
the meaning of the sentence.
Finally, the proposed rule change replaces a reference to
``quantitative models'' to ``models'' in the Executive Summary under
Section 1. This use of ``quantitative'' is redundant because, by
definition, models covered by the Framework are quantitative in
nature.\25\
---------------------------------------------------------------------------
\25\ As noted above, pursuant to Section 3.1 of the Framework,
the term ``model'' refers to a quantitative method, system, or
approach that applies statistical, economic, financial, or
mathematical theories, techniques, and assumptions to process input
data into quantitative estimates.
---------------------------------------------------------------------------
2. Statutory Basis
DTC believes that the proposed rule change is consistent with
Section 17A(b)(3)(F) of the Act,\26\ as well as Rule 17Ad-22(e)(4),
(e)(6), and (e)(7) thereunder,\27\ for the reasons described below.
---------------------------------------------------------------------------
\26\ 15 U.S.C. 78q-1(b)(3)(F).
\27\ 17 CFR 240.17Ad-22(e)(4), (e)(6) and (e)(7). References to
Rule 17Ad-22(e)(6) and compliance therewith apply to the CCPs only
and do not apply to DTC.
---------------------------------------------------------------------------
Section 17A(b)(3)(F) of the Act \28\ requires, inter alia, that the
rules of a clearing agency be designed to assure the safeguarding of
securities and funds which are in the custody or control of the
clearing agency or for which it is responsible. As described above, the
Framework describes the process by which the Clearing Agencies
identify, measure, monitor, and manage the risks associated with the
design, development, implementation, use, and validation of
quantitative models. The quantitative models covered by the Framework
are utilized by the Clearing Agencies, as applicable, to manage risks
associated with the safeguarding of securities and funds that are in
their custody or control or for which they are responsible, and the
proposed rule change clarifies the applicability of the Framework to
specific models, thereby better supporting the ability of the Clearing
Agencies to perform these important risk management functions and
comply with other regulatory requirements, including Rule 19b-4.
---------------------------------------------------------------------------
\28\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
Rule 17Ad-22(e)(4), (e)(6), and (e)(7) \29\ requires, inter alia,
that a covered clearing agency establish, implement, maintain and
enforce written policies and procedures reasonably designed to manage
risks associated with its credit risk management models, margin models,
and liquidity risk management models, as applicable. As discussed
above, the proposed rule change clarifies the applicability of the
Framework to such types of models, thereby better supporting the
ability of the Clearing Agencies to comply with these requirements.
Therefore, the Clearing Agencies believe that the proposed changes to
the Framework are consistent with Rule 17Ad-22(e)(4), (e)(6), and
(e)(7).\30\
---------------------------------------------------------------------------
\29\ 17 CFR 240.17Ad-22(e)(4), (e)(6) and (e)(7). References to
Rule 17Ad-22(e)(6) and compliance therewith apply to the CCPs only
and do not apply to DTC.
\30\ Id.
---------------------------------------------------------------------------
(B) Clearing Agency's Statement on Burden on Competition
The Clearing Agencies do not believe that the proposed rule change
would have any impact, or impose any burden, on competition because the
proposed rule change simply clarifies the scope and administration of
the Framework by the Clearing Agencies and would not effectuate any
changes to the Clearing Agencies' model risk management tools as they
currently apply to their respective Members or Participants.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
The Clearing Agencies have not solicited or received any written
comments relating to this proposal. The Clearing Agencies will notify
the Commission of any written comments received by the Clearing
Agencies.
III. Date of Effectiveness of the Proposed Rule Change, and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) \31\ of the Act and paragraph (f) \32\ of Rule 19b-4
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.
---------------------------------------------------------------------------
\31\ 15 U.S.C. 78s(b)(3)(A).
\32\ 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 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#2250574e470f414d4f4f474c5651625147410c454d54"><span class="__cf_email__" data-cfemail="94e6e1f8f1b9f7fbf9f9f1fae0e7d4e7f1f7baf3fbe2">[email protected]</span></a>. Please include
File Number SR-DTC-2021-013 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.
All submissions should refer to File Number SR-DTC-2021-013. This file
[[Page 38147]]
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 DTC and on DTCC's website
(<a href="http://dtcc.com/legal/sec-rule-filings.aspx">http://dtcc.com/legal/sec-rule-filings.aspx</a>). 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-DTC-2021-013 and should be submitted on
or before August 9, 2021.
---------------------------------------------------------------------------
\33\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-15187 Filed 7-16-21; 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 July 19, 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.