Notice2021-28112
Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the One River Carbon Neutral Bitcoin Trust Under NYSE Arca Rule 8.201-E
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Published
December 28, 2021
Issuing agencies
Securities and Exchange Commission
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<title>Federal Register, Volume 86 Issue 246 (Tuesday, December 28, 2021)</title>
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[Federal Register Volume 86, Number 246 (Tuesday, December 28, 2021)]
[Notices]
[Pages 73826-73829]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-28112]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93840; File No. SR-NYSEArca-2021-67]
Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change To List and Trade Shares of the One River Carbon Neutral
Bitcoin Trust Under NYSE Arca Rule 8.201-E
December 21, 2021.
On September 20, 2021, NYSE Arca, Inc. (``NYSE Arca'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade shares (``Shares'') of the One
River Carbon Neutral Bitcoin Trust (``Trust'') under NYSE Arca Rule
8.201-E (Commodity-Based Trust Shares). The proposed rule change was
published for comment in the Federal Register on October 5, 2021.\3\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 93171 (Sept. 29,
2021), 86 FR 55073 (``Notice''). Comments on the proposed rule
change can be found at: <a href="https://www.sec.gov/comments/sr-nysearca-2021-67/srnysearca202167.htm">https://www.sec.gov/comments/sr-nysearca-2021-67/srnysearca202167.htm</a>.
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On November 10, 2021, pursuant to Section 19(b)(2) of the Act,\4\
the Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to disapprove the proposed rule
change.\5\ This order institutes proceedings under Section 19(b)(2)(B)
of the Act \6\ to determine whether to approve or disapprove the
proposed rule change.
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\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 93553, 86 FR 64276
(Nov. 17, 2021). The Commission designated January 3, 2022, as the
date by which it should approve, disapprove, or institute
proceedings to determine whether to disapprove the proposed rule
change.
\6\ 15 U.S.C. 78s(b)(2)(B).
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I. Summary of the Proposal
As described in more detail in the Notice,\7\ the Exchange proposes
to list and trade the Shares of the Trust under NYSE Arca Rule 8.201-E,
which governs the listing and trading of Commodity-Based Trust Shares
on the Exchange.
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\7\ See Notice, supra note 3.
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The investment objective of the Trust is to track the performance
of bitcoin, as measured by the performance of the MVIS One River Carbon
Neutral Bitcoin Index (``Index''), adjusted for the Trust's expenses
and other liabilities.\8\ As discussed further below, the Index is
designed to reflect the performance of bitcoin in U.S. dollars on a
carbon neutral basis. In seeking to achieve its investment objective,
the Trust will hold bitcoin and will value its Shares based on the same
methodology used to calculate the Index, as adjusted to reflect the
expenses associated with offsetting carbon credits.\9\ The Trust will
not purchase or sell bitcoin directly, although the Trust may direct
the Custodian to sell or transfer bitcoin to pay certain expenses.\10\
The Trust will not hold cash or cash equivalents; however, there may be
situations where the Trust will hold cash on a temporary basis.\11\ The
Fund will not hold futures, options, or options on futures.\12\
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\8\ See id. at 55073. The sponsor of the Trust is One River
Digital Asset Management, LLC (``Sponsor''), a Delaware limited
liability company and a wholly-owned subsidiary of One River Asset
Management, LLC. The trustee for the Trust is Delaware Trust
Company. The marketing agent for the Trust is Foreside Global
Services, LLC. The Bank of New York Mellon (``BNY Mellon'') will act
as the Trust's administrator and transfer agent. The custodian for
the Trust, Coinbase Custody Trust Company, LLC (``Custodian''), will
hold all of the Trust's bitcoin on the Trust's behalf and will
retain custody of the Trust's bitcoin in an account for the Trust
(``Bitcoin Account''). See id.
\9\ See id. at 55074.
\10\ See id.
\11\ See id. The Trust has entered into a cash custody agreement
with BNY Mellon under which BNY Mellon will act as custodian of the
Trust's cash and cash equivalents. See id.
\12\ See id.
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The Trust intends to offset the carbon footprint associated with
bitcoin once a quarter by paying for the instantaneous retirement of
voluntary carbon credits equal to the daily estimated carbon emissions
associated with the bitcoins held by the Trust.\13\ According to the
Exchange, voluntary carbon credits are certified and standardized under
the Verra Verified Carbon Standard (``Verra''), an organization that
establishes and manages standards and programs in connection with
voluntary carbon credits, and the Trust will only utilize carbon
credits that meet the Verra standards.\14\ The Trust has entered into
an agreement with LIRDES S.A., d/b/a Moss Earth (``Moss''), a company
located in Uruguay, to pay for carbon credit tokens created by Moss
(``MCO2 Tokens'') representing certified reductions in greenhouse gas
emissions.\15\ The MCO2 Tokens issued by Moss are carbon offsets
encrypted and tokenized utilizing blockchain technology and are stored
on a registry managed by Verra.\16\ The Trust will
[[Page 73827]]
purchase MCO2 Tokens from Moss at the end of March, June, September,
and December at pre-negotiated prices, and Moss will instantaneously
retire the tokens to the Ethereum blockchain.\17\ The number of MCO2
Tokens paid for by the Trust will equal the aggregated sum of offsets
implied by the daily carbon emissions for a single bitcoin over the
preceding quarter multiplied by the average number of bitcoins held in
the Trust's portfolio during the quarter, with a view towards tracking
the carbon footprint offset estimate calculated by the Index.\18\ The
Trust does not hold the carbon offset MCO2 Tokens as an asset. Instead,
the Trust pays for the MCO2 Tokens carbon offsets from Moss, who then
instantaneously retires the tokens to the Ethereum blockchain, to
reduce global carbon emissions by the carbon dioxide tonnage (or
tonnage of other similar greenhouse gases) corresponding to such
tokens.\19\
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\13\ See id. at 55073, 55074.
\14\ See id. at 55074-75.
\15\ See id. at 55075. Upon expiration of its agreement with
Moss in April 2031, the Trust will either enter into a replacement
agreement, or alternatively pay for the retirement of MCO2 Tokens or
similar carbon credits at then current spot prices for such
instruments. See id.
\16\ See id. According to the Exchange, the MCO2 Token is a
digital representation of a carbon credit that is stored on a
registry by Verra and can be acquired in over-the-counter or
publicly-traded markets. Moss purchases carbon credits from projects
that are certified under Verra's Verified Carbon Standard. Each
circulating MCO2 Token is intended to represent a claim on a
certified carbon credit held in an aggregated pool of carbon credits
within the Moss account on the Verra registry. Tokenized carbon
credits are fungible and do not represent a claim on a specific
underlying carbon credit issued to a specific carbon reduction
project. See id.
\17\ See id. at 55075 & n.10.
\18\ See id. at 55075.
\19\ See id. at 55075 & n.10.
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The Index value is the benchmark value of the bitcoin less the
estimated daily cost of offsetting the carbon emissions of a single
bitcoin.\20\ The Index is constructed using bitcoin price feeds from
eligible bitcoin spot markets and volume weighted median price average,
calculated over 20 intervals in rolling three-minute increments, less
the estimated cost of offsetting the daily carbon emissions
attributable to each bitcoin in the network.\21\
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\20\ See id. at 55075. The Index methodology was developed by MV
Index Solutions GmbH (``MVIS'') and is monitored by the One River
Index Committee, an independent, third-party calculation agent for
the Index. MVIS, with the assistance of its affiliates, is also the
calculation agent for the Index and for the MVIS[supreg]
CryptoCompare Bitcoin Benchmark Rate (``BBR''), which measures the
value of the underlying bitcoin represented by, and is the bitcoin
benchmark component for, the Index. The current constituent bitcoin
platforms of the BBR are Coinbase, Gemini, Bitstamp, Kraken, and
itBit. See id. at 55074-75.
\21\ See id.
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The cost of the carbon offset used in the Index is calculated in
the following steps. First, electricity consumption for the bitcoin
mining network is recorded daily. Second, geolocation of bitcoin miners
identifies the location of electricity usage. Third, for each location,
the average production of electricity by its source of production
(e.g., solar, coal) is recorded. This estimates the carbon emission
intensity of electricity consumption in the bitcoin network. Fourth,
total electricity consumption is multiplied by the carbon intensity of
the bitcoin network to estimate total carbon emissions. These steps
allow MVIS to obtain a daily estimate of the carbon emissions necessary
to run the bitcoin network. The total carbon emissions of the bitcoin
network are divided by the total number of bitcoins in circulation to
estimate the carbon emissions attributable to each bitcoin on each day.
Finally, the carbon emission attributable to each bitcoin is multiplied
by the MCO2 Token market price of a carbon offset.\22\ The daily
accumulation of the carbon offset component of the Index measures the
totality of the cost of the carbon offset required for holding a single
bitcoin over the accumulation period.\23\
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\22\ See id. at 55074.
\23\ See id. at 55075.
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BNY Mellon will calculate the net asset value (``NAV'') of the
Trust once each Exchange trading day. The NAV for a normal trading day
will be released after 4:00 p.m. E.T. (often by 5:30 p.m. E.T. and
almost always by 8:00 p.m. E.T.).\24\ The NAV per Share of the Trust
will be equal to the median price of the bitcoin used in the
calculation of the Index less the Trust's liabilities, including the
cost of carbon measured in the Index, divided by the total number of
outstanding Shares. The accumulation of the daily carbon offset costs
calculated in the Index act as an expense to the Trust. The payment for
the retirement of carbon offsets by the Trust will occur once per
quarter of the calendar year, and the number of MCO2 Tokens retired
will equal the aggregated sum of offsets implied by the daily carbon
footprint for each bitcoin held by the Trust during the quarter. The
NAV will accrue the estimated carbon cost daily.\25\
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\24\ See id. at 55076-77.
\25\ See id. at 55076.
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The Trust will provide website disclosure of its bitcoin holdings
daily.\26\ The Intraday Indicative Value (``IIV'') per Share will be
widely disseminated every 15 seconds during the NYSE Arca Core Trading
Session (normally 9:30 a.m. E.T. to 4:00 p.m. E.T.) by the Trust and by
one or more major market data vendors, and will be available through
on-line information services. The IIV will be calculated by using the
prior day's closing NAV per Share of the Trust as a base and updating
that value throughout the trading day to reflect changes in the most
recently reported price level of the Index as reported by Bloomberg,
L.P. or another reporting service.\27\
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\26\ See id. at 55082.
\27\ See id. at 55077.
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The Trust will process all creations and redemptions in-kind and
only in one or more blocks of 50,000 Shares (``Baskets'').\28\ When
creating Shares, authorized participants will deliver, or facilitate
the delivery of, bitcoin to the Bitcoin Account in exchange for Shares,
and when redeeming Shares, the Trust, through the Custodian, will
deliver bitcoin to authorized participants. Although the Trust will
create Baskets only upon the receipt of bitcoins, and will redeem
Baskets only by distributing bitcoins, a separate cash exchange process
will be made available to authorized participants. Under the cash
exchange process, an authorized participant may deposit cash with BNY
Mellon, which will facilitate the purchase or sale of bitcoins through
a liquidity provider (``Liquidity Provider'') on behalf of an
authorized participant. The bitcoin purchased (or sold) by the
Liquidity Provider in connection with the cash exchange process will,
in turn, be delivered to (or from, as appropriate) the Custodian, on
behalf of the Trust, in exchange for Baskets.\29\
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\28\ See id. at 55074; 55077
\29\ See id. at 55074.
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II. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEArca-2021-67 and Grounds for Disapproval Under Consideration
The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \30\ to determine whether the proposed rule
change should be approved or disapproved. Institution of proceedings is
appropriate at this time in view of the legal and policy issues raised
by the proposed rule change, as discussed below. Institution of
proceedings does not indicate that the Commission has reached any
conclusions with respect to any of the issues involved. Rather, as
described below, the Commission seeks and encourages interested persons
to provide comments on the proposed rule change.
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\30\ 15 U.S.C. 78s(b)(2)(B).
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Pursuant to Section 19(b)(2)(B) of the Act,\31\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with Section 6(b)(5)
of the Act, which requires,
[[Page 73828]]
among other things, that the rules of a national securities exchange be
``designed to prevent fraudulent and manipulative acts and practices''
and ``to protect investors and the public interest.'' \32\
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\31\ Id.
\32\ 15 U.S.C. 78f(b)(5).
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The Commission asks that commenters address the sufficiency of the
Exchange's statements in support of the proposal, which are set forth
in the Notice,\33\ in addition to any other comments they may wish to
submit about the proposed rule change. In particular, the Commission
seeks comment on the following questions and asks commenters to submit
data where appropriate to support their views:
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\33\ See Notice, supra note 3.
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1. What are commenters' views on whether the proposed Trust and
Shares would be susceptible to manipulation? What are commenters' views
generally on whether the Exchange's proposal is designed to prevent
fraudulent and manipulative acts and practices? What are commenters'
views generally with respect to the liquidity and transparency of the
bitcoin markets, the bitcoin markets' susceptibility to manipulation,
and thus the suitability of bitcoin as an underlying asset for an
exchange-traded product?
2. The Exchange asserts that ``[a]longside the growth in users,
active wallets and market capitalization, institutional ratings of
various [digital assets] have increased substantially'' and ``[b]itcoin
ranks as one of the most widely used, if not the most widely used,
[digital asset] in the global [digital asset] market.'' \34\ According
to the Exchange, the bitcoin ``marketplace is maturing with increased
institutional participation'' and the ``rise in the digital economy has
led to an increase in activity within the regulated banking system,
reflecting increased institutional demand.'' \35\ The Exchange also
asserts that ``licensed and regulated service providers have emerged to
provide fund custodial services for digital assets, among other
services.'' The Exchange concludes that ``[t]hese are substantial
developments since the Commission last reviewed a bitcoin [exchange-
traded product] proposal.'' \36\ Do commenters agree or disagree with
these assertions? Are the changes that the Exchange identifies
sufficient to support the determination that the proposal to list and
trade the Shares is designed to protect investors and the public
interest and is consistent with the other applicable requirements of
Section 6(b)(5) of the Act?
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\34\ See id. at 55078.
\35\ See id.
\36\ See id.
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3. The Exchange states certain ``regulatory and enforcement actions
acknowledge the increasing use of bitcoin and other [digital assets]
within the broader global financial sector generally, and represent
ongoing efforts to regularize the use of such [digital assets] within
existing regulatory frameworks.'' \37\ The Exchange also asserts that
``[t]echnological advancements on the bitcoin protocol are also
progressing and will broaden institutional adoption of the bitcoin
protocol as a technology'' and that there ``have also been advancements
in regulatory frameworks, both on a global and national scale, on
[digital asset] exposures.'' \38\ The Exchange concludes that its
proposal is ``aimed at financial stability, protecting consumers, and
promoting innovation in the payments system.'' \39\ What are
commenters' views regarding the Exchange's assertions?
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\37\ See id. at 55079.
\38\ See id.
\39\ See id. at 55080.
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4. The Exchange asserts that the use of the Index ``eliminates
those bitcoin spot markets with indicia of suspicious, fake, or non-
economic volume from the NAV calculation methodology'' and the Index's
use of multiple bitcoin spot markets mitigates ``the potential for
idiosyncratic market risk, as the failure of any individual bitcoin
spot market should not materially impact pricing for the Trust.'' \40\
In addition, the Exchange states that the Index's use of median prices
``limits the ability of outlier prices, which may have been caused by
attempts to manipulate the price on a particular market, to impact the
NAV and that ``[a]ny attempt to manipulate the NAV would require a
substantial amount of capital distributed across a majority of the
eligible spot markets, and potentially coordinated activity across
those markets, making it more difficult to conduct, profit from, or
avoid the detection of market manipulation.'' \41\ What are commenters'
views regarding these assertions?
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\40\ See id. at 55080.
\41\ See id.
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5. The Exchange argues that because the Trust will process all
creations and redemptions in in-kind transactions with authorized
participants, the ``Trust is uniquely protected against potential
attempts by bad actors to manipulate the price of bitcoin on sport
markets contributing to the Index and thereby the Trust's NAV
calculation.'' \42\ Do commenters agree with the Exchange's analysis
and conclusion?
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\42\ See id.
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6. What are commenters' views generally with respect to the Trust's
investment objectives? What are commenter's view regarding how the
Trust intends to meet its investment objectives? Specifically, the
Exchange states that ``[i]n establishing the Index, MVIS and the
Sponsor created a robust, transparent process for quantifying the
carbon footprint of bitcoin in a clear, repeatable manner.'' \43\ The
Exchange also states that ``the creation of the Index and tokenization
of the carbon offsets will provide additional transparency to investors
with respect to the NAV of the Trust vis-[agrave]-vis the estimated
carbon footprint of the bitcoin retired by the Trust, and will thus
give investors an opportunity to independently monitor the Trust's
efforts to offset the carbon emissions associated with its bitcoin
holdings.'' \44\ What are commenters' views about the Exchange's
assertions?
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\43\ See id. at 55074.
\44\ See id. at 55076.
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7. Has the Exchange described the Trust in sufficient detail to
support the finding that the proposal is consistent with the Exchange
Act, including the requirement that it be designed to prevent
fraudulent and manipulative acts and practices and to protect investors
and the public interest? For example, according to the Exchange, the
investment objective of the Trust is to track the performance of
bitcoin, as measured by the Index, which represents the daily value of
bitcoin less the estimated daily cost of offsetting carbon emission of
a single bitcoin based on the MCO2 Token market price. The Exchange,
however, also states that the Trust will purchase MCO2 Tokens on a
quarterly basis at pre-negotiated prices.\45\ Given that the Trust will
purchase and retire MCO2 Tokens on a quarterly basis, has the Exchange
provided sufficient information regarding how the Trust will calculate
its NAV daily, how its daily NAV calculations will relate to the
Trust's quarterly settlements, or how the Share prices may be impacted
by either the daily or quarterly accounting and any MCO2 Token price
differentials between them? Moreover, according to the Exchange, the
Trust will purchase the MCO2 Tokens at pre-negotiated prices but
provides no further information regarding the price of MCO2 Tokens or
carbon credits generally. The Exchange also contemplates that MCO2
Tokens may not be available in some circumstances and that the
agreement
[[Page 73829]]
with Moss will expire in 2023. Given that carbon mitigation is a key
characteristic of the Trust and that both the Trust's daily NAV
calculations and quarterly settlements incorporate costs of MCO2
Tokens, is the information the Exchange provides sufficient to support
the finding that the proposal is consistent with the Exchange Act?
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\45\ See id. at 55075.
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III. Procedure: Request for Written Comments
The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 6(b)(5) or any other provision of the Act, and
the rules and regulations thereunder. Although there do not appear to
be any issues relevant to approval or disapproval that would be
facilitated by an oral presentation of views, data, and arguments, the
Commission will consider, pursuant to Rule 19b-4, any request for an
opportunity to make an oral presentation.\46\
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\46\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
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Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by January 18, 2022. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
February 1, 2022.
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#1f6d6a737a327c7072727a716b6c5f6c7a7c31787069"><span class="__cf_email__" data-cfemail="dba9aeb7bef6b8b4b6b6beb5afa89ba8beb8f5bcb4ad">[email protected]</span></a>. Please include
File Number SR-NYSEArca-2021-67 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-NYSEArca-2021-67. 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-NYSEArca-2021-67 and should be submitted
by January 18, 2022. Rebuttal comments should be submitted by February
1, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\47\
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\47\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-28112 Filed 12-27-21; 8:45 am]
BILLING CODE 8011-01-P
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