Notice2022-01325
Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend GEMX's Pricing Schedule at Options 7, Section 3
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Published
January 25, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 16 (Tuesday, January 25, 2022)</title>
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[Federal Register Volume 87, Number 16 (Tuesday, January 25, 2022)]
[Notices]
[Pages 3866-3869]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-01325]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93999; File No. SR-GEMX-2022-01]
Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend GEMX's
Pricing Schedule at Options 7, Section 3
January 19, 2022.
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 January 4, 2022, Nasdaq GEMX, LLC (``GEMX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I and II 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend GEMX's Pricing Schedule at Options
7, Section 3, titled ``Regular Order Fees and Rebates.''
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/gemx/rules">https://listingcenter.nasdaq.com/rulebook/gemx/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 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
GEMX proposes to amend its Regular Order Fees and Rebates within
Options 7, Section 3. Specifically, the Exchange proposes to: (1)
Decrease the Priority Customer \3\ Tier 1 Taker Fee in Penny Symbols;
\4\ and (2) eliminate the Tier 5 Maker Rebates and Taker Fees in Penny
Symbols and Non-Penny Symbols.\5\ Each amendment is described below.
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\3\ A ``Priority Customer'' is a person or entity that is not a
broker/dealer in securities, and does not place more than 390 orders
in listed options per day on average during a calendar month for its
own beneficial account(s), as defined in Nasdaq GEMX Options 1,
Section 1(a)(36). Unless otherwise noted, when used in this Pricing
Schedule the term ``Priority Customer'' includes ``Retail'' as
defined below. See Options 7, Section 1.
\4\ ``Penny Symbols'' are options overlying all symbols listed
on Nasdaq GEMX that are in the Penny Interval Program. See Options
7, Section 1.
\5\ ``Non-Penny Symbols'' are options overlying all symbols
excluding Penny Symbols. See Options 7, Section 1.
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Priority Customer Taker Fee
Currently, Priority Customers are assessed Penny Symbol Taker Fees
as follows: A Tier 1 Taker Fee of $0.49 per contract; a Tier 2 Taker
Fee of $0.48 per contract; a Tier 3 Taker Fee of $0.48 per contract; a
Tier 4 Taker Fee of $0.43 per contract; and a Tier 5 Taker Fee of $0.42
per contract. Other GEMX market participants are assessed higher Penny
Symbol Taker Fees as compared to Priority Customers. Market Makers \6\
and Non-Nasdaq GEMX Market Makers (FarMM) \7\ are assessed Tier 1
through Tier 3 Penny Symbol Taker Fee of $0.50 per contract and a Tier
4 and Tier 5 Penny Symbol Taker Fee of $0.48 per contract.\8\ Firm
Proprietary \9\/Broker Dealers \10\ and Professional Customers \11\ are
assessed Tier 1 through Tier 3 Penny Symbol Taker Fee of $0.50 per
contract and a Tier 4 and Tier 5 Penny Symbol Taker Fee of $0.49 per
contract.\12\
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\6\ The term ``Market Makers'' refers to ``Competitive Market
Makers'' and ``Primary Market Makers'' collectively. See Options 1,
Section 1(a)(21).
\7\ A ``Non-Nasdaq GEMX Market Maker'' is a market maker as
defined in Section 3(a)(38) of the Securities Exchange Act of 1934,
as amended, registered in the same options class on another options
exchange. See GEMX Options 7, Section 1.
\8\ Non-Priority Customer orders are charged the Taker Fee for
trades executed during the Opening Process. Priority Customer orders
executed during the Opening Process receive the applicable Maker
Rebate based on the tier achieved. Non-Priority Customers who
execute less than 4.0% of Customer Total Consolidated Volume are
charged a Taker Fee of $0.50 per contract for trades executed
against a Priority Customer. Non-Priority Customers who execute 4.0%
or greater of Customer Total Consolidated Volume are charged a Taker
Fee of $0.47 per contract for trades executed against a Priority
Customer. All Priority Customer orders are charged a Taker Fee of
$0.49 per contract for trades executed against a Priority Customer.
For purposes of note 13 within Options 7, Section 3, Customer Total
Consolidated Volume means the total volume cleared at The Options
Clearing Corporation in the Customer range in equity and ETF options
in that month. See notes 4 and 16 of Options 7, Section 3.
\9\ A ``Firm Proprietary'' order is an order submitted by a
member for its own proprietary account. See GEMX Options 7, Section
1.
\10\ A ``Broker-Dealer'' order is an order submitted by a member
for a broker-dealer account that is not its own proprietary account.
See GEMX Options 7, Section 1.
\11\ A ``Professional Customer'' is a person or entity that is
not a broker/dealer and is not a Priority Customer. See GEMX Options
7, Section 1.
\12\ See note 8 above.
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At this time, the Exchange proposes to decrease the current Tier 1
Priority Customer Penny Symbol Taker Fee from $0.49 to $0.48 per
contract. The Exchange believes that lowering the Tier 1 Priority
Customer Penny Symbol Taker Fee will attract additional order flow to
the Exchange. With this proposal, Priority Customers continue to be
assessed the lowest Penny Symbol Taker Fees.
Tier 5 Maker Rebates and Taker Fees
Today, GEMX pays the following Tier 5 Penny Symbol Maker Rebates:
$0.45 per contract to Market Makers and $0.53 per contract to Priority
Customers. Non-Nasdaq GEMX Market Makers (FarMM), Firm Proprietary/
Broker Dealers and Professional Customers are not eligible for Tier 5
Penny Symbol Maker Rebates. Today, GEMX pays the following Tier 5 Non-
Penny Symbol Maker Rebates: $0.75 per contract to Market Makers and
$1.05 per contract to Priority Customers. Non-Nasdaq GEMX Market Makers
(FarMM), Firm Proprietary/Broker Dealers and Professional Customers are
not eligible for Tier 5 Non-Penny Symbol Maker Rebates. Market Maker
and Priority Customer orders are eligible for higher Penny and Non-
Penny Symbol Maker Rebates based on achieving volume thresholds in
Table 1 within Options 7, Section 3.\13\
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\13\ See note 5 of Options 7, Section 3.
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Today, GEMX assesses the following Tier 5 Penny Symbol Taker Fees:
$0.48 per contract to Market Makers and Non-Nasdaq GEMX Market Makers
(FarMM), $0.49 per contract to Firm Proprietary/Broker Dealers and
Professional Customers, and $0.42 per contract to Priority
Customers.\14\ Today, GEMX assesses the following Tier 5 Non-Penny
Symbol Taker Fees: $0.94 per contract to Market Makers, Non-Nasdaq GEMX
Market Makers (FarMM), Firm Proprietary/Broker Dealers, and
Professional Customers, and $0.82 per contract to Priority
Customers.\15\
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\14\ See note 8 above.
\15\ See note 8 above.
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At this time, the Exchange proposes to eliminate Penny and Non-
Penny Symbol Tier 5 Maker Rebates and Taker
[[Page 3867]]
Fees. The Exchange also proposes to amend the criteria for Tier 4 of
the Qualifying Tier Thresholds, within Table 1 of Options 7, Section 3,
so that volume that is 2.5% or greater of Customer Total Consolidated
Volume and Priority Customer Maker Percentage of Customer Total
Consolidated Volume of 1.20% or greater would qualify a GEMX Member for
the Tier 4 Penny and Non-Penny Symbol Maker Rebates and Taker Fees.
The elimination of the Tier 5 Penny Symbol Maker Rebates would
result in no change as the same Tier 5 Penny Symbol Maker Rebates exist
for Tier 4 Penny Symbol Maker Rebates, with the exception of the Penny
Symbol Market Maker Rebate. The Tier 5 Penny Symbol Market Maker Rebate
is $0.45 per contract, while the Tier 4 Penny Symbol Market Maker
Rebate is $0.41 per contract. With this proposal, the highest Penny
Symbol Market Maker Rebate that can be achieved would now be $0.41 per
contract.
The elimination of the Tier 5 Penny Symbol Taker Fees would result
in no change as the same Tier 5 Penny Symbol Taker Fees exist for Tier
4 Penny Symbol Taker Fees, with the exception of the Priority Customer
Penny Symbol Taker Fee. The Tier 5 Penny Symbol Priority Customer Taker
Fee is $0.42 per contract, while the Tier 4 Penny Symbol Priority
Customer Taker Fee is $0.43 per contract. With this proposal, the
lowest Penny Symbol Priority Customer Taker Fee that would be assessed
would now be $0.43 per contract.
The elimination of the Tier 5 Non-Penny Symbol Maker Rebates and
Taker Fees would result in no change as the same Tier 5 Non-Penny
Symbol Maker Rebates and Taker Fees exist for Tier 4 Non-Penny Symbol
Maker Rebates and Taker Fees. As noted, with the amended Tier 4
criteria, a GEMX Member would continue to be able to achieve the same
Non-Penny Symbol Maker Rebates and Taker Fees that are currently
offered for Tier 4 Non-Penny Symbol Maker Rebates and Taker Fees.
With these proposed changes, Priority Customers would continue to
be paid the highest Market Rebates and be assessed the lowest Taker
Fees in both Penny and Non-Penny Symbols.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\16\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\17\ 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.
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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(4) and (5).
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The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \18\
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\18\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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Likewise, in NetCoalition v. Securities and Exchange Commission
\19\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of
a market-based approach in evaluating the fairness of market data fees
against a challenge claiming that Congress mandated a cost-based
approach.\20\ As the court emphasized, the Commission ``intended in
Regulation NMS that `market forces, rather than regulatory
requirements' play a role in determining the market data . . . to be
made available to investors and at what cost.'' \21\
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\19\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
\20\ See NetCoalition, at 534-535.
\21\ Id. at 537.
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Further, ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing agents, have a wide range of choices of
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers' . . . .'' \22\ Although the court and
the SEC were discussing the cash equities markets, the Exchange
believes that these views apply with equal force to the options
markets.
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\22\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008)
(SR-NYSEArca-2006-21)).
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Priority Customer Taker Fee
The Exchange's proposal to decrease the current Tier 1 Priority
Customer Penny Symbol Taker Fee from $0.49 to $0.48 per contract is
reasonable as this decrease would result in a lower Tier 1 Priority
Customer Penny Symbol Taker Fee. The Exchange believes that lowering
the Tier 1 Priority Customer Penny Symbol Taker Fee will attract
additional order flow to the Exchange. With this proposal, Priority
Customers continue to be assessed the lowest Penny Symbol Taker Fees.
The Exchange's proposal to decrease the current Tier 1 Priority
Customer Penny Symbol Taker Fee from $0.49 to $0.48 per contract is
equitable and not unfairly discriminatory. Priority Customers continue
to be assessed the lowest Penny Symbol Taker Fees. Priority Customer
liquidity benefits all market participants by providing more trading
opportunities, which attracts Market Makers. An increase in the
activity of these market participants in turn facilitates tighter
spreads, which may cause an additional corresponding increase in order
flow from other market participants.
Tier 5 Maker Rebates and Taker Fees
The Exchange's proposal to eliminate Penny and Non-Penny Symbol
Tier 5 Maker Rebates and Taker Fees is reasonable. The elimination of
the Tier 5 Penny Symbol Maker Rebates would result in no change as the
same Tier 5 Penny Symbol Maker Rebates exist for Tier 4 Penny Symbol
Maker Rebates, with the exception of the Penny Symbol Market Maker
Rebate. The Tier 5 Penny Symbol Market Maker Rebate is $0.45 per
contract, while the Tier 4 Penny Symbol Market Maker Rebate is $0.41
per contract. With this proposal, the highest Penny Symbol Market Maker
Rebate that can be achieved would now be $0.41 per contract. The
elimination of the Tier 5 Penny Symbol Taker Fees would result in no
change as the same Tier 5 Penny Symbol Taker Fees exist for Tier 4
Penny Symbol Taker Fees, with the exception of the Priority Customer
Penny Symbol Taker Fee. The Tier 5 Penny Symbol Priority Customer Taker
Fee is $0.42 per contract, while the Tier 4 Penny Symbol Priority
Customer Taker Fee is $0.43 per contract. With this proposal, the
lowest Priority Customer Penny Symbol Taker Fee that would be assessed
would now be $0.43 per contract. Notwithstanding, the decreased Penny
Symbol Market Maker Rebate of $0.45 per contract and the increased
Priority Customer Penny Symbol Taker Fee of $0.43 per contract, the
Exchange believes that the Market and Taker Tier 4 pricing in Penny
Symbols will continue to attract order flow to GEMX. The elimination of
the Tier 5 Non-Penny Symbol Maker
[[Page 3868]]
Rebates and Taker Fees would result in no change as the same Tier 5
Non-Penny Symbol Maker Rebates and Taker Fees exist for Tier 4 Non-
Penny Symbol Maker Rebates and Taker Fees. As noted, with the amended
Tier 4 criteria a GEMX Member would continue to be able to achieve the
same Non-Penny Symbol Maker Rebates and Taker Fees that are currently
offered for Tier 4 Non-Penny Symbol Maker Rebates and Taker Fees. With
these proposed changes, Priority Customers would continue to be paid
the highest Market Rebates and be assessed the lowest Taker Fees in
Penny and Non-Penny Symbols.
The Exchange's proposal to eliminate the Penny and Non-Penny Symbol
Tier 5 Maker Rebates and Taker Fees is equitable and not unfairly
discriminatory. All Members that meet the qualifications of the Tier 1
through Tier 4 Qualifying Tier Thresholds would continue to be
eligible, uniformly, to receive the corresponding rebates and fees.
Qualifying Tier Thresholds
The Exchange's proposal to amend the description of Tier 4 of the
Qualifying Tier Thresholds, within Table 1 of Options 7, Section 3,
with respect to the Total Affiliated Member % of Customer Total
Consolidated Volume,\23\ to require that a member execute 2.5% or
greater of Customer Total Consolidated Volume is reasonable, equitable
and not unfairly discriminatory. Also, the Exchange's proposal to amend
the description of the Tier 4 of Qualifying Tier Threshold with respect
to the Priority Customer Maker % of Customer Total Consolidated
Volume,\24\ to require that a member executes Priority Customer Maker
volume of 1.20% or greater of Customer Total Consolidated Volume is
reasonable, equitable and not unfairly discriminatory. With the
elimination of Tier 5 Penny and Non-Penny Symbol Maker Rebates and
Taker Fees, the Tier 4 Penny and Non-Penny Symbol Maker Rebates and
Taker Fees would be the highest Maker Rebate and lowest Taker Fee. All
Members that meet the qualifications of the Tier 4 Qualifying Tier
Threshold would be eligible, uniformly, to receive the corresponding
rebates and fees.
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\23\ For purposes of measuring Total Affiliated Member % of
Customer Total Consolidated Volume, Customer Total Consolidated
Volume means the total volume cleared at The Options Clearing
Corporation in the Customer range in equity and ETF options in that
month.
\24\ The Priority Customer Maker % of Customer Total
Consolidated Volume category includes all Priority Customer volume
that adds liquidity in all symbols.
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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.
Inter-Market Competition
The proposal does not impose an undue burden on inter-market
competition. The Exchange believes its proposal remains competitive
with other options markets and will offer market participants with
another choice of where to transact options. 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. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges that have been exempted from compliance with the statutory
standards applicable to exchanges. Because competitors are free to
modify their own fees in response, and because market participants may
readily adjust their order routing practices, the Exchange believes
that the degree to which fee changes in this market may impose any
burden on competition is extremely limited.
Intra-Market Competition
The proposed amendments do not impose an undue burden on intra-
market competition.
Priority Customer Taker Fee
The Exchange's proposal to decrease the current Tier 1 Priority
Customer Penny Symbol Taker Fee from $0.49 to $0.48 per contract does
not impose an undue burden on competition. Priority Customers continue
to be assessed the lowest Penny Symbol Taker Fees. Priority Customer
liquidity benefits all market participants by providing more trading
opportunities, which attracts Market Makers. An increase in the
activity of these market participants in turn facilitates tighter
spreads, which may cause an additional corresponding increase in order
flow from other market participants.
Tier 5 Maker Rebates and Taker Fees
The Exchange's proposal to eliminate Penny and Non-Penny Symbol
Tier 5 Maker Rebates and Taker Fees does not impose an undue burden on
competition. Exchange's proposal to eliminate the Penny and Non-Penny
Symbol Tier 5 Maker Rebates and Taker Fees is equitable and not
unfairly discriminatory. All Members that meet the qualifications of
the Tier 1 through Tier 4 Qualifying Tier Thresholds would continue to
be eligible, uniformly, to receive the corresponding rebates and fees.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\25\ and Rule 19b-4(f)(2) \26\ 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: (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.
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\25\ 15 U.S.C. 78s(b)(3)(A)(ii).
\26\ 17 CFR 240.19b-4(f)(2).
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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#81f3f4ede4ace2eeecece4eff5f2c1f2e4e2afe6eef7"><span class="__cf_email__" data-cfemail="cab8bfa6afe7a9a5a7a7afa4beb98ab9afa9e4ada5bc">[email protected]</span></a>. Please include
File Number SR-GEMX-2022-01 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-GEMX-2022-01. 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
[[Page 3869]]
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-GEMX-2022-01 and should be submitted on
or before February 15, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-01325 Filed 1-24-22; 8:45 am]
BILLING CODE 8011-01-P
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