Notice2024-07840
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 531
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Published
April 15, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 73 (Monday, April 15, 2024)</title>
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[Federal Register Volume 89, Number 73 (Monday, April 15, 2024)]
[Notices]
[Pages 26199-26202]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-07840]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99923; File No. SR-EMERALD-2024-13]
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Exchange Rule 531
April 9, 2024.
Pursuant to the provisions of 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 April 5, 2024, MIAX Emerald, LLC (``MIAX
Emerald'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a 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: (i) amend subparagraph (b)(2) of Exchange
Rule 531, Reports, Market Data Products and Services, to adjust the
timeframe for the Liquidity Taker Event Report--Complex Orders; and
(ii) make a non-substantive, clarifying change to a footnote in prior
rule filings submitted to the U.S. Securities and Exchange Commission
(``Commission'') for approval pursuant to section 19(b)(2) of the Act
\3\ and Rule 19b-4 \4\ to adopt the Liquidity Taker Event Report--
Simple Orders, and filings submitted for immediate effectiveness
pursuant to section 19(b)(3)(A) of the Act \5\ and Rule 19b-4(f)(6) \6\
to adopt the Liquidity Taker Event Report--Complex Orders and Liquidity
Taker Event Report--Resting Simple Orders.\7\
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\3\ 15 U.S.C. 78s(b)(2).
\4\ 17 CFR 240.19b-4.
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(6).
\7\ The Exchange notes that it submitted the first filing to
adopt the Liquidity Taker Event Report--Simple Orders, pursuant to
section 19(b)(2) of the Act. 15 U.S.C. 78s(b)(2). See Securities
Exchange Act Release Nos. 91356 (March 18, 2021), 86 FR 15759 (March
24, 2021) (SR-EMERALD-2021-09) (Notice of Filing of a Proposed Rule
Change To Adopt Exchange Rule 531, Reports, To Provide for the New
``Liquidity Taker Event Report''); and 91787 (May 6, 2021), 86 FR
26111 (May 12, 2021) (SR-EMERALD-2021-09) (Order Approving Proposed
Rule Change To Adopt Exchange Rule 531(a), Reports, To Provide for a
New ``Liquidity Taker Event Report'').
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The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/emerald-options/rule-filings">https://www.miaxglobal.com/markets/us-options/emerald-options/rule-filings</a>, at MIAX Emerald's principal office, 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
The Exchange offers three versions of the Liquidity Taker Event
Report: (1) Liquidity Taker Event Report--Simple Orders (referred to
herein as the ``Simple Order Report''); (2) Liquidity Taker Event
Report--Complex Orders (referred to herein as the ``Complex Order
Report''); and (3) Liquidity Taker Event Report--Resting Simple Orders
(referred to herein as the ``Resting Simple Order Report'').\8\ Each of
the Reports are available for purchase by Exchange Members \9\ on a
voluntary basis. The Exchange's prior rule filing to adopt the Simple
Order Report was submitted to the Commission for approval pursuant to
section 19(b)(2) of the Act \10\ and Rule 19b-4 \11\ thereunder and the
Exchange's prior filings to adopt the Complex Order Report and Resting
Simple Order Report were submitted to the Commission for immediate
effectiveness pursuant to section 19(b)(3)(A) of the Act \12\ and Rule
19b-4(f)(6) thereunder.\13\ Each Liquidity Taker Event Report is
described under Exchange Rules 531(a)-(c).\14\
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\8\ The Simple Order Report, Complex Order Report and Resting
Simple Order Report are collectively referred to herein as the
``Reports.''
\9\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
\10\ 15 U.S.C. 78s(b)(2).
\11\ 17 CFR 240.19b-4.
\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
\14\ See Exchange Rule 531(a)-(c); see also Securities Exchange
Act Release Nos. 91356 (March 18, 2021), 86 FR 15759 (March 24,
2021) (SR-EMERALD-2021-09) (Notice of Filing of a Proposed Rule
Change To Adopt Exchange Rule 531, Reports, To Provide for the New
``Liquidity Taker Event Report''); 91787 (May 6, 2021), 86 FR 26111
(May 12, 2021) (SR-EMERALD-2021-09) (Order Approving Proposed Rule
Change To Adopt Exchange Rule 531(a), Reports, To Provide for a New
``Liquidity Taker Event Report''); 94136 (February 2, 2022), 87 FR
7223 (February 8, 2022) (SR-EMERALD-2022-02) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 531 To Provide for the New Liquidity Taker Event Report--
Complex Orders); 96762 (January 27, 2023), 88 FR 7114 (February 2,
2023) (SR-EMERALD-2023-02) (Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change by MIAX Emerald, LLC To
Amend Exchange Rule 531, Reports, Market Data Products and Services,
To Provide for the New ``Liquidity Taker Event Report--Resting
Simple Orders'').
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In general, each Liquidity Taker Event Report is a daily report
that provides a Member (``Recipient Member'') with its liquidity
response time details for executions and contra-side responses of an
order (or Complex Order,\15\ as the case may be) resting on the Simple
Order Book (or Strategy Book, as the case may be),\16\ where that
Recipient
[[Page 26200]]
Member attempted to execute against such resting order \17\ within a
certain timeframe.\18\ The content of each of the Reports is specific
to the Recipient Member and each Liquidity Taker Event Report does not
include any information related to any Member other than the Recipient
Member.
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\15\ In sum, a ``Complex Order'' is ``any order involving the
concurrent purchase and/or sale of two or more different options in
the same underlying security (the `legs' or `components' of the
complex order), for the same account, in a conforming or non-
conforming ratio. . . .'' See Exchange Rule 518(a)(5).
\16\ The ``Simple Order Book'' is the Exchange's regular
electronic book of orders and quotes. See Exchange Rule 518(a)(17).
The ``Strategy Book'' is the Exchange's electronic book of complex
orders and complex quotes. See Exchange Rule 518(a)(19). The
Strategy Book is organized by Complex Strategy in that individual
orders for a defined Complex Strategy are organized together in a
book that is separate from the orders for a different Complex
Strategy. The term ``Complex Strategy'' means ``a particular
combination of components and their ratios to one another. New
complex strategies can be created as the result of the receipt of a
complex order or by the Exchange for a complex strategy that is not
currently in the System. The Exchange may limit the number of new
complex strategies that may be in the System at a particular time
and will communicate this limitation to Members via Regulatory
Circular.'' See Exchange Rule 518(a)(6).
\17\ Only displayed orders are included in the Reports. The
Exchange notes that it does not currently offer any non-displayed
orders on its options trading platform.
\18\ A complete description of each of the Reports can be found
in the prior rule filings to adopt the Reports. See supra note 14.
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The Exchange now proposes to: (i) amend the subparagraph (b)(2) of
Exchange Rule 531 to adjust the timeframe from 200 microseconds to 400
microseconds for the Complex Order Report; and (ii) make a clarifying
change to one of the footnotes in the prior filings that adopted the
Simple Order Report, Complex Order Report, and Resting Simple Order
Report.
Proposal To Amend Subparagraph (b)(2) of Exchange Rule 531 for the
Complex Order Report To Adjust the Timeframe
The Exchange proposes to amend the subparagraph (b)(2) of Exchange
Rule 531 to adjust the timeframe for the Complex Order Report.
Currently, subparagraph (b)(2) provides that the Complex Order Report
will include data set forth under Exchange Rule 531(b)(1) \19\ for
executions and contra-side responses that occurred within 200
microseconds of the time the resting order was received by the
Exchange. The Exchange now proposes to amend subparagraph (b)(2) to
adjust the timeframe from 200 microseconds to 400 microseconds.
Accordingly, with the proposed change, subparagraph (b)(2) of Exchange
Rule 531 will provide as follows:
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\19\ In general, subparagraph (b)(1) of Exchange Rule 531
includes information regarding (i) the resting order; (ii) execution
of the resting order; and (iii) response(s) sent by the Recipient
Member. See Exchange Rule 531(b)(1)(i)-(iii).
(2) Timeframe. The Liquidity Taker Event Report-Complex Orders
will include data listed in paragraph (b)(1) of this Rule 531(b) for
executions and contra-side responses that occurred within 400
microseconds of the time the resting order was received by the
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Exchange.
At the time the Exchange adopted the Complex Order Report, the
Exchange believed that 200 microseconds was the appropriate timeframe
as it was in line with the previously adopted timeframe for the Simple
Order Report. In the Exchange's experience, 200 microseconds has not
provided a sufficient amount of time for the System \20\ to develop new
Complex Strategies, which has resulted in the Complex Order Report
missing some of a Recipient Member's Complex Order executions and
contra-side responses. Accordingly, expanding the timeframe to 400
microseconds should allow for the intended information to be captured
by the Complex Order Report.
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\20\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
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Proposal To Amend a Footnote in Each of the Filings To Adopt the
Reports (SR-EMERALD-2021-09, SR-EMERALD-2022-02, and SR-EMERALD-2023-
02)
The Exchange proposes to make a clarifying change to one of the
footnotes in each of the filings to adopt each Liquidity Taker Event
Report. Each of the filings to adopt each Liquidity Taker Event Report
contains a section that describes information in each report that
corresponds to the Recipient Member. Each of the prior filings states
that the ``following information would be included in the [Simple Order
Report, Complex Order Report, or Resting Simple Order Report] regarding
response(s) [Complex Orders] \21\ sent by the Recipient Member: (A)
Recipient Member identifier; (B) the time difference between the time
the first response that executes against the resting order was received
by the Exchange and the time of each response [Complex Order] \22\ sent
by the Recipient Member, regardless of whether it executed or not; (C)
size and type of each response [Complex Order] \23\ submitted by
Recipient Member; and (D) response reference number, which is a unique
reference number attached to the response by the Recipient Member.\24\
Further, each of the filings includes a footnote at the end of
romanette ``(B)'' in the paragraph described above, which states as
follows:
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\21\ For the Complex Order Report.
\22\ For the Complex Order Report.
\23\ For the Complex Order Report.
\24\ See supra note 14. For the Simple Order Report, see
Exchange Rule 531(a)(1)(iii); for the Complex Order Report, see
Exchange Rule 531(b)(1)(iii); for the Resting Simple Order Report,
see Exchange Rule 531(c)(1)(iii).
For purposes of calculating this duration of time, the Exchange
will use the time the resting order and the Recipient Member's
response(s) is received by the Exchange's network, both of which
would be before the order and response(s) would be received by the
System. This time difference would be provided in nanoseconds.\25\
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\25\ See supra note 14, 86 FR 15759, at 15760, footnote 23; 87
FR 7223, at 7226, footnote 30; and 88 FR 7114, at 7116, footnote 20.
The Exchange notes that footnote 30 in the Complex Order Report
filing contains an additional sentence that states that the same
information is included in the Simple Order Report filing. The
remainder of that footnote is the same as the Simple Order Report
and Resting Simple Order Report filings.
The Exchange proposes to clarify the above footnote. Specifically,
the Exchange proposes to replace ``the resting order'' with ``the first
response that executes against the resting order.'' Accordingly, with
the proposed change, the referenced footnotes in each of the filings to
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adopt the Reports would read as follows:
For purposes of calculating this duration of time, the Exchange
will use the time the first response that executes against the
resting order and the Recipient Member's response(s) is received by
the Exchange's network, both of which would be before the order and
response(s) would be received by the System. This time difference
would be provided in nanoseconds.
The purpose of the proposed change is to correct a non-substantive
error in a footnote of each rule filing to adopt the Reports. The
Exchange notes that the rule text in Exchange Rule 531 that describes
each of the Reports was correctly adopted and does not require any
change; only the footnote described above needs to be clarified. This
change does not impact or alter the information provided to any
Recipient Member.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\26\ in general, and furthers the
objectives of section 6(b)(5),\27\ in particular, because it is
designed to prevent fraudulent and manipulative acts and practices,
promote just and equitable principles of trade, foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general,
protect investors and the public interest.
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\26\ 15 U.S.C. 78f(b).
\27\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposal to expand the timeframe for
the Complex Order Report would remove impediments to and perfect the
mechanism of a free and open market and a national market system
because it should provide enough time to the ensure that the Complex
Order Report
[[Page 26201]]
captures all intended activity due to the time it takes for the System
to create new Complex Strategies. The Exchange believes that this
proposal facilitates transactions in securities because it would ensure
the Complex Order Report includes the information the Complex Order
Report was meant to capture. The Exchange designed the Complex Order
Report for Members that are interested in gaining insight into latency
in connection with Complex Orders that failed to execute against an
order resting on the Exchange's Strategy Book by providing those
Members data to analyze by how much time their Complex Order may have
missed an execution against a contra-side order resting on the Strategy
Book.\28\ By providing this optional latency data to interested
Members, it provides greater visibility into the latency of Members'
incoming orders that they may use to optimize their models and trading
patterns in an effort to yield better execution results by calculating
by how much time their order may have missed an execution.\29\ In turn,
this should benefit other market participants who may experience better
executions on the Exchange because those that use the Complex Order
Report may re-calibrate their trading models and then increase their
trading on the Exchange and volume of liquidity removing orders.\30\
The Exchange believes that this may lead to an increase in incoming
liquidity removing orders resulting in higher execution rates for
Members who primarily place resting orders on the Strategy Book. The
Exchange believes that the proposed change to adjust the timeframe from
200 microseconds to 400 microseconds for the Complex Order Report will
help facilitate transactions in securities by ensuring the Complex
Order Report includes all latency data about Recipient Members' missed
executions, as the Exchange originally intended when it adopted the
Complex Order Report.
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\28\ See Securities Exchange Act Release No. 94136 (February 2,
2022), 87 FR 7223 (February 8, 2022) (SR-EMERALD-2022-02).
\29\ Id.
\30\ Id.
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The Exchange believes that the proposed change to each of the
footnotes described above for each Liquidity Taker Event Report
protects investors and the public interest, as well as removes
impediments to and perfects the mechanism of a free and open market and
a national market system because the change is designed solely to
correct non-substantive errors in prior filings, and none which have
any impact on the Exchange's actual rule text for each of the Reports.
This proposed change does not impact or alter the operation of Exchange
Rule 531 regarding the Reports.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act, as amended.
Intra-Market Competition
The Exchange believes that the proposed change to the timeframe for
the Complex Order Report in the subparagraph (b)(2) of Exchange Rule
531 will not impose any burden on intra-market competition because it
will ensure that the Complex Order Report captures all intended
activity due to the time it takes for the System to create new Complex
Strategies. The Exchange believes that this does not impose any burden
on intra-market competition as it simply ensures that Recipient Members
gain insight into latency in connection with Complex Orders that failed
to execute against an order resting on the Exchange's Strategy Book by
providing those Members the full scope of data that was intended to be
captured by the Complex Order Report to analyze by how much time their
Complex Order may have missed an execution against a contra-side order
resting on the Strategy Book. The Exchange believes this does not
impose any burden on intra-market competition as the adjusted timeframe
should ensure all related activity that is intended to be included for
each Recipient Member of the Complex Order Report is actually included.
The Exchange notes that the proposed change would not result in any
impact on the Exchange's System.
Inter-Market Competition
The Exchange believes the proposed rule change to adjust the
timeframe for the Complex Order Report will not impose any burden on
inter-market competition as the proposed change is not designed to
address any competitive issue but rather is designed to ensure that the
Complex Order Report captures all intended activity due to the time it
takes for the System to create new Complex Strategies.
Non-Substantive Corrections
The non-substantive corrections to the footnotes in prior filings
to adopt each Liquidity Taker Event Report would not impact competition
because such changes would not enhance or alter the Exchange's ability
to compete, but rather, clarify a prior error which would reduce the
potential for inadvertent investor confusion.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor 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 \31\ and Rule 19b-
4(f)(6) thereunder.\32\
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\31\ 15 U.S.C. 78s(b)(3)(A).
\32\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of 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.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \33\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \34\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the proposal may become operative immediately upon filing. The
Exchange stated that the adjusting the timeframe for the Complex Order
Report will ensure that the Complex Order Report contains all intended
data for Members that are interested in gaining insight into latency in
connection with Complex Orders that failed to execute against an order
resting on the Exchange's Strategy Book due to the time it takes for
the System to create new Complex Strategies. The Exchange also stated
that the proposed changes to the footnotes in the filings to adopt each
of the Reports would correct non-substantive errors in prior filings.
For these reasons, the Commission believes that waiver of the 30-day
operative delay is consistent with the protection of investors and the
public interest. Accordingly, the Commission hereby waives the 30-day
operative delay and
[[Page 26202]]
designates the proposed rule change operative upon filing.\35\
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\33\ 15 U.S.C. 78s(b)(3)(A).
\34\ 17 CFR 240.19b-4(f)(6)(iii).
\35\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such 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. 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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#3240475e571f515d5f5f575c4641724157511c555d44"><span class="__cf_email__" data-cfemail="afdddac3ca82ccc0c2c2cac1dbdcefdccacc81c8c0d9">[email protected]</span></a>. Please include
file number SR-EMERALD-2024-13 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-EMERALD-2024-13. 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="https://www.sec.gov/rules/sro.shtml">https://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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-EMERALD-2024-13 and should
be submitted on or before May 6, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
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\36\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-07840 Filed 4-12-24; 8:45 am]
BILLING CODE 8011-01-P
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