Notice2025-05211
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Extension Hours for BZX Early Trading Session and Addition of Early Trading Session Start Times
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
March 27, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 58 (Thursday, March 27, 2025)</title>
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[Federal Register Volume 90, Number 58 (Thursday, March 27, 2025)]
[Notices]
[Pages 13949-13952]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-05211]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102716; File No. SR-CboeBZX-2025-046]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Relating
to the Extension Hours for BZX Early Trading Session and Addition of
Early Trading Session Start Times
March 21, 2025.
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 March 17, 2025, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Exchange filed the proposal as
a ``non-controversial'' proposed rule change pursuant to
[[Page 13950]]
Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6)
thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
(a) Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes
amend Rule 1.5(ff), Rule 11.1(a), and Rule 14.11(j)(1), to make the
following changes to its Early Trading Session: (1) extend the Early
Trading Sessions from 7:00 a.m. to 8:00 a.m. Eastern Time (``ET''),\5\
to 4:00 a.m. to 8:00 a.m.; (2) implement an order acceptance time of,
2:30 a.m. to 4:00 a.m.; and (3) implement start times of 4:00 a.m. and
7:00 a.m. The text of the proposed rule change is provided in Exhibit
5.
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\5\ Hereinafter, all times referenced are in Eastern Time.
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The text of the proposed rule change is also available on the
Exchange's website (<a href="http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/">http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/</a>), at the Exchange's Office of the Secretary, 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
Current Functionality
The Exchange currently offers four distinct trading sessions where
the Exchange accepts orders for potential execution: (1) the ``Early
Trading Session,'' \6\ which begins at 7:00 a.m. and continues until
8:00 a.m.; (2) the ``Pre-Opening Session,'' \7\ which begins at 8:00
a.m. and continues until 9:30 a.m.; (3) ``Regular Trading Hours,'' \8\
which begins at 9:30 a.m. and continues until 4:00 p.m.; and (4) the
``After Hours Trading Session,'' \9\ which begins at 4:00 p.m. and
continues until 8:00 p.m. Users may designate when their orders are
eligible for execution by selecting their desired Time-in-Force
(``TIF'') instruction.\10\
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\6\ The term ``Early Trading Session'' shall mean the time
between 7:00 a.m. and 8:00 a.m. Eastern Time. See Rule 1.5(ff).
\7\ The term ``Pre-Opening Session'' shall mean the time between
8:00 a.m. and 9:30 a.m. Eastern Time. See Rule 1.5(r).
\8\ The term ``Regular Trading Hours'' means the time between
9:30 a.m. and 4:00 p.m. Eastern Time. See Rule 1.5(w).
\9\ The term ``After Hours Trading Session'' shall mean the time
between 4:00 p.m. and 8:00 p.m. Eastern Time. See Rule 1.5c).
\10\ See Rule 11.9(b)(1)-(10).
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Orders may be entered into the System from 6:00 a.m. until 8:00
p.m. Orders entered between 6:00 a.m. and 7:00 a.m. are not eligible
for execution until the start of the Early Trading Session, Pre-Opening
Session, or Regular Trading Hours, depending on the TIF selected by the
User. The Exchange does not accept the following orders prior to 7:00
a.m.: BZX Post Only Orders,\11\ intermarket sweep orders
(``ISOs''),\12\ BZX Market Orders \13\ that are not Stop Orders,\14\
Eligible Auction Order \15\ Minimum Quantity Orders \16\ that also
include a TIF of Regular Hours Only,\17\ and all orders with a TIF of
immediate or cancel (``IOC'') \18\ or fill-or-kill (``FOK'').\19\ At
the commencement of the Early Trading Session, orders entered between
6:00 a.m. and 7:00 a.m. are handled in time sequence, beginning with
the order with the oldest time stamp, and are placed on the BZX
Book,\20\ routed, cancelled, or executed in accordance with the terms
of the order. Orders may be executed on the Exchange or routed away
from the Exchange during Regular Trading Hours and during the Early
Trading, Pre-Opening and After Hours Trading Sessions.
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\11\ A ``BZX Post Only Order'' is an order that is to be ranked
and executed on the Exchange pursuant to Rule 11.12 and Rule
11.13(a)(4) or cancelled, as appropriate, without routing away to
another trading center except that the order will not remove
liquidity from the BZX Book, other than as described below. Post
Only Order will remove contra-side liquidity from the BZX Book if
the order is an order to buy or sell a security priced below $1.00
or if the value of such execution when removing liquidity equals or
exceeds the value of such execution if the order instead posted to
the BZX Book and subsequently provided liquidity, including the
applicable fees charged or rebates provided. To determine at the
time of a potential execution whether the value of such execution
when removing liquidity equals or exceeds the value of such
execution if the order instead posted to the BZX Book and
subsequently provided liquidity, the Exchange will use the highest
possible rebate paid and highest possible fee charged for such
executions on the Exchange. A BZX Post Only Order will be subject to
the price sliding process as set forth in paragraph (g) below unless
a User has entered instructions not to use the price sliding
process. See Rule 11.9(c)(6).
\12\ An Intermarket Sweep Order (``ISO'') has the meaning
defined to it in Regulation NMS Rule 600. See 17 CFR 242.600,
Regulation NMS Rule 600(b)(47), definition of Intermarket Sweep
Order, available at: <a href="https://www.ecfr.gov/current/title-17/chapter-II/part-242/subject-group-ECFRac68bdd026a46db/section-242.600">https://www.ecfr.gov/current/title-17/chapter-II/part-242/subject-group-ECFRac68bdd026a46db/section-242.600</a>; see
also Rule 11.9(d), Intermarket Sweep Order.
\13\ A BZX Market Order is an order to buy or sell a stated
amount of a security that is to be executed at the NBBO when the
order reaches the Exchange See Rule 11.9(a)(2).
\14\ A Stop Order is an order that becomes a BZX market order
when the stop price is elected. A Stop Order to buy is elected when
the consolidated last sale in the security occurs at, or above, the
specified stop price. A Stop Order to sell is elected when the
consolidated last sale in the security occurs at, or below, the
specified stop price. See Rule 11.9(c)(16).
\15\ The term ``Eligible Auction Order'' shall mean any MOO,
LOO, LLOO, MOC, LOC, or LLOC order that is entered in compliance
with its respective cutoff for an Opening or Closing Auction, any
RHO order prior to the Opening Auction, any limit or market order
not designated to exclusively participate in the Closing Auction
entered during the Quote-Only Period of an IPO Auction subject to
the below restrictions, and any limit or market order not designated
to exclusively participate in the Opening or Closing Auction entered
during the Quote-Only Period of a Halt Auction. See Rule
11.23(a)(8).
\16\ A Minimum Quantity Order is a limit order to buy or sell
that will only execute if a specified minimum quantity of shares can
be obtained. See Rule 11.9(c)(5).
\17\ Regular Hours Only (``RHO'') refers to a limit or market
order that is designated for execution only during Regular Trading
Hours, which includes the Opening Auction, the Closing Auction, and
IPO/Halt Auctions for BZX listed securities and the Opening Process
for non-BZX-listed securities (as such terms are defined in Rule
11.23 and 11.24). Any portion of a market RHO order will be
cancelled immediately following any auction in which it is not
executed. See Rule 11.9(b)(7).
\18\ An Immediate-or-Cancel (``IOC'') order is a limit order
that is to be executed in whole or in part as soon as such order is
received. The portion not executed immediately on the Exchange or
another trading center is treated as cancelled and is not posted to
the BZX Book. IOC limit orders that are not designated as ``BZX
Only'' and that cannot be executed in accordance with Rule
11.13(a)(4) on the System when reaching the Exchange will be
eligible for routing away pursuant to Rule 11.13(b). See Rule
11.9(b)(1).
\19\ Fill-or-Kill (``FOK'') is a limit order that is to be
executed in its entirety as soon as it is received and, if not so
executed, cancelled. A limit order designated as FOK is not eligible
for routing away pursuant to Rule 11.13(b). See Rule 11.9(b)(6).
\20\ The term ``BZX Book'' shall mean the System's electronic
file of orders. See Rule 1.5(e).
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Proposed Functionality
The Exchange now seeks to amend Rule 1.5(ff), Rule 11.1(a), and
Rule 14.11(j)(1), to make the following changes to its Early Trading
Session: (1) extend the Early Trading Sessions from 7:00 a.m. to 8:00
a.m. Eastern Time (``ET''), to 4:00 a.m. to 8:00 a.m.; (2) implement an
order acceptance time of, 2:30 a.m. to 4:00 a.m.; and (3)
[[Page 13951]]
implement start times of 4:00 a.m. and 7:00 a.m.
The proposed extension of the Early Trading Session is in response
to feedback from market participants that trade during EDGX's Early
Trading Session that an extended BZX Early Trading Session is
desirable, as it would provide the market with another transparent,
well-regulated, national securities exchange on which to seek extended
hours liquidity.
In conjunction with extending its Early Trading Session to commence
at 4:00 a.m., BZX also seeks to amend its rules to implement an order
acceptance period of 2:30 a.m. to 4:00 a.m. This will enable Users to
enter orders onto the Exchange in advance of the commencement of the
trading on the Exchange and designate theirs orders for trading in the
session(s)s the User desires--i.e., the Early Trading Session, Pre-
Opening Session, Regular Trading Hours, and/or the Post-Closing
Session. The Exchange believes that the implementation of am order
acceptance period will help assist Users in managing their order flow
by enabling them to send orders earlier in the day, with designated
TIFs \21\ indicating which trading session(s) they wish to participate.
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\21\ For instance, a User may designated their orders with the
following TIF instructions: 0=DAY (Default) (Early Trading Session
until end of Regular Session); 1=GTC (Allowed, but treated same as
Day); 2=At the Open (Available on BZX and applicable to Cboe listed
securities only); 3=IOC (Portion not filled immediately is
cancelled;) 4=FOK (An IOC where the entire size must be filled, else
the order will be cancelled back); 5=GTX (Early Trading Session
until end of Post-Market Session); 6=GTD (Early Trading Session;
expires at earlier of specified Expire Time or end of Post-Market
Session); 7=At the Close (Available on BZX and applicable to Cboe
listed securities and Cboe Market Close symbols); E=PRE (Pre-Market
Trading Session until end of Regular Session); R=RHO (Regular Hours/
Session Only); T=PTD (Pre-Market Trading Session; expires at earlier
of specified Expire Time or end of Post-Market Session); or X=PTX
(Pre-Market Trading Session until end of Post-Market Session). See
``Cboe US Equities FIX Specifications,'' p. 32, available at:
<a href="https://www.cboe.com/us/equities/support/technical/">https://www.cboe.com/us/equities/support/technical/</a>; see also ``Cboe
US Equities BOE Specification,'' p. 92, available at: <a href="https://www.cboe.com/us/equities/support/technical/">https://www.cboe.com/us/equities/support/technical/</a>.
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The Exchange also proposes to add a start time of 4:00 a.m. and
7:00 a.m., to the proposed new Early Trading Session. As noted, Users
may enter orders onto BZX beginning at 2:30 a.m., and orders designated
for trading in the Early Trading Session will become eligible for
execution with at 4:00 a.m., unless Users designate their Early Trading
Session Orders to become executable at 7:00 a.m., instead. The 7:00
a.m. start time is valued by some Users in that they prefer to wait to
commence trading until 7:00 a.m., because there may typically be more
liquidity further into the Early Trading Session. Accordingly, this
proposed rule change would provide that at the commencement of the
Early Trading Session, orders entered into the System between 2:30 a.m.
and 4:00 a.m. would generally become eligible for execution at 4:00
a.m. However, a User may include in its order instructions a
designation that their Early Trading Session orders shall not become
eligible for execution until 7:00 a.m., rather than 4:00 a.m. Orders
entered with a 7:00 a.m. start time could be entered between 2:30 a.m.
and 7:00 a.m. At each start time that orders may become eligible for
execution in the Early Trading Session (i.e., 4:00 a.m. or 7:00 a.m.),
orders would be handled in time sequence, beginning with the order with
the oldest time stamp, and would be placed on the BZX Book, routed,
cancelled, or executed in accordance with the terms of the order.
For instance, an order entered by a User at 3:00 a.m., and that is
designated to participate in the Early Trading Session with a 4:00 a.m.
start time, will be entered onto the EDGX Book at the commencement of
the Early Trading Session, at 4:00 a.m., and immediately become
eligible for execution (``Order 1''). An order entered at 2:30 a.m.,
and that is designated to participate in the Early Trading Session with
a 7:00 a.m. start time, will be entered onto the BZX Book at 7:00 a.m.,
and become eligible for execution at 7:00 a.m. (``Order 2''). While
Order 2 was entered earlier than Order 1, Order 1 will be handled by
the System first, as it was entered onto the BZX Book and became
eligible for execution, earlier than Order 2. Order 2 will have time
priority relative to other orders entered between 2:30 a.m. and 4:30
a.m., with a designated 7:00 a.m. start time. Once Order 2 enters the
EDGX Book, it will cede time priority to Order 1, and other orders
entered between 2:30 a.m. and 8:00 a.m., with a start time of 4:00 a.m.
Importantly, these proposed changes will not change the operation
of the Early Trading Session, and orders entered for participation in
the Early Trading Session will continue to be handled in the same
manner as they are in today's current Early Trading Session. Indeed,
the proposed rule change merely permits the Exchange to begin order
acceptance and commence trading at earlier times, thereby providing
additional time for market participants to source and access liquidity
on the Exchange outside of Regular Trading Hours. In this regard, the
Exchange believes that amending its rules to extend the Exchange's
trading hours will benefit investors in that they will now be able
trade on the Exchange earlier in day. Moreover, the proposed amendments
fully align BZX's Early Trading Session times with that of Cboe EDGX
Exchange, Inc. (``EDGX''), which should help to mitigate any potential
operational and technological changes that Users of BZX may need to
consider when trading during the proposed BZX Early Trading Session.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\22\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \23\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \24\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\22\ 15 U.S.C. 78f(b).
\23\ 15 U.S.C. 78f(b)(5).
\24\ Id.
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In particular, the proposed rule changes will remove impediments to
and perfect the mechanism of a free and open market and national market
system and will benefit investors by providing market participants with
additional opportunities to source and access liquidity for their
orders on their Exchange. All orders entered during the proposed
acceptance period and extended Early Trading Session hours will
continue to be handled in the same manner as they are today. In
addition to this, the proposed rule changes will not affect the
protection of investors as they are consistent with early trading
session hours, as well as the system acceptance times, already in place
under the rules of other equities exchanges,\25\ as
[[Page 13952]]
previously filed with the Commission.\26\ Finally, the Exchange notes
that updating the references to Early Trading Session operation times
in Rules 11.1 and 14.1 will also remove impediments to and perfect the
mechanism of a free and open market and national market system and
benefit investors because the updates ensure that the Exchange Rules
properly reflect the proposed changes to the Early Trading Session
hours.
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\25\ See NYSE Arca Rule 7.34-E(a)(1); see also Nasdaq Section 1,
Equity Definitions (a)(9).
\26\ See Securities Exchange Release No. 92657 (August 12,
2021), 86 FR 46296 (December 18, 2021) (SR-NYSEARCA-2021-71); see
also Securities Exchange Release No. 90577 (December 7, 2020), 85 FR
80202, (December 11, 2020) (SR-NASDAQ-2020-079).
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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 that is not necessary or appropriate
in furtherance of the purposes of the Act. Particularly, the Exchange
does not believe that the proposed rule change will impose any burden
on intramarket competition that is not necessary or appropriate in
furtherance of purposes of the Act because all Users will be able to
enter orders earlier in the day for System acceptance and for execution
in the extended Early Trading Session. As stated, the proposed rule
change does not alter the manner in which a User's orders are handled.
The Exchange also does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Instead, the
proposed changes may promote competition because the proposed trading
hours are identical to those of early trading sessions currently in
place on Arca and Nasdaq.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A) of the Act \27\ and Rule 19b-
4(f)(6) \28\ thereunder, the Exchange has designated this proposal as
one that effects a change that: (i) does not significantly affect the
protection of investors or the public interest; (ii) does not impose
any significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.\29\
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\27\ 15 U.S.C. 78s(b)(3)(A).
\28\ 17 CFR 240.19b-4(f)(6).
\29\ In addition, Rule 19b-4(f)(6) requires a self-regulatory
organization to give the Commission written notice of its intent to
file the proposed rule change at least five business days prior to
the date of filing of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange has satisfied this
requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act normally does not become operative for 30 days after the date of
its filing. However, Rule 19b-4(f)(6)(iii) \30\ permits the Commission
to designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange requested
that the Commission waive the 30-day operative delay so that the
proposal may become operative immediately upon filing. The Exchange
states that waiver of operative delay would enable to the Exchange to
quickly offer its Users another venue to which to direct their extended
hours orders, thereby providing Users with an additional source of
liquidity on a well-regulation, transparent, national securities
exchange. Furthermore, the Exchange's proposal is identical to the
Early Trading Session that currently exists on the Exchange's
affiliate, EDGX today, and thus, this proposed rule change raises no
novel or unique regulatory issues. Accordingly, the Commission hereby
waives the 30-day operative delay and designates the proposed rule
change operative upon filing.\31\
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\30\ 17 CFR 240.19b-4(f)(6)(iii).
\31\ 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 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.
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#2153544d440c424e4c4c444f5552615244420f464e57"><span class="__cf_email__" data-cfemail="443631282169272b2929212a3037043721276a232b32">[email protected]</span></a>. Please include
file number SR-CboeBZX-2025-046 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-CboeBZX-2025-046. 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-CboeBZX-2025-046 and should
be submitted on or before April 17, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
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\32\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-05211 Filed 3-26-25; 8:45 am]
BILLING CODE 8011-01-P
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