[Federal Register Volume 86, Number 105 (Thursday, June 3, 2021)]
[Notices]
[Pages 29846-29849]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-11687]
[[Page 29846]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92071; File No. S7-24-89]
Joint Industry Plan; Order Approving the Fiftieth Amendment to
the Joint Self-Regulatory Organization Plan Governing the Collection,
Consolidation and Dissemination of Quotation and Transaction
Information for Nasdaq-Listed Securities Traded on Exchanges on an
Unlisted Trading Privileges Basis, as Modified by Amendment Nos. 1 and
2
May 28, 2021.
I. Introduction
On February 11, 2021,\1\ the Joint Self-Regulatory Organization
Plan Governing the Collection, Consolidation and Dissemination of
Quotation and Transaction Information for Nasdaq-Listed Securities
Traded on Exchanges on an Unlisted Trading Privileges Basis (``Nasdaq/
UTP Plan'' or ``Plan'') \2\ participants \3\ filed with the Securities
and Exchange Commission (``SEC'' or ``Commission''), pursuant to
Section 11A of the Securities Exchange Act of 1934 (``Act'') \4\ and
Rule 608 of Regulation National Market System (``NMS'') thereunder,\5\
a proposal to amend the Nasdaq/UTP Plan. This amendment represents the
Fiftieth Amendment to the Plan (``Amendment'').
---------------------------------------------------------------------------
\1\ See Letter from Robert Books, Chair, UTP Operating
Committee, to Vanessa Countryman, Secretary, Commission (Feb. 11,
2021). The Amendment was posted to the Plan's website on February
12, 2021. See Email from James P. Dombach, Counsel to the Plan, to
Michael E. Coe, Assistant Director, Commission (Feb. 12, 2021).
\2\ The Plan governs the collection, processing, and
dissemination on a consolidated basis of quotation information and
transaction reports in Eligible Securities for its Participants.
This consolidated information informs investors of the current
quotation and recent trade prices of Nasdaq securities. It enables
investors to ascertain from one data source the current prices in
all the markets trading Nasdaq securities. The Plan serves as the
required transaction reporting plan for its Participants, which is a
prerequisite for their trading Eligible Securities. See Securities
Exchange Act Release No. 55647 (Apr. 19, 2007), 72 FR 20891 (Apr.
26, 2007).
\3\ These participants are: Cboe BYX Exchange, Inc., Cboe BZX
Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc.,
Cboe Exchange, Inc., Financial Industry Regulatory Authority, Inc.,
The Investors' Exchange LLC, Long-Term Stock Exchange, Inc., MEMX
LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq PHLX,
Inc., The Nasdaq Stock Market LLC, New York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE
National, Inc. (each a ``Participant,'' and collectively the
``Participants'').
\4\ 15 U.S.C. 78k-1(a)(3).
\5\ 17 CFR 242.608.
---------------------------------------------------------------------------
The Amendment was published for comment in the Federal Register on
March 1, 2021.\6\ One comment letter was received.\7\ On March 31,
2021, a partial amendment was filed to correct an inadvertent error in
the rule text.\8\ On April 7, 2021, a second partial amendment was
filed to correct an inadvertent error in the rule text.\9\ This order
approves the Amendment to the Plan, as modified by Amendment Nos. 1 and
2.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 91190 (Feb. 23,
2021), 86 FR 12045 (Mar. 1, 2021) (``Notice''); Securities Exchange
Act Release No. 91190A (Mar. 3, 2021), 86 FR 13411) (Mar. 8, 2021)
(correction of a typographical error in the header).
\7\ Comments received in response to the Notice are available at
https://www.sec.gov/comments/s7-24-89/s72489.shtml.
\8\ See Letter from James P. Dombach, Counsel to the Plan, to
Vanessa Countryman, Secretary, Commission (Mar. 31, 2021) (to
correct language inadvertently omitted by the Participants in
Section X.E.1 of the Plan, as amended, to state that ``[t]he Primary
Listing Market will declare a resumption of trading when it makes a
good-faith determination that trading may resume in a fair and
orderly manner and in accordance with its rules.'') (``Amendment No.
1'').
\9\ See Letter from James P. Dombach, Counsel to the Plan, to
Vanessa Countryman, Secretary, Commission (Apr. 7, 2021) (to correct
language inadvertently omitted by the Participants from the last
sentence in Section X.F.3 of the Plan, as amended, to state that
``[o]utside Regular Trading Hours, a Participant may resume trading
immediately after the SIP Halt Resume Time.'') (``Amendment No.
2'').
---------------------------------------------------------------------------
II. Description of the Proposal, as Modified by Amendment Nos. 1 and 2
The Amendment proposes revisions to the Plan's provisions governing
Regulatory Halts \10\ and Operational Halts.\11\ The Participants state
that ``[t]he purpose of the amendment is to incorporate into the UTP
Plan the same processes for Regulatory Halts that are proposed by the
equity exchanges.'' \12\
---------------------------------------------------------------------------
\10\ The Amendment would define ``Regulatory Halt'' as ``a halt
declared by the Primary Listing Market in trading in one or more
securities on all Trading Centers for regulatory purposes, including
for the dissemination of material news, news pending, suspensions,
or where otherwise necessary to maintain a fair and orderly market.
A Regulatory Halt includes a trading pause triggered by Limit Up
Limit Down, a halt based on Extraordinary Market Activity, a trading
halt triggered by a Market-Wide Circuit Breaker, and a SIP Halt.''
See Section X.A.10 of the Plan, as amended.
\11\ The Amendment would define ``Operational Halt'' as ``a halt
in trading in one or more securities only on a Market declared by
such Participant and is not a Regulatory Halt.'' See Section X.A.7
of the Plan, as amended.
\12\ See Notice, supra note 6, 86 FR at 12046.
---------------------------------------------------------------------------
A. Regulatory Halts
1. Declaration of a Regulatory Halt
With respect to declaration of a Regulatory Halt, the Amendment
would provide that the Primary Listing Market \13\ may declare a
Regulatory Halt in trading for any security for which it is the Primary
Listing Market (1) as provided for in the rules of the Primary Listing
Market; \14\ (2) if it determines \15\ there is a SIP Outage,\16\
Material SIP Latency,\17\ or Extraordinary Market Activity; \18\ or (3)
in the event of national, regional, or localized disruption that
necessitates a Regulatory Halt to maintain a fair and orderly
market.\19\
---------------------------------------------------------------------------
\13\ The Amendment would define ``Primary Listing Market'' as
``the national securities exchange on which an Eligible Security is
listed. If an Eligible Security is listed on more than one national
securities exchange, Primary Listing Market means the exchange on
which the security has been listed the longest.'' See Section X.A.8
of the Plan, as amended.
\14\ See Section X.C.1(a) of the Plan, as amended.
\15\ See Section X.C.1(b) of the Plan, as amended.
\16\ The Amendment would define ``SIP Outage'' as ``a situation
in which the Processor has ceased, or anticipates being unable, to
provide updated and/or accurate quotation or last sale price
information in one or more securities for a material period that
exceeds the time thresholds for an orderly failover to backup
facilities established by mutual agreement among the Processor, the
Primary Listing Market for the affected securities, and the
Operating Committee unless the Primary Listing Market, in
consultation with the Processor and the Operating Committee,
determines that resumption of accurate data is expected in the near
future.'' See Section X.A.13 of the Plan, as amended.
\17\ The Amendment would define ``Material SIP Latency'' as ``a
delay of quotation or last sale price information in one or more
securities between the time data is received by the Processor and
the time the Processor disseminates the data over Processor's vendor
lines, which delay the Primary Listing Market determines, in
consultation with, and in accordance with, publicly disclosed
guidelines established by the Operating Committee, to be (a)
material and (b) unlikely to be resolved in the near future.'' See
Section X.A.5 of the Plan, as amended.
\18\ The Amendment would define ``Extraordinary Market
Activity'' as ``a disruption or malfunction of any electronic
quotation, communication, reporting, or execution system operated
by, or linked to, the Processor or a Trading Center or a member of
such Trading Center that has a severe and continuing negative
impact, on a market-wide basis, on quoting, order, or trading
activity or on the availability of market information necessary to
maintain a fair and orderly market. For purposes of this definition,
a severe and continuing negative impact on quoting, order, or
trading activity includes (i) a series of quotes, orders, or
transactions at prices substantially unrelated to the current market
for the security or securities; (ii) duplicative or erroneous
quoting, order, trade reporting, or other related message traffic
between one or more Trading Centers or their members; or (iii) the
unavailability of quoting, order, transaction information, or
regulatory messages for a sustained period.'' See Section X.A.1 of
the Plan, as amended.
\19\ See Section X.C.1(c) of the Plan, as amended.
---------------------------------------------------------------------------
The Amendment would further provide that, in determining whether to
declare a Regulatory Halt, the Primary Listing Market will consider the
totality of information available concerning the severity of the issue,
its likely duration, and potential impact on Member Firms and other
market participants, and will make a good-faith determination that the
criteria to declare a Regulatory Halt have been satisfied and that a
Regulatory Halt is appropriate.\20\ The
[[Page 29847]]
Amendment would also provide that, the Primary Listing Market will
consult, if feasible, with the affected Trading Center(s), other
Participants, or the Processor, as applicable, regarding the scope of
the issue and what steps are being taken to address the issue, and that
the Primary Listing Market will continue to evaluate the circumstances
to determine when trading may resume in accordance with the rules of
the Primary Listing Market.\21\
---------------------------------------------------------------------------
\20\ See Section X.C.2 of the Plan, as amended.
\21\ See id. The Amendment would further provide that once a
Regulatory Halt has been declared, the Primary Listing Market will
continue to evaluate the circumstances to determine when trading may
resume in accordance with the rules of the Primary Listing Market.
See id.
---------------------------------------------------------------------------
2. Initiating a Regulatory Halt
The Amendment would specify procedures for initiating a Regulatory
Halt. Specifically, when initiating a Regulatory Halt, the start time
of a Regulatory Halt would be when the Primary Listing Market declares
the halt, regardless of whether an issue with communications impacts
the dissemination of the notice.\22\ The Amendment would further
provide that if the Processor is unable to disseminate notice of a
Regulatory Halt or the Primary Listing Market is not open for trading,
the Primary Listing Market will take reasonable steps to provide notice
of a Regulatory Halt, which shall include both the type and start time
of the Regulatory Halt, by dissemination through: (1) Proprietary data
feeds containing quotation and last sale price information that the
Primary Listing Market also sends to the Processor; (2) posting on a
publicly-available Participant website; or (3) system status
messages.\23\ The Amendment would further specify that a Participant
will halt trading for any security traded on its Market if the Primary
Listing Market declares a Regulatory Halt for the security.\24\
---------------------------------------------------------------------------
\22\ See Section X.D.1 of the Plan, as amended.
\23\ See Section X.D.2 of the Plan, as amended. The Amendment
would further provide that, except in exigent circumstances, the
Primary Listing Market will not declare a Regulatory Halt
retroactive to a time earlier than the notice of such halt. See
Section X.D.3 of the Plan, as amended.
\24\ See Section X.G of the Plan, as amended.
---------------------------------------------------------------------------
3. Resumption of Trading After a Regulatory Halt
The Amendment would specify certain procedures for the resumption
of trading following (1) Regulatory Halts other than a SIP Halts and
(2) SIP Halts.\25\
---------------------------------------------------------------------------
\25\ The Amendment would define ``SIP Halt'' as ``a Regulatory
Halt to trading in one or more securities that a Primary Listing
Market declares in the event of a SIP Outage or Material SIP
Latency.'' See Section X.A.11 of the Plan, as amended.
---------------------------------------------------------------------------
a. Resumption of Trading After a Regulatory Halt Other Than a SIP Halt
With respect to the resumption of trading after a Regulatory Halt
other than a SIP Halt, the Amendment would provide that the Primary
Listing Market will declare a resumption of trading when it makes a
good-faith determination that trading may resume in a fair and orderly
manner and in accordance with its rules.\26\ The Amendment would
further provide that for a Regulatory Halt that is initiated by another
Participant that is a Primary Listing Market, a Participant may resume
trading after the Participant receives notification from the Primary
Listing Market that the Regulatory Halt has been terminated.\27\
---------------------------------------------------------------------------
\26\ See Section X.E.1 of the Plan, as amended.
\27\ See Section X.E.2 of the Plan, as amended.
---------------------------------------------------------------------------
b. Resumption of Trading After a SIP Halt
With respect to the resumption of trading after a SIP Halt, the
Amendment would provide that the Primary Listing Market will determine
the SIP Halt Resume Time.\28\ The Amendment would further provide that,
in making such determination, the Primary Listing Market will make a
good-faith determination and consider the totality of information to
determine whether resuming trading would promote a fair and orderly
market, including input from the Processor, the Operating Committee, or
the operator of the system in question (as well as any Trading
Center(s) to which such system is linked), regarding operational
readiness to resume trading.\29\ The Amendment would also provide that
the Primary Listing Market retains discretion to delay the SIP Halt
Resume Time if it believes trading will not resume in a fair and
orderly manner.\30\ Also with respect to termination of the SIP Halt,
the Amendment would provide that the Primary Listing Market will
terminate a SIP Halt with a notification that specifies a SIP Halt
Resume Time.\31\ The Amendment would further provide that the Primary
Listing Market shall provide a minimum notice of a SIP Halt Resume
Time, as specified by the rules of the Primary Listing Market, during
which period market participants may enter quotes and orders in the
affected securities.\32\ Under the Amendment, the Primary Listing
Market would be permitted to stagger the SIP Halt Resume Times for
multiple symbols in order to reopen in a fair and orderly manner.\33\
---------------------------------------------------------------------------
\28\ See Section X.F.1 of the Plan, as amended. The Amendment
would define ``SIP Halt Resume Time'' as ``the time that the Primary
Listing Market determines as the end of a SIP Halt.'' See Section
X.A.12 of the Plan, as amended.
\29\ See id.
\30\ See id.
\31\ See Section X.F.2 of the Plan, as amended.
\32\ See id. The Amendment would further provide that, during
regular Trading Hours, the last SIP Halt Resume Time before the end
of Regular Trading Hours shall be an amount of time as specified by
the rules of the Primary Listing Market. See id.
\33\ See id.
---------------------------------------------------------------------------
Finally, the Amendment would provide that during Regular Trading
Hours, if the Primary Listing Market does not open a security within
the amount of time as specified by the rules of the Primary Listing
Market after the SIP Halt Resume Time, a Participant may resume trading
in that security.\34\ Under the Amendment, a Participant may, outside
Regular Trading Hours, resume trading immediately after the SIP Halt
Resume Time.\35\
---------------------------------------------------------------------------
\34\ See Section X.F.3 of the Plan, as amended.
\35\ See id.
---------------------------------------------------------------------------
B. Communications
The Amendment addresses communications regarding trading halts.
Specifically, the Amendment would provide that, whenever in the
exercise of its regulatory functions, the Primary Listing Market for an
Eligible Security determines it is appropriate to initiate a Regulatory
Halt, the Primary Listing Market will notify all other Participants and
the Processor of such Regulatory Halt and will provide notice that a
Regulatory Halt has been lifted using such protocols and other
emergency procedures as may be mutually agreed to between the Operating
Committee and the Primary Listing Market.\36\ The Amendment would
further provide that the Processor shall disseminate to Participants
notice of the Regulatory Halt (as well as notice of the lifting of a
Regulatory Halt) through (i) the Quote Data Feed and the Trade Data
Feed and (ii) any other means the Processor, in its sole discretion,
considers appropriate. Under the Amendment, each Participant would be
required to continuously monitor these communication protocols
established by the Operating Committee and the Processor during market
hours.\37\
---------------------------------------------------------------------------
\36\ See Section X.H of the Plan, as amended.
\37\ See id. The Amendment would further provide that the
failure of a Participant to continuously monitor such communication
protocols as established by the Operating Committee and the
Processor during market hours will not prevent the Primary Listing
Market from initiating a Regulatory Halt in accordance with the
procedures specified in the Amendment. See id.
---------------------------------------------------------------------------
[[Page 29848]]
C. Operational Halts
With respect to Operational Halts,\38\ the Amendment would provide
that a Participant must notify the Processor if it has concerns about
its ability to transmit Quotation Information or Transaction Reports,
or where it has declared an Operational Halt or suspension of trading
in one or more Eligible Securities, pursuant to the procedures adopted
by the Operating Committee.\39\
---------------------------------------------------------------------------
\38\ See supra note 11 and accompanying text.
\39\ See Section X.B. of the Plan, as amended.
---------------------------------------------------------------------------
III. Discussion and Commission Findings
After careful review, the Commission is approving the Amendment, as
modified by Amendment Nos. 1 and 2, for the reasons discussed below.
Section 11A of the Act authorizes the Commission, by rule or order, to
authorize or require the self-regulatory organizations to act jointly
with respect to matters as to which they share authority under the Act
in planning, developing, operating, or regulating a facility of the
national market system.\40\ Pursuant to this authority, the Commission
adopted Regulation NMS.\41\ Rule 603 of Regulation NMS requires the
SROs to act jointly pursuant to NMS plans to ``disseminate consolidated
information, including a national best bid and national best offer, on
quotations for and transactions in NMS stocks.'' \42\ And Rule 608 of
Regulation NMS authorizes two or more SROs, acting jointly, to file
with the Commission a national market system plan (``NMS plan'') or a
proposed amendment to an effective NMS plan.\43\ Rule 608 further
provides that the Commission shall approve an amendment to an NMS plan
if it finds that the amendment is necessary or appropriate in the
public interest, for the protection of investors and the maintenance of
fair and orderly markets, to remove impediments to, and perfect the
mechanisms of, a national market system, or otherwise in furtherance of
the purposes of the Act.\44\
---------------------------------------------------------------------------
\40\ See 15 U.S.C. 78k-1(a)(3)(B).
\41\ 17 CFR 242.600-612; see also Regulation NMS, Securities
Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37495, 37560
(June 29, 2005).
\42\ 17 CFR 242.603(b).
\43\ See 17 CFR 242.608.
\44\ See 17 CFR 242.608(b)(2).
---------------------------------------------------------------------------
As stated above, the Commission received one comment letter
regarding the proposed Amendment. The commenter states that the
Amendment should be approved as filed.\45\ According to the commenter,
the purpose of the Amendment is to incorporate into the Plan the same
processes for Regulatory and Operational Halts that are proposed by the
equity exchanges, including that the Primary Listing Market be vested
with the authority to determine when to initiate and end a Regulatory
Halt, consistent with its rules.\46\ The commenter states that the
Primary Listing Market would be enabled to declare a Regulatory Halt as
provided for in the Primary Listing Market's rules, if it determines
that there is a SIP Outage, Material SIP Latency, Extraordinary Market
Activity, or in the event of national, regional, or localized
disruption that necessitates a Regulatory Halt to maintain a fair and
orderly market. The commenter states that the Commission should thus
approve the Amendment because it is consistent with the Act and Rule
608 thereunder.\47\
---------------------------------------------------------------------------
\45\ See Letter from Elizabeth K. King, Chief Regulatory
Officer, ICE and General Counsel and Corporate Secretary, NYSE
Group, Inc., to Vanessa Countryman, Secretary, Commission, at 2
(Mar. 18, 2021) (``NYSE Letter'').
\46\ See id.
\47\ See id.
---------------------------------------------------------------------------
The Commission agrees that the Amendment, as modified by Amendment
Nos. 1 and 2, is consistent with the Act and Rule 608 of Regulation
NMS.\48\ The Commission believes that the Amendment, as modified by
Amendment Nos. 1 and 2, furthers the goals of Section 11A of the Act
and of Rules 603 and 608 of Regulation NMS by establishing a clear and
uniform approach with respect to trading halts under various defined
circumstances. The Plan's provisions currently lack clarity with
respect to whether a Primary Listing Market may declare a Regulatory
Halt due to underlying problems at the SIP, as well as the standard and
process for calling a halt and resuming trading thereafter. The
Amendment--and in particular the revisions that address Regulatory
Halts in connection with SIP Outages, Material SIP Latency,
Extraordinary Market Activity, and national, regional, or localized
disruptions that necessitate a Regulatory Halt to maintain a fair and
orderly market--address this shortcoming by providing for uniform rules
governing how Participants will address, among other things, the
initiation, implementation, and communication of trading halts, as well
as the resumption of trading after a trading halt or SIP Halt, thereby
clarifying the procedures to be followed and the standards to be
applied, improving coordination and certainty among the Participants
and other market participants, and enhancing the resiliency and
integrity of market systems. Accordingly, the Commission believes that
the Amendment, as modified by Amendments Nos. 1 and 2, is in the public
interest, supports the protection of investors, and helps the
maintenance of fair and orderly markets because the Amendment, as
modified by Amendment Nos. 1 and 2, is reasonably designed to assist
market participants in understanding the processes to be followed
during circumstances potentially warranting a regulatory halt, such as
events involving the loss, timeliness, or accuracy of information that
is processed or disseminated by the SIPs. Additionally, the Commission
believes that the Amendment, as modified by Amendments Nos 1 and 2, is
reasonably designed to enhance the resiliency of the national market
system by clearly memorializing the coordinated actions to be taken by
the Participants during such events so that trading may resume in a
fair and orderly manner.
---------------------------------------------------------------------------
\48\ See 17 CFR 242.608.
---------------------------------------------------------------------------
The Commission further believes that the proposed requirement for
Primary Listing Markets to make good-faith determinations \49\ in
consultation with other market participants, as may be applicable
concerning the appropriateness of declaring a regulatory halt and
resuming trading thereafter, should promote fairness and orderliness in
decision-making by the Primary Listing Markets. In particular, the
good-faith determination standard promotes fair and orderly markets and
the protection of investors because it addresses potential concerns
that Primary Listing Markets may be subject to commercial pressures in
making decisions to call a Regulatory Halt and resuming trading
thereafter. Accordingly, the Commission believes that the good-faith-
determination standard encourages Primary Listing Markets to consider
the broader interests of the national market system with respect to
declaring trading halts and resuming trading thereafter, thereby
promoting the maintenance of fair and orderly markets and enhancing the
protection of investors.\50\
---------------------------------------------------------------------------
\49\ See, e.g., Sections X.C.2; X.E.1; X.F.1 of the Plan, as
amended.
\50\ This commenter also urges the Commission to publish and
provide notice of any material changes that the Commission is
considering with respect to the Amendments. See NYSE Letter, supra
note 45, at 2. The Commission has determined to approve the
Amendment without modification.
---------------------------------------------------------------------------
For the reasons discussed, the Commission finds that the Amendment
to the Nasdaq/UTP Plan, as modified by Amendment Nos. 1 and 2, is
consistent with the requirements of the Act and the rules and
regulations thereunder, and in
[[Page 29849]]
particular, Section 11A of the Act \51\ and Rule 608 \52\ thereunder in
that the Amendment, as modified by Amendment Nos. 1 and 2, is necessary
or appropriate in the public interest, for the protection of investors
and the maintenance of fair and orderly markets, to remove impediments
to, and perfect the mechanisms of, a national market system. Section
11A of the Act \53\ sets forth Congress' finding that it is in the
public interest and appropriate for the protection of investors and the
maintenance of fair and orderly markets to ensure the prompt, accurate,
reliable and fair collection, processing, distribution, and publication
of information with respect to quotations for and transactions in such
securities and the fairness and usefulness of the form and content of
such information. The Commission believes that the Amendment, as
modified by Amendment Nos. 1 and 2, furthers these goals set forth by
Congress.
---------------------------------------------------------------------------
\51\ 15 U.S.C. 78k-1.
\52\ 17 CFR 242.608.
\53\ 15 U.S.C. 78k-1(c)(1)(B).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 11A of the Act,\54\
and Rule 608(b)(2) thereunder,\55\ that the Fiftieth Amendment to the
Nasdaq/UTP Plan, as modified by Amendment Nos. 1 and 2, (File No. S7-
24-89) is approved.
---------------------------------------------------------------------------
\54\ 15 U.S.C. 78k-1.
\55\ 17 CFR 242.608(b)(2).
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-11687 Filed 6-2-21; 8:45 am]
BILLING CODE 8011-01-P