[Federal Register Volume 87, Number 244 (Wednesday, December 21, 2022)]
[Notices]
[Pages 78150-78153]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27656]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96510; File No. SR-CBOE-2022-061]


Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
the Exchange's Fees Schedule To Adopt Global Trading Hours XSP Lead 
Market-Makers Incentive Programs

December 15, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on December 12, 2022, Cboe Exchange, Inc. (the ``Exchange'' or 
``Cboe Options'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I, 
II, and III 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

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes 
to update its Fees Schedule. The text of the proposed rule change is 
provided in Exhibit 5.
    The text of the proposed rule change is also available on the 
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Fees Schedule to adopt Global 
Trading Hours (``GTH'') XSP Lead Market-Makers (``LMMs'') Incentive 
Programs (collectively, the ``Programs''), effective December 12, 2022. 
The Exchange anticipates listing XSP options for trading during the GTH 
session, effective trade date December 12, 2022. In connection with the 
proposed launch of XSP options during GTH, the Exchange proposes to 
adopt financial programs for LMMs appointed to the Programs during GTH. 
Particularly, the Exchange proposes to adopt (i) a ``GTH1 XSP LMM 
Incentive Program'' (``GTH1 Program'') under which LMMs appointed to 
the proposed program would have to provide continuous electronic quotes 
during GTH from 7:15 p.m. CST to 2:00 a.m. CST (``GTH1'') that meet or 
exceed the proposed quoting standards under the program (as described 
in further detail below) and (ii) a ``GTH2 XSP LMM Incentive Program'' 
(``GTH2 Program'') under which LMMs appointed to the proposed program 
would have to provide continuous electronic quotes during GTH from 2:00 
a.m. CST to 9:15 a.m. [sic] CST (``GTH2''). The Exchange similarly 
maintains separate LMM Incentive Programs for the GTH1 and GTH2 trading 
sessions in the two other products that are currently listed during 
GTH.\3\
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    \3\ See Cboe Options Fees Schedule, GTH1 VIX/VIXW LMM Incentive 
Program, GTH2 VIX/VIXW LMM Incentive Program, GTH1 SPX/SPXW LMM 
Incentive Program and GTH2 SPX/SPXW LMM Incentive Program.
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    As proposed, the GTH1 Program provides that if the LMM appointed to 
the Program provides continuous electronic quotes during GTH1 that meet 
or exceed the proposed heightened quoting standards (below) in at least 
85% of the series 90% of the time in a given month, the LMM will 
receive (i) a payment for that month in the amount of $10,000 and (ii) 
a credit of $0.03 per contract applied to all XSP contracts executed in 
a Market-Maker capacity which provide liquidity in the Simple Book 
during Regular Trading Hours (``RTH'') (or pro-rated amounts if an 
appointment begins after the first trading day of the month or ends 
prior to the last trading day of the month).\4\
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    \4\ For the month of December 2022, the Exchange proposes to 
pro-rate the incentives and apply the heightened quoting standard 
from trade date December 12 to December 30, in light of the mid-
month launch of XSP options during the GTH session.

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                                                                             Expiring                        Near term                       Mid term                        Long term
                                                                 -------------------------------------------------------------------------------------------------------------------------------
                          Premium level                                   7 days or less                 8 days to 60 days              61 days to 270 days            271 days to 500 days
                                                                 -------------------------------------------------------------------------------------------------------------------------------
                                                                       Width           Size            Width           Size            Width           Size            Width           Size
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                                                                                  VIX Value at Prior Close <20
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$0.01-$1.00.....................................................           $0.04              10           $0.05              10           $0.07               5           $0.15               5
$1.01-$5.00.....................................................            0.06              10            0.09              10            0.12               5            0.20               5
$5.01-$8.00.....................................................            0.10              10            0.16              10            0.25               5            0.40               5
$8.01-$12.00....................................................            0.40               5            0.70               5            1.00               5            1.25               5
$12.01-$20.00...................................................            0.80               5            1.20               5            1.60               5            2.00               5

[[Page 78151]]

 
>20.00..........................................................            1.60               5            2.00               5            2.40               5            3.20               5
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                                                                               VIX Value at Prior Close from 20-30
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$0.01-$1.00.....................................................            0.06              10            0.07              10            0.09               5            0.17               5
$1.01-$5.00.....................................................            0.09              10            0.11              10            0.14               5            0.22               5
$5.01-$8.00.....................................................            0.14              10            0.18              10            0.30               5            0.45               5
$8.01-$12.00....................................................            0.60               5            0.80               5            1.10               5            1.35               5
$12.01-$20.00...................................................            1.00               5            1.30               5            1.80               5            2.20               5
>20.00..........................................................            2.00               5            2.40               5            2.80               5            3.60               5
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                                                                             VIX Value at Prior Close 30
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$0.01-$1.00.....................................................            0.07              10            0.09              10            0.11               5            0.20               5
$1.01-$5.00.....................................................            0.10              10            0.14              10            0.18               5            0.27               5
$5.01-$8.00.....................................................            0.14              10            0.20              10            0.35               5            0.50               5
$8.01-$12.00....................................................            0.60               5            0.90               5            1.20               5            1.50               5
$12.01-$20.00...................................................            1.20               5            1.50               5            2.00               5            2.40               5
>20.00..........................................................            2.40               5            2.80               5            3.20               5            4.00               5
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    As proposed, the GTH2 Program will provide that if an LMM appointed 
to the Program provides continuous electronic quotes during GTH2 that 
meet or exceed the proposed heightened quoting standards set forth 
above (the same as GTH1) in at least 85% of the series 90% of the time 
in a given month, the LMM will receive a payment for that month in the 
amount of $20,000 (or pro-rated amount if an appointment begins after 
the first trading day of the month or ends prior to the last trading 
day of the month).\5\
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    \5\ For the month of December 2022, the Exchange proposes to 
pro-rate the incentives and apply the heightened quoting standard 
from trade date December 12 to December 30, in light of the mid-
month launch of XSP options during the GTH session.
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    Meeting or exceeding the heightened quoting standards in XSP, as 
proposed, to receive the proposed compensation payment(s) is optional 
for any LMM appointed to either program. The Exchange may consider 
other exceptions to this quoting standard based on demonstrated legal 
or regulatory requirements or other mitigating circumstances. In 
calculating whether an LMM met the heightened quoting standard each 
month, the Exchange will exclude from the calculation in that month the 
business day in which the LMM missed meeting or exceeding the 
heightened quoting standard in the highest number of series. The 
heightened quoting requirements offered by the Programs are designed to 
incentivize LMMs appointed to the Program to provide significant 
liquidity in XSP options during the GTH session upon their listing and 
trading on the Exchange during GTH, which, in turn, would provide 
greater trading opportunities, added market transparency and enhanced 
price discovery for all market participants in XSP.
    In connection with the launch of XSP during GTH, the Exchange also 
proposes to update Footnote 37 which footnote provides a description of 
GTH and lists the applicable products available for trading during GTH 
(currently only VIX and SPX/SPX). Particularly, the Exchange proposes 
to add a reference to XSP in Footnote 37 to reflect its availability 
for trading during GTH. The Exchange notes that on December 12, 2022, 
it also anticipates launching XSP during the Curb Trading Hours 
session, which session commences at 3:15PM CT and terminates at 4:00PM 
CT. Footnote 42 of the Fees Schedule similarly describes the Curb 
Trading Hours session and lists the available products for trading 
(currently also only VIX and SPX/SPXW) and the Exchange therefore 
proposes to update the footnote to add a reference to XSP. The exchange 
notes that all fees currently applicable to XSP during the RTH session 
will continue to apply to XSP during the GTH and Curb Trading Hours 
sessions.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\6\ in general, and 
furthers the objectives of Section 6(b)(4),\7\ in particular, as it is 
designed to provide for the equitable allocation of reasonable dues, 
fees and other charges among its Members and issuers and other persons 
using its facilities. The Exchange also believes that the proposed rule 
change is consistent with the objectives of Section 6(b)(5) \8\ 
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, and, particularly, is not 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(4).
    \8\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes the proposed XSP GTH LMM Incentive Programs 
are reasonable, equitable and not unfairly discriminatory. 
Particularly, the proposed Programs are reasonable financial incentive 
programs because the proposed heightened quoting standards and rebate 
amounts for meeting the heightened quoting standards in XSP series 
during GTH1 and GTH2, respectively are reasonably designed to 
incentivize LMMs appointed to the Programs to meet the proposed 
heightened quoting standards during GTH for XSP, thereby providing 
liquid and active markets, which facilitates tighter spreads, increased 
trading opportunities, and overall enhanced market quality to the 
benefit of all market participants, particularly in a newly listed and 
traded product during the GTH session on the Exchange.
    The Exchange believes that the proposed heightened quoting 
standards are reasonable because they are similar to the detail and 
format (VIX Index value indicator, corresponding premiums, quote 
widths, and sizes) of the quoting standards currently in place

[[Page 78152]]

for LMM Incentive Programs for other proprietary Exchange products 
during GTH.\9\ The Exchange also believes that proposed heightened 
quoting requirements are reasonably tailored to reflect market 
characteristics of XSP. For example, the Exchange believes the 
generally smaller premium levels, widths and quote sizes appropriately 
reflect the lower-priced and smaller nationalize sized XSP product (XSP 
options are 1/10th the size of SPX options). Indeed, the Exchange 
believes the proposed finer premiums, smaller quote widths and smaller 
sizes (comparatively) in the proposed heightened quoting standards for 
the XSP GTH LMM Incentive Programs reasonably reflect what the 
Exchanges believes are typical market characteristics in XSP options, 
given their smaller notional value.
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    \9\ See Cboe Options Fees Schedule, ``GTH1 VIX/VIXW LMM 
Incentive Program'', ``GTH2 VIX/VIXW LMM Incentive Program'', ``GTH1 
SPX/SPXW LMM Incentive Program'', and ``GTH2 SPX/SPXW LMM Incentive 
Program''.
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    The Exchange further believes the proposed heighten quoting 
requirements are also reasonably tailored to reflect then-current 
market conditions and market characteristics, as the proposed quoting 
standards that are applicable depend on the VIX Index value at the 
prior market close (i.e., at the close of the preceding RTH session). 
Spreads in SPX-based options, including XSP, generally widen when the 
market experiences higher volatility (i.e., the VIX Index level is 
higher in value). Therefore, to encourage LMMs to meet the proposed 
quoting standards regardless of market volatility, the proposed rule 
change adopts generally wider widths where the market may be 
experiencing higher volatility (i.e., when the value of the VIX Index 
in the proposed VIX value categories becomes relatively higher compared 
to the closing index value from the preceding trading session). The 
Exchange notes that the quoting standards currently in place under the 
GTH1 and GTH2 VIX/VIXW and SPX/SPXW LMM Incentive Programs are tailored 
in a similar manner.
    The Exchange also believes that the proposed incentive payments for 
appointed LMMs that meet the proposed heightened quoting standards in 
XSP in a month is reasonable and equitable as they are comparable to 
the rebates offered for other LMM Incentive Programs for other 
proprietary products. For example, the GTH1 and GTH2 LMM Incentive 
Programs for SPX/SPXW and for VIX/VIXW offer compensation payments 
between $15,000 and $35,000 per month, in which an appointed LMM meets 
the given quoting standards.\10\ The GTH1 and GTH2 VIX/VIXW LMM 
Incentive Programs also provides an additional per contract credit for 
Market-Maker VIX/VIXW orders executed in RTH.\11\ Additionally, the 
Exchange believes the proposed incentives are reasonably designed to 
continue to incentivize appointed LMMs to meet the proposed quoting 
standards for XSP, thereby providing liquid and active markets, which 
facilitates tighter spreads, increased trading opportunities, and 
overall enhanced market quality to the benefit of all market 
participants.
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    \10\ See id.
    \11\ See Cboe Options Fees Schedule, ``GTH2 VIX/VIXW LMM 
Incentive Program''.
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    Finally, the Exchange believes it is equitable and not unfairly 
discriminatory to offer the financial incentive to LMMs appointed to 
the XSP GTH LMM Incentive Programs because it will benefit all market 
participants trading in XSP during GTH by encouraging the appointed 
LMMs to satisfy the heightened quoting standards, which incentivizes 
continuous increased liquidity and thereby may provide more trading 
opportunities and tighter spreads. Indeed, the Exchange notes that 
these LMMs serve a crucial role in providing quotes and the opportunity 
for market participants to trade XSP, which can lead to increased 
volume, providing for robust markets. The Exchange ultimately proposes 
to offer the XSP GTH LMM Incentive Programs to sufficiently incentivize 
the appointed LMMs to provide key liquidity and active markets in XSP 
options which will be newly listed and traded during the GTH session to 
encourage liquidity, thereby protecting investors and the public 
interest. The Exchange also notes that an LMM appointed to the Programs 
may undertake added costs each month to satisfy that heightened quoting 
standards (e.g., having to purchase additional logical connectivity). 
The Exchange believes the proposed program is equitable and not 
unfairly discriminatory because similar programs currently exist for 
LMMs appointed to programs in other proprietary products,\12\ and the 
proposed program will equally apply to any TPH that is appointed as an 
LMM to the GTH1 or GTH2 LMM Incentive Programs. Additionally, if an 
appointed LMM does not satisfy the heightened quoting standard in XSP 
for any given month, then it simply will not receive the offered 
payments for that month.
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    \12\ See supra note 11.
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    Lastly, the Exchange believes updating Footnotes 37 and 42 of the 
Fees Schedule provides clarity in the fees schedule as to the products 
available during the GTH and Curb Trading Hours sessions, alleviating 
potential confusion, thereby removing impediments to and perfecting the 
mechanism of a free and open market and a national market system, and, 
in general, protecting investors and the public interest.

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 intramarket or intermarket competition that is not 
necessary or appropriate in furtherance of the purposes of the Act. 
Rather, as discussed above, the Exchange believes that the proposed 
change would encourage the submission of additional liquidity to a 
public exchange, thereby promoting market depth, price discovery and 
transparency and enhancing order execution and price improvement 
opportunities for all TPHs. As a result, the Exchange believes that the 
proposed change furthers the Commission's goal in adopting Regulation 
NMS of fostering competition among orders, which promotes ``more 
efficient pricing of individual stocks for all types of orders, large 
and small.'' \13\
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    \13\ Securities Exchange Act Release No. 51808, 70 FR 37495, 
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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    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 the purposes of the Act. Indeed, the 
proposed GTH1 XSP and GTH2 XSP LMM Incentive Programs will apply to all 
LMMs appointed to each program in a uniform manner. To the extent the 
LMMs appointed to one of the proposed programs receive a benefit that 
other market participants do not, as stated, these LMMs in their role 
as Market-Makers on the Exchange have different obligations and are 
held to different standards. For example, Market-Makers play a crucial 
role in providing active and liquid markets in their appointed 
products, thereby providing a robust market which benefits all market 
participants. Such Market-Makers also have obligations and regulatory 
requirements that other participants do not have. An LMM appointed to a 
program may undertake added costs each month that it needs to satisfy 
the quoting standards (e.g., having to purchase additional logical

[[Page 78153]]

connectivity). The programs are ultimately designed to attract 
additional order flow in XSP options to the Exchange during GTH, 
wherein greater liquidity will benefit all market participants by 
providing more trading opportunities, tighter spreads, and added market 
transparency and price discovery, and signals to other market 
participants to direct their order flow to those markets, thereby 
contributing to robust levels of liquidity during new trading hours. 
The Exchange also does not believe that the proposed changes will 
impose any burden on intermarket competition that is not necessary or 
appropriate in furtherance of the Act because the proposed programs are 
applicable to transactions in a product exclusively listed on the 
Exchange. Additionally, the Exchange notes that it operates in a highly 
competitive market. TPHs have numerous alternative venues that they may 
participate on and direct their order flow, including 15 other options 
exchanges, as well as off-exchange venues, where competitive products 
are available for trading. Based on publicly available information, no 
single options exchange has more than 18% of the market share.\14\ 
Therefore, no exchange possesses significant pricing power in the 
execution of option order flow. Indeed, participants can readily choose 
to send their orders to other exchange, and, additionally off-exchange 
venues, if they deem fee levels at those other venues to be more 
favorable. Moreover, the Commission has repeatedly expressed its 
preference for competition over regulatory intervention in determining 
prices, products, and services in the securities markets. Specifically, 
in Regulation NMS, 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.'' \15\ The fact 
that this market is competitive has also long been recognized by the 
courts. In NetCoalition v. Securities and Exchange Commission, the D.C. 
Circuit stated as follows: ``[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'. . . .''.\16\ 
Accordingly, the Exchange does not believe its proposed fee change 
imposes any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.
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    \14\ See Cboe Global Markets U.S. Options Market Volume Summary, 
Month-to-Date (December 9, 2022), available at https://markets.cboe.com/us/options/market_statistics/.
    \15\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \16\ NetCoalition v. SEC, 615 F.3d 525, 539 (DC Cir. 2010) 
(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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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any written comments from members or other interested parties.

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) of the Act \17\ and paragraph (f) of Rule 19b-4 \18\ 
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 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 will institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.
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    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 17 CFR 240.19b-4(f).
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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

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-CBOE-2022-061 on the subject line.

Paper Comments

     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-CBOE-2022-061. 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 (http://www.sec.gov/rules/sro.shtml). 
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-CBOE-2022-061 and should be submitted on 
or before January 11, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-27656 Filed 12-20-22; 8:45 am]
BILLING CODE 8011-01-P