[Federal Register Volume 90, Number 78 (Thursday, April 24, 2025)]
[Notices]
[Pages 17269-17273]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-07033]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102889 File No. 600-44]
CME Securities Clearing, Inc.; Order Instituting Proceedings To
Determine Whether To Grant or Deny an Application for Registration as a
Clearing Agency Under Section 17A of the Securities Exchange Act of
1934
April 18, 2025.
I. Introduction
On December 13, 2024, CME Securities Clearing, Inc. (``CMESC'')
filed with the Securities and Exchange Commission (``Commission'') an
application on Form CA-1 (``Application'') under section 17A of the
Securities Exchange Act of 1934 (``Exchange Act'') seeking to register
as a clearing agency.\1\ Notice of the Application was published for
comment in the Federal Register on January 22, 2025.\2\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78q-1. Non-confidential aspects of the
Application, including any exhibits thereto cited in this order, are
available on the Commission's website at https://www.sec.gov/rules-regulations/other-commission-orders-notices-information/cme-form-ca-1.
\2\ Release No. 34-102200 (Jan. 15, 2025), 90 FR 7713 (Jan. 25,
2025).
---------------------------------------------------------------------------
[[Page 17270]]
The Commission received comments on the Application.\3\ Each
commenter either expressed support for the Application or generally
expressed support for the expansion of access to the clearing of
transactions in U.S. Treasury securities through the approval of new
clearing agencies.\4\ The commenters also recommended that CMESC
consider changes to the Application that, among other things, would
address regulatory capital concerns for participants in the clearing
agency that are banking organizations,\5\ modify its margining
practices to facilitate the withdrawal of excess margin,\6\ provide
participants that are Members more control over actions taken by Users
that would affect the Members' management of its financial risks,\7\
clarify certain procedures that permit a User to have a direct
relationship with CMESC,\8\ and modify certain risk management and
default management provisions of its proposed rules to enhance risk
management and reduce cost.\9\
---------------------------------------------------------------------------
\3\ The public comment file for the Application is available on
the Commission's website at: https://www.sec.gov/comments/600-44/600-44.htm.
\4\ See letters from Katherine Darras, General Counsel,
International Swaps and Derivatives Association, dated Mar. 10,
2025, at 1 (``ISDA''); Allison Lurton, General Counsel and Chief
Legal officer, FIA, dated Mar. 10, 2025, at 1 (``FIA'');
Ji[rcaron][iacute] Kr[oacute]l, Deputy CEO, Global Head of
Government Affairs, AIMA, dated Mar. 10, 2025, at 2 (``AIMA'');
William C. Thum and Robert Toomey, SIFMA and SIFMA Asset Management
Group, dated Mar. 10, 2025, at 2 (``SIFMA & AMG'').
\5\ See, e.g., SIFMA & AMG at 2-3.
\6\ See, e.g., ISDA at 3.
\7\ See, e.g., FIA at 11. Capitalized terms not defined in this
order are defined in the Application. See, e.g., Exhibit E-3
(proposed rules of the clearing agency, defining, among others, the
terms Member and User).
\8\ See SIFMA & AMG at 3; FIA at 11; ISDA at 4-5.
\9\ See, e.g., ISDA at 6-7.
---------------------------------------------------------------------------
Section 19(a)(1) of the Exchange Act requires the Commission,
within ninety days of the date of publication of notice of an
application for registration as a clearing agency, or such longer
period as to which the applicant consents, to, by order, grant such
registration or institute proceedings to determine whether such
registration should be denied.\10\ This order institutes proceedings
under section 19(a)(1)(B) of the Exchange Act to determine whether
CMESC's Application for registration as a clearing agency should be
granted or denied, and provides notice of the grounds for denial under
consideration by the Commission, as set forth below.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(a)(1).
---------------------------------------------------------------------------
II. Description of the Application
CMESC is applying to register as a clearing agency to provide
central counterparty clearing services to market participants for their
secondary cash market transactions in U.S. Treasury securities and
transactions in repurchase and reverse repurchase agreements involving
U.S. Treasury securities.\11\ The Application provides detailed
information regarding how CMESC proposes to satisfy the requirements of
the Exchange Act. The proposed Rules of CMESC are included as Exhibit
E-3 to CMESC's Application.
---------------------------------------------------------------------------
\11\ See Exhibit J.
---------------------------------------------------------------------------
The Application states that CMESC would be wholly owned by its
parent company, CME Group, Inc.\12\ CMESC is a corporation registered
in the state of Delaware.\13\ CMESC would have its own Board of
Directors, made up of at least five independent directors, one member
representative, and one user representative.\14\ CMESC would also have
several Board committees, including a Nominating Committee, Audit
Committee, Regulatory Oversight Committee, and Risk Management
Committee.\15\
---------------------------------------------------------------------------
\12\ See Exhibit C and C-1 (narrative description of ownership
and diagrams of overall CME Group structure).
\13\ See Exhibit E-1 (certificate of incorporation).
\14\ See Exhibit C-2 (diagram of CMESC's structure); Exhibit E-
2B (Board of Directors Charter).
\15\ See Exhibit E-2C (Risk Management Committee Charter); E-2D
(Nominating Committee Charter); E-2E (Audit Committee Charter), and
Exhibit E-2F (Regulatory Oversight Committee Charter).
---------------------------------------------------------------------------
CMESC's proposed Rules describe two types of participants: first,
Members, which would be able to clear proprietary Eligible Securities
Transactions through CMESC and to authorize Users with respect to
clearing Eligible Securities Transactions through CMESC; and second,
Users, which would be authorized by a Member and would be further
classified as Independent Users or Supported Users. CMESC states that
the primary difference between these User Types is that an Independent
User is obligated to post margin and make variation payments to CMESC
for its Independent User Account, whereas that obligation falls to a
Supported User's authorizing Member in relation to the Supported User's
Supported User Account at CMESC. For both types of Users, the User is
directly liable to CMESC for settlement of their cleared
transactions.\16\
---------------------------------------------------------------------------
\16\ See Exhibit J.
---------------------------------------------------------------------------
A Member that authorizes a User is responsible for guaranteeing the
financial performance of that User beyond the margin posted to the
User's Account at CMESC, and in this respect Members, but not Users,
are required to make contributions to CMESC's Guaranty Fund. A person
will be admitted as a User only with the authorization of a Member and
may utilize the Clearing Services as a User only for so long as it has
a Member's authorization in place. In contrast to Members, CMESC does
not impose direct financial responsibility requirements on User
applicants and instead relies upon Members that authorize Users to
determine the appropriate financial responsibility standards to impose,
based on their assessment of a User's financial circumstances and their
obligations to conduct due diligence of their authorized Users.\17\
---------------------------------------------------------------------------
\17\ See id.
---------------------------------------------------------------------------
In Exhibit J, the Application provides information regarding
CMESC's risk management framework, which CMESC describes as being
intended to: (i) reduce the potential impact of a participant default
via credit risk management standards and ongoing monitoring, and (ii)
ensure that CMESC has sufficient financial and liquidity resources to
manage the default of a certain number of participants. CMESC states
that it would use onboarding requirements for each of its Members to
mitigate counterparty risk and would apply financial responsibility
requirements to its Members. CMESC may take action against a Member for
its failure to remain in compliance with such requirements.
Additionally, CMESC states that it would seek to mitigate counterparty
and liquidity risk through various mechanisms, including its credit
rating process for Members, credit limits, daily risk monitoring,
margin collection, settlement variation exchange, backtesting, and
stress testing.\18\
---------------------------------------------------------------------------
\18\ See id.
---------------------------------------------------------------------------
With respect to risk management, the Application states that CMESC
would maintain and structure a Guaranty Fund using its stress test
methodology that is designed to ensure that the size of the Guaranty
Fund is at least equal to the largest theoretical loss to CMESC
resulting from the Default of two Member Families, covering, if
applicable, a predefined number of User accounts, in extreme but
plausible market conditions.\19\ The Application also states that CMESC
would establish credit and liquidity ``waterfalls'' that would apply in
the event of a default, to prevent losses to its Participants and
minimize the potential for market disruption.\20\
---------------------------------------------------------------------------
\19\ See id.
\20\ See id.
---------------------------------------------------------------------------
With respect to systems, the Application states that CMESC's
[[Page 17271]]
systems will be hosted in a virtual private cloud environment and in
physical datacenters.\21\ Among other things, the Application describes
CMESC's approach to operational resilience, availability and disaster
recovery, and data backup.\22\
---------------------------------------------------------------------------
\21\ See Exhibit K; Exhibit M.
\22\ See Exhibit M.
---------------------------------------------------------------------------
With respect to fees, the Application states that CMESC continues
to engage the marketplace on its ultimate fee structure, which it plans
to finalize as it approaches the launch date for operating its clearing
agency. The Application also states that cleared repo and cleared U.S.
Treasuries services that it offers will operate in a competitive
environment, which in turn is expected to impact fees, and that fees
for Members and Users will be published on CMESC's website when its
clearing services are launched after filing a proposed rule change with
the Commission pursuant to section 19(b)(3)(A) of the Exchange Act.\23\
---------------------------------------------------------------------------
\23\ See Exhibit E-5.
---------------------------------------------------------------------------
III. Proceedings To Determine Whether To Grant or Deny the Application
and Grounds for Potential Denial Under Consideration
To grant CMESC's request to register as a clearing agency, the
Commission must find that the Application satisfies the requirements of
the Exchange Act and the rules and regulations thereunder, including
the determinations set forth in paragraphs (A) through (I) of section
17A(b)(3) of the Exchange Act.\24\ In addition, pursuant to section 17A
of the Exchange Act, the Commission is directed, having due regard for
the public interest, the protection of investors, the safeguarding of
securities and funds, and maintenance of fair competition among brokers
and dealers, clearing agencies, and transfer agents, to use its
authority to: (i) facilitate the establishment of a national system for
the prompt and accurate clearance and settlement of transactions in
securities (other than exempt securities); and (ii) facilitate the
establishment of linked or coordinated facilities for clearance and
settlement of transactions in securities in accordance with the
findings and to carry out the objectives set forth in section 17A.\25\
---------------------------------------------------------------------------
\24\ 15 U.S.C. 78s(a); 15 U.S.C. 78q-1(b)(3). The determinations
are described further below.
\25\ 15 U.S.C. 78q-1(a)(2)(A).
---------------------------------------------------------------------------
To support its analysis under the above statutory directives and
required determinations, the Commission is instituting proceedings
pursuant to section 19(a)(1)(B) of the Exchange Act to determine
whether to grant or deny the Application.\26\ Institution of such
proceedings does not indicate that the Commission has reached any
conclusions with respect to any of the issues involved. Rather, the
Commission seeks and encourages interested persons to comment on the
Application and provide the Commission with arguments and data to
support the Commission's analysis as to whether to grant or deny the
Application.
---------------------------------------------------------------------------
\26\ 15 U.S.C. 78(s)(a)(1)(B).
---------------------------------------------------------------------------
Pursuant to section 19(a)(1)(B) of the Exchange Act,\27\ the
Commission is providing notice of the grounds for denial under
consideration. The Commission is instituting proceedings to allow for
additional analysis of, and input from commenters with respect to, the
Application's consistency with the requirements of section 17A of the
Exchange Act and the rules and regulations thereunder. Below the
Commission summarizes each of the statutory findings required by
section 17A(b)(3) of the Exchange Act and, in some instances, provides
specific requests for comment regarding the findings as applied to the
Application, including with respect to Commission rules that would
apply to CMESC as a registered clearing agency.
---------------------------------------------------------------------------
\27\ Id.
---------------------------------------------------------------------------
A. Section 17A(b)(3)(A): Organization and Capacity
Section 17A(b)(3)(A) of the Exchange Act states that a clearing
agency shall not be registered unless the Commission determines that
such clearing agency is so organized and has the capacity to be able to
facilitate the prompt and accurate clearance and settlement of
securities transactions and derivative agreements, contracts, and
transactions for which it is responsible, to safeguard securities and
funds in its custody or control or for which it is responsible, to
comply with the provisions of the Exchange Act and the rules and
regulations thereunder, to enforce (subject to any rule or order of the
Commission pursuant to section 17(d) or 19(g)(2) of the Exchange Act)
compliance by its participants with the rules of the clearing agency,
and to carry out the purposes of this section.
As discussed in Part 0, the Application proposes that CMESC would
be wholly owned by its parent company, CME Group, Inc.\28\ Under this
structure, the Application proposes that CMESC's parent company serve
as its sole shareholder and operate as its primary service provider in
the provision of its services as a registered clearing agency. To
assist the Commission in determining whether CMESC is so organized and
has the capacity to facilitate prompt and accurate clearance and
settlement, the Commission seeks comment on whether CMESC's proposed
legal,\29\ governance,\30\ and operational arrangements \31\ enable
CMESC to satisfy the requirements of the Exchange Act and Commission
rules and regulations thereunder.
---------------------------------------------------------------------------
\28\ See supra notes 12-15 and accompanying text.
\29\ See 17 CFR 240.17ad-22(e)(1) (requiring a covered clearing
agency to establish, implement, maintain and enforce written
policies and procedures reasonably designed to provide for a well-
founded, clear, transparent, and enforceable legal basis for each
aspect of its activities in all relevant jurisdictions).
\30\ See, e.g., 17 CFR 240.17ad-22(e)(2) (requiring a covered
clearing agency to establish, implement, maintain and enforce
written policies and procedures reasonably designed to provide for
governance arrangements that, among other things: are clear and
transparent; clearly prioritize the safety and efficiency of the
covered clearing agency; support the public interest requirements in
Section 17A of the Exchange Act applicable to clearing agencies, and
the objectives of owners and participants; establish that the board
of directors and senior management have appropriate experience and
skills to discharge their duties and responsibilities; specify clear
and direct lines of responsibility; and consider the interests of
participants' customers, securities issuers and holders, and other
relevant stakeholders of the covered clearing agency); 240.17ad-
25(b) (establishing requirements related to the composition of the
board of directors); 240.17ad-25(i) (establishing requirements
related to the management of risks from relationships with service
providers for core services).
\31\ See, e.g., 17 CFR 240.17ad-22(e)(17) (requiring a covered
clearing agency to establish, implement, maintain and enforce
written policies and procedures reasonably designed to manage the
covered clearing agency's operational risks by: identifying the
plausible sources of operational risk, both internal and external,
and mitigating their impact through the use of appropriate systems,
policies, procedures, and controls; ensuring that systems have a
high degree of security, resiliency, operational reliability, and
adequate, scalable capacity; and establishing and maintaining a
business continuity plan that addresses events posing a significant
risk of disrupting operations).
---------------------------------------------------------------------------
B. Section 17A(b)(3)(B): Membership Standards
Section 17A(b)(3)(B) of the Exchange Act states that a clearing
agency shall not be registered unless the Commission determines that
the rules of the clearing agency provide that any (i) registered broker
or dealer, (ii) other registered clearing agency, (iii) registered
investment company, (iv) bank, (v) insurance company, or (vi) other
person or class of persons as the Commission, by rule, may from time to
time designate as appropriate to the development of a national system
or the prompt and accurate clearance and settlement of securities
transactions may become a participant in such clearing agency.\32\
---------------------------------------------------------------------------
\32\ Section 17A(b)(3)(B) of the Exchange Act also states that
the rules of the clearing agency are subject to the provisions of
Section 17A(b)(4) of the Exchange Act.
---------------------------------------------------------------------------
[[Page 17272]]
As discussed in Part 0,\33\ the Application proposes a novel
structure with two types of participants, Members and Users. Members
would be able to clear proprietary Eligible Securities Transactions
through CMESC and to authorize Users with respect to clearing Eligible
Securities Transactions through CMESC, and Users would be authorized by
a Member and would be further classified as Independent Users or
Supported Users.\34\ The Application also describes how this structure
affects its framework for managing financial risk.\35\ To assist the
Commission in determining whether the Application establishes
membership requirements consistent with the above statutory standard,
the Commission seeks comment as to whether the Application proposes a
sufficient level of surveillance and monitoring by CMESC of the risks
posed by its Members and the two types of Users such that, the
Application has policies and procedures that establish objective, risk-
based, and publicly disclosed criteria for participation and which
require participants to have sufficient financial resources and robust
operational capacity.\36\
---------------------------------------------------------------------------
\33\ See supra notes 16-20 and accompanying text.
\34\ See supra note 16 and accompanying text.
\35\ See supra notes 18-20.
\36\ See, e.g., 17 CFR 240.17ad-22(e)(18) (requiring a covered
clearing agency to establish, implement, maintain and enforce
written policies and procedures reasonably designed to establish
objective, risk-based, and publicly disclosed criteria for
participation, which permit fair and open access by direct and,
where relevant, indirect participants; require participants to have
sufficient financial resources and robust operational capacity to
meet obligations arising from participation in the clearing agency;
monitor compliance with such participation requirements on an
ongoing basis; and, when the covered clearing agency provides
central counterparty services for transactions in U.S. Treasury
securities, ensure, among other things, that it has appropriate
means to facilitate access to clearance and settlement services of
all eligible secondary market transactions in U.S. Treasury
securities, including those of indirect participants); 240.17ad-
22(e)(19) (requiring a covered clearing agency to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to identify, monitor, and manage the material
risks to the covered clearing agency arising from arrangements in
which firms that are indirect participants in the covered clearing
agency rely on the services provided by direct participants to
access the covered clearing agency's payment, clearing, or
settlement facilities).
---------------------------------------------------------------------------
C. Section 17A(b)(3)(C): Fair Representation
Section 17A(b)(3)(C) of the Exchange Act states that a clearing
agency shall not be registered unless the Commission determines that
the rules of the clearing agency assure a fair representation of its
shareholders (or members) and participants in the selection of its
directors and administration of its affairs.\37\
---------------------------------------------------------------------------
\37\ Section 17A(b)(3)(C) of the Exchange Act also states that
the Commission may determine that the representation of participants
is fair if they are afforded a reasonable opportunity to acquire
voting stock of the clearing agency, directly or indirectly, in
reasonable proportion to their use of such clearing agency.
---------------------------------------------------------------------------
To assist the Commission in evaluating whether the Application is
consistent with the above standard for fair representation, the
Commission seeks comment on whether CMESC's proposed governance
arrangements are designed to (i) facilitate adequate oversight by the
board of CMESC's operations,\38\ (ii) mitigate conflicts of
interest,\39\ and (iii) solicit the views of clearing members and other
relevant stakeholders.\40\
---------------------------------------------------------------------------
\38\ See, e.g., 17 CFR 240.17ad-22(e)(2); 240.17ad-25(b)
(establishing requirements for the composition of the board of
directors); 240.17ad-25(i) (establishing requirements for the
management of risks from relationships with service providers for
core services).
\39\ See, e.g., 17 CFR 240.17ad-25(g) (establishing requirements
related to conflicts of interest); 240.17ad-25(h) (establishing
requirements regarding the obligation of directors to report
conflicts).
\40\ See, e.g., 17 CFR 240.17ad-22(e)(2)(iii) and (vi);
240.17ad-25(j).
---------------------------------------------------------------------------
D. Section 17A(b)(3)(D) and (E): Fees
Section 17A(b)(3)(D) of the Exchange Act states that a clearing
agency shall not be registered unless the Commission determines that
the rules of the clearing agency provide for the equitable allocation
of reasonable dues, fees, and other charges among its participants.
Section 17A(b)(3)(E) of the Exchange Act states that a clearing agency
shall not be registered unless the rules of the clearing agency do not
impose any schedule of prices, or fix rates or other fees, for services
rendered by its participants.
As discussed in Part 0, CMESC's Application does not include a fee
schedule or schedule of prices, stating that CMESC continues to engage
the marketplace on its ultimate fee structure, and that fees for
Members and Users will be published on CMESC's website when its
clearing services are launched after filing a proposed rule change with
the Commission pursuant to section 19(b)(3)(A) of the Exchange Act.\41\
---------------------------------------------------------------------------
\41\ See supra note 23 and accompanying text.
---------------------------------------------------------------------------
1. What information could CMESC provide that would help the
Commission evaluate whether its fees are equitably allocated and
reasonable, consistent with the findings required by Section
17A(b)(3)(D)?
E. Section 17A(b)(3)(F): Rules Designed To Promote Prompt and Accurate
Clearance and Settlement and the Safeguarding of Securities and Funds
Section 17A(b)(3)(F) of the Exchange Act states that a clearing
agency shall not be registered unless the Commission determines that
the rules of the clearing agency are designed to promote the prompt and
accurate clearance and settlement of securities transactions and, to
the extent applicable, derivative agreements, contracts, and
transactions, to assure the safeguarding of securities and funds which
are in the custody or control of the clearing agency or for which it is
responsible, to foster cooperation and coordination with persons
engaged in the clearance and settlement of securities transactions, to
remove impediments to and perfect the mechanism of a national system
for the prompt and accurate clearance and settlement of securities
transactions, and, in general, to protect investors and the public
interest. It also states that a clearing agency shall not be registered
unless the Commission determines that the rules are not designed to
permit unfair discrimination in the admission of participants or among
participants in the use of the clearing agency, or to regulate by
virtue of any authority conferred by the Exchange Act matters not
related to the purposes of this section or the administration of the
clearing agency.
1. The Application describes CMESC's risk management practices,
including, for example, its system for margin collection, risk
surveillance, and the rules pursuant to which CMESC would manage the
default of multiple participants, including both Members and Users. Do
the rules lay out in sufficient detail CMESC's risk management
practices, including the process by which CMESC would liquidate the
portfolios of multiple Members and Users and how it would replenish
financial resources after doing so?
2. In its Application, CMESC proposes to apply at least a two-day
margin period of risk (``MPOR'') to liquidate the portfolio of a
defaulting participant. In the market for U.S. Treasury securities, is
it reasonable for CMESC to assume, when calculating and collecting
margin, that it could liquidate the portfolio of a defaulting
participant, or multiple defaulting participants, within two days? What
are the significant factors and circumstances that would assist the
Commission in assessing whether a two-day MPOR is appropriate as
described in the Application? Please explain.
[[Page 17273]]
F. Section 17A(b)(3)(G) and (H): Participant Discipline
Section 17A(b)(3)(G) of the Exchange Act states that a clearing
agency shall not be registered unless the Commission determines that
the rules of the clearing agency provide that (subject to any rule or
order of the Commission pursuant to section 17(d) or 19(g)(2) of the
Exchange Act) its participants shall be appropriately disciplined for
violation of any provision of the rules of the clearing agency by
expulsion, suspension, limitation of activities, functions, and
operations, fine, censure, or any other fitting sanction. Section
17A(b)(3)(H) of the Exchange Act states that a clearing agency shall
not be registered unless the Commission determines that the rules of
the clearing agency, in general, provide a fair procedure with respect
to the disciplining of participants, the denial of participation to any
persons seeking participation therein, and the prohibition or
limitation by the clearing agency of any person with respect to access
to services offered by the clearing agency.\42\
---------------------------------------------------------------------------
\42\ Section 17A(b)(3)(H) of the Exchange Act also states that
the rules of the clearing agency be in accordance with the
provisions of Section 17A(b)(5) of the Exchange Act.
---------------------------------------------------------------------------
The Commission seeks comment as to whether CMESC's rules regarding
a cease-to-act decision provide a fair procedure with respect to a
participant for whom CMESC would cease to act and its affected
counterparties.
G. Section 17A(b)(3)(I): Competition
Section 17A(b)(3)(I) of the Exchange Act states that a clearing
agency shall not be registered unless the Commission determines that
the rules of the clearing agency do not impose any burden on
competition not necessary or appropriate in furtherance of the purposes
of the Exchange Act. The Commission seeks comment as to whether CMESC's
application is consistent with the statutory standard in Section
17A(b)(3)(I) of the Exchange Act.
IV. Request for Written Comment
The Commission requests that interested persons provide written
views and data with respect to CMESC's Application and the questions
included above or other relevant issues. Comments may be submitted by
any of the following methods:
Electronic Comments
Use the Commission's internet comment form (http://www.sec.gov/rules/other.shtml); or
Send an email to [email protected]. Please include
File Number 600-44 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 600-44. 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/other.shtml).
Copies of the Form CA-1, all subsequent amendments, all written
statements with respect to the Form CA-1 that are filed with the
Commission, and all written communications relating to the Form CA-1
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 Section, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. 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 600-44 and should be
submitted on or before May 15, 2025.
By the Commission.
Stephanie Fouse,
Assistant Secretary.
[FR Doc. 2025-07033 Filed 4-23-25; 8:45 am]
BILLING CODE 8011-01-P