
[Federal Register Volume 82, Number 98 (Tuesday, May 23, 2017)]
[Notices]
[Pages 23636-23639]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-10463]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80707; File No. SR-NYSEArca-2017-54]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
of Proposed Rule Change To Amend NYSE Arca Equities Rule 5.2(j)(6) 
Relating to Equity Index-Linked Securities

May 17, 2017.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on May 4, 2017, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE 
Arca'') 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 self-regulatory 
organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to amend NYSE Arca Equities Rule 5.2(j)(6) to 
exclude Investment Company Units, securities defined in Section 2 of 
NYSE Arca Equities Rule 8 and Index-Linked Securities when applying the 
quantitative generic listing criteria applicable to Equity Index-Linked 
Securities. The proposed change is available on the Exchange's Web site 
at www.nyse.com, at the principal office of the Exchange, 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 self-regulatory organization 
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 those 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 parts 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 NYSE Arca Equities Rule 5.2(j)(6) to 
exclude Investment Company Units (``Units'') and securities defined in 
Section 2 of NYSE Arca Equities Rule 8 (collectively, together with 
Units, ``Derivative Securities Products''),\4\ as well as Index-Linked 
Securities \5\ when applying the quantitative generic listing criteria 
applicable to Equity Index-Linked Securities.
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    \4\ Units are securities that represent an interest in a 
registered investment company that could be organized as a unit 
investment trust, an open-end management investment company, or a 
similar entity, that holds securities comprising, or otherwise based 
on or representing an interest in, an index or portfolio of 
securities or securities in another registered investment company 
that holds such securities. See NYSE Arca Equities Rule 5.2(j)(3). 
The following securities currently are included in Section 2 of NYSE 
Arca Equities Rule 8: Portfolio Depositary Receipts (Rule 8.100); 
Trust Issued Receipts (Rule 8.200); Commodity-Based Trust Shares 
(Rule 8.201); Currency Trust Shares (Rule 8.202); Commodity Index 
Trust Shares (Rule 8.203); Commodity Futures Trust Shares (Rule 
8.204); Partnership Units (Rule 8.300); Paired Trust Shares (Rule 
8.400); Trust Units (Rule 8.500); Managed Fund Shares (Rule 8.600); 
and Managed Trust Securities (Rule 8.700).
    \5\ Index-Linked Securities are securities that qualify for 
Exchange listing and trading under NYSE Arca Equities Rule 
5.2(j)(6). The securities described in Rule 5.2(j)(3), Rule 
5.2(j)(6) and Section 2 of Rule 8, as referenced above, would 
include securities listed on another national securities exchange 
pursuant to substantially equivalent listing rules.
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    Equity Index-Linked Securities are securities that provide for the 
payment at maturity (or earlier redemption) based on the performance of 
an underlying index or indexes of equity securities, securities of 
closed-end management investment companies registered under the 
Investment Company Act of 1940 \6\ and/or Units.\7\ In addition to 
certain other generic listing criteria, Equity Index-Linked Securities 
must satisfy the generic quantitative initial and continued listing 
criteria under NYSE Arca Equities Rule 5.2(j)(6)(B)(I) in order to 
become, and continue to be, listed and traded on the Exchange. Certain 
of the applicable quantitative criteria specify minimum or maximum 
thresholds that must be satisfied with respect to, for example, market 
value,

[[Page 23637]]

trading volume, and dollar weight of the index represented by a single 
component or groups of components.
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    \6\ 15 U.S.C. 80-1.
    \7\ See Rule 5.2(j)(6)(B)(I)(1).
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    The applicable initial quantitative listing criteria include (i) 
that each underlying index is required to have at least ten component 
securities; \8\ (ii) that each component security has a minimum market 
value of at least $75 million, except that for each of the lowest 
dollar weighted component securities in the index that in the aggregate 
account for no more than 10% of the dollar weight of the index, the 
market value can be at least $50 million; (iii) that component stocks 
that in the aggregate account for at least 90% of the weight of the 
index each have a minimum global monthly trading volume of 1,000,000 
shares, or minimum global notional volume traded per month of 
$25,000,000, averaged over the last six months; (iv) that no underlying 
component security represents more than 25% of the dollar weight of the 
index, and the five highest dollar weighted component securities in the 
index do not in the aggregate account for more than 50% of the dollar 
weight of the index (60% for an index consisting of fewer than 25 
component securities); and (v) that 90% of the index's numerical value 
and at least 80% of the total number of component securities meet the 
then current criteria for standardized option trading set forth in NYSE 
Arca Rule 5.3; except that an index will not be subject to this last 
requirement if (a) no underlying component security represents more 
than 10% of the dollar weight of the index and (b) the index has a 
minimum of 20 components.\9\ The applicable continued quantitative 
listing criteria require that component stocks that in the aggregate 
account for at least 90% of the weight of the index each have a minimum 
global monthly trading volume of 500,000 shares, or minimum global 
notional volume traded per month of $12,500,000, averaged over the last 
six months.\10\
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    \8\ See Rule 5.2(j)(6)(B)(I)(1)(a).
    \9\ See Rule 5.2(j)(6)(B)(I)(1)(b)(i)-(iv).
    \10\ See Rule 5.2(j)(6)(B)(I)(2)(a)(ii).
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    The Exchange proposes to amend NYSE Arca Equities Rule 
5.2(j)(6)(B)(I)(1)(a), which provides that each underlying index is 
required to have at least ten component securities, to provide that 
there shall be no minimum number of component securities if one or more 
issues of Derivative Securities Products or Index-Linked Securities 
constitute, at least in part, component securities underlying an issue 
of Equity Index-Linked Securities. The Exchange also proposes to 
exclude Derivative Securities Products and Index-Linked Securities from 
consideration when determining whether the applicable quantitative 
generic thresholds have been satisfied under the initial listing 
standards specified in NYSE Arca Equities Rule 
5.2(j)(6)(B)(I)(1)(b)(i)-(iv) and the continued listing standards 
specified in NYSE Arca Equities Rules 5.2(j)(6)(B)(I)(2)(a)(i) and 
(ii).\11\ Thus, for example, when determining compliance with NYSE Arca 
Equities Rule 5.2(j)(6)(B)(I)(1)(b)(ii), component stocks, excluding 
Derivative Securities Products or Index-Linked Securities, that in the 
aggregate account for at least 90% of the remaining index weight, 
excluding any Derivative Securities Products or Index-Linked Securities 
would be required to have a minimum global monthly trading volume of 1 
million shares, or minimum global notional volume traded per month of 
25 million, averaged over the last six months.
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    \11\ NYSE Arca Equities Rules 5.2(j)(6)(B)(I)(2)(a)(i) and (ii) 
provide that the Corporation will maintain surveillance procedures 
for securities listed under Rule 5.2(j)(6) and may halt trading in 
such securities and will initiate delisting proceedings pursuant to 
Rule 5.5(m) (unless the Commission has approved the continued 
trading of the subject Index-Linked Security), if any of the 
standards set forth in Rules 5.2(j)(6)(B)(I)(1)(a) and 
5.2(j)(6)(B)(I)(1)(b)(2) are not continuously maintained, except 
that: (i) The criteria that no single component represent more than 
25% of the dollar weight of the index and the five highest dollar 
weighted components in the index cannot represent more than 50% (or 
60% for indexes with less than 25 components) of the dollar weight 
of the index, need only be satisfied at the time the index is 
rebalanced (Rule 5.2(j)(6)(B)(I)(2)(a)(i)), and (ii) component 
stocks that in the aggregate account for at least 90% of the weight 
of the index each shall have a minimum global monthly trading volume 
of 500,000 shares, or minimum global notional volume traded per 
month of $12,500,000, averaged over the last six months (Rule 
5.2(j)(6)(B)(I)(2)(a)(ii)).
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    The Exchange believes that it is appropriate to exclude Derivative 
Securities Products and Index-Linked Securities from the generic 
listing and continued listing criteria specified above for Equity 
Index-Linked Securities because Derivative Securities Products and 
Index-Linked Securities that may be included in an index or portfolio 
underlying a series of Equity Index-Linked Securities are themselves 
subject to specific initial and continued listing requirements of the 
exchange on which they are listed. For example, Units listed and traded 
on the Exchange are subject to the listing standards specified under 
NYSE Arca Equities Rule 5.2(j)(3). Also, Derivative Securities Products 
and Index-Linked Securities would have been listed and traded on an 
exchange pursuant to a filing submitted under Sections 19(b)(2) or 
19(b)(3)(A) of the Act,\12\ or would have been listed by an exchange 
pursuant to the requirements of Rule 19b-4(e) under the Act.\13\ 
Derivative Securities Products and Index-Linked Securities are 
derivatively priced, and, therefore, the Exchange does not believe that 
it is necessary to apply the generic quantitative criteria (e.g., 
market capitalization, trading volume, or component weighting) 
applicable to securities that are not Derivative Securities Products or 
Index-Linked Securities (e.g., common stocks) to such products. 
Finally, by way of comparison, Derivative Securities Products are 
excluded from consideration when determining whether the components of 
Units satisfy the applicable listing criteria in Rule 5.2(j)(3),\14\ 
and both Derivative Securities Products and Index-Linked Securities are 
excluded from the applicable listing criteria for Managed Fund Shares 
holding equity securities in Commentary .01 to Rule 8.600.\15\
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    \12\ 15 U.S.C. 78s(b)(2); 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(e).
    \14\ See Commentary .01 to NYSE Arca Equities Rule 5.2(j)(3). 
See also, Securities Exchange Act Release No. 57751 (May 1, 2008), 
73 FR 25818 (May 7, 2008) (SR-NYSEArca-2008-29) (order approving 
amendments to the eligibility criteria for components of an index 
underlying Investment Company Units).
    \15\ See Commentary .01 to NYSE Arca Equities Rule 8.600. See 
also, Securities Exchange Act Release No. 78397 (July 22, 2016), 81 
FR 49320 (July 27, 2016) (SR-NYSEArca-2015-110) (order approving 
amendments to NYSE Arca Equities Rule 8.600 to adopt generic listing 
standards for Managed Fund Shares).
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    The Exchange also proposes to replace ``investment company units'' 
with ``Investment Company Units'' in two places in NYSE Arca Equities 
Rule 5.2(j)(6)(B)(I)(1) in order to conform to other usages of this 
term in Exchange rules. In addition, the Exchange proposes to replace 
the word ``Index'' with ``index'' in two places in Rule 
5.2(j)(6)(B)(I)(2)(a)(i) to conform to other usages of this word in 
Rule 5.2(j)(6)(B)(I)(2).
    The Exchange notes that the proposed change is not otherwise 
intended to address any other issues and that the Exchange is not aware 
of any problems that ETP Holders or issuers would have in complying 
with the proposed change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\16\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\17\ in particular, because it 
is designed to prevent fraudulent and manipulative acts and practices, 
to

[[Page 23638]]

promote just and equitable principles of trade, to remove impediments 
to, and perfect the mechanism of a free and open market and, in 
general, to protect investors and the public interest.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed change would facilitate the 
listing and trading of additional types of Equity Index-Linked 
Securities, which would enhance competition among market participants, 
to the benefit of investors and the marketplace. The proposed change 
would also result in greater efficiencies in the listing process with 
respect to Equity Index-Linked Securities by eliminating an unnecessary 
consideration regarding underlying components, which would therefore 
remove impediments to, and perfect the mechanism of, a free and open 
market. In addition, the proposed amendment to the Equity Index-Linked 
Securities listing criteria is intended to protect investors and the 
public interest in that it is consistent with the manner in which 
Derivative Securities Products are also excluded from consideration 
when determining whether the components of an index or portfolio 
underlying an issue of Units satisfy the applicable listing 
criteria,\18\ and both Derivative Securities Products and Index-Linked 
Securities are excluded from the applicable listing criteria for 
Managed Fund Shares holding equity securities in Commentary .01 to Rule 
8.600.\19\ Additionally, Equity Index-Linked Securities would remain 
subject to all existing listing standards, thereby maintaining existing 
levels of investor protection. The Exchange believes that the proposed 
rule change is designed to prevent fraudulent and manipulative acts and 
practices because the Equity Index-Linked Securities would continue to 
be listed and traded on the Exchange pursuant to the initial and 
continued listing criteria in Rule 5.2(j)(6). Further, the proposed 
change would not impact the existing listing process for Derivative 
Securities Products and Index-Linked Securities, whereby the exchanges 
on which such securities are listed must, for example, submit proposed 
rule changes with the Commission prior to listing and trading.
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    \18\ See supra, note 14.
    \19\ See supra, note 15.
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    The Exchange believes that it is appropriate to exclude Derivative 
Securities Products and Index-Linked Securities from the generic 
criteria specified above for Equity Index-Linked Securities because 
Derivative Securities Products and Index-Linked Securities that may be 
included in an index or portfolio underlying a series of Equity Index-
Linked Securities are themselves subject to specific initial and 
continued listing requirements of the exchange on which they are 
listed. For example, Units listed and traded on the Exchange are 
subject to the listing standards specified under NYSE Arca Equities 
Rule 5.2(j)(3). Also, such Derivative Securities Products and Index-
Linked Securities would have been listed and traded on an exchange 
pursuant to a filing submitted under Sections 19(b)(2) or 19(b)(3)(A) 
of the Act,\20\ or would have been listed by an exchange pursuant to 
the requirements of Rule 19b-4(e) under the Act.\21\ The Exchange 
believes that quantitative factors--such as market value, global 
monthly trading volume, or weighting--when applied to index components 
(such as common stocks) underlying a series of Equity Index-Linked 
Securities, are relevant criteria in establishing that such series is 
sufficiently broad-based to minimize potential manipulation.\22\ 
Derivative Securities Products and Index-Linked Securities, however, 
are derivatively priced, and, therefore, the Exchange does not believe 
that it is necessary to apply the generic quantitative criteria 
applicable to securities that are not Derivative Securities Products 
and Index-Linked Securities (e.g., common stocks) to such products. As 
noted above, Derivative Securities Products are excluded from 
consideration on NYSE Arca when determining whether the components of 
Units satisfy the applicable listing criteria,\23\ and both Derivative 
Securities Products and Index-Linked Securities are excluded from the 
applicable listing criteria for Managed Fund Shares holding equity 
securities in Commentary .01 to Rule 8.600. Moreover, for shares of 
Derivative Securities Products that are not listed on an exchange 
pursuant to an exchange's generic listing rules, the Commission must 
first approve an exchange's proposed rule change under Section 19(b) of 
the Act regarding a particular Derivative Securities Product or Index-
Linked Securities, which is subject to the representations and 
restrictions included in such proposed rule change. The Exchange also 
believes it is appropriate to exclude Derivative Securities Products 
and Index-Linked Securities from the requirement under NYSE Arca 
Equities Rule 5.2(j)(6)(B)(I)(1)(b)(iv) that 90% of the applicable 
index's numerical value and at least 80% of the total number of 
component securities will meet the criteria for standardized option 
trading set forth in NYSE Arca Rule 5.3. Rule 5.3 includes criteria for 
securities underlying option contracts approved for listing and trading 
on the Exchange. Among such criteria are those applicable to 
``Exchange-Traded Fund Shares'' (as referenced in NYSE Arca Rule 
5.3(g)), Trust Issued Receipts (as referenced in NYSE Arca Rule 
5.3(h)), Partnership Units (as referenced in NYSE Arca Rule 5.3(i)) and 
Index-Linked Securities (as referenced in NYSE Arca Rule 5.3(j)) that 
underlie Exchange-traded option contracts. The Exchange does not 
believe that criteria in Rule 5.3 should be applied to Derivative 
Securities Products and Index-Linked Securities because such securities 
are subject to separate numerical and other criteria included in the 
applicable exchange listing rules, including both generic listing rules 
permitting listing pursuant to Rule 19b-4(e) and non-generic listing 
rules. Derivative Securities Products and Index-Linked Securities that 
are the subject of a Commission approval order under Section 19(b) of 
the Act also are subject to specific representations made in the 
applicable Rule 19b-4 filing. These include representations regarding 
the existence of comprehensive surveillance agreements between the 
applicable exchange and the principal markets for certain financial 
instruments underlying Derivative Securities Products, or percentage 
limitations on assets (e.g., non-U.S. stocks, futures and options) 
whose principal market is not a member of the Intermarket Surveillance 
Group

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(``ISG'').\24\ The proposed replacement of ``investment company units'' 
with ``Investment Company Units'' in two places in NYSE Arca Equities 
Rule 5.2(j)(6)(B)(I)(1) is appropriate as such changes conform to other 
usages of this term in Exchange rules. The proposed replacement of the 
word ``Index'' with ``index'' in two places in Rule 
5.2(j)(6)(B)(I)(2)(a)(i) is appropriate as such changes would conform 
to other usages of this word in Rule 5.2(j)(6)(B)(I)(2).
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    \20\ 15 U.S.C. 78s(b)(2); 15 U.S.C. 78s(b)(3)(A).
    \21\ 17 CFR 240.19b-4(e).
    \22\ See, e.g., Securities Exchange Act Release No. 54739 
(November 9, 2006), 71 FR 66693 (SR-Amex-2006-78) (order approving 
generic listing standards for Portfolio Depositary Receipts and 
Index Fund Shares based on international or global indexes), in 
which the Commission stated that ``these standards are reasonably 
designed to ensure that stocks with substantial market 
capitalization and trading volume account for a substantial portion 
of any underlying index or portfolio, and that when applied in 
conjunction with the other applicable listing requirements, will 
permit the listing only of ETFs that are sufficiently broad-based in 
scope to minimize potential manipulation.''
    \23\ See Commentary .01 to NYSE Arca Equities Rule 5.2(j)(3). 
See also Securities Exchange Act Release No. 57751 (May 1, 2008), 73 
FR 25818 (May 7, 2008) (SR-NYSEArca-2008-29) (order approving 
amendments to eligibility criteria for components of an index 
underlying Investment Company Units), in which the Commission noted 
that ``based on the trading characteristics of Derivative Securities 
Products, it may be difficult for component Derivative Securities 
Products to satisfy certain quantitative index criteria, such as the 
minimum market value and trading volume limitations. However, 
because Derivative Securities Products are themselves subject to 
specific initial and continued listing requirements, the Commission 
believes that it would be reasonable to exclude Derivative 
Securities Products, as components, from certain index component 
eligibility criteria for [Investment Company] Units.''
    \24\ See, e.g., Securities Exchange Act Release No. 76719 
(December 21, 2015), 80 FR 80859 (December 28, 2015) (order 
approving Exchange listing and trading of shares of the Guggenheim 
Total Return Bond ETF (``Fund'') under NYSE Arca Equities Rule 
8.600), which filing stated: ``Not more than 10% of the net assets 
of the Fund in the aggregate invested in equity securities (other 
than non-exchange-traded investment company securities) will consist 
of equity securities whose principal market is not a member of the 
ISG or is a market with which the Exchange does not have a 
comprehensive surveillance sharing agreement. In addition, not more 
than 10% of the net assets of the Fund in the aggregate invested in 
futures contracts or exchange-traded options contracts will consist 
of futures contracts or exchange-traded options contracts whose 
principal market is not a member of ISG or is a market with which 
the Exchange does not have a comprehensive surveillance sharing 
agreement.''
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    The Exchange has in place surveillance procedures that are adequate 
to properly monitor trading in Index-Linked Securities in all trading 
sessions and to deter and detect violations of Exchange rules and 
applicable federal securities laws. All Index-Linked Securities listed 
pursuant to NYSE Arca Equities Rule 5.2(j)(6) are included within the 
definition of ``security'' or ``securities'' as such terms are used in 
the Exchange rules and, as such, are subject to Exchange rules and 
procedures that currently govern the trading of securities on the 
Exchange. Trading in the securities will be halted under the conditions 
specified in NYSE Arca Equities Rule 5.2(j)(6)(E).
    For these reasons, the Exchange believes that the proposal is 
consistent with the Act.

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\25\ 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. Instead, the Exchange believes that the 
proposed change will encourage competition by enabling additional types 
of Equity Index-Linked Securities to be listed on the Exchange and, by 
eliminating an unnecessary consideration regarding underlying 
components, create a more efficient process surrounding the listing of 
Equity Index-Linked Securities.
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    \25\ 15 U.S.C. 78f(b)(8).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 45 days of the date of publication of this notice in the 
Federal Register or up to 90 days (i) as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or (ii) as to which the self-regulatory 
organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File No. SR-NYSEArca-2017-54 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File No. SR-NYSEArca-2017-54. 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 Web site (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 Web site 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 such filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File No. SR-NYSEArca-2017-54, and should be 
submitted on or before June 13, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\26\
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    \26\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-10463 Filed 5-22-17; 8:45 am]
BILLING CODE 8011-01-P


