[Federal Register Volume 85, Number 226 (Monday, November 23, 2020)]
[Notices]
[Pages 74778-74781]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-25732]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90443; File No. SR-NYSEArca-2020-98]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
of Proposed Rule Change Regarding the Availability of Information for 
the iShares Gold Trust, the iShares Silver Trust Under NYSE Arca Rule 
8.201-E and the iShares S&P GSCI Commodity-Indexed Trust Under Rule 
8.203-E

November 17, 2020.
    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 November 12, 2020, NYSE Arca, Inc. (``NYSE Arca'' or the 
``Exchange'') filed with the Securities and Exchange Commission (the 
``Commission'') a proposed rule change described in Items I and II 
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\ 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 Substance 
of the Proposed Rule Change

    The Exchange proposes certain changes regarding the availability of 
information for the iShares Gold Trust (formerly the iShares[supreg] 
COMEX Gold Trust) and the iShares Silver Trust, shares of which are 
currently listed on the Exchange under NYSE Arca Rule 8.201-E 
(Commodity-Based Trust Shares), and the iShares S&P GSCI Commodity-
Indexed Trust, shares of which currently are listed and traded on the 
Exchange under Rule 8.203-E (Commodity Index Trust Shares). The 
proposed change is available on the Exchange's website 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes certain changes regarding the dissemination 
of information on the respective websites for the iShares Gold Trust 
(formerly the iShares COMEX Gold Trust) \4\ and the iShares Silver 
Trust,\5\ shares of which are currently listed on the Exchange under 
NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares) and the terms of 
the applicable listing rules approved by the Commission, and the S&P 
GSCI Commodity-Indexed Trust,

[[Page 74779]]

shares of which currently are listed and traded on the Exchange under 
Rule 8.203-E (Commodity Index Trust Shares) and the terms of the 
applicable listing rules approved by the Commission.\6\
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    \4\ See Securities Exchange Act Release No. 56041 (July 11, 
2007), 72 FR 39114 (July 17, 2007) (SR-NYSEArca-2007-43) (Notice of 
Filing and Order Granting Accelerated Approval of Proposed Rule 
Change to List and Trade Shares of the iShares COMEX Gold Trust) 
(``NYSE Arca Gold Order''). The Commission previously approved 
listing of iShares COMEX Gold Trust on the American Stock Exchange 
LLC. See Securities Exchange Act Release No. 51058 (January 19, 
2005), 70 FR 3749 (January 26, 2005) (SR-Amex-2004-38) (granting 
approval to list and trade the Shares on Amex) (``Amex Gold 
Order''). See also Securities Exchange Act Release Nos. 50792 
(December 3, 2004), 69 FR 71446 (December 9, 2004) (SR-Amex-2004-38) 
(providing notice of Amex's proposal to list and trade shares of the 
Trust) (``Amex Gold Notice''); 63398 (November 30, 2010), 75 FR 
76056 (December 7, 2010) (SR-NYSEArca-2010-105) (Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to the 
Calculation of Net Asset Value for the iShares Gold Trust). The 
following information about Shares of the iShares Gold Trust 
currently is required to be available on the iShares Gold Trust's 
website pursuant to the Amex Gold Notice, Amex Gold Order and NYSE 
Arca Gold Order: (a) The prior business day's NAV per Share; (b) 
Basket Gold Amount; (c) the reported Share closing price; (d) the 
present day's Indicative Basket Gold Amount; (e) the midpoint of the 
bid-ask price in relation to the NAV as of the time the NAV is 
calculated (``Bid-Ask Price''); (f) calculation of the premium or 
discount of such price against such NAV; (g) data in chart form 
displaying the frequency distribution of discounts and premiums of 
the Bid-Ask Price against the NAV, within appropriate ranges for 
each of the four previous calendar quarters; (h) the prospectus; and 
(i) other applicable quantitative information, such as expense 
ratios, trading volumes, and the total return of the Shares. As 
stated in the Amex Gold Notice and the NYSE Arca Gold Order, the 
``Basket Gold Amount'' is the corresponding amount of gold, measured 
in fine ounces, to be exchanged for an issuance of a basket of 
50,000 Shares for the purpose of creating and redeeming the Shares. 
Also, as stated in the Amex Gold Notice and the NYSE Arca Gold 
Order, the ``Indicative Basket Gold Amount'' is the indicative 
amount of gold to be deposited for issuance of the Shares that 
Authorized Participants can use. The NAV per Share, Basket Gold 
Amount, Indicative Basket Gold Amount and Indicative Trust Value are 
available on the Trust's website or through one or more major market 
data vendors, as described above, and are not available on the 
Exchange's website. In addition, investors can access the gold spot 
price and gold futures prices through major market data vendors. The 
Indicative Trust Value also is available through one or more major 
market data vendors.
    \5\ See Securities Exchange Act Release No. 58956 (November 14, 
2008), 73 FR 71074 (November 24, 2008) (SR-NYSEArca-2008-124) 
(Notice of Filing and Order Granting Accelerated Approval of 
Proposed Rule Change to List Shares of iShares Silver Trust) (``NYSE 
Arca Silver Order''). The Commission previously approved listing of 
iShares Silver Trust on the American Stock Exchange LLC. See 
Securities Exchange Act Release No. 53521 (March 20, 2006), 71 FR 
14967 (March 24, 2006) (SR-Amex-2005-72) (``Amex Silver Order''). 
The following information about Shares of the iShares Silver Trust 
currently is required to be available on the Trust's website 
pursuant to the Amex Silver Order and the NYSE Arca Silver Order: 
(a) The prior business day's NAV and the reported closing price; (b) 
the midpoint of the bid-ask price in relation to the NAV as of the 
time the NAV is calculated (the ``Bid-Asked Price''); (c) 
calculation of the premium or discount of such price against such 
NAV; (d) data in chart form displaying the frequency distribution of 
discounts and premiums of the Bid-Ask Price against the NAV, within 
appropriate ranges for each of the four (4) previous calendar 
quarters; (e) the Basket Silver Amount; (f) the Indicative Basket 
Silver Amount; (g) the prospectus; and (h) other applicable 
quantitative information. The NAV per Share, Basket Silver Amount, 
Indicative Basket Silver Amount and Indicative Trust Value are 
available on the Trust's website or through one or more major market 
data vendors, as described above, and are not available on the 
Exchange's website. In addition, investors can access the silver 
spot price and silver futures prices through major market data 
vendors. The Indicative Trust Value also is available through one or 
more major market data vendors.
    \6\ See Securities Exchange Act Release No. 56932 (December 7, 
2007), 72 FR 71178 (December 14, 2007) (SR-NYSEArca-2007-112) 
(Notice of Filing and Order Granting Accelerated Approval of a 
Proposed Rule Change to List and Trade Shares of the iShares S&P 
GSCI Commodity-Indexed Trust) (``GSCI Order'', '' together with the 
Amex Gold Order and Amex Silver Order, the ``Orders''). See also, 
Securities Exchange Act Release No. 54025 (June 21, 2006), 71 FR 
36856 (June 28, 2006) (SR-NYSEArca-2006-12) (approving, among other 
things, the trading of the Shares on NYSE Arca pursuant to unlisted 
trading privileges). The Commission previously approved listing of 
the iShares S&P GSCI Commodity-Indexed Trust on the New York Stock 
Exchange, Inc. See Securities Exchange Act Release No. 54013 (June 
16, 2006), 71 FR 36372 (June 26, 2006) (SR-NYSE-2006-17) (approving 
listing and trading of the Shares on NYSE). The following 
information about Shares of the iShares S&P GSCI Commodity-Indexed 
Trust currently is required to be available on the Trust's website 
pursuant to the GSCI Order: (a) The prior business day's NAV on a 
per Share basis and the reported closing price; (b) the mid-point of 
the bid-ask price in relation to the NAV as of the time the NAV is 
calculated (the ``Bid-Ask Price''); (c) calculation of the premium 
or discount of such price against such NAV; (d) data in chart form 
displaying the frequency distribution of discounts and premiums of 
the Bid-Ask Price against the NAV, within appropriate ranges for 
each of the four previous calendar quarters; (e) the prospectus; (f) 
the holdings of the Trust, including CERFs, cash and Treasury 
securities; (g) the Basket Amount, and (h) other applicable 
quantitative information. The Basket Amount is the amount of CERFs 
and Short-Term Securities or cash that an Authorized Participant 
must deliver in exchange for one Basket.
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    In the proposed rule changes filed with the Commission by the 
Exchange regarding listing and trading of shares (``Shares'') of the 
iShares Gold Trust, iShares Silver Trust, and iShares S&P GSCI 
Commodity-Indexed Trust (each a ``Trust'' and, collectively, the 
``Trusts''), the Exchange described the information available on the 
respective Trust's website regarding Trust holdings.\7\ The Exchange 
proposes to change certain representations regarding premium and 
discount price information to be disseminated on the websites for the 
Trusts, as described below. The purpose of this proposed rule change is 
[sic] provide that each Trust will disseminate the premium or discount 
of the Official Closing Price against the applicable NAV, expressed as 
a percentage of such NAV, together with additional information 
regarding premium or discount, as described below.
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    \7\ iShares Delaware Trust Sponsor LLC is the sponsor 
(``Sponsor'') of the iShares Gold Trust, the iShares Silver Trust 
and iShares S&P GSCI Commodity-Indexed Trust.
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    The Orders stated that the Trusts disseminate on their respective 
websites a calculation of the premium or discount of the midpoint of 
the respective bid-ask price against NAV and data in chart form 
displaying the frequency distribution of discounts and premiums of such 
price against the NAV, within appropriate ranges for each of the four 
previous calendar quarters. The Exchange proposes that, going forward, 
a Trust would disseminate the premium or discount of the Official 
Closing Price (rather than the midpoint of the respective bid-ask 
price) against the NAV as of the prior business day, expressed as a 
percentage of such NAV.\8\ Each Trust also would disseminate a table 
showing the number of days the Shares of a Trust traded at a premium or 
discount during the most recently completed calendar year and the most 
recently completed calendar quarters since that year, as well as a line 
graph showing the Shares' premiums or discounts for the most recently 
completed calendar year and the most recently completed calendar 
quarters since that year.\9\
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    \8\ The term ``Official Closing Price'' is defined in NYSE Arca 
Rule 1.1(ll) as the reference price to determine the closing price 
in a security for purposes of Rule 7-E Equities Trading. The 
procedures for determining the Official Closing Price are set forth 
in Rule 1.1(ll). See Securities Exchange Act Release No. 82907 
(March 20, 2018), 83 FR 12980 (March 26, 2018) (SR-NYSEArca-2018-08) 
(Order Approving a Proposed Rule Change to Amend NYSE Arca Rule 
1.1(ll)) (``Official Closing Price Approval Order''). See also, 
Securities Exchange Act Release No. 84471 (October 23, 2018), 84 FR 
54384 (October 29, 2018) (SR-NYSEArca-2018-63) (Order Approving a 
Proposed Rule Change To Amend NYSE Arca Rule 1.1(ll)).
    \9\ While the Trusts are not registered under the 1940 Act and, 
therefore, are not subject to Rule 6c-11 under the 1940 Act 
applicable to exchange-traded funds, the Exchange notes that the 
premium/discount information proposed to be disseminated by the 
Trusts is consistent with the premium or discount website 
requirements applicable to exchange traded funds under Rule 6c-11. 
Rule 6c-11(a)(1) defines ``premium or discount'' as the positive or 
negative difference between the market price of an exchange-traded 
fund share at the time as of which the current net asset value is 
calculated and the exchange-traded fund's current net asset value 
per share, expressed as a percentage of the exchange-traded fund 
share's current net asset value per share. The term ``market price'' 
is defined in Rule 6c-11(a) as ``(A) The official closing price of 
an exchange-traded fund share; or (B) If it more accurately reflects 
the market value of an exchange-traded fund share at the time as of 
which the exchange-traded fund calculates current net asset value 
per share, the price that is the midpoint between the national best 
bid and national best offer as of that time.'' Rule 6c-11(c)(1)(iii) 
provides that the website disclosure for a series of exchange-traded 
fund shares include ``[a] table showing the number of days the 
exchange-traded fund's shares traded at a premium or discount during 
the most recently completed calendar year and the most recently 
completed calendar quarters since that year (or the life of the 
exchange-traded fund, if shorter).'' Rule 6c-11(c)(1)(iv) provides 
that the website disclosure for a series of exchange-traded fund 
shares include ``[a] line graph showing exchange-traded fund share 
premiums or discounts for the most recently completed calendar year 
and the most recently completed calendar quarters since that year 
(or the life of the exchange-traded fund, if shorter).''
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    The Exchange believes that the proposed change concerning how the 
Trusts would disclose information regarding premium or discount 
information would be both more specific and more comprehensive than the 
manner by which premium or discount information is currently 
disseminated by the Trusts. By providing the premium and discount 
information in a table and line graph as opposed to only in chart form, 
and for the previous calendar year and the completed quarters following 
such calendar year as opposed to only for the four previous quarters, 
the Trusts would provide market participants with additional 
information to assess market pricing of Shares of a Trust against NAV 
over certain time periods, which may facilitate effective arbitrage 
between the market price of a Trust's Shares and its NAV.
    In addition, by disseminating the premium or discount of the 
Official Closing Price (rather than the midpoint of the respective bid-
ask price) against the NAV as of the prior business day, the Exchange 
believes the Trusts would be utilizing more up-to-date and reliable 
pricing information available for the Trust's Shares compared to 
midpoint of the bid-ask price. The Exchange's Official Closing Price is 
calculated in accordance with the specific and detailed procedures in 
Rule 1.1(11).\10\
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    \10\ In approving the Exchange's Rule 1.1(ll), the Commission 
noted that ``the primary listing market's closing price for a 
security is relied upon by market participants for a variety of 
reasons, including, but not limited to, calculation of index values, 
calculation of the net asset value of mutual funds and exchange-
traded products, the price of derivatives that are based on the 
security, and certain types of trading benchmarks such as volume 
weighted average price strategies.'' See Official Closing Price 
Approval Order, note 8, supra.
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    While the Trusts are not registered under the 1940 Act and, 
therefore, are not subject to Rule 6c-11, the Exchange notes that the 
Commission, in discussing the proposed definition of ``market price'' 
in the Rule 6c-11 Release, stated that ``[w]e continue to believe, 
however, that using the ``official closing price'' provides a more 
precise measurement of an ETF's market price than other alternatives, 
including during disruptive market events.'' [footnote omitted] \11\ 
Exchanges have detailed

[[Page 74780]]

rules regarding the determination of the official closing price of a 
security.'' \12\
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    \11\ The Commission also stated that ``[r]equiring use of the 
midpoint of the NBBO only if it more accurately reflects market 
value also provides an appropriate degree of flexibility to an ETF 
when its closing price may be stale or otherwise does not reflect 
the ETF share's market value, while at the same time providing a 
consistent and verifiable methodology for how ETFs determine market 
price.'' See Rule 6c-11 Release, note 343 and accompanying text.
    \12\ See Rule 6c-11 Release, note 343 and accompanying text.
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    Moreover, the manner by which the Exchange determines the Official 
Closing Price for the Shares is designed to identify the most accurate 
price for such securities. As set forth in NYSE Arca Rule 1.1(ll), the 
Official Closing Price is the price established in a ``Closing 
Auction'' of one round lot or more on a trading day and if there is no 
Closing Auction, the Official Closing Price for the Shares is derived 
by adding a percentage of the time-weighted average price (``TWAP'') of 
the NBBO midpoint measured over the last 5 minutes before the end of 
Core Trading Hours (normally 4:00 p.m. Eastern Time) and a percentage 
of the consolidated last-sale eligible trade before the end of Core 
Trading Hours on that trading day.\13\ As noted by the Commission when 
approving Rule 1.1(ll), ``the proposed calculation for the Official 
Closing Price is designed to utilize more recent and reliable market 
information to provide a closing price that more accurately reflects 
the true and current value of a security that may be thinly traded or 
generally illiquid and when the Official Closing Price for such 
security may otherwise be based on a potentially stale last-sale 
trade.'' \14\ The Commission further noted that ``this objective 
calculation would take into account more recent firm quotations over 
less recent trades, which trades may provide less information about the 
value of a security, and would assign less weight to the last 
consolidated last-sale eligible trade the farther away it occurred from 
the end of Core Trading Hours.'' \15\
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    \13\ See NYSE Arca Rule 1.1(ll)(1)(B).
    \14\ See Official Closing Price Approval Order, supra note 8, at 
footnote 23 and accompanying text.
    \15\ Id.
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    Because the manner by which the Official Closing Price is 
determined on the Exchange continues to factor in the midpoint of the 
NBBO if there is no Closing Auction, the Exchange believes that 
dissemination of the premium or discount of the Official Closing Price 
against the NAV as of the prior business day would provide a more 
accurate price point for applying the premium or discount calculation 
as compared to the current methodology, which disseminates the premium 
or discount of solely the midpoint of the respective bid-ask price 
against the NAV.
    While NYSE Arca Rules 8.201-E and 8.203-E do not expressly require 
that a Trust provide website disclosure of its portfolio, the Trusts 
currently provide such disclosure and would continue to do so. Other 
than change to information to be disclosed on a Trust's website as 
described herein, each of the Trusts would continue to comply with all 
other listing requirements set forth in the Orders and in NYSE Arca 
Rules 8.201-E and 8.203-E, respectively.
    The Exchange believes that the proposed website disclosure for the 
Trusts, together with the portfolio disclosures by the Trusts, would 
continue to facilitate effective arbitrage between the market price of 
a Trust's Shares and its NAV.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(5) of the Act that an exchange have 
rules that are designed to prevent fraudulent and manipulative acts and 
practices, to 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.
    The Exchange believes that the Trusts would disclose information 
regarding premium or discount information that is both more specific 
and more comprehensive than premium or discount information currently 
disseminated by the Trusts. By providing the premium and discount 
information in a table and line graph as opposed to only in chart form, 
and for the previous calendar year and the completed quarters following 
such calendar year as opposed to only for the four previous quarters, 
the Trusts would provide market participants with additional 
information to assess market pricing of Shares of a Trust against NAV 
over certain time periods, which may facilitate effective arbitrage 
between the market price of a Trust's Shares and its NAV.
    The Exchange further believes that the proposed rule change to 
disseminate the premium or discount of the Official Closing Price 
(rather than the midpoint of the respective bid-ask price) against the 
NAV as of the prior business day would remove impediments to, and 
perfect the mechanism of a free and open market and, in general, to 
protect investors and the public interest because the Trusts would be 
utilizing more up-to-date and reliable pricing information available 
for the Trust's Shares compared to midpoint of the bid-ask price. As 
already recognized by the Commission, the manner by which the Exchange 
determines the Official Closing Price for the Shares ``is designed to 
utilize more recent and reliable market information to provide a 
closing price that more accurately reflects the true and current value 
of a security.'' \16\ More specifically, if there is no Closing Auction 
for the security, the Official Closing Price would continue to factor 
in the midpoint of the NBBO. Accordingly, the proposed change to use 
the Official Closing Price rather than relying solely on the midpoint 
of the bid-ask would not be a material change for those days when the 
Official Closing Price is determined for the Shares pursuant to Rule 
1.1(ll)(1)(B).
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    \16\ See note 8, supra.
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    While NYSE Arca Rules 8.201-E and 8.203-E do not expressly require 
that a Trust provide website disclosure of its portfolio, the Trusts 
currently provide such disclosure and would continue to do so. Other 
than changes to information to be disclosed on a Trust's website as 
described herein, each of the Trusts would continue to comply with all 
other listing requirements set forth in the Orders and the Amex Gold 
Notice and in NYSE Arca Rules 8.201-E and 8.203-E, respectively.
    Investors can access each Trust's website at no cost. Investors 
also can access, for the iShares Gold Trust, the gold spot price and 
gold futures prices, and for the iShares Silver Trust, the silver spot 
price and silver futures prices through major market data vendors. The 
applicable Indicative Trust Value for each Trust is available through 
one or more major market data vendors. The NAV per Share for each 
Trust' for the iShares Gold Trust, the Basket Gold Amount and 
Indicative Basket Gold Amount; and, for the iShares Silver Trust, the 
Basket Silver Amount and Indicative Basket Silver Amount are available 
on the applicable Trust's website.

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purpose of the Act. The Exchange believes that 
the proposed rule change would provide enhanced website disclosure for 
the Trusts as described above, to the benefit of investors and the 
marketplace.

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.

[[Page 74781]]

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 such longer period 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 Number SR-NYSEArca-2020-98 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-NYSEArca-2020-98. 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-NYSEArca-2020-98 and should be submitted 
on or before December 14, 2020.
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    \17\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-25732 Filed 11-20-20; 8:45 am]
BILLING CODE 8011-01-P


