[Federal Register Volume 86, Number 245 (Monday, December 27, 2021)]
[Notices]
[Pages 73402-73405]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-27922]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93829; File No. SR-CboeBZX-2021-084]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
its Fee Schedule

December 20, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on December 10, 2021, Cboe BZX Exchange, Inc. (``Exchange'') filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as 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\ 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 BZX Exchange, Inc. (the ``Exchange'' or ``BZX'' or ``BZX 
Equities'') proposes to amend its Fee 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://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), 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 fee schedule as follows: (1) 
Modify the Add/Remove Volume Tiers, (2) adopt a new Non-Displayed Add 
Volume Tier, (3) modify Tier 2 of the Step-Up Tiers, and (4) eliminate 
the Total Volume Tier. The Exchange proposes to implement the proposed 
change to its fee schedule on December 1, 2021.\3\
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    \3\ The Exchange initially filed the proposed fee changes on 
December 1, 2021 (SR-BZX-2021-081). On December 10, 2021, the 
Exchange withdrew that filing and submitted this proposal.
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    The Exchange first notes that it operates in a highly competitive 
market in which market participants can readily direct order flow to 
competing venues if they deem fee levels at a particular venue to be 
excessive or incentives to be insufficient. More specifically, the 
Exchange is only one of 16 registered equities exchanges, as well as a 
number of alternative trading systems and other off-exchange venues 
that do not have similar self-regulatory responsibilities under the 
Exchange Act, to which market participants may direct their order flow. 
Based on publicly available information,\4\ no single registered 
equities exchange has more than 16% of the market share. Thus, in such 
a low-concentrated and highly competitive market, no single equities 
exchange possesses significant pricing power in the execution of order 
flow. The Exchange in particular operates a ``Maker-Taker'' model 
whereby it pays credits to Members that add liquidity and assesses fees 
to those that remove liquidity. The Exchange's fee schedule sets forth 
the standard rebates and rates applied per share for orders that 
provide and remove liquidity, respectively. Additionally, in response 
to the competitive environment, the Exchange also offers tiered pricing 
which provides Members opportunities to qualify for higher rebates or 
reduced fees where certain volume criteria and thresholds are met. 
Tiered pricing provides an incremental incentive for Members to strive 
for higher tier levels, which provides increasingly higher benefits or 
discounts for satisfying increasingly more stringent criteria.
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    \4\ See Cboe Global Markets, U.S. Equities Market Volume 
Summary, Month-to-Date (November 24, 2021), available at https://markets.cboe.com/us/equities/market_statistics/.
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Add/Remove Volume Tiers
    Pursuant to footnote 1 of the Fee Schedule, the Exchange currently 
offers Add/Remove Volume Tiers (tiers 1 through 5) that provide Members 
an opportunity to receive an enhanced rebate from the standard rebate 
for liquidity adding orders that yield fee codes B,\5\ V,\6\ and Y \7\ 
and meet certain required volume-based criteria. Specifically, the 
Tiers are as follows:
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    \5\ Orders yielding Fee Code ``B'' are displayed orders adding 
liquidity to BZX (Tape B).
    \6\ Orders yielding Fee Code ``V'' are displayed orders adding 
liquidity to BZX (Tape A).
    \7\ Orders yielding Fee Code ``Y'' are displayed orders adding 
liquidity to BZX (Tape C).
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     Tier 1 offers an enhanced rebate of $0.0025 per share for 
qualifying orders (i.e., yielding fee codes B, V, or Y) where a Member 
has an ADAV \8\ as a percentage of TCV \9\ equal to or greater than 
0.08% or where a Member has an ADAV equal to or greater than 8 million 
shares.
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    \8\ ``ADAV'' means average daily added volume calculated as the 
number of shares added per day and ``ADV'' means average daily 
volume calculated as the number of shares added or removed, 
combined, per day. ADAV and ADV are calculated on a monthly basis.
    \9\ ``TCV'' means total consolidated volume calculated as the 
volume reported by all exchanges and trade reporting facilities to a 
consolidated transaction reporting plan for the month for which the 
fees apply.
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     Tier 2 offers an enhanced rebate of $0.0027 per share for 
qualifying orders (i.e., yielding fee codes B, V, or Y) where a Member 
has an ADAV as a percentage of TCV equal to or greater than 0.15% or 
where a Member has an ADAV equal to or greater than 15 million shares.
     Tier 3 offers an enhanced rebate of $0.0029 per share for 
qualifying orders (i.e., yielding fee codes B, V, or Y) where a Member 
has an ADAV as a percentage of TCV equal to or greater than 0.35%

[[Page 73403]]

or where a Member has an ADAV equal to or greater than 35 million 
shares.
     Tier 4 offers an enhanced rebate of $0.0030 per share for 
qualifying orders (i.e., yielding fee codes B, V, or Y) where a Member 
has an ADAV as a percentage of TCV equal to or greater than 0.60% or 
where a Member has an ADAV equal to or greater than 60 million shares.
     Tier 5 offers an enhanced rebate of $0.0031 per share for 
qualifying orders (i.e., yielding fee codes B, V, or Y) where a Member 
has an ADAV as a percentage of TCV equal to or greater than 1.00% or 
where a Member has an ADAV equal to or greater than 100 million shares.
    The Exchange now proposes to modify existing Tiers 1 and 2, add a 
new Tier 2, and renumber existing Tiers 2 through 5. Specifically, as 
proposed the Tiers would provide for the following:
     Proposed Tier 1 would offer an enhanced rebate of $0.0020 
per share (instead of $0.0025 per share) for qualifying orders (i.e., 
yielding fee codes B, V, or Y) where a Member has an ADAV as a 
percentage of TCV equal to or greater than 0.08% [sic] or where a 
Member has an ADAV equal to or greater than 10 million shares (instead 
of 8 million shares).
     Proposed Tier 2 would offer an enhanced rebate of $0.0025 
per share for qualifying orders (i.e., yielding fee codes B, V, or Y) 
where a Member has an ADAV as a percentage of TCV equal to or greater 
than 0.20% or where a Member has an ADAV equal to or greater than 20 
million shares.
     Proposed Tier 3 (current Tier 2) would offer an enhanced 
rebate of $0.0027 per share for qualifying orders (i.e., yielding fee 
codes B, V, or Y) where a Member has an ADAV as a percentage of TCV 
equal to or greater than 0.25% (instead of 0.15%) or where a Member has 
an ADAV equal to or greater than 25 million shares (instead of 15 
million).
     Proposed Tiers 4 through 6 would have the same criteria 
and provide the same enhanced rebate as existing Tiers 3 through 5, 
respectively. The only proposed change is to modify the Tier numbers of 
Tier 3 through 5 to Tier 4 through 6, respectively.
    Although the proposed changes to the thresholds of proposed Tiers 1 
and 3 result in more stringent criteria, Members still have an 
opportunity to receive an enhanced rebate if they meet the applicable 
tier threshold. Moreover, the proposed changes are designed to 
encourage Members to increase their displayed liquidity in Tape A, B 
and C securities on the Exchange, thereby contributing to a deeper and 
more liquid market, which benefits all market participants and provides 
greater execution opportunities on the Exchange.
Non-Displayed Add Volume Tiers
    Pursuant to footnote 1 of the Fee Schedule, the Exchange currently 
offers Non-Displayed Add Volume Tiers (tiers 1 through 4) that provide 
Members an opportunity to receive an enhanced rebate from the standard 
rebate for liquidity adding orders that yield fee codes HB,\10\ HV,\11\ 
and HY \12\ and meet certain required volume-based criteria. 
Specifically, the Add Volume Tiers are as follows:
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    \10\ Orders yielding Fee Code ``HB'' are non-displayed orders 
adding liquidity to BZX (Tape B).
    \11\ Orders yielding Fee Code ``HV'' are non-displayed orders 
adding liquidity to BZX (Tape A).
    \12\ Orders yielding Fee Code ``HY'' are non-displayed orders 
adding liquidity to BZX (Tape C).
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     Non-Displayed Add Volume Tier 1 offers an enhanced rebate 
of $0.0018 per share for qualifying orders (i.e., yielding fee codes 
HB, HI,\13\ HV, or HY) where a Member adds an ADV equal to or greater 
than 0.05% of the TCV.
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    \13\ Orders yielding Fee Code ``HI'' are non-displayed orders 
adding liquidity to BZX that receive price improvement.
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     Non-Displayed Add Volume Tier 2 offers an enhanced rebate 
of $0.0020 per share for qualifying orders (i.e., yielding fee codes 
HB, HI, HV, or HY) where a Member adds an ADV equal to or greater than 
0.10% of the TCV.
     Non-Displayed Add Volume Tier 3 offers an enhanced rebate 
of $0.0025 per share for qualifying orders (i.e., yielding fee codes 
HB, HI, HV, or HY) where a Member adds an ADV equal to or greater than 
0.15% of the TCV.
     Non-Displayed Add Volume Tier 4 offers an enhanced rebate 
of $0.0029 per share for qualifying orders (i.e., yielding fee codes 
HB, HI, HV, or HY) where a Member adds an ADV equal to or greater than 
0.35% of the TCV.
    Now, the Exchange proposes to introduce a new Non-Displayed Add 
Volume Tier 4 and renumber existing Non-Displayed Add Volume Tier 4 to 
Tier 5. Specifically, proposed Non-Displayed Add Volume Tier 4 is as 
follows:
     Proposed Non-Displayed Add Volume Tier 4 offers an 
enhanced rebate of $0.00275 per share for qualifying orders (i.e., 
yielding fee codes HB, HI, HV, or HY) where a Member adds an ADV equal 
to or greater than 0.20% of the TCV.
    The proposed change is designed to give Members an additional 
opportunity to receive an enhanced rebate for orders meeting the 
applicable threshold. Further, the proposed change is designed to 
encourage Members to increase their non-displayed volume adding 
liquidity on the Exchange, contributing to a deeper and more liquid 
market, which benefits all market participants and provides greater 
execution opportunities on the Exchange.
Step-Up Tiers
    Pursuant to footnote 2 of the Fee Schedule, the Exchange currently 
offers Step-Up Tiers (tiers 1 and 2) that provide Members an 
opportunity to receive an enhanced rebate from the standard rebate for 
liquidity adding orders that yield fee codes B, V, and Y where they 
increase their relative liquidity each month over a predetermined 
baseline. Tier 2 of the Step-Up Tiers provides an enhanced rebate of 
$0.0032 per share to a Member that (1) has a Step-Up Add TCV \14\ from 
June 2021 equal to or greater than 10 million shares; and (2) has an 
ADV equal to or greater than 0.30% of the TCV or the Member has an ADV 
equal to or greater than 35 million. The Exchange notes that step-up 
tiers are designed to encourage Members that provide displayed 
liquidity on the Exchange to increase their order flow, which would 
benefit all Members by providing greater execution opportunities on the 
Exchange. Now the Exchange proposes to amend criteria (1) of the 
current criteria for Step-Up Tier 2 to provide an alternative means of 
satisfying the first prong. Particularly, the Exchange proposes to 
provide under criteria (1) that a Member must have a Step-Up ADAV from 
June 2021 equal to or greater than 10 million shares or, alternatively, 
a Member must have a Step-Up Add TCV from June 2021 equal to or greater 
than 0.10%. The Exchange believes that the tier as proposed will 
further incentivize increased order flow to the Exchange, which may 
contribute to a deeper, more liquid market to the benefit of all market 
participants by creating a more robust and well-balanced market 
ecosystem. Step-Up Tier 2, as modified, continues to be available to 
all Members and would provide Members an opportunity to receive an 
enhanced rebate.
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    \14\ ``Step-Up Add TCV'' means ADAV as a percentage of TCV in 
the relevant baseline month subtracted from current ADAV as a 
percentage of TCV.
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Total Volume Tiers
    The Exchange also proposes to eliminate the Total Volume Tier 1, 
which is the only Tier under Total Volume Tiers and is currently 
described under footnote 3 of the fee schedule. Particularly, this tier 
applies to orders yielding fee code B, V, or Y and

[[Page 73404]]

provides a $0.0033 per share rebate to Members that have an ADV greater 
than or equal to 1.40% of the TCV. No Member has reached this tier in 
several months and the Exchange therefore no longer wishes to, nor is 
it required to, maintain such a tier.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Securities Exchange Act of 1934 
(the ``Act''),\15\ in general, and furthers the objectives of Section 
6(b)(4) and 6(b)(5),\16\ in particular, as it is designed to provide 
for the equitable allocation of reasonable dues, fees and other charges 
among its Members, issuers and other persons using its facilities. The 
Exchange operates in a highly competitive market in which market 
participants can readily direct order flow to competing venues if they 
deem fee levels at a particular venue to be excessive or incentives to 
be insufficient. The proposed rule changes reflect a competitive 
pricing structure designed to incentivize market participants to direct 
their order flow to the Exchange, which the Exchange believes would 
enhance market quality to the benefit of all Members, and thus is in 
the public interest. The Exchange notes that relative volume-based 
incentives and discounts have been widely adopted by exchanges, 
including the Exchange, and are reasonable, equitable and non-
discriminatory because they are open to all members on an equal basis 
and provide additional benefits or discounts that are reasonably 
related to (i) the value to an exchange's market quality and (ii) 
associated higher levels of market activity, such as higher levels of 
liquidity provision and/or growth patterns. Additionally, as noted 
above, the Exchange operates in highly competitive market. The Exchange 
is only one of several equity venues to which market participants may 
direct their order flow, and it represents a small percentage of the 
overall market. It is also only one of several maker-taker exchanges. 
Competing equity exchanges offer similar tiered pricing structures, 
including schedules of rebates and fees that apply based upon members 
achieving certain volume and/or growth thresholds, as well as assess 
similar fees or rebates for similar types of orders, to that of the 
Exchange. These competing pricing schedules, moreover, are presently 
comparable to those that the Exchange provides, including the pricing 
of comparable criteria and/or fees and rebates.
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    \15\ 15 U.S.C. 78f.
    \16\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes the proposed changes to the Add/Remove Volume 
Tiers, Non-Displayed Add Volume Tiers, and Step-Up Tiers are reasonable 
because each tier, as modified, continues to be available to all 
Members and provide Members an opportunity to receive an enhanced 
rebate. The Exchange also believes that the proposed enhanced rebates 
continue to be commensurate with the proposed criteria. That is, the 
rebates reasonably reflect the difficulty in achieving the applicable 
criteria as amended. The Exchange believes the proposed changes to the 
Add/Remove Volume Tiers, Non-Displayed Add Volume Tiers, and Step-Up 
Tiers represent an equitable allocation of rebates and is not unfairly 
discriminatory because all Members are eligible for those tiers and 
would have the opportunity to meet a tier's criteria and would receive 
the proposed rebate if such criteria is met. Without having a view of 
activity on other markets and off-exchange venues, the Exchange has no 
way of knowing whether this proposed rule change would definitely 
result in any Members qualifying for the proposed tier. While the 
Exchange has no way of predicting with certainty how the proposed tiers 
will impact Member activity, the Exchange anticipates that at least 
five Members will be able to satisfy the criteria proposed under the 
Add/Remove Volume Tier 1, one Member will be able to satisfy the 
criteria proposed under the Add/Remove Volume Tier 3, one Member will 
be able to satisfy the criteria proposed under the Non-Displayed Tier 
4, and one Member will be able to satisfy the criteria proposed under 
the Step-Up Tier 2. The Exchange does not expect any Member to 
immediately satisfy the criteria proposed under the Add Volume Tier 2; 
however, the Exchange believes the proposed rebate incentivizes Members 
to meet the tier's criteria in the future. The Exchange also notes that 
proposed tier/rebate will not adversely impact any Member's ability to 
qualify for other reduced fee or enhanced rebate tiers. Should a Member 
not meet the proposed criteria under the modified tier, the Member will 
merely not receive that corresponding enhanced rebate.
    Finally, the Exchange believes the proposed amendment to remove the 
Total Volume Tier is reasonable because no Member has achieved this 
tier in several months. Moreover, the Exchange is not required to 
maintain this tier and Members still have a number of other 
opportunities and a variety of ways to receive enhanced rebates for 
displayed liquidity, including the enhanced rebates under the Add 
Volume Tiers under footnote 1 of the fees schedule. The Exchange 
believes the proposal to eliminate this tier is also equitable and not 
unfairly discriminatory because it applies to all Members.

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 purposes of the Act. Rather, as discussed above, 
the Exchange believes that the proposed changes would encourage the 
submission of additional order flow to a public exchange, thereby 
promoting market depth, execution incentives and enhanced execution 
opportunities, as well as price discovery and transparency for all 
Members. As a result, the Exchange believes that the proposed changes 
further 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.'' \17\
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    \17\ 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 believes the proposed rule changes do not impose any 
burden on intramarket competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. Particularly, the proposed 
tier changes apply to all Members equally in that all Members continue 
to be eligible for the Add Volume, Non-Displayed Add Volume, and Step-
Up Tiers, have a reasonable opportunity to meet the tiers' criteria and 
will receive the corresponding additional rebates if such criteria are 
met. Additionally, the proposed tier changes are designed to attract 
additional order flow to the Exchange. The Exchange believes that the 
updated tier criteria would incentivize market participants to direct 
liquidity adding order flow to the Exchange, bringing with it 
additional execution opportunities for market participants and improved 
price transparency. Greater overall order flow, trading opportunities, 
and pricing transparency benefits all market participants on the 
Exchange by enhancing market quality and continuing to encourage 
Members to send orders, thereby contributing towards a robust and well-
balanced market ecosystem.
    Next, the Exchange believes the proposed rule change does not 
impose any burden on intermarket competition that is not necessary or 
appropriate in

[[Page 73405]]

furtherance of the purposes of the Act. As previously discussed, the 
Exchange operates in a highly competitive market. Members have numerous 
alternative venues that they may participate on and direct their order 
flow, including 15 other equities exchanges and off exchange venues and 
alternative trading systems. Additionally, the Exchange represents a 
small percentage of the overall market. Based on publicly available 
information, no single equities exchange has more than 16% \18\ of the 
market share. Therefore, no exchange possesses significant pricing 
power in the execution of order flow. Indeed, participants can readily 
choose to send their orders to other exchange and 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.'' \19\ 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'. . ..''.\20\ 
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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    \18\ Supra note 3.
    \19\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005).
    \20\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 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 neither solicited nor received comments on the 
proposed rule change.

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 \21\ and paragraph (f) of Rule 19b-4 \22\ 
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.
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 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-CboeBZX-2021-084 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-CboeBZX-2021-084. 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-CboeBZX-2021-084 and should be submitted 
on or before January 18, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-27922 Filed 12-23-21; 8:45 am]
BILLING CODE 8011-01-P


