Federal Register / Vol. 85, No. 237 / Wednesday, December 9, 2020 / Notices 79239 

17 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (S7–10–04) 

(Final Rule) (‘‘Regulation NMS’’). 

5See Securities Exchange Act Release No. 61358, 

75 FR 3594, 3597 (January 21, 2010) (File No. S7– 

02–10) (Concept Release on Equity Market 

Structure). 

6See Cboe Global Markets, U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. See 

generally https://www.sec.gov/fast-answers/ 

divisionsmarketregmrexchangesshtml.html. 

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–2020–101 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–2020–101. 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–2020–101, and 

should be submitted on or before 

December 30, 2020. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26990 Filed 12–8–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90560; File No. SR– 

NYSENAT–2020–35] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Its Schedule of 

Fees and Rebates 

December 3, 2020. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’),2 and Rule 19b–4 thereunder,3

notice is hereby given that on December 

1, 2020, NYSE National, Inc. (‘‘NYSE 

National’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend its 

Schedule of Fees and Rebates (‘‘Fee 

Schedule’’) to modify Adding Tier 2 and 

Removing Tier 1. The Exchange 

proposes to implement the rule change 

on December 1, 2020. The proposed rule 

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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

Fee Schedule to modify Adding Tier 2 

and Removing Tier 1. 

The proposed changes respond to the 

current competitive environment where 

order flow providers have a choice of 

where to direct liquidity-providing and 

liquidity-removing orders by offering 

further incentives for ETP Holders to 

send additional displayed and nondisplayed liquidity to the Exchange. The 

proposed changes also respond to the 

current volatile market environment 

that has resulted in unprecedented 

average daily volumes, which is related 

to the ongoing spread of the novel 

coronavirus (‘‘COVID–19’’). 

The Exchange proposes to implement 

the rule change on December 1, 2020. 

Current Market and Competitive 

Environment 

The Exchange operates in a highly 

competitive market. 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.’’ 4

While Regulation NMS has enhanced 

competition, it has also fostered a 

‘‘fragmented’’ market structure where 

trading in a single stock can occur 

across multiple trading centers. When 

multiple trading centers compete for 

order flow in the same stock, the 

Commission has recognized that ‘‘such 

competition can lead to the 

fragmentation of order flow in that 

stock.’’ 5 Indeed, equity trading is 

currently dispersed across 16 

exchanges,6 31 alternative trading 


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79240 Federal Register / Vol. 85, No. 237 / Wednesday, December 9, 2020 / Notices 

7See FINRA ATS Transparency Data, available at 

https://otctransparency.finra.org/otctransparency/ 

AtsIssueData. Although 54 alternative trading 

systems were registered with the Commission as of 

July 29, 2019, only 31 are currently trading. A list 

of alternative trading systems registered with the 

Commission is available at https://www.sec.gov/ 

foia/docs/atslist.htm. 

8See Cboe Global Markets U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. 

9See id. 

systems,7 and numerous broker-dealer 

internalizers and wholesalers. Based on 

publicly-available information, no 

single exchange has more than 16% of 

the market share of executed volume of 

equity trades (whether excluding or 

including auction volume).8 Therefore, 

no exchange possesses significant 

pricing power in the execution of equity 

order flow. More specifically, the 

Exchange’s share of executed volume of 

equity trades in Tapes A, B and C 

securities is less than 2%.9

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can move order flow, or discontinue or 

reduce use of certain products, in 

response to fee changes. While it is not 

possible to know a firm’s reason for 

moving order flow, the Exchange 

believes that one such reason is because 

of fee changes at any of the registered 

exchanges or non-exchange trading 

venues to which a firm routes order 

flow. These fees vary month to month, 

and not all are publicly available. With 

respect to non-marketable order flow 

that would provide liquidity on an 

exchange, ETP Holders can choose from 

any one of the 16 currently operating 

registered exchanges to route such order 

flow. Accordingly, competitive forces 

constrain the Exchange’s transaction 

fees, and market participants can readily 

trade on competing venues if they deem 

pricing levels at those other venues to 

be more favorable. 

The Exchange utilizes a ‘‘takermaker’’ or inverted fee model to attract 

orders that provide liquidity at the most 

competitive prices. Under the takermaker model, offering rebates for taking 

(or removing) liquidity increases the 

likelihood that market participants will 

send orders to the Exchange to trade 

with liquidity providers’ orders. This 

increased taker order flow provides an 

incentive for market participants to send 

orders that provide liquidity. The 

Exchange generally charges fees for 

order flow that provides liquidity. These 

fees are reasonable due to the additional 

marketable interest (in part attracted by 

the Exchange’s rebate to remove 

liquidity) with which those order flow 

providers can trade. 

Proposed Rule Change 

To respond to this competitive 

environment, the Exchange proposes the 

following changes to its Fee Schedule 

designed to provide order flow 

providers with incentives to route 

liquidity-providing order flow to the 

Exchange. As described above, ETP 

Holders with liquidity-providing order 

flow have a choice of where to send that 

order flow. 

Proposed Change To Adding Tier 2 

Under current Adding Tier 2, ETP 

Holders that add liquidity to the 

Exchange in securities with a per share 

price of $1.00 or more and that have at 

least 0.15% or more of ADV of adding 

liquidity as a percentage of US CADV 

are charged a fee of $0.0022 per share 

for adding displayed orders in Tape A, 

B, and C securities. The Exchange 

proposes to revise Adding Tier 2 by 

modifying the requirements to qualify 

for the tier, as follows (proposed 

additions underlined, deletions 

bracketed): 

Tier requirement Adding rate 

Adding Tier 2: 

At least [0.15%] 0.13% or more Adding ADV as a % of US CADV ..................................... Displayed liquidity: Tapes A, B and C: $0.0022. 

The Exchange does not propose any 

changes to the Adding Rate for Adding 

Tier 2, and the rate for Orders that add 

liquidity under the Adding Tier 2 would 

remain unchanged. 

The Exchange believes that lowering 

the ADV requirement for Adding Tier 2 

from 0.15% to 0.13% or more Adding 

ADV as a percentage of US CADV will 

allow greater numbers of ETP Holders to 

potentially qualify for the tier, and will 

incentivize more ETP Holders to route 

their liquidity-providing order flow to 

the Exchange in order to qualify for the 

tier. This in turn would support the 

quality of price discovery on the 

Exchange and provide additional price 

improvement opportunities for 

incoming orders. The Exchange believes 

that by correlating the amount of the fee 

to the level of orders sent by an ETP 

Holder that add liquidity, the 

Exchange’s fee structure would 

incentivize ETP Holders to submit more 

orders that add liquidity to the 

Exchange, thereby increasing the 

potential for price improvement to 

incoming marketable orders submitted 

to the Exchange. 

As noted above, the Exchange 

operates in a competitive environment, 

particularly as relates to attracting nonmarketable orders, which add liquidity 

to the Exchange. Currently, only a few 

ETP Holders have qualified for Adding 

Tier 2. The Exchange does not know 

how much order flow ETP Holders 

choose to route to other exchanges or to 

off-exchange venues. Without having a 

view of ETP Holders’ activity on other 

exchanges and off-exchange venues, the 

Exchange has no way of knowing 

whether this proposed rule change 

would result in any additional ETP 

Holders directing orders to the 

Exchange in order to qualify for the 

revised Adding Tier 2 rate. However, 

the Exchange believes there are multiple 

additional ETP Holders that could 

qualify for the revised Adding Tier 2, if 

they so choose, based on their current 

trading profiles. 

Proposed Changes To Removing Tier 1 

Under current Removing Tier 1, the 

Exchange provides a rebate of $0.0030 

per share to ETP Holders that remove 

liquidity from the Exchange in 

securities with a per share price of $1.00 

or more and that have (i) a combined 

Adding ADV and Removing ADV of at 

least 0.20% as a % of US CADV, and (ii) 

250,000 of Adding ADV. 

The Exchange proposes to revise 

Removing Tier 1 by modifying the 

requirements to qualify for the tier, as 

follows (proposed additions underlined, 

deletions bracketed): 

Tier requirement Removing rate 

Removing Tier 1: 

At least [0.20%] 0.18% Adding ADV and Removing ADV combined as a % of US CADV and 250,000 Adding ADV ......... ($0.0030) 


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Federal Register / Vol. 85, No. 237 / Wednesday, December 9, 2020 / Notices 79241 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(4) & (5). 

The Exchange does not propose any 

changes to the Removing Rate for Orders 

that removed liquidity that qualify for 

Removing Tier 1, and the rate for such 

orders under Removing Tier 1 would 

remain unchanged. 

The Exchange believes that lowering 

the combined Adding ADV and 

Removing ADV requirement for 

Removing Tier 1 from 0.20% to 0.18% 

as a percentage of US CADV for ETP 

Holders that also have 250,000 Adding 

ADV will allow greater numbers of ETP 

Holders to qualify for the tier, and will 

incentivize more ETP Holders to route 

liquidity-removing order flow to the 

Exchange in order to qualify for the tier. 

This is turn would support the quality 

of price discovery on the Exchange and 

provide additional price improvement 

opportunities for incoming orders. 

As described above, ETP Holders with 

liquidity-removing order flow have a 

choice of where to send that order flow. 

The Exchange believes that as a result 

of the proposed change to Removing 

Tier 1, more ETP Holders will choose to 

route their liquidity-removing order 

flow to the Exchange in order to qualify 

for the credits for removing liquidity 

associated with Removing Tier 1 given 

that the requirements to qualify have 

been reduced. 

As noted, the Exchange operates in a 

competitive environment. Currently, 

only a few ETP Holders qualify for 

Removing Tier 1. The Exchange does 

not know how much order flow ETP 

Holders choose to route to other 

exchanges or to off-exchange venues. 

Without having a view of ETP Holders’ 

activity on other exchanges and offexchange venues, the Exchange has no 

way of knowing whether this proposed 

rule change would result in any 

additional ETP Holders directing orders 

to the Exchange in order to qualify for 

the revised Removing Tier 1 rate. 

However, the Exchange believes there 

are multiple ETP Holders that could 

qualify for the revised Removing Tier 1, 

if they so choose, based on their current 

trading profiles. 

The proposed changes are not 

otherwise intended to address any other 

issues, and the Exchange is not aware of 

any problems that ETP Holders would 

have in complying with the proposed 

changes. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,10 in general, and 

furthers the objectives of Sections 

6(b)(4) and 6(b)(5) of the Act,11 in 

particular, because it provides for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

members, issuers and other persons 

using its facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Proposed Change Is Reasonable 

As discussed above, the Exchange 

operates in a highly fragmented and 

competitive market. The Exchange 

believes that the ever-shifting market 

share among the exchanges from month 

to month demonstrates that market 

participants can move order flow, or 

discontinue or reduce use of certain 

categories of products, in response to fee 

changes. While it is not possible to 

know a firm’s reason for shifting order 

flow, the Exchange believes that one 

such reason is because of fee changes at 

any one of the registered exchanges or 

non-exchange trading venues that a firm 

routes order flow to, which vary month 

to month, and not all of which are 

publicly known. With respect to nonmarketable order flow that would 

provide liquidity on an Exchange, ETP 

Holders can choose from any one of the 

16 currently operating registered 

exchanges to route such order flow. 

Accordingly, competitive forces 

constrain exchange transaction fees that 

relate to orders that would provide 

liquidity on an exchange. 

Given the current competitive 

environment, the Exchange believes that 

the proposal represents a reasonable 

attempt to attract additional order flow 

to the Exchange. Specifically, the 

Exchange believes that the proposed 

revisions to Adding Tier 2 and 

Removing Tier 1 are reasonable because 

they would promote execution 

opportunities for ETP Holders routing 

order flow to the Exchange. 

The Exchange believes that the 

proposal as a whole represents a 

reasonable effort to promote price 

improvement and enhanced order 

execution opportunities for ETP 

Holders. All ETP Holders would benefit 

from the greater amounts of liquidity on 

the Exchange, which would represent a 

wider range of execution opportunities. 

The Proposal Is an Equitable Allocation 

of Fees 

The Exchange believes the proposed 

rule change equitably allocates its fees 

among its market participants. The 

proposed change would continue to 

encourage ETP Holders to both submit 

additional liquidity to the Exchange and 

execute orders on the Exchange, thereby 

contributing to robust levels of liquidity, 

to the benefit of all market participants. 

The Exchange believes that modifying 

Adding Tier 2 and Removing Tier 1 

would encourage the submission and 

removal of additional liquidity from the 

Exchange, thus enhancing order 

execution opportunities for ETP Holders 

from the substantial amounts of 

liquidity present on the Exchange. All 

ETP Holders would benefit from the 

greater amounts of liquidity that would 

be present on the Exchange, which 

would provide greater execution 

opportunities. 

The Exchange believes the proposed 

rule change would also improve market 

quality for all market participants 

seeking to remove liquidity on the 

Exchange and, as a consequence, attract 

more liquidity to the Exchange, thereby 

improving market-wide quality. The 

proposal neither targets nor will it have 

a disparate impact on any particular 

category of market participant. 

Specifically, the Exchange believes 

that the proposal constitutes an 

equitable allocation of fees because all 

similarly situated ETP Holders and 

other market participants would be 

eligible for the same general and tiered 

rates and would be eligible for the same 

fees and credits. Moreover, the proposed 

change is equitable because the revised 

fees would apply equally to all similarly 

situated ETP Holders. 

The Proposal Is Not Unfairly 

Discriminatory 

The Exchange believes that the 

proposal is not unfairly discriminatory. 

In the prevailing competitive 

environment, ETP Holders are free to 

disfavor the Exchange’s pricing if they 

believe that alternatives offer them 

better value. 

Moreover, the proposal neither targets 

nor will it have a disparate impact on 

any particular category of market 

participant. The Exchange believes that 

the proposal does not permit unfair 

discrimination because the proposal 

would be applied to all similarly 

situated ETP Holders and all ETP 

Holders would be subject to the same 

modified Adding Tier 2 and Removing 

Tier 1. Accordingly, no ETP Holder 

already operating on the Exchange 

would be disadvantaged by the 

proposed allocation of fees and credits. 

The Exchange further believes that the 

proposed changes would not permit 

unfair discrimination among ETP 

Holders because the tiered rates are 

available equally to all ETP Holders. As 

described above, in today’s competitive 

marketplace, order flow providers have 

a choice of where to direct liquidityproviding order flow, and the Exchange 

believes there are additional ETP 

Holders that could qualify if they chose 


jbell on DSKJLSW7X2PROD with NOTICES
79242 Federal Register / Vol. 85, No. 237 / Wednesday, December 9, 2020 / Notices 

12 15 U.S.C. 78f(b)(8). 

13Regulation NMS, 70 FR at 37498–99. 

14 15 U.S.C. 78s(b)(3)(A). 

15 17 CFR 240.19b–4(f)(2). 

16 15 U.S.C. 78s(b)(2)(B). 17 17 CFR 200.30–3(a)(12). 

to direct their order flow to the 

Exchange. 

Finally, the Exchange believes that it 

is subject to significant competitive 

forces, as described below in the 

Exchange’s statement regarding the 

burden on competition. 

For the foregoing 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,12 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Instead, as 

discussed above, the Exchange believes 

that the proposed change would 

encourage the submission of additional 

liquidity and order flow to a public 

exchange, thereby enhancing order 

execution opportunities for ETP 

Holders. As a result, the Exchange 

believes that the proposed change 

furthers the Commission’s goal in 

adopting Regulation NMS of fostering 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 13

Intramarket Competition. The 

proposed change is designed to attract 

additional order flow to the Exchange. 

As described above, the Exchange 

believes that the proposed change 

would provide additional incentives for 

market participants to route liquidityproviding and liquidity-removing orders 

to the Exchange. Greater liquidity 

benefits all market participants on the 

Exchange by providing more trading 

opportunities and encourages ETP 

Holders to send orders, thereby 

contributing to robust levels of liquidity. 

The proposed revised fees would be 

available to all similarly-situated market 

participants, and thus, the proposed 

change would not impose a disparate 

burden on competition among market 

participants on the Exchange. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily choose to send 

their orders to other exchanges and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. As noted above, the 

Exchange’s market share of intraday 

trading in Tapes A, B and C securities 

is less than 2%. In such an 

environment, the Exchange must 

continually adjust its fees and rebates to 

remain competitive with other 

exchanges and off-exchange venues. 

Because competitors are free to modify 

their own fees and credits in response, 

and because market participants may 

readily adjust their order routing 

practices, the Exchange does not believe 

its proposed fee change can impose any 

burden on intermarket competition. 

The Exchange believes that the 

proposed change could promote 

competition between the Exchange and 

other execution venues, including those 

that currently offer similar order types 

and comparable transaction pricing, by 

encouraging additional orders to be sent 

to the Exchange for execution. 

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 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 14 of the Act and 

subparagraph (f)(2) of Rule 19b–4 15

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 16 of the Act to 

determine whether the proposed rule 

change should be approved or 

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– 

NYSENAT–2020–35 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–NYSENAT–2020–35. 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–NYSENAT–2020–35, and 

should be submitted on or before 

December 30, 2020. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26993 Filed 12–8–20; 8:45 am] 

BILLING CODE 8011–01–P 


jbell on DSKJLSW7X2PROD with NOTICES