102238 Federal Register / Vol. 89, No. 242 / Tuesday, December 17, 2024 / Notices 

23 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3This proposal will adjust for inflation up to 

August 2024. Depending on inflation thereafter, 

further adjustments may, or may not, be necessary. 

4These measurements compare the time 

difference between events on the matching engine 

and the time these events are published. 

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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of FICC 

and on DTCC’s website (www.dtcc.com/ 

legal/sec-rule-filings). Do not include 

personal identifiable information in 

submissions; you should submit only 

information that you wish to make 

available publicly. We may redact in 

part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to File Number SR–FICC–2024–011 and 

should be submitted on or before 

January 7, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–29628 Filed 12–16–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101886; File No. SR–Phlx– 

2024–68] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Certain Fees 

Based on the Rate of Inflation 

December 11, 2024. 

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 

2, 2024, Nasdaq PHLX LLC (‘‘Phlx’’ 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 the 

Exchange’s fees based on the rate of 

inflation. 

While these amendments are effective 

upon filing, the Exchange has 

designated the proposed amendments to 

be operative on January 1, 2025. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/phlx/rules, 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 

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 purpose of the proposed rule 

change is to adjust market data fees for 

inflation, to be operative on January 1, 

2025. 

Many market data fees have not 

changed for years. As such, the fees 

have fallen substantially in real terms. 

The Exchange proposes to restore fees to 

the real amount intended in the original 

filings in a one-time inflationary 

adjustment. This adjustment will 

become operative in three parts: 45 

percent in 2025; 30 percent in 2026; and 

the final 25 percent in 2027. The 

Exchange believes that it is necessary to 

spread the impact of this one-time 

adjustment for past inflation to prevent 

any undue impact that execution in a 

single tranche may have on our 

customers.3

The proposed fee increases will apply 

to three product families: (i) PSX 

Managed Data Solutions; (ii) Market 

Data Distributor Fees; and (iii) PSX 

TotalView. A detailed list of fee 

adjustments is set forth below. The 

Exchange is not proposing to adjust fees 

for non-professional usage, 

administrative fees, extranet fees, or 

certain categories of Non-Display usage. 

The Exchange plans to use this 

inflationary adjustment to support 

continued investment in innovative, 

high-quality data products. 

Investments in Nasdaq Data Products 

PHLX has continuously invested in its 

products in the period after the current 

fees were first instituted to 

accommodate the increasing amount of 

information processed and the changes 

in technology over time. It is reasonable 

and consistent with the Act for the 

Exchange to recoup its investments, at 

least in part, by adjusting its fees. 

Continuing to operate at fees frozen in 

time impacts the Exchange’s ability to 

enhance its offerings and the interests of 

market participants and investors. 

These investments have been 

necessary in part because of increases in 

the amount of information processed, 

coupled with the need to maintain 

infrastructure in a high fixed cost 

environment. The following message 

rate metrics for the PSX depth of book 

feed illustrate changes in system 

demand over time: 

• Peak Rate by Millisecond: down 

approximately 6% 

• Average Rate per Millisecond: up 

approximately 0.1% 

• Peak Rate per Second: up 

approximately 73% 

• Average Rate per Second: up 

approximately 79% 

• Peak Total Messages: up 

approximately 344% 

• Average Total Messages: up 

approximately 283% 

• Average Daily Volume: down 

approximately 58% 

• Maximum Message Count: up 

approximately 344% 

With this increase in message traffic 

and need to maintain infrastructure, the 

Exchange expended significant 

resources to improve its market data 

products to meet customer expectations, 

including continued investment in all 

aspects of the technology ecosystem 

(e.g., software, hardware, and network). 

During the period between 2018 and 

2023, advancements in system 

performance as measured by latency not 

only accommodated the high message 

traffic volumes but stayed well ahead of 

it. The following latency metrics 4

illustrate the increase in message 

processing speed: 

• Median: down approximately 40% 

• Average: down approximately 46% 

• Max: down approximately 50% 

The Exchange continues to invest in 

enhancing its technology for the benefit 

and often at the behest of its customers. 

Yet the Exchange has not adjusted any 

of the fees included in this proposal for 

many years (as set forth below), to even 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 242 / Tuesday, December 17, 2024 / Notices 102239 

5See https://fred.stlouisfed.org/series/ 

PCU51825182#0. 6See https://www.bls.gov/ppi/overview.htm. 

7See https://www.bls.gov/ppi/overview.htm. 

8NAICS appears in table 5 of the PPI Detailed 

Report and is available at https://data.bls.gov/ 

timeseries/PCU518210518210. 

9See https://www.bls.gov/ppi/factsheets/ 

producer-price-index-for-the-data-processing-andrelated-servicesindustry-naics-518210.htm. 

10The Exchange notes that the Bureau of Labor 

Statistics uses a number of measures of inflation 

that may apply to Exchange market data. For 

example, there is also an inflation measure related 

to PPI industry data for data processing, hosting and 

related services: Hosting, ASP, and other IT 

infrastructure provisioning services. This other 

measure has been used by other SROs in 

determining price changes and may provide an 

alternative point of reference. 

11See, e.g., Securities Exchange Act Release Nos. 

34–100004 (April 22, 2024), 89 FR 32465 (April 26, 

2024) (SR–CboeBYX–2024–012); and 34–100398 

(June 21, 2024), 89 FR 53676 (June 27, 2024) (SR– 

BOX–2024–16); Securities Exchange Act Release 

No. 100994 (September 10, 2024), 89 FR 75612 

(September 16, 2024) (SR–NYSEARCA–2024–79). 

12The Exchange rounded fees as follows: fee 

values over $999.99 were rounded to the nearest 

$10; fees between $99.99 and $999.99 were rounded 

to the nearest dollar; fees between $9.99 and $99.99 

were rounded to the nearest $0.50; fees less than 

$9.99 were rounded to the nearest $0.10. Where 

rounding would have caused the proposed fee to 

exceed the rate of inflation, the Exchange rounded 

downward. 

partially offset the costs of maintaining 

and enhancing its market data offerings. 

Inflationary Index 

The fee increases the Exchange 

proposes are based on an industryspecific Producer Price Index (PPI), 

which is a tailored measure of 

inflation.5 As a general matter, the 

Producer Price Index is a family of 

indexes that measures the average 

change over time in selling prices 

received by domestic producers of 

goods and services, measuring price 

change from the perspective of the 

seller. This contrasts with other metrics, 

such as the Consumer Price Index (CPI), 

that measure price change from the 

purchaser’s perspective.6

About 10,000 PPIs for individual 

products and groups of products are 

tracked and released each month.7 PPIs 

are available for the output of nearly all 

industries in the goods-producing 

sectors of the U.S. economy—mining, 

manufacturing, agriculture, fishing, and 

forestry—as well as natural gas, 

electricity, and construction, among 

others. The PPI program covers 

approximately 69 percent of the service 

sector’s output, as measured by revenue 

reported in the 2017 Economic Census. 

For purposes of this proposal, the 

relevant industry-specific PPI is the 

Data Processing and Related Services 

PPI (‘‘Data Processing PPI’’), which is an 

industry net-output PPI that measures 

the average change in selling prices 

received by companies that provide data 

processing services. The Data Processing 

PPI was introduced in January 2002 by 

the Bureau of Labor Statistics (BLS) as 

part of an ongoing effort to expand 

Producer Price Index coverage of the 

services sector of the U.S. economy and 

is identified as NAICS–518210 in the 

North American Industry Classification 

System.8 According to the BLS ‘‘[t]he 

primary output of NAICS 518210 is the 

provision of electronic data processing 

services. In the broadest sense, 

computer services companies help their 

customers efficiently use technology. 

The processing services market consists 

of vendors who use their own computer 

systems—often utilizing proprietary 

software—to process customers’ 

transactions and data. Companies that 

offer processing services collect, 

organize, and store a customer’s 

transactions and other data for recordkeeping purposes. Price movements for 

the NAICS 518210 index are based on 

changes in the revenue received by 

companies that provide data processing 

services. Each month, companies 

provide net transaction prices for a 

specified service. The transaction is an 

actual contract selected by probability, 

where the price-determining 

characteristics are held constant while 

the service is repriced. The prices used 

in index calculation are the actual 

prices billed for the selected service 

contract.’’ 9

The Exchange believes the Data 

Processing PPI is an adequate measure 

to for adjusting fees for its proprietary 

market data products because the 

Exchange uses its ‘‘own computer 

systems’’ and ‘‘proprietary software,’’ 

i.e., its own data center and proprietary 

matching engine software, respectively, 

to collect, organize, store and report 

customers’ transactions in U.S. equity 

securities.10

The Exchange furthermore notes that 

the Data Processing PPI is a stable 

metric with limited volatility, unlike 

other consumer-side inflation metrics. 

The Data Processing PPI has not 

experienced a greater than 2.16% 

increase for any one calendar year 

period since Data Processing PPI was 

introduced into the PPI in January 2002. 

The average calendar year change from 

January 2002 to December 2023 was 

0.62%, with a cumulative increase of 

15.67% over this 21-year period. 

The Exchange notes that other 

exchanges have filed for increases in 

certain fees, based in part on the rate of 

inflation.11

Calculation and Proposed Fee Changes 

The proposed inflationary 

adjustments are based on a comparison 

of the Data Processing PPI index on the 

last date that the relevant fee was 

adjusted with the level of the Data 

Processing PPI index on August 1, 2024. 

For example, for a fee that was last 

changed on September 1, 2010, the 

Exchange divided the difference 

between the Data Processing PPI index 

on August 2024 (116.022) and the Data 

Processing PPI index in September 2010 

(101.7) by the Data Processing PPI index 

in September 2010 (101.7), to calculate 

a total inflationary adjustment of 14 

percent to obtain the percentage 

increase. That percentage increase was 

then applied to the prior fee to 

determine the proposed fee, and then 

rounding the result.12 This calculation 

was repeated for each market data fee. 

As noted above, the Exchange 

proposes to adjust fees through a onetime inflationary adjustment to be 

executed in three tranches: one in 2025 

that will cover 45 percent of the 

adjustment, another in 2026 to cover an 

additional 30 percent, and a final 

tranche in 2027 for the final 25 percent 

of the adjustment. 

Table 1 below shows the proposed 

changes for 2025, 2026 and 2027, the 

date of the last fee change, and the 

overall adjustment: 


ddrumheller on DSK120RN23PROD with NOTICES1
102240 Federal Register / Vol. 89, No. 242 / Tuesday, December 17, 2024 / Notices 

13See Securities Exchange Act Release No. 76799 

(December 30, 2015), 81 FR 551 (January 6, 2016) 

(SR–PHLX–2015–112). 

14See id. 

15See Securities Exchange Act Release No. 62876 

(September 9, 2010), 75 FR 56624 (September 16, 

2010) (SR–PHLX–2010–120). 

16The change as calculated by the Data 

Processing PPI index is 13.8%. The actual change 

is 13.6% due to rounding of the fee. 

17See Securities Exchange Act Release No. 62876 

(September 9, 2010), 75 FR 56624 (September 16, 

2010) (SR–PHLX–2010–120). 

18The change as calculated by the Data 

Processing PPI index is 13.8%. The actual change 

is 13.7% due to rounding of the fee. 

19See Securities Exchange Act Release No. 62876 

(September 9, 2010), 75 FR 56624 (September 16, 

2010) (SR–PHLX–2010–120). 

20The change as calculated by the Data 

Processing PPI index is 13.8%. The actual change 

is 13.7% due to rounding of the fee. 

21See Securities Exchange Act Release No. 62876 

(September 9, 2010), 75 FR 56624 (September 16, 

2010) (SR–PHLX–2010–120). 

22See Securities Exchange Act Release No. 82569 

(January 23, 2018), 83 FR 4100 (January 29, 2018) 

(SR–PHLX–2018–10). 

23The change as calculated by the Data 

Processing PPI index is 8.7%. The actual change is 

8.0% due to rounding of the fee. 

24See Securities Exchange Act Release No. 82569 

(January 23, 2018), 83 FR 4100 (January 29, 2018) 

(SR–PHLX–2018–10). 

25 15 U.S.C. 78f(b). 

26 15 U.S.C. 78f(b)(4) and (5). 

27See https://www.officialdata.org/us/inflation/ 

2019?endYear=2023&amount=1. 

28See https://data.bls.gov/timeseries/ 

PCU518210518210. 

TABLE 1—PROPOSED INFLATIONARY ADJUSTMENT

Product Current 2025 2026 2027 Last change Overall 

percent change 

PSX Managed Data Solutions 

Monthly Administration Fee ............... $1,500 $1,590 $1,660 $1,686 13 1/1/2016 12.4 

Monthly Professional Subscriber Fee 150 159 166 168 14 1/1/2016 12.4 

Market Data Distributor Fees 

Monthly Direct Access ....................... 1,000 1,060 1,110 1,137 15 10/1/2011 16 13.7 

Monthly Internal Distributor ................ 500 532 557 568 17 10/1/2011 18 13.6 

Monthly External Distributor ............... 1,250 1,330 1,390 1,421 19 10/1/2011 20 13.7 

PSX TotalView 

Per Subscriber (Indirect Access) ....... 40 42.50 44.50 45.50 21 10/1/2011 13.8 

Per Subscriber (Indirect Access) ....... 50 52.00 53.50 54.00 22 1/1/2018 23 8.0 

Enterprise License ............................. 17,000 17,670 18,190 18,485 24 1/1/2018 8.74 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,25 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,26 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

This belief is based on two factors. 

First, the current fees do not properly 

reflect the quality of the services and 

products, as fees for the services and 

products in question have been static in 

nominal terms, and therefore falling in 

real terms due to inflation. Second, the 

Exchange believes that investments 

made in enhancing the capacity of 

Exchange systems have increased the 

performance of the services and 

products notwithstanding fees having 

remained static in nominal terms. 

Equitable Allocation of Reasonable 

Dues, Fees and Other Charges 

The proposed changes are an 

equitable allocation of reasonable dues, 

fees and other charges because, as noted 

above, the Exchange has not increased 

any of the fees included in the proposal 

since the dates indicated in Table 1. In 

the years following the last fee increase, 

the Exchange has made significant 

investments in upgrades to Exchange 

systems and enhancing the quality of its 

services as measured by, among other 

things, increased throughput. As such, 

Exchange customers have benefitted 

while the Exchange’s ability to recoup 

its investments has been hampered, and 

Exchange fees have fallen in real terms 

during the relevant period. 

Between 2018 and 2023, for example, 

the overall inflation rate was an average 

of 3.93% per year, producing a 

cumulative inflation rate of 21.28%.27

Using the more targeted inflation 

number of Data Processing PPI, the 

cumulative inflation rate was 8.07%.28

The Exchange believes the Data 

Processing PPI is a reasonable metric for 

this fee increase because it is targeted to 

producer-side increases in the data 

processing industry, which, based on 

the definition adopted by BLS, would 

include the Exchange’s market data 

products. Notwithstanding this 

inflation, the Exchange has not 

increased its fees for the subject services 

for the period of time indicated in Table 

1, and therefore the proposed fee 

changes represent a reasonable increase 

from the current fees. 

The Exchange believes the proposed 

fee increase is reasonable in light of the 

Exchange’s continued expenditure in 

maintaining a robust technology 

ecosystem. The Exchange continues to 

invest in maintaining and enhancing its 

market data products for the benefit and 

often at the behest of its customers and 

global investors. Such enhancements 

include refreshing all aspects of the 

technology ecosystem including 

software, hardware, and network while 

introducing new and innovative 

products. The goal of these 

enhancements, among other things, is to 

provide faster and more consistent 

market data products. The Exchange 

continues to expend resources to 

innovate and modernize technology so 

that it may benefit its members in 

offering its market data products. 

The Proposal Does Not Permit Unfair 

Discrimination 

The proposed fee increases are not 

unfairly discriminatory because they 

would apply to all data recipients that 

choose to purchase the market data 

products identified above. Any person 

that chooses to purchase any of these 

products would be subject to the same 

fee schedule, regardless of what type of 

business they operate or the use they 

plan to make of the data feed. 

Additionally, the fee increase would be 

applied uniformly to subscribers 

without regard to Exchange membership 

status or the extent of any other 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 242 / Tuesday, December 17, 2024 / Notices 102241 

29 15 U.S.C. 78s(b)(3)(A)(ii). 30 17 CFR 200.30–3(a)(12). 

business with the Exchange or affiliated 

entities. 

The proposed changes are also not 

unfairly discriminatory because the fees 

would be assessed uniformly across all 

market participants that purchase these 

products in the same manner they are 

today, and all products will remain 

available for purchase by all market 

participants. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intramarket Competition 

The proposed fees do not put any 

market participants at a relative 

disadvantage compared to other market 

participants. As noted above, the fee 

schedule would continue to apply to all 

customers of the market data products 

identified above in the same manner as 

it does today, albeit at inflation-adjusted 

rates for certain fees, and customers may 

choose whether to subscribe to the feed 

at all. The Exchange also believes that 

the level of the proposed fees neither 

favors nor penalizes any one or more 

categories of market participants in a 

manner that would impose an undue 

burden on competition. 

Intermarket Competition 

The proposed fees do not impose a 

burden on competition or on other Self 

Regulatory Organizations that is not 

necessary or appropriate. In determining 

the proposed fees, the Exchange utilized 

an objective and stable metric with 

limited volatility. Utilizing Data 

Processing PPI over a specified period of 

time is a reasonable means of recouping 

the Exchange’s investment in 

maintaining and enhancing the market 

data products identified above. The 

Exchange believes utilizing Data 

Processing PPI, a tailored measure of 

inflation, to increase certain market data 

fees to recoup the Exchange’s 

investment in maintaining and 

enhancing its market data products 

would not impose a burden on 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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)(ii) of the Act.29

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: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

Phlx–2024–68 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–Phlx–2024–68. 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 (https://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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–Phlx–2024–68 and should be 

submitted on or before January 7, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–29632 Filed 12–16–24; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 12606] 

Notice of Determinations; Culturally 

Significant Objects Being Imported for 

Exhibition—Determinations: ‘‘Anne 

Frank’’ Exhibition 

SUMMARY: Notice is hereby given of the 

following determinations: I hereby 

determine that certain objects being 

imported from abroad pursuant to 

agreements with their foreign owners or 

custodians for temporary display in the 

exhibition ‘‘Anne Frank’’ at the Center 

for Jewish History, New York, New 

York, and at possible additional 

exhibitions or venues yet to be 

determined, are of cultural significance, 

and, further, that their temporary 

exhibition or display within the United 

States as aforementioned is in the 

national interest. I have ordered that 

Public Notice of these determinations be 

published in the Federal Register. 

FOR FURTHER INFORMATION CONTACT: 

Reed Liriano, Program Coordinator, 

Office of the Legal Adviser, U.S. 

Department of State (telephone: 202– 

632–6471; email: section2459@

state.gov). The mailing address is U.S. 

Department of State, L/PD, 2200 C Street 

NW (SA–5), Suite 5H03, Washington, 

DC 20522–0505. 

SUPPLEMENTARY INFORMATION: The 

foregoing determinations were made 

pursuant to the authority vested in me 

by the Act of October 19, 1965 (79 Stat. 

985; 22 U.S.C. 2459), Executive Order 

12047 of March 27, 1978, the Foreign 

Affairs Reform and Restructuring Act of 


ddrumheller on DSK120RN23PROD with NOTICES1