[Federal Register Volume 79, Number 132 (Thursday, July 10, 2014)]
[Notices]
[Pages 39442-39446]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-16096]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72537; File No. SR-NYSEArca-2014-25]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Amendment No. 1 and Order Granting Accelerated Approval of Proposed
Rule Change, as Modified by Amendment No. 1, To Make Permanent Its
Pilot Program Regarding Minimum Value Sizes for Opening Transactions in
New Series of Flexible Exchange Options and Establish New Minimum Value
Sizes Applicable to Other FLEX Transactions and FLEX Quotes
July 3, 2014.
I. Introduction
On March 18, 2014, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to make permanent its pilot program regarding
minimum value sizes for opening transactions in new series of flexible
exchange options (``FLEX Options'' or ``FLEX'') and establish new
minimum value sizes applicable to other FLEX transactions and FLEX
Quotes. The proposed rule change was published for comment in the
Federal Register on April 7, 2014.\3\ The Commission received no
comments on the proposal. The Exchange consented to an extension of the
time period for the Commission to approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved, to
July 6, 2014. The Exchange filed Amendment No. 1 to the proposed rule
change on May 22, 2014, in order to transmit a revised pilot report
that replaces the original Exhibit 3 to the filing, and to correct an
error in the Notice.\4\ The Commission is publishing this notice to
solicit comments on Amendment No. 1 from interested persons and is
approving the proposed rule change, as modified by Amendment No. 1, on
an accelerated basis.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 71839 (April 1,
2014), 79 FR 19154 (``Notice'').
\4\ The Exchange attached an Exhibit 3 to its proposed rule
change that contained an annual report summarizing pilot data
collected for the year 2013, the most recent complete year of the
pilot program (``Pilot Report''). Specifically, the Pilot Report
summarizes the trading volume and underlying value of opening
transactions in new series of FLEX Options during the year 2013 with
a size below the minimum value thresholds in force before the pilot,
as well as the types of customers initiating such transactions. In
Amendment No. 1, the Exchange submitted a revised Pilot Report as a
new Exhibit 3 that replaces the original Exhibit 3 in its entirety.
The revised Pilot Report corrects an error in the total FLEX Equity
Option contract trading volume under the pilot reported in the
original Pilot Report, and also makes non-substantive changes to
certain descriptive language in the Pilot Report. In Amendment No. 1
the Exchange also corrected the purpose section of the Notice to
state that all FLEX Index Options are subject to the same Underlying
Equivalent Value, and not unique Underlying Equivalent Values
applicable to different types of FLEX Index Options as originally
stated in the Notice.
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II. Description of the Amended Proposal
FLEX Options, unlike traditional standardized options, allow
investors to customize basic option terms, including size, expiration
date, exercise style, and certain exercise prices.\5\ Pursuant to
Commentary .02 to Rule 5.32, the Exchange currently has in place a
pilot program under which the minimum size requirements set forth in
Rule 5.32(d)(2), which apply to opening transactions in new series of
FLEX Options, are replaced with a one-contract minimum size (``Pilot
Program'').\6\ Prior to the Pilot Program, pursuant to Rule 5.32(d)(2),
the minimum value size for an opening transaction in any FLEX series in
which there was no open interest at the time the request for quotes was
submitted was: (i) For FLEX Equity Options, the lesser of 250 contracts
or the number of contracts overlying $1 million in the underlying
securities; and (ii) for FLEX Index Options, $10 million Underlying
Equivalent Value.\7\ The Exchange's proposal will make the Pilot
Program
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permanent by eliminating the minimum value size requirements set forth
in Rule 5.32(d)(2) for opening transactions in new FLEX Option series
and by eliminating the Pilot Program rule text set forth in Commentary
.02 to Rule 5.32. In connection with its proposal to make the Pilot
Program permanent, and as required by its filing establishing the Pilot
Program,\8\ the Exchange submitted to the Commission an annual Pilot
Report summarizing Pilot Program data collected for year 2013, the most
recent complete year of the Pilot Program.\9\
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\5\ See Notice, 79 FR 19155 n.4; see also NYSE Arca Options Rule
(``Rule'') 5.32. FLEX Options can be FLEX Index Options or FLEX
Equity Options. See Rules 5.30(b)(5) and (b)(6) (defining,
respectively, the terms ``FLEX Equity Option'' and ``FLEX Index
Option'').
\6\ See Commentary .02 to Rule 5.32; see also Securities
Exchange Act Release Nos. 62054 (May 6, 2010), 75 FR 27381 (May 14,
2010) (SR-NYSEArca-2010-34) (establishing Pilot Program); and 71845
(April 1, 2014) 79 FR 19143 (April 7, 2014) (SR-NYSEArca-2014-31)
(extending Pilot Program until the earlier of July 31, 2014 or
approval of the Pilot Program on a permanent basis).
\7\ See Rule 5.32(d)(2); see also Rule 5.30(b)(17) (defining the
term ``Underlying Equivalent Value'').
\8\ See supra note 6.
\9\ Specifically, the Pilot Report contains data and analysis of
underlying equivalent values, open interest and trading volume, and
analysis of the types of investors that initiated opening FLEX
Equity and Index Options transactions (i.e., institutional, high net
worth, or retail) in new FLEX Option series. See Amendment No. 1,
supra note 4.
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In its filing, the Exchange also has proposed to make some other
changes to its FLEX Option minimum value size rules, in addition to
requesting that the Pilot Program be made permanent. Rules 5.32(d)(3)-
(4), which are not part of the Pilot Program, set forth minimum value
sizes for other FLEX Option transactions and for FLEX Quotes.
Specifically, pursuant to Rule 5.32(d)(3), for a transaction in any
currently-opened FLEX series, the minimum value size is: (i) For FLEX
Equity Options, the lesser of 100 contracts or the number of contracts
overlying $1 million in the underlying securities in the case of
opening transactions, and 25 contracts in the case of closing
transactions; and (ii) for FLEX Index Options, $1 million Underlying
Equivalent Value in the case of both opening and closing transactions;
or (iii) for either case, the remaining underlying size or Underlying
Equivalent Value on a closing transaction, whichever is less. Pursuant
to Rule 5.32(d)(4), the minimum value size for FLEX Quotes responsive
to a Request for Quotes is 25 contracts in the case of FLEX Equity
Options and $1 million Underlying Equivalent Value in the case of FLEX
Index Options or for either case the remaining underlying size or
Underlying Equivalent Value on a closing transaction, whichever is
less. Even though these minimum value size requirements set forth in
Rules 5.32(d)(3)-(4) are not part of the Pilot Program, the Exchange
has proposed to eliminate them as well, in conjunction with making the
Pilot Program permanent. In its proposal the Exchange noted that
adopting the same minimum value sizes for existing and new series, in
addition to quotes, will allow market participants to tailor their FLEX
Option transactions to meet their investment objectives.
By proposing to make permanent the Pilot Program one-contract
minimum for opening transactions in new series of FLEX Options and by
also proposing to eliminate the minimum value size requirements for
FLEX Option transactions in currently-opened series and FLEX Quotes
responsive to a Request for Quotes, the Exchange is seeking to
establish a one-contract minimum size for all FLEX Option transactions
and FLEX Quotes. This one-contract minimum size would be codified in
new Rule 5.32(b)(7). The Exchange states that its proposal for a one-
contract minimum value size for all FLEX Option transactions and FLEX
Quotes is based on similar rules governing minimum value size for FLEX
Options approved for the CBOE.\10\
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\10\ See Notice, 79 FR 19156 and n.13 (citing Securities
Exchange Act Release No. 67624 (August 8, 2012), 77 FR 48580 (August
14, 2012) (order approving CBOE's proposal to make permanent its
pilot program eliminating minimum value sizes for FLEX Options)).
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In addition, as a technical, non-substantive change, the Exchange
has proposed to relocate from current Rule 5.32(d)(1) to new Rule
5.32(b)(6) rule text stating that the maximum term for both Equity and
Index FLEX Options shall be fifteen years, and make other non-
substantive changes to the rule.
III. Discussion and Commission Findings
After careful review, the Commission finds that the proposed rule
change, as amended, is consistent with the requirements of the Act and
the rules and regulations thereunder applicable to a national
securities exchange.\11\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Act,\12\
which requires, among other things, that the rules of a national
securities exchange be designed to prevent fraudulent and manipulative
acts and practices, to promote just and equitable principles of trade,
to foster cooperation and coordination with persons engaged in
regulating, clearing, settling, processing information with respect to,
and facilitating transactions in securities, to remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and, in general, to protect investors and the public
interest; and not be designed to permit unfair discrimination between
customers, issuers, brokers or dealers.
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\11\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\12\ 15 U.S.C. 78f(b)(5).
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FLEX Options were originally designed for use by institutional and
high net worth customers, rather than retail investors.\13\ In
approving CBOE's pilot eliminating minimum value sizes for FLEX
Options, which was the first such pilot to go into effect, the
Commission noted that it had received several comment letters stating
that the proposal would assist institutional customers, but it also
noted that the elimination of the minimum value size requirements
raised the possibility that retail customers would access the FLEX
Options market.\14\ One of the risks to retail investors outlined in
the ODD \15\ is that, because of the customized nature of FLEX Options
and lack of continuous quotes, trading in FLEX Options is often less
deep and liquid than trading in standardized options on the same
underlying interest.\16\ Additionally, the Commission observed that
reducing the minimum value size for opening FLEX Option transactions
increases the potential for the FLEX Options market to act as a
surrogate for the standardized options market, and expressed concern in
this regard because the standardized market contains certain
protections for investors not present in the FLEX Options market.\17\
The Commission stated that, in the event CBOE proposed making its pilot
program permanent, information regarding the types of
[[Page 39444]]
customers initiating opening FLEX Option transactions during the pilot
would enable the Commission to evaluate how market participants have
responded to CBOE's pilot program and what types of customers are using
the FLEX Options market.\18\ For these same reasons, at the
Commission's request, the Exchange included in its Pilot Report
information regarding the types of customers that initiated opening
FLEX Option transactions under its Pilot Program.\19\
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\13\ See Notice, 79 FR 19156; see also Securities Exchange Act
Release No. 36841 (February 14, 1996), 61 FR 6666 (February 21,
1996) (order approving SR-PSE-95-24). As noted in the Options
Disclosure Document (``ODD''), which explains the characteristics
and risks of exchange-traded options, flexibly structured options
may be useful to sophisticated investors seeking to manage
particular portfolio and trading risks. Rule 9b-1 under the Act
requires that broker-dealers furnish the ODD to a customer before
accepting an order from the customer to purchase or sell an option
contract relating to an options class that is the subject of the
ODD, or approving the customer's account for the trading of such
option. See 17 CFR 240.9b-1(d).
\14\ See Securities Exchange Act Release No. 61439 (January 28,
2010), 75 FR 5831 (February 4, 2010) (order approving SR-CBOE-2009-
087) (``CBOE Pilot Approval Order'').
\15\ See supra note 13.
\16\ In particular, the ODD states that because many of the
terms of FLEX Options are not standardized, it is less likely that
there will be an active secondary market in which holders and
writers of such options will be able to close out their positions by
offsetting sales and purchases. Also, the ODD states that certain
margin requirements for positions in flexibly structured options may
be significantly greater than the margin requirements applicable to
similar positions in other options on the same underlying interest.
\17\ See CBOE Pilot Approval Order, supra note 14. In
particular, the Commission noted that continuous quotes may not
always be available in the FLEX Options market and that FLEX Options
do not have trading rotations at either the opening or closing of
trading. Id.
\18\ Id. The Exchange has submitted a Pilot Report to the
Commission as Exhibit 3 to its filing, as well as other,
confidential reports of data collected during the Pilot Program. See
Amendment No. 1, supra note 4.
\19\ See Amendment No. 1, supra note 4.
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The Commission believes that these considerations and concerns that
informed its analysis of whether to permanently approve CBOE's pilot
are equally germane to its analysis here. As such, the Commission has
carefully reviewed the Pilot Report that the Exchange provided to the
Commission.\20\ The Pilot Report reflects that, in 2013, 84 opening
transactions in new series of FLEX Equity Options were initiated on the
Exchange with small minimum value sizes made possible by the Pilot
Program, 83 of which were initiated by institutional customers.\21\
Moreover, the Pilot Report indicates that these 84 FLEX Equity Option
transactions covered by the Pilot Program accounted for approximately
1% of the total volume and approximately 3% of the total value of all
opening FLEX Equity Option transactions in new series--i.e., opening
transactions covered by the Pilot Program as well as opening
transactions with value sizes above the pre-pilot minimum--during 2013.
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\20\ Id.
\21\ Id. The Pilot Report indicates that there were no opening
transactions in new series of FLEX Index Options during 2013 that
were initiated below the pre-pilot minimum size requirement. The
Pilot Report also indicates that no retail or high net worth
customers initiated opening transactions on the Exchange in new
series of FLEX Options below the pre-pilot minimum value size. The
Exchange believes that the lack of participation in the Pilot
Program by such customers is due to market structure issues,
including but not limited to those surrounding customer priority,
and is aware that retail customers initiate FLEX Option transactions
at other market centers. Id.
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The Exchange notes that the Pilot Report includes data specific to
opening transactions in new series of FLEX Options pursuant to current
Rule 5.32(d)(2), and does not include data for transactions in
currently-opened FLEX Options series or FLEX Quotes responsive to a
request for quotes pursuant to Rules 5.32(d)(3)-(4), as such
transactions and FLEX Quotes were not part of the Pilot Program.\22\
The Exchange represents, however, that based on its internal review, if
Rules 5.32(d)(3)-(4) had been part of the Pilot Program, transactions
in currently-opened FLEX Options series or FLEX Quotes with small value
sizes made permissible by the Pilot Program would have been de minimis,
and would not have materially altered the data in the Pilot Report.\23\
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\22\ See Notice, 79 FR 19157.
\23\ Id.
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On balance, the Commission believes that it is consistent with the
Act to make the Pilot Program permanent and thus eliminate, on a
permanent basis, the minimum value size requirements set forth in Rule
5.32(d)(2) for opening transactions in new series of FLEX Options. The
protections noted below, including heightened options suitability
requirements, should help to address any concerns about the potential
for retail participation in the Exchange's FLEX Options market in the
future. Moreover, the Commission is not aware of any data or analysis
to date suggesting that the trading of FLEX Options has acted as a
surrogate for the trading of standardized options on the Exchange as a
result of the Pilot Program. Indeed, the Commission understands that
FLEX Option trading accounts for less than 1% of the combined trading
volume of the standardized and FLEX Option markets.\24\ In addition,
the Pilot Report indicates that Pilot Program FLEX Option trades
account for a very small proportion of the total volume and total value
of all FLEX Option trades. Thus, it appears that the Pilot Program has
not caused significant trading interest to migrate from the
standardized options market to the FLEX Options market, nor caused, to
the best of our knowledge, a large number of investors to use FLEX
Options to avoid certain requirements in the standardized market. Based
on the current data and size of the FLEX Options market, and the lack
of any evidence to the contrary, it would appear that investors are
using the FLEX Options market for its intended purpose--to be able to
customize certain terms not available in the standardized options
market.
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\24\ See email dated June 19, 2014 from Glenn H. Gsell, Managing
Director, Intercontinental Exchange, NYSE Regulation, Inc. to
Michael Bradley and David Michehl, Special Counsels, Division of
Trading and Markets, Commission.
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The Commission also believes that a logical corollary to making the
Pilot Program permanent is to eliminate the minimum value size
requirements set forth in Rules 5.32(d)(3)-(4) for transactions in
currently-opened FLEX Options series and FLEX Quotes responsive to a
request for quotes. In this regard, the Commission notes that the
Exchange does not believe that the difference between effecting a
transaction in an existing FLEX Option series and effecting a FLEX
transaction in a new series is material to the extent that there should
be different minimum value sizes for the two types of transactions.\25\
In addition, the Exchange believes it would be consistent to apply the
same minimum value size to closing transactions so that investors may
elect to close just a portion of their FLEX position, without being
subject to a minimum value size that may be greater than the equivalent
value size necessary to meet their investment objectives.\26\ Further,
the Exchange believes that it would be consistent to apply the same
minimum value size to FLEX Quotes so that market participants may
respond to a request for quotes with the precise number of contracts or
underlying equivalent value needed to trade with the OTP Holder that
submitted the request. The Commission finds no basis under the Act at
this time for maintaining a minimum value size requirement for
transactions in currently-opened FLEX Option series or FLEX Quotes
responsive to a request for quotes, and believes that these changes
should be approved for reasons similar to those supporting permanent
approval of the Pilot Program. The Commission notes that it is not
aware of any problems resulting from the permanent approval of CBOE's
pilot eliminating FLEX Option minimum value sizes, which included
currently-opened series and FLEX Quotes responsive to a request for
quotes. As a result, the Commission believes that it is appropriate
under the Act, and would promote just and equitable principles of
trade, as well as remove impediments to and perfect the mechanism of a
free and open market and a national market system, to replace the
current minimum value size requirements for all FLEX Option
transactions and FLEX Quotes on the Exchange with a one-contract
minimum size.
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\25\ See Notice, 79 FR 19157.
\26\ Id. Currently, the minimum value size for closing
transactions is 25 contracts in the case of FLEX Equity Options and
$1 million Underlying Equivalent Value in the case of FLEX Index
Options, or in either case the remaining underlying size or
Underlying Equivalent Value on a closing transaction, whichever is
less. See Rules 5.32(d)(3)-(4).
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Existing safeguards--such as position reporting requirements and
margin requirements--will continue to apply to
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FLEX Options.\27\ Further, as noted above, under Rule 9b-1 under the
Act,\28\ all customers of a broker-dealer with options accounts
approved to trade FLEX Options must receive the ODD, which contains
specific disclosures about the characteristics and special risks of
trading FLEX Options.\29\ In addition, similar to other options, FLEX
Options are subject to Trading Permit Holder supervision and
suitability requirements, such as in Rules 9.2(b) and 9.18(c),
respectively.\30\ In addition to ensuring that FLEX Options are
suitable for their customers, broker-dealers also must take into
account the characteristics of the FLEX market, as compared to the
standardized market, when satisfying their best execution obligations.
The Commission believes that the safeguards in place are reasonably
designed to help mitigate potential risks for retail investors and
other market participants investing in FLEX Options.
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\27\ Certain position limit, aggregation and exercise limit
requirements continue to apply to FLEX Options in accordance with
Rule 5.35 (Position Limits) and Rule 5.36 (Exercise Limits). But the
Commission notes that certain FLEX Options do not have position or
exercise limits.
\28\ 17 CFR 240.9b-1.
\29\ See supra notes 13 and 16.
\30\ See Notice, 79 FR 19156.
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The Exchange believes that permanently removing the minimum value
size requirements for FLEX Options will give investors a more viable,
exchange-traded alternative to customized options in the OTC market,
which are not subject to minimum value size requirements.\31\
Furthermore, the Exchange has represented that broker-dealers have
indicated to the Exchange that the minimum value size requirements have
prevented them from bringing transactions on the Exchange that are
already taking place in the OTC market.\32\ Therefore, it appears
possible that eliminating the minimum value sizes for all FLEX Options
transactions and FLEX Quotes could further incent trading interest in
customized options to move from the OTC market to the Exchange. To the
extent investors choose to trade FLEX Options on the Exchange in lieu
of the OTC market as a result of the permanent removal of the minimum
value size requirements, such action should benefit investors. As the
Commission has previously noted, there are certain benefits to trading
on an exchange, such as enhanced efficiency in initiating and closing
out positions, increased market transparency, and heightened contra-
party creditworthiness due to the role of the Options Clearing
Corporation as issuer and guarantor of FLEX Options.\33\
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\31\ Id.
\32\ Id.
\33\ See Securities Exchange Act Release No. 57429 (March 4,
2008), 73 FR 13058 (March 11, 2008) (order approving SR-CBOE-2006-
36).
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IV. Solicitation of Comments on Amendment No. 1
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether Amendment No. 1
to 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-NYSEArca-2014-25 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-2014-25. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of 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; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2014-25 and should
be submitted on or before July 31, 2014.
V. Accelerated Approval of Proposal, as Modified by Amendment No. 1
In Amendment No. 1, the Exchange submitted a revised Pilot Report
that corrects an error in the total FLEX Equity Option contract trading
volume under the pilot reported in the original Pilot Report, and also
makes non-substantive changes to certain descriptive language in the
Pilot Report. The Commission believes that these corrections to the
Pilot Report do not substantively alter the findings in the Pilot
Report or diminish their support for approval of the pilot on a
permanent basis. Amendment No. 1 also corrected the purpose section of
the Notice to state that all FLEX Index Options are subject to the same
Underlying Equivalent Value, and not unique Underlying Equivalent
Values applicable to different types of FLEX Index Options as
originally stated in the Notice. The Commission believes that this
change in Amendment No. 1 is not substantive to the proposal.
Accordingly, the Commission also finds good cause, pursuant to Section
19(b)(2) of the Act,\34\ for approving the proposed rule change, as
modified by Amendment No. 1, prior to the thirtieth day after the date
of publication of notice in the Federal Register.
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\34\ 15 U.S.C. 78s(b)(2).
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VI. Conclusion
In summary, the Commission believes, for the reasons noted above,
that the proposed rule change to permanently approve the Pilot Program
as well as remove the minimum size requirements for currently-opened
FLEX Option series and FLEX Quotes, thereby permanently removing the
minimum size requirements for all FLEX Options on the Exchange, is
consistent with the Act and Section 6(b)(5) thereunder in particular,
and should be approved, as amended. The Exchange has committed, and the
Commission expects the Exchange, to continue to monitor the usage of
FLEX Options, whether changes need to be made to its rules or the ODD
to address any changes in retail FLEX Option participation, and for any
other issues that may occur as a result of the elimination of the
minimum value sizes on a permanent basis, including whether FLEX Option
trades are being used as a surrogate for trading options in the
standardized market.\35\
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\35\ See Notice, 79 FR 19157 (Exchange representing that it will
continue to monitor the usage of FLEX Options and whether any
changes to its rules or the ODD are necessary).
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[[Page 39446]]
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\36\ that the proposed rule change (SR-NYSEArca-2014-25) be, and it
hereby is, approved, on an accelerated basis, as amended.
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\36\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
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\37\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014-16096 Filed 7-9-14; 8:45 am]
BILLING CODE 8011-01-P