Order Exempting Non-Convertible Preferred Securities from Rule 611(a) of Regulation NMS under the Securities Exchange Act of 1934, 19270-19271 [E8-7445]
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19270
Federal Register / Vol. 73, No. 69 / Wednesday, April 9, 2008 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57621]
Order Exempting Non-Convertible
Preferred Securities from Rule 611(a)
of Regulation NMS under the
Securities Exchange Act of 1934
April 4, 2008.
I. Introduction
Pursuant to Rule 611(d) 1 of
Regulation NMS 2 under the Securities
Exchange Act of 1934 (‘‘Exchange Act’’),
the Securities and Exchange
Commission (‘‘Commission’’), by order,
may exempt from the provisions of Rule
611 of Regulation NMS (‘‘Rule 611’’ or
‘‘Rule’’), either unconditionally or on
specified terms and conditions, any
person, security, transaction, quotation,
or order, or any class or classes of
persons, securities, quotations, or
orders, if the Commission determines
that such exemption is necessary or
appropriate in the public interest, and is
consistent with the protection of
investors.3 As discussed below, the
Commission is exempting nonconvertible preferred securities from
Rule 611(a) of Regulation NMS.
II. Background
The Commission adopted Regulation
NMS in June 2005.4 Rule 611 addresses
intermarket trade-throughs of displayed
quotations in NMS stocks. Rule
611(a)(1) requires a trading center to
establish, maintain, and enforce written
policies and procedures that are
reasonably designed to prevent tradethroughs on that trading center of
protected quotations in NMS stocks that
do not fall within an exception set forth
in the Rule.
The Securities Industry and Financial
Markets Association (‘‘SIFMA’’) has
requested that the Commission exempt
non-convertible preferred securities
from Rule 611(a).5 According to the
SIFMA Exemption Request, Rule 611
applies to certain non-convertible
preferred securities that meet the
definition of ‘‘NMS stock.’’ 6 NMS stock
1 17
CFR 242.611(d).
CFR 242.600 et seq.
3 See also 15 U.S.C. 78mm(a)(1) (providing
general authority for Commission to grant
exemptions from provisions of Exchange Act and
rules thereunder).
4 Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496 (June 29, 2005)
(‘‘Regulation NMS Adopting Release’’).
5 Letter to Nancy M. Morris, Secretary,
Commission, from Ira D. Hammerman, Senior
Managing Director and General Counsel, SIFMA,
dated August 16, 2007 (‘‘SIFMA Exemption
Request’’).
6 Id. at 2.
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2 17
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18:06 Apr 08, 2008
Jkt 214001
is defined as any security or class of
securities, other than options, for which
transaction reports are collected,
processed, and made available pursuant
to an effective transaction reporting
plan.7 The SIFMA Exemption Request
notes that some non-convertible
preferred securities fall within the
definition of an NMS stock because
transaction reports for those nonconvertible preferred securities are
collected, processed, and made
available pursuant to the CTA/CQ
Plans 8 and the Nasdaq UTP Plan.9
The SIFMA Exemption Request states
that non-convertible preferred securities
are priced like, and trade like, fixed
income instruments, not common
stocks.10 In addition, the SIFMA
Exemption Request notes that, as a
general matter, fixed income securities
currently do not fall within the
definition of NMS stock. The SIFMA
Exemption Request states that, in light
of the similarity between nonconvertible preferred securities and
fixed income securities, and the many
differences between non-convertible
preferred securities and common stocks,
Rule 611 should not apply to nonconvertible preferred securities.
The SIFMA Exemption Request states
that, in contrast to common stocks, the
primary purpose for investing in a nonconvertible preferred security is the
purchase of an income stream, rather
than to benefit from fluctuations in the
price of the security.11 Unlike common
stocks, most non-convertible preferred
securities trade based on yields, which,
in turn, move in tandem with the yields
of benchmark fixed income securities,
such as Treasury securities. The SIFMA
Exemption Request states that unless
there is a credit event with respect to an
issuer, the prices of non-convertible
preferred securities have no correlation
to price movements of an issuer’s
common stock. Consequently, the
SIFMA Exemption Request states that
non-convertible preferred securities
generally are viewed as fixed income
instruments by investors and securities
firms.
The SIFMA Exemption Request states
that, in light of their fixed income
characteristics and use as an alternative
to straight debt securities, non7 Rule
600(b)(46) and (47) of Regulation NMS.
Section VII(a) of the CTA Plan and I(j) of
the CQ Plan. The CTA Plan and CQ Plan are
available at https://www.nysedata.com.
9 See Section III(B) of the Nasdaq UTP Plan;
Nasdaq Rule 4200(a)(26) and (28); and see, e.g.,
Nasdaq Rules 4420(k); 4450(h); 4310(c)(4); and
4310(c)(6)(B). The Nasdaq UTP Plan is available at
https://www.utpdata.com.
10 SIFMA Exemption Request at 2.
11 Id.
8 See
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Frm 00085
Fmt 4703
Sfmt 4703
convertible preferred securities often
trade on the fixed income desks of
broker-dealers, not their equity desks.12
The SIFMA Exemption Request states
that, given that Rule 611 does not apply
to all non-convertible preferred
securities nor generally to fixed income
instruments, broker-dealers would need
to make costly and time-consuming
changes to their fixed income trading
platforms to accommodate both
traditional debt trading and the
requirements of Rule 611, including the
intermarket sweep order functionality.13
The SIFMA Exemption Request states
that moving the trading of nonconvertible preferred securities that are
NMS stocks to equity trading systems
(which are Rule 611-compliant) would
interfere with the presentation of fixed
income investment choices to clients
and trading synergies gained by trading
non-convertible preferred securities
with other like securities (i.e., debt).
The SIFMA Exemption Request notes
that the Commission, on several
occasions, has recognized the
differences between common stocks and
non-convertible preferred securities.14
For example, the Commission granted
an exemption for non-convertible
preferred securities from the
requirement in Exchange Act Rule
11Ac1–1 (now Rule 602 of Regulation
NMS—the ‘‘Quote Rule’’) that a member
of an association that acts in the
capacity of an over-the-counter market
maker must provide to its association
continuous two-sided quotations for any
exchange-traded security in which that
market maker, during the most recent
calendar quarter, comprised more than
1% of the aggregate trading volume for
such security as reported in the
consolidated system.15 The SIFMA
Exemption Request states that the
Commission provided the exemption
based on representations regarding the
trading activities of the requesting firms
and the trading patterns of preferred
stock.16 Specifically, the requesting
firms represented
that preferred stock shares many of the
characteristics of debt securities, which are
exempt from the Order Execution Rules. In
particular, [they] noted that prices for
12 Id.
at 3.
Rule 611(b)(6) and Rule 600(b)(30) of
Regulation NMS (providing intermarket sweep
order exception from Rule 611).
14 SIFMA Exemption Request at 3.
15 See Rule 602(b) and Rule 600(b)(73) of
Regulation NMS; letter from Richard R. Lindsey,
Director, Division of Market Regulation,
Commission, to Roger D. Blanc, Willkie, Farr &
Gallagher, Re: Exemption from, and Temporary NoAction Position Under, the Order Execution Rules
for Trading in Preferred Securities, dated July 31,
1997 (‘‘Blanc Letter’’).
16 Blanc Letter at 3.
13 See
E:\FR\FM\09APN1.SGM
09APN1
Federal Register / Vol. 73, No. 69 / Wednesday, April 9, 2008 / Notices
preferred stock are generally based on yield,
which in turn is based on prevailing interest
rates in the debt markets, as well as
perceived credit quality of the issuer and any
special features of the particular preferred
stock.17
mstockstill on PROD1PC66 with NOTICES
The SIFMA Exemption Request states
that, because the Commission did not
apply the Quote Rule to debt securities,
and preferred stock trades like debt
securities, the Commission exempted
preferred stock from the Quote Rule. In
addition, the SIFMA Exemption Request
notes that the Commission also
excepted ‘‘non-participatory preferred
stocks’’ from the definition of NMS
stock for the purposes of Regulation
ATS.18 As a result, the order display
and execution access provisions of
Regulation ATS 19 do not apply to nonparticipatory preferred securities.
III. Discussion
The Commission has decided to
exempt non-convertible preferred
securities from Rule 611(a). Nonconvertible preferred securities have
characteristics analogous to fixed
income instruments. Given these
characteristics, non-convertible
preferred securities typically are priced
based on yield and trade more like fixed
income instruments than like common
stocks. Due to these similarities to fixed
income instruments, non-convertible
preferred securities often are handled by
the fixed income desks of broker-dealers
rather than equity desks. As a general
matter, fixed income instruments are
not NMS stocks and not subject to Rule
611. Therefore, the systems of fixed
income desks of broker-dealers are not
designed to comply with Rule 611. In
addition, if broker-dealers were to shift
trading of non-convertible preferred
securities to their equity desks, which
have systems designed to comply with
Rule 611, investors would be less able
to benefit from the experience of brokerdealer personnel with expertise in
trading in debt and debt-like securities.
In sum, the exemption will promote
efficiency because the benefits of
applying Rule 611(a) to non-convertible
preferred securities would not justify
the additional costs of compliance,
including broker-dealer costs to program
systems to comply with Rule 611.
The Commission notes that it has
previously recognized the similarities
between non-convertible preferred
securities and fixed income
instruments, and, in doing so, has
treated non-convertible preferred
securities differently than common
stock. In 1997, the Commission
exempted non-convertible preferred
securities from certain requirements in
the Quote Rule due to the similarity of
its trading patterns with debt
securities.20 In addition, the
Commission excepted ‘‘nonparticipatory preferred stocks’’ from the
definition of NMS stock in Regulation
ATS.21 The Commission believes that its
decision to exempt non-convertible
preferred securities from Rule 611(a) is
consistent with its prior actions.
The Commission also believes that the
exemption for non-convertible preferred
securities is consistent with the
protection of investors in such
securities. The exemption applies solely
to Rule 611(a). Transactions in nonconvertible preferred securities will
remain subject to all other applicable
regulatory requirements.
For the foregoing reasons, the
Commission finds that granting the
foregoing exemption is necessary and
appropriate in the public interest, and is
consistent with the protection of
investors.
IV. Conclusion
It is hereby ordered, pursuant to Rule
611(d) of Regulation NMS, that nonconvertible preferred securities are
exempted from Rule 611(a) of
Regulation NMS.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–7445 Filed 4–8–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57620]
Order Modifying the Exemption for
Qualified Contingent Trades from Rule
611(a) of Regulation NMS Under the
Securities Exchange Act of 1934
April 4, 2008.
I. Introduction
Pursuant to Rule 611(d)1 of
Regulation NMS 2 under the Securities
Exchange Act of 1934 (‘‘Exchange Act’’),
the Securities and Exchange
Commission (‘‘Commission’’), by order,
may exempt from the provisions of Rule
611 of Regulation NMS (‘‘Rule 611’’ or
20 See
Blanc Letter.
CFR 242.300(d) and (g).
22 17 CFR 200.30–3(a)(82).
1 17 CFR 242.611(d).
2 17 CFR 242.600 et seq.
21 17
17 Id.
18 SIFMA
19 17
Exemption Request at 4.
CFR 242.301(b)(3).
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18:06 Apr 08, 2008
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Frm 00086
Fmt 4703
Sfmt 4703
19271
‘‘Rule’’), either unconditionally or on
specified terms and conditions, any
person, security, transaction, quotation,
or order, or any class or classes of
persons, securities, quotations, or
orders, if the Commission determines
that such exemption is necessary or
appropriate in the public interest, and is
consistent with the protection of
investors.3 On August 31, 2006, the
Commission granted an exemption for
qualified contingent trades from Rule
611(a) (‘‘QCT Exemption’’).4 As
discussed below, the Commission is
modifying the QCT Exemption to
remove the minimum size limitation
that was included in the exemption as
originally granted.
II. Background
The Commission adopted Regulation
NMS in June 2005.5 Rule 611 addresses
intermarket trade-throughs of quotations
in NMS stocks.6 The Rule applies only
to quotations that are immediately
accessible through automatic execution.
On August 31, 2006, the Commission
granted the QCT Exemption for any
trade-throughs caused by the execution
of an order involving one or more NMS
stocks (each an ‘‘Exempted NMS Stock
Transaction) that are components of a
qualified contingent trade.7 In the QCT
Exemptive Order, the Commission
defined a ‘‘qualified contingent trade’’
as a transaction consisting of two or
more component orders, executed as
agent or principal, where:
(1) At least one component order is in
an NMS stock;
(2) all components are effected with a
product or price contingency that either
has been agreed to by the respective
counterparties or arranged for by a
broker-dealer as principal or agent;
(3) the execution of one component is
contingent upon the execution of all
other components at or near the same
time;
(4) the specific relationship between
the component orders (e.g., the spread
between the prices of the component
orders) is determined at the time the
contingent order is placed;
3 See also 15 U.S.C. 78mm(a)(1) (providing
general authority for Commission to grant
exemptions from provisions of Exchange Act and
rules thereunder).
4 Securities Exchange Act Release No. 54389
(August 31, 2006), 71 FR 52829 (September 7, 2006)
(‘‘QCT Exemptive Order’’).
5 Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496 (June 29, 2005)
(‘‘Regulation NMS Adopting Release’’).
6 An ‘‘NMS stock’’ means any security or class of
securities, other than an option, for which
transaction reports are collected, processed, and
made available pursuant to an effective transaction
reporting plan. See 17 CFR 242.600(b)(46) and (47).
7 QCT Exemptive Order, 71 FR at 52831.
E:\FR\FM\09APN1.SGM
09APN1
]]>Agencies
[Federal Register Volume 73, Number 69 (Wednesday, April 9, 2008)]
[Notices]
[Pages 19270-19271]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-7445]
[[Page 19270]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57621]
Order Exempting Non-Convertible Preferred Securities from Rule
611(a) of Regulation NMS under the Securities Exchange Act of 1934
April 4, 2008.
I. Introduction
Pursuant to Rule 611(d) \1\ of Regulation NMS \2\ under the
Securities Exchange Act of 1934 (``Exchange Act''), the Securities and
Exchange Commission (``Commission''), by order, may exempt from the
provisions of Rule 611 of Regulation NMS (``Rule 611'' or ``Rule''),
either unconditionally or on specified terms and conditions, any
person, security, transaction, quotation, or order, or any class or
classes of persons, securities, quotations, or orders, if the
Commission determines that such exemption is necessary or appropriate
in the public interest, and is consistent with the protection of
investors.\3\ As discussed below, the Commission is exempting non-
convertible preferred securities from Rule 611(a) of Regulation NMS.
---------------------------------------------------------------------------
\1\ 17 CFR 242.611(d).
\2\ 17 CFR 242.600 et seq.
\3\ See also 15 U.S.C. 78mm(a)(1) (providing general authority
for Commission to grant exemptions from provisions of Exchange Act
and rules thereunder).
---------------------------------------------------------------------------
II. Background
The Commission adopted Regulation NMS in June 2005.\4\ Rule 611
addresses intermarket trade-throughs of displayed quotations in NMS
stocks. Rule 611(a)(1) requires a trading center to establish,
maintain, and enforce written policies and procedures that are
reasonably designed to prevent trade-throughs on that trading center of
protected quotations in NMS stocks that do not fall within an exception
set forth in the Rule.
---------------------------------------------------------------------------
\4\ Securities Exchange Act Release No. 51808 (June 9, 2005), 70
FR 37496 (June 29, 2005) (``Regulation NMS Adopting Release'').
---------------------------------------------------------------------------
The Securities Industry and Financial Markets Association
(``SIFMA'') has requested that the Commission exempt non-convertible
preferred securities from Rule 611(a).\5\ According to the SIFMA
Exemption Request, Rule 611 applies to certain non-convertible
preferred securities that meet the definition of ``NMS stock.'' \6\ NMS
stock is defined as any security or class of securities, other than
options, for which transaction reports are collected, processed, and
made available pursuant to an effective transaction reporting plan.\7\
The SIFMA Exemption Request notes that some non-convertible preferred
securities fall within the definition of an NMS stock because
transaction reports for those non-convertible preferred securities are
collected, processed, and made available pursuant to the CTA/CQ Plans
\8\ and the Nasdaq UTP Plan.\9\
---------------------------------------------------------------------------
\5\ Letter to Nancy M. Morris, Secretary, Commission, from Ira
D. Hammerman, Senior Managing Director and General Counsel, SIFMA,
dated August 16, 2007 (``SIFMA Exemption Request'').
\6\ Id. at 2.
\7\ Rule 600(b)(46) and (47) of Regulation NMS.
\8\ See Section VII(a) of the CTA Plan and I(j) of the CQ Plan.
The CTA Plan and CQ Plan are available at https://www.nysedata.com.
\9\ See Section III(B) of the Nasdaq UTP Plan; Nasdaq Rule
4200(a)(26) and (28); and see, e.g., Nasdaq Rules 4420(k); 4450(h);
4310(c)(4); and 4310(c)(6)(B). The Nasdaq UTP Plan is available at
https://www.utpdata.com.
---------------------------------------------------------------------------
The SIFMA Exemption Request states that non-convertible preferred
securities are priced like, and trade like, fixed income instruments,
not common stocks.\10\ In addition, the SIFMA Exemption Request notes
that, as a general matter, fixed income securities currently do not
fall within the definition of NMS stock. The SIFMA Exemption Request
states that, in light of the similarity between non-convertible
preferred securities and fixed income securities, and the many
differences between non-convertible preferred securities and common
stocks, Rule 611 should not apply to non-convertible preferred
securities.
---------------------------------------------------------------------------
\10\ SIFMA Exemption Request at 2.
---------------------------------------------------------------------------
The SIFMA Exemption Request states that, in contrast to common
stocks, the primary purpose for investing in a non-convertible
preferred security is the purchase of an income stream, rather than to
benefit from fluctuations in the price of the security.\11\ Unlike
common stocks, most non-convertible preferred securities trade based on
yields, which, in turn, move in tandem with the yields of benchmark
fixed income securities, such as Treasury securities. The SIFMA
Exemption Request states that unless there is a credit event with
respect to an issuer, the prices of non-convertible preferred
securities have no correlation to price movements of an issuer's common
stock. Consequently, the SIFMA Exemption Request states that non-
convertible preferred securities generally are viewed as fixed income
instruments by investors and securities firms.
---------------------------------------------------------------------------
\11\ Id.
---------------------------------------------------------------------------
The SIFMA Exemption Request states that, in light of their fixed
income characteristics and use as an alternative to straight debt
securities, non-convertible preferred securities often trade on the
fixed income desks of broker-dealers, not their equity desks.\12\ The
SIFMA Exemption Request states that, given that Rule 611 does not apply
to all non-convertible preferred securities nor generally to fixed
income instruments, broker-dealers would need to make costly and time-
consuming changes to their fixed income trading platforms to
accommodate both traditional debt trading and the requirements of Rule
611, including the intermarket sweep order functionality.\13\ The SIFMA
Exemption Request states that moving the trading of non-convertible
preferred securities that are NMS stocks to equity trading systems
(which are Rule 611-compliant) would interfere with the presentation of
fixed income investment choices to clients and trading synergies gained
by trading non-convertible preferred securities with other like
securities (i.e., debt).
---------------------------------------------------------------------------
\12\ Id. at 3.
\13\ See Rule 611(b)(6) and Rule 600(b)(30) of Regulation NMS
(providing intermarket sweep order exception from Rule 611).
---------------------------------------------------------------------------
The SIFMA Exemption Request notes that the Commission, on several
occasions, has recognized the differences between common stocks and
non-convertible preferred securities.\14\ For example, the Commission
granted an exemption for non-convertible preferred securities from the
requirement in Exchange Act Rule 11Ac1-1 (now Rule 602 of Regulation
NMS--the ``Quote Rule'') that a member of an association that acts in
the capacity of an over-the-counter market maker must provide to its
association continuous two-sided quotations for any exchange-traded
security in which that market maker, during the most recent calendar
quarter, comprised more than 1% of the aggregate trading volume for
such security as reported in the consolidated system.\15\ The SIFMA
Exemption Request states that the Commission provided the exemption
based on representations regarding the trading activities of the
requesting firms and the trading patterns of preferred stock.\16\
Specifically, the requesting firms represented
---------------------------------------------------------------------------
\14\ SIFMA Exemption Request at 3.
\15\ See Rule 602(b) and Rule 600(b)(73) of Regulation NMS;
letter from Richard R. Lindsey, Director, Division of Market
Regulation, Commission, to Roger D. Blanc, Willkie, Farr &
Gallagher, Re: Exemption from, and Temporary No-Action Position
Under, the Order Execution Rules for Trading in Preferred
Securities, dated July 31, 1997 (``Blanc Letter'').
\16\ Blanc Letter at 3.
that preferred stock shares many of the characteristics of debt
securities, which are exempt from the Order Execution Rules. In
particular, [they] noted that prices for
[[Page 19271]]
preferred stock are generally based on yield, which in turn is based
on prevailing interest rates in the debt markets, as well as
perceived credit quality of the issuer and any special features of
---------------------------------------------------------------------------
the particular preferred stock.\17\
\17\ Id.
The SIFMA Exemption Request states that, because the Commission did
not apply the Quote Rule to debt securities, and preferred stock trades
like debt securities, the Commission exempted preferred stock from the
Quote Rule. In addition, the SIFMA Exemption Request notes that the
Commission also excepted ``non-participatory preferred stocks'' from
the definition of NMS stock for the purposes of Regulation ATS.\18\ As
a result, the order display and execution access provisions of
Regulation ATS \19\ do not apply to non-participatory preferred
securities.
---------------------------------------------------------------------------
\18\ SIFMA Exemption Request at 4.
\19\ 17 CFR 242.301(b)(3).
---------------------------------------------------------------------------
III. Discussion
The Commission has decided to exempt non-convertible preferred
securities from Rule 611(a). Non-convertible preferred securities have
characteristics analogous to fixed income instruments. Given these
characteristics, non-convertible preferred securities typically are
priced based on yield and trade more like fixed income instruments than
like common stocks. Due to these similarities to fixed income
instruments, non-convertible preferred securities often are handled by
the fixed income desks of broker-dealers rather than equity desks. As a
general matter, fixed income instruments are not NMS stocks and not
subject to Rule 611. Therefore, the systems of fixed income desks of
broker-dealers are not designed to comply with Rule 611. In addition,
if broker-dealers were to shift trading of non-convertible preferred
securities to their equity desks, which have systems designed to comply
with Rule 611, investors would be less able to benefit from the
experience of broker-dealer personnel with expertise in trading in debt
and debt-like securities. In sum, the exemption will promote efficiency
because the benefits of applying Rule 611(a) to non-convertible
preferred securities would not justify the additional costs of
compliance, including broker-dealer costs to program systems to comply
with Rule 611.
The Commission notes that it has previously recognized the
similarities between non-convertible preferred securities and fixed
income instruments, and, in doing so, has treated non-convertible
preferred securities differently than common stock. In 1997, the
Commission exempted non-convertible preferred securities from certain
requirements in the Quote Rule due to the similarity of its trading
patterns with debt securities.\20\ In addition, the Commission excepted
``non-participatory preferred stocks'' from the definition of NMS stock
in Regulation ATS.\21\ The Commission believes that its decision to
exempt non-convertible preferred securities from Rule 611(a) is
consistent with its prior actions.
---------------------------------------------------------------------------
\20\ See Blanc Letter.
\21\ 17 CFR 242.300(d) and (g).
---------------------------------------------------------------------------
The Commission also believes that the exemption for non-convertible
preferred securities is consistent with the protection of investors in
such securities. The exemption applies solely to Rule 611(a).
Transactions in non-convertible preferred securities will remain
subject to all other applicable regulatory requirements.
For the foregoing reasons, the Commission finds that granting the
foregoing exemption is necessary and appropriate in the public
interest, and is consistent with the protection of investors.
IV. Conclusion
It is hereby ordered, pursuant to Rule 611(d) of Regulation NMS,
that non-convertible preferred securities are exempted from Rule 611(a)
of Regulation NMS.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
---------------------------------------------------------------------------
\22\ 17 CFR 200.30-3(a)(82).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-7445 Filed 4-8-08; 8:45 am]
BILLING CODE 8011-01-P
