Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to the Treasury Clearing Service Initial Margin Approach Model Description Document, Treasury Clearing Service Guaranty Fund and Stress Test Approach Model Description Document, and Treasury Clearing Service Risk Parameter Setting and Review Policy

[Federal Register Volume 91, Number 111 (Wednesday, June 10, 2026)]

[Notices]

[Pages 35286-35290]

From the Federal Register Online via the Government Publishing Office [ www.gpo.gov ]

[FR Doc No: 2026-11567]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-105619; File No. SR-ICC-2026-005]

Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of

Filing of Proposed Rule Change Relating to the Treasury Clearing

Service Initial Margin Approach Model Description Document, Treasury

Clearing Service Guaranty Fund and Stress Test Approach Model

Description Document, and Treasury Clearing Service Risk Parameter

Setting and Review Policy

June 5, 2026.

Pursuant to Section 19(b)(1) of the Securities Exchange Act of

1934, 15 U.S.C. 78s(b)(1) and Rule 19b-4, 17 CFR 240.19b-4, notice is

hereby given that on May 28, 2026, ICE Clear Credit LLC (``ICC'' or

``ICE Clear Credit'') filed with the Securities and Exchange Commission

(``Commission'') the proposed rule change, security-based swap

submission, or advance notice as described in Items I, II and III

below, which Items have been prepared by ICC. The Commission is

publishing this notice to solicit comments on the proposed rule change,

security-based swap submission, or advance notice from interested

persons.

I. Clearing Agency's Statement of the Terms of Substance of the

Proposed Rule Change

The principal purpose of the proposed rule change is to revise

certain documentation governing ICC's U.S. Treasury (``Treasury'')

clearing service (the ``Treasury Clearing Service''), including the

Treasury Clearing Service Initial Margin (``IM'') Approach Model

Description Document (``IM Approach Model Description''), Treasury

Clearing Service Guaranty Fund (``GF'') and Stress Test Approach Model

Description Document (``GF and Stress Test Approach Model

Description''), and Treasury Clearing Service Risk Parameter Setting

and Review Policy (``Risk Parameter Policy''). Such policies and

procedures are collectively referred to as the ``Treasury Clearing

Service Risk Documentation'' herein.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis

for, the Proposed Rule Change

In its filing with the Commission, ICC included statements

concerning the purpose of and basis for the proposed rule change,

security-based swap submission, or advance notice and discussed any

comments it received on the proposed rule change, security-based swap

submission, or advance notice. The text of these statements may be

examined at the places specified in Item IV below. ICC has prepared

summaries, set forth in sections (A), (B), and (C) below, of the most

significant aspects of these statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis

for, the Proposed Rule Change

(a) Purpose

ICC proposes changes to the Treasury Clearing Service Risk

Documentation. As background, ICC filed an application on Form CA-1

(``Application'') under Section 17A of the Securities Exchange Act of

1934 (the ``Act'') \1\ with the Securities and Exchange Commission

(``Commission'') to register as a clearing agency to provide central

counterparty services for transactions involving U.S. Treasury

securities on August 1, 2025. Notice of ICC's Application was published

in the Federal Register on August 21, 2025.\2\ The Application

contained the Treasury Rules \3\ and certain other policies and

procedures governing the Treasury Clearing Service, including the GF

and Stress Test Approach Model Description, IM Approach Model

Description, and Risk Parameter Policy. The Commission issued an order

granting ICC's Application for registration as a clearing agency to

provide central counterparty services for transactions involving U.S.

Treasury securities on January 30, 2026.\4\

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\1\ 15 U.S.C. 78q-1.

\2\ See Securities Exchange Act Release No. 103727 (August 18,

2025), 90 FR 40879 (August 21, 2025) (File No. 600-45).

\3\ ICC's Treasury Rules are available on ICC's public website:

https://www.ice.com/publicdocs/clear_credit/ICE_Clear_Credit_Treasury_Clearing_Rules.pdf .

\4\ See Securities Exchange Act Release No. 104762 (January 30,

2026), 91 FR 5528 (February 6, 2026) (File No. 600-45).

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ICC proposes to amend the Treasury Clearing Service Risk

Documentation. The proposed changes generally respond to feedback

received on the Treasury Clearing Service Risk Documentation and

include clarifying amendments and other minor clean-up changes. ICC

believes that such revisions will facilitate the prompt and accurate

clearance and settlement of securities transactions. ICC proposes to

make such changes effective following Commission approval of the

proposed rule change. The proposed revisions are described in detail as

follows.

[[Page 35287]]

Treasury Clearing Service Risk Documentation Overview

ICC's risk management practices for the Treasury Clearing Service

are documented in various policies and procedures, including the IM

Approach Model Description, the GF and Stress Test Approach Model

Description, and Risk Parameter Policy. The IM Approach Model

Description sets forth the quantitative risk models and associated

methods and techniques used to estimate IM requirements for cleared

portfolios of Treasury related instruments. The GF and Stress Test

Approach Model Description describes the general stress testing

framework for GF computations developed by ICC for the Treasury

Clearing Service and used for financial resources modeling and GF

design. The Risk Parameter Policy describes the process of setting and

reviewing the risk management model core parameters and their

underlying assumptions for the Treasury Clearing Service, as described

in the IM Approach Model Description and the GF and Stress Test

Approach Model Description.

IM Approach Model Description

As set out in the IM Approach Model Description, ICC's risk

management modeling approach features computations of statistical IM

risk measures and add-on requirements. In particular, ICC's risk

management model for the Treasury Clearing Service includes a

statistically calibrated U.S. interest rate (``IR'') dynamics component

and liquidation risk add-ons. The IR dynamics component is the main

component of the total portfolio IM requirements, which provides

collateralization of potential losses in response to mark-to-market

changes. Moreover, this statistically calibrated component reflects

fluctuations in market observed quantities and their direct profit/loss

impacts. The liquidation risk add-on components capture the losses

associated with the liquidation process of cleared portfolios, informed

from adverse effects of market frictions encountered during major

market events. ICC does not propose substantive changes to the IM

approach. The proposed changes generally respond to feedback received

on the IM approach, including from an independent validator, and

include clarifying amendments or other clean-up changes, as further

described below.

ICC proposes clarifications or clean-ups in Section I.1, which

introduces the univariate distributions of IR changes used as part of

ICC's IM methodology for the Treasury Clearing Service. ICC proposes

edits to equations and terminology throughout this section. For

clarity, ICC proposes an amendment to equation 4 to further simplify

the equation without changing its substance. ICC proposes to amend the

description of equation 6 to more clearly reflect that the equation

describes a ``standardization'' rather than a ``normalization.''

ICC proposes additional clarifications or clean-ups in Subsection

I.1.i. With respect to parameter estimation, ICC proposes to amend

equation 9 to more clearly set out the second line of the equation as

well as the applicable ranges. Further edits and additional equation

numbering are introduced to improve readability. In addition, ICC

proposes clarifying language with respect to a specific parameter used

as part of the IM methodology, namely the exponentially weighted moving

average (``EWMA'') factor, including to specify that it is tenor-

specific and the quantity it represents.

ICC proposes additional updates to Section I.2, which describes

ICC's approach to the construction, estimation, and simulation of the

dependence structure among the univariate distributions introduced in

Section I.1. In Subsection I.2.ii, ICC proposes to correct a

typographical error that references both the ``lower'' and ``upper''

coefficient between two variables where only one is applicable. In

Subsection I.2.iv, ICC proposes to more specifically identify a

parameter value and correct a typographical error in the description of

equation 34 (previously equation 25). ICC also proposes additional

edits to reflect how the model is currently parameterized with respect

to the IR level floor considered for each tenor. The current language

specifies that the floor level can be set to a negative value. As

amended, ICC would specify that the floor level is set to a negative

value.

ICC proposes additional updates to Section I.3 related to risk

estimations. ICC proposes to amend equation 40 (previously equation

31), which describes how for every portfolio, the profit/loss response

to positive and negative discount rate changes is incorporated in the

IR dynamics component of IM requirements. In particular, ICC proposes

to explicitly reference anti-procyclicality (``APC'') in this equation

40 and in new equation 41. The IR dynamics component is enhanced with a

stress-loss APC analysis, which provides additional stability of IM

requirements. The aforementioned changes are intended to enhance

clarity, improve transparency, and align the documentation more clearly

with ICC's risk management methodology for the Treasury Clearing

Service.

GF and Stress Test Approach

The purpose of the GF and Stress Test Approach Model Description is

to describe the general stress testing framework for GF computations

used for financial resources modeling and GF design for the Treasury

Clearing Service. ICC establishes a separate GF for the Treasury

Clearing Service designed to provide mutualization of losses associated

with extreme but plausible market scenarios where the considered stress

losses exceed the collateralized losses corresponding to the IR

dynamics component of the computed IM requirements. ICC utilizes

statistical stress testing and scenario-based stress loss analysis

techniques to estimate potential stress loss over IM for every

portfolio. ICC does not propose substantive changes to the approach

currently set out in the GF and Stress Test Approach Model Description.

The proposed changes generally respond to feedback received on the GF

and stress test approach, including from an independent validator, and

include clarifications or other clean-up changes, as further described

below.

ICC proposes changes to Section I, which describes the GF and

stress test methodology. The IR dynamics component is estimated as a

function of the 99% Value-at-Risk (``VaR'') portfolio measure in

response to a Monte Carlo simulated scenario set. ICC proposes

clarifying language to note that, by convention, such VaR risk measures

are associated with negative outcomes that will only be exceeded with a

probability of 1%. This section also describes the two general types of

portfolios considered by ICC in developing its risk management

approach: Treasury Participant (``Participant'') proprietary/house

portfolios and Customer Access Model portfolios, which consist of

individual client-related portfolios. ICC proposes clarifying language

to explain the rationale for the different approaches to the IM

analyses and computations.

ICC proposes additional changes to Section I.1, which sets out

general concepts for purposes of the GF and Stress Test Approach Model

Description. The current language describes the creation of a

correlation regime and ICC proposes additional detail to describe the

related Expected Shortfall risk measures, which represent the

conditional expected values over the outcomes (related to the

considered dependence structures) that are expected to be realized with

[[Page 35288]]

probability of less than 1%. Additional edits correct typographical

errors and clarify that equation 3 relates to statistical stress

testing in respect of the VaR risk measure.

ICC proposes additional edits to Section I.2, which describes

certain Participant account estimations. For purposes of equation 4,

ICC proposes to clarify that, if a simulated loss occurs, ICC applies

the available VaR portion of the IR dynamics component, rather than IR

dynamics component more broadly, to collateralize the loss.

Additionally, ICC proposes to amend equation 5 and the accompanying

description to indicate that the equation produces an expected value

estimation. Relatedly, ICC proposes more specific language to clarify

the resources that are considered to further support the conservative

bias of the estimation.

Finally, ICC proposes additional changes to Section I.4 to amend

the minimum GF contribution from $20 million to $10 million to ensure

consistency with the proposed changes described in ICC Filing No. SR-

ICC-2026-002.\5\

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\5\ See Securities Exchange Act Release No. 105526 (May 20,

2026), 91 FR 30751 (May 26, 2026) (File No. SR-ICC-2026-002).

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Risk Parameter Policy

The Risk Parameter Policy describes the process of setting and

reviewing the risk management model core parameters and their

underlying assumptions for the Treasury Clearing Service. The Risk

Parameter Policy also describes the tools and methods used to estimate

core parameters, determine appropriate parameter settings, and review

the IM and GF model assumptions. The proposed changes generally respond

to feedback received on ICC's approach and include clarifications or

clean-up changes, as further described below.

ICC proposes to update Table 1 in Section 1 that lists core model

parameters and parameter related information. The proposed changes

specify that the EWMA factor parameter is tenor-specific and include a

new tenor specific minimum rate level parameter, which is further

described in proposed Section 2.7 and is associated with the IR

dynamics component.

ICC proposes amendments to Section 1.4, which describes the

parameters associated with the IR dynamics approach. Pursuant to

Subsection 1.4.1, the ICC Risk Management Department performs

sensitivity analyses on certain univariate IR dynamics parameters at

least monthly. The current language specifies that the sensitivity

analyses are performed by introducing (1) different parameter

calibration methods for certain parameters and estimations and (2)

different values for the EWMA factor. ICC proposes reversing the order

of these items in Section 1.4 and Section 2. Additionally, in

Subsection 1.4.3, ICC proposes to update the portfolio notation (i.e.,

``[Pi]'' instead of ``P'') in equation 2 to align with such notation

used throughout the Treasury Clearing Service Risk Documentation.

Section 2 explores the sensitivity of the Treasury Clearing Service

risk management system's outputs to certain core parameters and

alternative data analysis and model parameter estimation techniques.

ICC proposes changes to Section 2.1 (previously Section 2.2), which

describes the sensitivity analyses performed by introducing different

values for the EWMA factor. Currently, ICC sets the EWMA factor at a

defined value and re-estimates certain parameters and levels for two

alternative EWMA factors. Under the amended language, ICC maintains the

EWMA factors as tenor-specific parameters to address volatility

clustering for each tenor and to maintain the adaptiveness of the IM

requirements to market conditions while preserving the stability of

those requirements. New appendix 3 contains a set of initial tenor-

specific EWMA factors. The amended language states that ICC performs

time series devolatilization and subsequent estimations for IR

increases and decreases for two alternative sets of EWMA factors in

addition to the current set of tenor-specific EWMA factors. Proposed

figures illustrate initial and devolatilized IR changes to show the

effect of devolatilization. Additional proposed language supports the

use of such EWMA process over an alternative statistical process (i.e.,

the Generalized Auto-Regressive Conditional Heteroscedastic or

``GARCH'' process) described in the following section. As noted under

the current language, the impact of the alternative EWMA factors is

expected to be small. ICC proposes corresponding changes to Table 2,

which sets out the related sensitivity analysis scenarios, to ensure

consistency across the document.

ICC proposes amendments to Section 2.2 (previously Section 2.1).

ICC proposes to update the section title to more specifically reference

the univariate model. This section title would be updated from

``Alternative Models for Fitting Distributions to Observed Data'' to

``Alternative Univariate Models.'' The current language describes the

current EWMA process used as part of the IR dynamics model and the

alternative GARCH process, along with the associated statistical

techniques used for parameter estimation. ICC proposes updates to this

section to clarify that such processes and parameter estimation

techniques are not interchangeable, and such processes and techniques

are grouped accordingly in amended Table 2. For clarity, additional

language updates align with the updated section title by referring to

the ``alternatively estimated univariate model,'' rather than

alternatively estimated parameters and risk scales. Further edits

enhance clarity by referring to ``rate changes'' to clarify what ICC is

deriving or estimating and discuss the utilization of alternative time

series devolatilization.

ICC proposes additional edits to Sections 2 and 4. ICC proposes to

update the quantile levels used for a sensitivity analysis in Section

2.4 and Table 2. ICC proposes terminology updates to replace ``shifts''

or ``shifting'' with more specific language, including ``regime

changes'' and ``switching'' in Section 2.5 and Table 2. ICC proposes to

define a reference to volatility shifts as certain regime changes and

to add commas where appropriate in Section 2.5. ICC proposes new

Section 2.7 to discuss the minimum rate levels that are considered for

each Treasury constant maturity tenor, with the corresponding values

documented in a new appendix to the document. Finally, ICC proposes

changes to Section 5 to set out the proposed appendices mentioned above

and clarifications to note which scenarios and tables are expressed in

basis points.

(b) Statutory Basis

ICC believes that the proposed rule change is consistent with the

requirements of Section 17A of the Act \6\ and the regulations

thereunder applicable to it, including the applicable standards under

Rule 17Ad-22.\7\ In particular, Section 17A(b)(3)(F) of the Act \8\

requires, among other things, that the rules of a clearing agency be

designed to promote the prompt and accurate clearance and settlement of

securities transactions, to assure the safeguarding of securities and

funds in the custody or control of the clearing agency or for which it

is responsible, and to protect investors and the public interest.

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\6\ 15 U.S.C. 78q-1.

\7\ 17 CFR 240.17Ad-22.

\8\ 15 U.S.C. 78q-1(b)(3)(F).

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As described above, the proposed changes generally respond to

feedback received on the Treasury Clearing Service Risk Documentation

and include clarifying amendments and

[[Page 35289]]

other minor clean-up changes. Such changes promote readability and

clarity with respect to ICC's risk management modeling approach;

general stress testing framework for GF computations, financial

resources modeling and GF design; and the process for setting and

reviewing the risk management model core parameters and their

underlying assumptions to ensure that the documentation remains up-to-

date, clear and transparent to support the effectiveness of ICC's risk

management for the Treasury Clearing Service. For example, among other

changes, ICC proposes to simplify or clarify equations, more

specifically identify a parameter value, and update language describing

how the model is currently parameterized in the IM Approach Model

Description. Additional proposed language in the GF and Stress Test

Approach Model Description describes the rationale for different

approaches to the IM analyses and computations and clarifies which

portion of the IR dynamics component is applied to collateralize a

loss. The updates to the Risk Parameter Policy revise the descriptions

of the sensitivity analyses performed by ICC, including to introduce a

new appendix containing a set of initial tenor-specific EWMA factors,

provide support for the use of ICC's EWMA process, and clarify that

certain processes and parameter estimation techniques are not

interchangeable. Moreover, as described above, the proposed changes

address independent validation recommendations and enhance the

readability and transparency of the Treasury Clearing Service Risk

Documentation, which would strengthen the methodology and risk

management practices, which would in turn strengthen ICC's ability to

maintain its financial resources and withstand the pressures of

defaults. Accordingly, in ICC's view, the proposed rule change is

designed to promote the prompt and accurate clearance and settlement of

the contracts cleared at ICC, to assure the safeguarding of securities

and funds in the custody or control of ICC or for which it is

responsible, and to protect investors and the public interest, within

the meaning of Section 17A(b)(3)(F) of the Act.\9\

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\9\ Id.

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Rule 17Ad-22(e)(2)(i) and (v) \10\ requires each covered clearing

agency to establish, implement, maintain, and enforce written policies

and procedures reasonably designed to provide for governance

arrangements that are clear and transparent and specify clear and

direct lines of responsibility. The Treasury Clearing Service Risk

Documentation clearly assigns and documents responsibility and

accountability for key risk management functions to relevant

departments or groups, including the estimation and review of the model

core parameters and the performance of sensitivity analysis. The

proposed changes more clearly set out such key risk management

functions to ensure that responsible parties appropriately carry out

their assigned duties. As such, in ICC's view, the proposed rule change

continues to ensure that ICC maintains policies and procedures that are

reasonably designed to provide for clear and transparent governance

arrangements and specify clear and direct lines of responsibility,

consistent with Rule 17Ad-22(e)(2)(i) and (v).\11\

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\10\ 17 CFR 240.17Ad-22(e)(2)(i) and (v).

\11\ Id.

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Rule 17Ad-22(e)(4)(iii) and (vi) \12\ requires each covered

clearing agency to establish, implement, maintain, and enforce written

policies and procedures reasonably designed to effectively identify,

measure, monitor, and manage its credit exposures to participants and

those arising from its payment, clearing, and settlement processes,

including by maintaining additional financial resources at the minimum

to enable it to cover a wide range of foreseeable stress scenarios that

include, but are not limited to, the default of the participant family

that would potentially cause the largest aggregate credit exposure for

the covered clearing agency in extreme but plausible market conditions,

and by testing the sufficiency of its total financial resources

available to meet the minimum financial resource requirements,

including by conducting stress testing of its total financial resources

once each day using standard predetermined parameters and assumptions;

conducting a comprehensive analysis on at least a monthly basis of the

existing stress testing scenarios, models, and underlying parameters

and assumptions; and reporting the results of its analyses to

appropriate decision makers at ICC. The proposed changes promote the

soundness of ICC's risk management approach for the Treasury Clearing

Service by more clearly setting forth the quantitative risk models and

associated methods and techniques used to estimate IM requirements for

cleared portfolios of Treasury related instruments. As amended, the GF

and Stress Test Approach Model Description more clearly describes the

general stress testing framework for GF computations. The amended Risk

Parameter Policy more clearly describes the process of setting and

reviewing the risk management model core parameters and their

underlying assumptions for the Treasury Clearing Service and the

performance the sensitivity analyses, including the sensitivity of the

Treasury Clearing Service risk management system's outputs to certain

core parameters and alternative data analysis and model parameter

estimation techniques. Moreover, under the changes, the GF would

continue to provide adequate funds to cover losses in accordance with

regulatory requirements and would continue to support a significant

liquidity pool in case of liquidity events. ICC will continue to size

the GF to provide financial resources based on Cover-2 regulatory

standards. ICC believes that the proposed rule change addresses

independent validation recommendations and enhances the readability and

transparency of the Treasury Clearing Service Risk Documentation, which

would strengthen the methodology and documentation and ensure it

remains up-to-date, clear and transparent. As such, the proposed

amendments would strengthen ICC's ability to maintain its financial

resources and withstand the pressures of defaults. ICC thus believes

the proposed rule change meets the requirements of Rule 17Ad-

22(e)(4)(iii) and (vi).\13\

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\12\ 17 CFR 240.17Ad-22(e)(4)(iii) and (vi).

\13\ Id.

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Rule 17Ad-22(e)(6)(i) \14\ requires ICC to establish, implement,

maintain, and enforce written policies and procedures reasonably

designed to cover its credit exposures to its participants by

establishing a risk-based margin system that, at a minimum, considers,

and produces margin levels commensurate with, the risks and particular

attributes of each relevant product, portfolio, and market. The

proposed clarifications would further promote clarity and transparency

in the Treasury Clearing Service Risk Documentation, including in the

Risk Parameter Policy. In ICC's view, the proposed changes thus enhance

and strengthen ICC's process for reviewing and setting the model core

parameters, which in turn serves to promote the soundness of ICC's risk

management model and system, which will continue to consider and

produce margin levels commensurate with the risks and particular

attributes of each relevant product, portfolio, and market,

[[Page 35290]]

consistent with the requirements of Rule 17Ad-22(e)(6)(i).\15\

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\14\ 17 CFR 240.17Ad-22(e)(6)(i).

\15\ Id.

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(B) Clearing Agency's Statement on Burden on Competition

ICC does not believe the proposed rule change would have any

impact, or impose any burden, on competition. The proposed changes to

the Treasury Clearing Service Risk Documentation will apply uniformly

across all market participants. ICC does not believe these amendments

would affect the costs of clearing or the ability of market

participants to access clearing. Therefore, ICC does not believe the

proposed rule change would impose any burden on competition that is

inappropriate in furtherance of the purposes of the Act.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change

Received From Members, Participants or Others

Written comments relating to the proposed rule change have not been

solicited or received. ICC will notify the Commission of any written

comments received by ICC.

III. Date of Effectiveness of the Proposed Rule Change and Timing for

Commission Action

Within 45 days of the date of publication of this notice in the

Federal Register or within such longer period up to 90 days (i) as the

Commission may designate if it finds such longer period to be

appropriate and publishes its reasons for so finding or (ii) as to

which the self-regulatory organization consents, the Commission will:

(A) by order approve or disapprove such proposed rule change, or

(B) institute proceedings to determine whether the proposed rule

change should be 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 [email protected] . Please include

File Number SR-ICC-2026-005 on the subject line.

Paper Comments

Send paper comments in triplicate to Secretary, Securities and

Exchange Commission, 100 F Street NE, Washington, DC 20549.

All submissions should refer to File Number SR-ICC-2026-005. 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 such filings will be available for inspection and copying at

the principal office of ICE Clear Credit and on ICE Clear Credit's

website at https://www.ice.com/clear-credit/regulation .

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-ICC-2026-005 and

should be submitted on or before July 1, 2026.

For the Commission, by the Division of Trading and Markets,

pursuant to delegated authority.\16\

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\16\ 17 CFR 200.30-3(a)(12).

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Sherry R. Haywood,

Assistant Secretary.

[FR Doc. 2026-11567 Filed 6-9-26; 8:45 am]

BILLING CODE 8011-01-P