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FED ER AL RESERVE BANK O F N EW YORK r Circular No. 7907*1 L June 30, 1976 J OPERATIONS OF SECURITIES CLEARING AGENCIES Proposed Amendments to Regulations H and Y To All Member Banks, and Others Concerned, in the Second Federal Reserve District: Following is the text of a statement issued June 21 by the Board of Governors of the Federal Reserve System: T he B oard of G overnors of the Federal Reserve System today proposed am endm ents to two of its regulations relative to the operations of certain clearing agencies for stock m arket transactions. T he B oard will receive comment on its proposals through July 30, 1976. T he proposals were m ade in conform ity w ith requirem ents of the Securities A cts A m endm ents of 1975. They would affect State m em ber banks or their subsidiaries that are registered clearing agencies and State mem ber banks, bank holding companies and nonbank subsidiaries of bank holding companies that clear their securities transactions through banks that are clearing agencies. T h e Board’s proposal would am end its Regulation H (Membership of State B anking Institutions in the Federal R eserve System ) to require that State member banks, or their subsidiaries, that are registered clearing agencies m ust file notice with the B oard on all final disciplinary sanctions imposed by them on any firm p artici pating in the operations of the clearing agency. T he proposal also requires that State m em ber banks acting as clearing agencies file notice w ith the B oard of any denials of applications to participate in their clearing opera tions. In addition, the B oard proposed to am end R egulation Y (B ank H olding Com panies) and R egulation H to establish procedures for requesting stays and review by the Board of disciplinary sanctions and denials of participation imposed by bank clearing agencies, when the B oard is the appropriate regulatory agency. T he Securities and E xchange Commission and the Com ptroller of the C urrency are issuing sim ilar p ro posed rules for clearing agencies or participants under their jurisdictions. Printed below is an excerpt from the Federal Register of June 25, 1976, containing the text of the proposed amendments. Comments thereon should be submitted by July 30, 1976, and may be sent to our Bank Regulations Department. P aul A. V olcker, President. F E D E R A L R E S E R V E S Y S T E M [ 12 CFR Parts 208,225] [D o c k e t N o. R —0042; R e g s . H a n d Y ] MEMBERSHIP OF STATE BANKING INSTI TUTIONS IN THE FEDERAL RESERVE SYSTEM; BANK HOLDING COMPANIES Notice of Proposed Rulemaking Pursuant to authority of Sections 17, 7A, 19 and 23 of the Securities Exhange.Act of 1934 (15 U.S.C. 78q, q-1, and w) (“Act”) , the Board of Govertors proposes to amend Regulation H, Membership of State Banking Instituions in the Federal Reserve System, (12 :FR 208) to require that, a State memer bank or any of its subsidiaries that > a registered clearing agency pursuant d Section 17A(b) of the Act, shall file otice with the Board of all final discilinary actions, denials of participation, onditions, prohibitions or limitations of access to services, summary suspensions or conditions, prohibitions or limitations of participation imposed by it on any participant, in conformity with the form and content of such notices as prescribed herein. This amendment also prescribes the form and content of applications for stays by the Board of final disciplinary sanctions and summary actions of regis tered clearing agencies when the Board is the appropriate regulatory agency for the applicant and the form and content of applications for review by the Board of final disciplinary sanctions, denials of participation, prohibitions or limitations of access to services imposed by regis tered clearing agencies. In connection with this amendment, the Board of Governors also proposes to amend Regulation Y, Bank Holding Com panies, (12 CFR 225) prescribing the form and content of applications for stays by the Board of final disciplinary sanctions, and summary actions of regis tered clearing agencies when the partici pant or applicant is a bank holding com pany or a subsidiary of a bank holding company and the form and content of applications for review by the Board of final disciplinary sanctions, denials of participation, prohibitions or limitations of access to services imposed by regis tered clearing agencies when the partici pant or applicant is a bank holding com pany or subsidiary of a bank holding company. The Securities Acts Amendments of 1975 (the “1975 Amendments”) provided for direct oversight jurisdiction to cover disciplinary sanctions and denials of participation imposed by any registered clearing agency. Under the 1975 Amend ments such clearing agencies must promptly .file notice of such action w ith r (a) the appropriate regulatory agency for the registered clearing agency and (b) if not the same, with the appropriate regulatory agency for a participant, ap plicant or person on whom is imposed a final disciplinary sanction, or with re spect to whom participation is denied, or access to service is limited or prohibited. Review of any action requiring the filing of such notice may be had either on the motion of the appropriate regulatory agency (the Board with respect to State member banks, .bank holding companies, or subsidiaries of bank holding compan ies in bank clearing agencies, the Comp troller of the Currency with respect to National banks in bank clearing agen cies ; the Federal Deposit Insurance Cor poration with respect to State nonmem ber insured banks in bank clearing agen cies; and the Securities and Exchange Commission (the “Commission”) with respect to all others) or on the applica tion of any person aggrieved by such action. However, appeals taken to the Board or the other appropriate regula tory agencies do not automatically stay any action, although stays may be granted by a particular agency where appropriate. Moreover, the 1975 Amendments grant specific authority, under certain circum stances, to a registered clearing agency to take summary action against partici pants where such persons have been sus pended or expelled from any self-regu latory organization, such as a registered exohange or securities association. A reg istered clearing agency may also sum marily suspend a participant where such clearing agency determines that the par ticipant is in such financial or opera tional difficulty so as to endanger inves tors, creditors, or participants in the reg istered clearing agency or the registered clearing agency itself. Finally, the 1975 Amendments intro duced the concept of a “statutory dis qualification.” A person is subject to a statutory disqualification if such person: 1. Has been and is expelled or sus pended from membership or participa tion in, or barred or suspended from being associated with a member of, any self-regulatory organization; 2. Is subject to an order of the Com mission denying, suspending or revoking his registration as a broker, dealer or municipal securities dealer or barring his association with a broker, dealer or mu nicipal securities dealer; 3. By his conduct while associated with a broker, dealer or municipal securities dealer if such conduct has been found to be the cause of any effective suspension or expulsion; or has associated with him any person who is known, or in the exer cise of reasonable care should be known, to be a disqualified person, 4. Has violated or participated in vi olating any provisions of the Federal se curities acts or the rules of the Munici pal Securities Rulemaking Board; 5. been convicted within the past ten yeans of any felony or misdemeanor which involves certain crimes relating, generally, to securities transactions or business, perjury or the misappropria tion of funds or securities; 6. Is enjoined from any action, conduct or practice in connection with the securi ties industry or the purchase or sale of any security; or 7. Has willfully made application or submitted a report containing a false or misleading statement with respect to any material fact or omitted to state any material fact which is required to be stated to a self-regulatory organization. These statutory disqualifications per mit, but do not automatically require, a registered clearing agency to deny or -condition participation, but the Act re quires the registered clearing agency to take such action if the Commission so orders. A registered clearing agency pro posing to admit to participation a person subject to a statutory disqualification must give notice to the Commission 30 days prior to such action. The notice provisions of this amend ment provide for the content of notices relating to four general types of adjudi catory actions taken by a registered clearing agency for which the Board is the appropriate regulatory agency as follows: 1. Notice of Final Disciplinary Action. 2. Notice of Final Denial, Prohibition, Termination or Limitation Based on Qualification or Administrative Rules. 3. Notice of Final Action Based on a Statutory Disqualification. 4. Notice of Summary Suspension of Participation or Summary Limitation or Prohibition of Access to Services. Section 17A(b) (4) of the Act requires that disciplinary sanctions, denials of participation and similar adjudicatory findings include supportng statements of the registered clearing agency. The pro posed notice provisions were designed to obtain a report from the registered bank clearing agency containing its state ments. The notice provisions have also been structured to satisfy, at the same time, the requirement of Section 19(d) of the Act that such actions be promptly reported to the Board. Moreover, the notice provisions ensure that such re ports and notices supply sufficient in formation regarding the background, factual basis and issues involved in the proceeding to enable the Board or the appropriate regulatory agency not merely to determine whether the case should be called up for review on its own motion but also to ascertain generally whether registered bank clearing agen cies are adequately carrying out their responsibliities under the Act. The stay provisions of the proposed amendment would apply in the case of a registered bank clearing agency only where the disciplinary or denial action is taken against a participant or applicant for which the Board is the appropriate regulatory agency. Such persons desir ing to stay registered bank clearing agency actions would be required to make application for such a stay pur suant to these provisions. The proposed amendment also pro vides the procedures for application for review of all final disciplinary sanctions, participation denials, and similar actions by registered bank clearing agencies against a participant, applicant, or per son for which the Board is the appropri ate regulatory organization. The Secre tary of the Board or other designated officer acting for the Board would serve a copy of the application for review on the registered bank clearing agency 2 which, within 10 days, must certify and file with the Board one copy of the rec ord and three copies of an index of the record. The Secretary or the Board’s de signee would then serve on the parties copies of the index and any other papers subsequently filed. The applicant may file a brief within 20 days after receipt of the copy of the index and, within 20 days thereafter the registered bank clearing agency may file its brief. Oral argument may be requested by the ap plicant or the registered bank clearing agency which request may be granted or denied at the discretion of the Board. PART 208— MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FED ERAL RESERVE SYSTEM 1. Pursuant to the amendment, new paragraphs (g), (h) and (i) would be added to § 208.8 as set forth below: § 208.8 * Banking practices. • * * * (g) State member banks as registered clearing agencies. (1) Requirement of notice—(i) Any State member bank or any of its subsidiaries that is a regis tered clearing agency pursuant to Sec tion 17A(b) of the Securities Exchange Act of 1934 (the “Act”), shall file with the Board and (if other than the Board) the appropriate regulatory agency for a participant, applicant or person affected, notice of all final disciplinary actions, denials, conditions, prohibitions or limitations respecting participation or access to services and summary sus pensions, conditions, prohibitions, limi tations, imposed by such registered clearing agency on any of its partici pants, applicants or persons, such notice to be in conformity with the form and content prescribed herein. (ii) For the purposes of this para graph “final disciplinary action” shall mean the imposition of any final dis ciplinary sanction pursuant to Section 17A(b) (3) (G) of the Act or other action of a registered clearing agency which after notice and opportunity for hearing results in any final disposition of charges of: (A) One or more violations of the rules of such registered clearing agency; (B) Acts or practices constituting s statutory disqualification of a type de fined in subparagraph (D) or (E) (ex cept prior convictions) of Section 3(a) 39 of the Act. Notice of such final disciplinary actioi shall be promptly filed with the Boar< in accordance with paragraph (g) (2) o this section. (iii) Any registered clearing agenc; for which the Board is the appropriat regulatory agency that takes any fins action with respect to any person con stituting a denial, prohibition, or limita tion of participation or of access to serv ices offered by it, and which is based o an alleged failure of any person to: (A) Comply with qualification stanc ards established by rules of the appn priate regulatory agency or such regi; tered clearing agency; or (B) Comply with any administrati' requirements of such registered clearir agency (including failure to pay ent or other dues or fees or to file prescrib< forms or reports) not involving charges ings of fact with respect to any act or be exercised over and by such person; of violations which may lead to a dis practice that such respondent was (v) A copy of the oi’der or decision of ciplinary sanction shall not be considered charged with having engaged in or the court, the appropriate regulatory a “final disciplinary action” for purposes omitted; the conclusion of the registered agency or the self-regulatory organiza of this paragraph; but notice thereof clearing agency as to whether such re tion which adjudicated the matter giving shall be promptly filed with the Board spondent violated any provision as rise to such statutory disqualification; in accordance with paragraph (g) (3) charged; and a statement of the reg (vi) The nature of the action taken of this section, provided, however, that istered clearing agency in support of its and the date upon which such action is no disposition of a-matter shall be con resolution of the principal issues raised to be made effective; and sidered “final” pursuant to this para in the proceedings; )vii) Such other matters as the reg graph which results merely from a notice (v) A statement describing any sanc istered clearing agency deems relevant. of such failure to the person affected, if tion imposed, the reasons therefor, and (5) Content of notice of summary sus such person has not sought an adjudica the date upon which such sanction has pension of participation or summary lim tion of the matter, including a hearing, or will become effective, together with a itation or prohibition of access to serv or otherwise exhausted his administra finding, if appropriate, as to whether ices. Any notice of summary suspension tive remedies within such registered such respondent was a cause of any of participation or summary limitation clearing agency with respect to such a sanction imposed upon any other person; or prohibition of access of services filed matter. with the Board pursuant to this amend (vi) A statement concerning whether ment shall contain at least the following (iv) Any registered clearing agency for any stay of any sanction imposed should information: which the Board is the appropriate regu be granted, pending final determination (i) The name of the person concerned latory agency that takes any final action on review thereof by the Board or the together with his or her last known place with respect to any person which: appropriate regulatory agency, if any of residence or business as reflected on (A) Denies or conditions participation person aggrieved thereby applies for the records of the registered clearing in or prohibits or limits access to services such review; and agency; (vii) Such ether matters as the regis offered by such registered clearing (ii) The date upon which such sum tered clearing agency may deem relevant. agency; and mary action has or will become effective; (3) Content of notice of final denial, (B) Is based upon a statutory disquali (iii) If such summary action is based fication of a type defined in subpara prohibition, temnination of limitation based on qualification or administrative upon the provision of Section 17A(b) (5) graph (A), (B) or (C) of Section 3(a) (C) (i) of the Act, a copy of the relevant 39 of the Act or consisting of a prior rules. Any notice of a final denial, pro order or decision of the self-regulatory conviction, as described in subparagraph hibition, termination or limitation based organization; (E) of said Section 3(a) 39 shall on qualification or administrative rules (iv) If such summary action is based not be considered a “final discipli filed with the Board pursuant to this upon the provisions of Section 17A(b) nary action” for purposes of this para amendment shall consist of the follow (5) (C) (ii) or (iii) of the Act, a state graph; but notice thereof shall be ing, as appropriate: (i) The name of each person con ment describing as appropriate: promptly filed with the Board in accord cerned together with his or her last (A) The default of any delivery of ance with paragraph (g) (4) of this sec funds or securities to any clearing facil tion, provided, however, that no disposi known place of residence or business as ity based upon which such registered tion of a matter shall be considered reflected on the records of the registered clearing agency determined th at such “final” pursuant to this paragraph where clearing agency; (ii) The specific provisions of the rules suspension was necessary for, or the such person has not sought an adjudi participant could not be permitted to cation of the matter, including a hearing, of the registered clearing agency, upon continue to do business with, safety to or otherwise exhausted his administra which the action of the registered clear ing agency was based; and the answer of such registered clearing agency, in tive remedies within such registered the person concerned; clearing agency with respect to such a vestors, creditors, or participants in the (iii) A statement setting forth findings matter. registered clearing agency; of fact and conclusions as to each alleged (B) The financial or operating diffi (v) Any registered clearing agency for failure of the person to comply with culty of the participant based upon which the Board is the appropriate regu qualification standards, or comply with which such registered clearing agency latory agency that summarily suspends a administrative obligations, and a state determined that the participant could participant, or summarily limits or pro ment of the registered clearing agency not be permitted to continue to do busi hibits any person with respect to access in support of the resolution of the prin ness with safety to investors, creditors or to or services offered by the organization cipal issues raised in the proceeding; other participants in the registered pursuant to the provisions of Section (iv) The date upon which such action clearing agency; or 17A(b) (5) (C) of the Act, shall within 24 has or will become effective; and (C) The failure to meet qualification hours of the effectiveness of such sum (v) Such other matters as the regis requirements or other prerequisites for mary suspension, limitation or prohibi tered clearing agency deems relevant. access and the basis upon which such tion notify the Board and the appro (4) Content of notice of final action organization determined that the person priate regulatory agency for the partici based upon-prior adjudicated statutory concerned could not be permitted to pant (if other than the Board) of such disqualification. Any notice of a final continue to have access with safety to action. Such notice of summary suspen action based upon a prior adjudicated investors, creditors, the registered sion, limitation or prohibition filed with statutory disqualification filed with the clearing agency or participants of the the Board shall be in accordance with Board pursuant to this amendment shall registered clearing agency. paragraph (g) (5) of this section. (v) The nature and effective date of (2) Content of notice of final dis consist of the following, as appropriate: (i) The name of the person concerned, the suspension, limitation or prohibition • ciplinary action. Any notice of a final and together with his or her last known place disciplinary action filed with the Board of residence or business, as reflected on (vi) Such other matters as the or pursuant to this amendment shall consist ganization deems relevant. the records of the organization; of the following, as appropriate: <ii) A statement setting forth the (h) Applications for stays of disci (i) The name of the respondent con principal issues raised, the answer of any plinary sanctions or summary suspen cerned together with his or her last person concerned, and a statement of sions by a registered clearing agency. If known place of residence or business as the registered clearing agency in support a registered clearing agency for which reflected on the records of the registered of the resolution of the principal issues the Securities and Exchange Commission clearing agency and the name of the raised in the proceeding; is not the appropriate regulatory agency, person, committee, or other organiza (iii) Any description furnished by or imposes any final disciplinary sanction tional unit that brought the charges in on behalf of the person concerned of the pursuant to Section 17A(b) (3) (G) of the volved: activities engaged in by the person since Act, or summarily suspends or limits or (ii) A statement describing the in the adjudication upon which the dis prohibits access pursuant to Section vestigative or other origin of the action; qualification is based; 17A(b) (5) (C) of the Act, any person ag (iii) As charged in the proceeding, the (iv) Any description furnished by or grieved thereby for which the Board is ;peciflc provisions of the rules of the on behalf of the person concerned of the the appropriate regulatory agency may ■egistered clearing agency and the prospective business or employment in file with the Board, by telegram or mswer of the respondent to the charges; which the person plans to engage and otherwise, a request for a stay of imposi (iv) A statement setting forth find the manner and extent of supervision to tion of such action. Such request shall be 3 (ii) Within 20 days after receipt of a statement or within 10 days after receipt in writing and shall include a statement copy of the index, the applicant shall file of the registered clearing agency’s an as to why such stay should be granted. a brief or other statement in support of (i) Applications for review of final dis swer, or (B) by the registered clearing agency with its answer. The Board, in its his application which shall state the ciplinary sanctions, denials of participa discretion, may grant or deny any request tion or prohibitions or limitations of ac specific grounds on which the application for oral argument and, where it deems it cess to services imposed by registered is based, the particular findings of the appropriate to do so, the Board will con clearing agencies. (1) Scope—Proceed organization to which objection is taken, sider an application on the basis of the ings on an application to the Board un and the relief sought. Any application papers filed by the parties, without oral der Section 19(d) (2) of the Act by a not perfected by such timely brief or argument. participant that is subject to the Board’s jurisdiction for review of any final disci (vi) The Board’s Rules of Practice for statement may be dismissed as aban plinary sanction, denial, or conditioning Formal Hearings shall apply to review doned. of participation, or prohibition or limita (iii) Within 20 days after receipt of proceedings under this rule to the extent tion with respect to access to registered the applicant’s brief or statement the that they are not inconsistent with this clearing agency services imposed by a organization may file an answer thereto, rule. Attention is directed particularly to registered clearing agency for which the and within 10 days of receipt of any such 5 263.21 of the Rules of Practice relat Securities and Exchange Commission is answer the applicant may file a reply. ing to formal requirements as to papers not the appropriate regulatory agency Any such papers not filed within the shall be governed by this paragraph. time provided by paragraphs (e) (2) (i), filed. (2) Procedure, (i) An application for PART 225— BANK HOLDING COMPANIES (ii), or (iii) of this section will not be review pursuant to Section 19(d) (2) of reecived except upon special permission 2. In connection with this amendment, the Act shall be filed with the Board of the Board. the Board of Governors also proposes to within 30 days after notice thereof is (iv) On its own motion, the Board may amend Regulation Y, Bank Holding filed pursuant to Section 19(d) (1) of the direct that the record under review be Companies, (12 CFR 225) by adding new Act and received by the aggrieved person supplemented with such acWitional evi paragraphs (d) and (e) to § 225.5 to applying for review, or within such longer dence as it may deem relevant. Never read as follows: theless, the registered clearing agency period as the Board may determine. The and persons who may be aggrieved by Secretary of the Board shall serve § 2 2 5 .5 A dm in istratio n . such agency’s action shall be obliged to • • • • • a copy of the application on the regis adduce all evidence that they deem rele (d) Applications for stays of discipli tered clearing agency, which shall, with vant in the proceedings before the reg nary sanctions or summary suspensions in ten days after receipt of the applica istered clearing agency, and no such per by a registered clearing agency. If a son shall be entitled to adduce additional tion, certify and file with the Board one registered clearing agency for which the copy of the record upon which the action Securities and Exchange Commission is evidence unless it is shown to the satis faction of the Board th at such additional not the appropriate regulatory agency, complained of was taken, together with evidence is material and th at there were imposes any final disciplinary sanction three copies of an index to such record. reasonable grounds for failure to adduce pursuant to Section 17A(b) (3) (G) of the The Secretary shall serve upon the par such evidence in such proceedings. Any Act, or summarily suspends or limits or ties copies of such index and any papers prohibits access pursuant to Section 17A request for leave to adduce additional subsequently filed. (b) (5) (C) of the Act, any person ag evidence shall be filed promptly so as not (ii) Within 20 days after receipt of a grieved thereby for which the Board is to delay the disposition of the proceeding. copy of the index, the applicant shall file (v) Oral argument before the Board the appropriate regulatory agency may may be requested by the applicant or the a brief or other statement in support of file with the Board, by telegram or other clearing agency as follows: (A) his application which shall state the wise, a request for a stay of imposition registered specific grounds on which the applica by the applicant with his brief or state of such action. Such request shall be in ment or within 10 days after receipt of tion is based, the particular findings of writing and shall include a statement as the organization to which objection is the registered clearing agency’s answer, to why such stay should be granted. or (B) by the registered clearing agency taken, and the relief sought. Any applica (e) Applications for review of final with its answer. The Board, in its discre tion not perfected by such timely brief disciplinary sanctions, denials of partici tion, may grant or deny any request for or statement may be dismissed as aban pation or prohibitions or limitations of oral argument and, where it deems it ap doned. access to services imposed by registered propriate to do so, the Board will consider Oil) Within 20 days after receipt of clearing agencies. (1) Scope.—Proceed an application on the basis of the papers the applicant’s brief or statement the or ings on an application to the Board un filed by the parties, without oral argu ganization may file an answer thereto, der Section 19(d)(2) of the Act by a ment. and within 10 days of receipt of any such participant that is subject to the Board’s (vi) The Board’s Rules of Practice for answer the applicant may file a reply. jurisdiction for review of any final dis Formal Hearings shall apply to review Any such papers not filed within the time ciplinary sanction, denial, or condition proceedings under this rule to the ex provided by paragraphs (i), <i)(2), (ii), ing of participation, or prohibition or tent that they are not inconsistent with or (iii) of this section will not be received limitation with respect to access to this rule. Attention is directed particuexcept upon special permission of the registered clearing agency services im relating to formal requirements as to Bo3.rd» posed by a registered clearing agency for papers filed. (iv) On its own motion, the Board may which the Securities and Exchange Com To aid in consideration of this matter direct th at the record under review be mission is not the appropriate regula by the Board, interested persons are in supplemented with such additional evi tory agency shall be governed by this vited to submit relevant data, views, oi dence as it may deem relevant. Never paragraph. theless, the registered clearing agency (2) Procedure, (i) An application for arguments concerning the proposec amendments. Any such material shoulc and persons who may be aggrieved by review pursuant to Section 19(d) (2) of be submitted in writing to the Secre such agency’s action shall be obliged to the Act shall be filed with the Board tary, Board of Governors of the Federa adduce all evidence that they deem rele within 30 days after notice thereof is filed Reserve System, Washington, D.C. 20551 vant in the proceedings before the regis pursuant to Section 19(d)(1) of the Act to be received not later than July 30,1976 tered clearing agency, and no such per and received by the aggrieved person ap All material submitted should include th< son shall be entitled to adduce additional plying for review, or within such longer docket number R-0042. Such materia evidence unless it is shown to the satis period as the Board may determine. The will be made available for inspection an< faction of the Board th at such additional Secretary of the Board shall serve a copy copying upon request, except as provide* evidence is material and that there were of the application on the registered in section 261.6(a) of the Board’s Rule reasonable grounds for failure to adduce clearing agency, which shall, within ten Regarding Availability of Informatioi such evidence in such proceedings. Any days after receipt of the application, (12 CFR 261.6(a)). request for leave to adduce additional certify and file with the Board one copy evidence shall be filed promptly so as of the record upon which the action com By order of the Board of Governor! not to delay the disposition of the plained of was taken, together with three June 21,1976. proceeding. copies of an index to such record. The [ seal] G riffith L. C arwood, (v) Oral argument before the Board Secretary shall serve upon the parties Assistant Secretary of the Board. may be requested by the applicant or the copies of such index and any papers sub registered clearing agency as follows: (FR Doc.70-18502 Filed 0-24-70; 8: 45 am] sequently filed. (A) by the applicant with his brief or 4
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