[Federal Register Volume 83, Number 224 (Tuesday, November 20, 2018)]
[Notices]
[Pages 58646-58649]
[FR Doc No: 2018-25248]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84592; File No. SR-PEARL-2018-23]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX
PEARL Fee Schedule

November 14, 2018.
    Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on October 31, 2018, MIAX PEARL, LLC (``MIAX
PEARL'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is filing a proposal to amend the MIAX PEARL Fee
Schedule (the ``Fee Schedule'').
    The text of the proposed rule change is available on the Exchange's
website at http://www.miaxoptions.com/rule-filings/pearl at MIAX
PEARL's principal office, and at the Commission's Public Reference
Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Add/Remove Tiered Rebates/Fees
set forth in Section (a) of the Fee Schedule that apply to MIAX PEARL
Market Makers \3\ to (i) add a new, alternative Volume Criteria to Tier
2 based upon the total monthly volume executed by a MIAX PEARL Market
Maker in SPY, QQQ, and IWM options (``SPY/QQQ/IWM options'') volume on
MIAX PEARL, expressed as a percentage of total consolidated national
volume in SPY/QQQ/IWM options; (ii) amend the ``Definitions'' section
of the Fee Schedule to add the following definition, ``SPY/QQQ/IWM
TCV'' and (iii) amend the explanatory paragraph beneath the tables in
Section (a) of the Fee Schedule, as described below.
---------------------------------------------------------------------------

    \3\ ``Market Maker'' means a Member registered with the Exchange
for the purpose of making markets in options contracts traded on the
Exchange. See the Definitions Section of the Fee Schedule and
Exchange Rule 100.
---------------------------------------------------------------------------

    The Exchange currently assesses transaction rebates and fees to all
market participants which are based upon the total monthly volume
executed by the Member \4\ on MIAX PEARL in the relevant, respective
origin type (not including Excluded Contracts) \5\ expressed as a
percentage of TCV.\6\ In addition, the per contract transaction rebates
and fees are applied retroactively to all eligible volume for that
origin type once the respective threshold tier (``Tier'') has been
reached by the Member. The Exchange aggregates the volume of Members
and their Affiliates.\7\ Members that place resting liquidity, i.e.,
orders resting on the book of the MIAX PEARL System,\8\ are paid the
specified ``maker'' rebate (each a ``Maker''), and Members that execute
against resting liquidity are assessed the specified ``taker'' fee
(each a ``Taker''). For opening transactions and ABBO uncrossing
transactions, per contract transaction rebates and fees are waived for
all market participants. Finally, Members are generally assessed lower
transaction fees and generally receive lower rebates for order
executions in standard option classes in the Penny Pilot Program \9\
(``Penny classes'') than for order executions in standard option
classes which are not in the Penny Pilot Program (``Non-Penny
classes''), where Members generally are assessed higher transaction
fees and generally receive higher rebates.
---------------------------------------------------------------------------

    \4\ ``Member'' means an individual or organization that is
registered with the Exchange pursuant to Chapter II of the Exchange
Rules for purposes of trading on the Exchange as an ``Electronic
Exchange Member'' or ``Market Maker.'' Members are deemed
``members'' under the Exchange Act. See the Definitions Section of
the Fee Schedule and Exchange Rule 100.
    \5\ ``Excluded Contracts'' means any contracts routed to an away
market for execution. See the Definitions Section of the Fee
Schedule.
    \6\ ``TCV'' means total consolidated volume calculated as the
total national volume in those classes listed on MIAX PEARL for the
month for which the fees apply, excluding consolidated volume
executed during the period time in which the Exchange experiences an
``Exchange System Disruption'' (solely in the option classes of the
affected Matching Engine (as defined below)). The term Exchange
System Disruption, which is defined in the Definitions section of
the Fee Schedule, means an outage of a Matching Engine or collective
Matching Engines for a period of two consecutive hours or more,
during trading hours. The term Matching Engine, which is also
defined in the Definitions section of the Fee Schedule, is a part of
the MIAX PEARL electronic system that processes options orders and
trades on a symbol-by-symbol basis. Some Matching Engines will
process option classes with multiple root symbols, and other
Matching Engines may be dedicated to one single option root symbol
(for example, options on SPY may be processed by one single Matching
Engine that is dedicated only to SPY). A particular root symbol may
only be assigned to a single designated Matching Engine. A
particular root symbol may not be assigned to multiple Matching
Engines. The Exchange believes that it is reasonable and appropriate
to select two consecutive hours as the amount of time necessary to
constitute an Exchange System Disruption, as two hours equates to
approximately 1.4% of available trading time per month. The Exchange
notes that the term ``Exchange System Disruption'' and its meaning
have no applicability outside of the Fee Schedule, as it is used
solely for purposes of calculating volume for the threshold tiers in
the Fee Schedule. See the Definitions Section of the Fee Schedule.
    \7\ ``Affiliate'' means (i) an affiliate of a Member of at least
75% common ownership between the firms as reflected on each firm's
Form BD, Schedule A, or (ii) the Appointed Market Maker of an
Appointed EEM (or, conversely, the Appointed EEM of an Appointed
Market Maker). An ``Appointed Market Maker'' is a MIAX PEARL Market
Maker (who does not otherwise have a corporate affiliation based
upon common ownership with an EEM) that has been appointed by an EEM
and an ``Appointed EEM'' is an EEM (who does not otherwise have a
corporate affiliation based upon common ownership with a MIAX PEARL
Market Maker) that has been appointed by a MIAX PEARL Market Maker,
pursuant to the process described in the Fee Schedule. See the
Definitions Section of the Fee Schedule.
    \8\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
    \9\ See Securities Exchange Act Release No. 79778 (January 12,
2017), 82 FR 6662 (January 19, 2017) (SR-PEARL-2016-01).

---------------------------------------------------------------------------

    Transaction rebates and fees in Section (a) of the Fee Schedule are
currently assessed for MIAX PEARL Market Makers according to the
following table:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Per contract rebates/fees for   Per contract rebates/fees for
                                                                                penny classes                 non-penny classes
                   Origin                       Tier             Volume criteria         ---------------------------------------------------------------
                                                                                Maker           Taker         Maker **        Taker **
--------------------------------------------------------------------------------------------------------------------------------------------------------
All MIAX PEARL Market Makers...............          1   0.00%-0.15%....................         ($0.25)           $0.50         ($0.30)           $1.10
                                                     2   Above 0.15%-0.40%..............          (0.40)            0.50          (0.30)            1.10
                                                     3   Above 0.40%-0.65%..............          (0.40)            0.48          (0.60)            1.09
                                                     4   Above 0.65%-1.00% or Above               (0.47)            0.47          (0.65)            1.08
                                                          2.25% in SPY.
                                                     5   Above 1.00%-1.40%..............          (0.48)            0.45          (0.70)            1.07
                                                     6   Above 1.40%....................          (0.48)            0.44          (0.85)            1.06
--------------------------------------------------------------------------------------------------------------------------------------------------------

    The Exchange proposes to add a new, alternative Volume Criteria to
Tier 2 based upon the total monthly volume executed by a MIAX PEARL
Market Maker collectively in SPY/QQQ/IWM options on MIAX PEARL,
expressed as a percentage of total consolidated national volume in SPY/
QQQ/IWM options. Pursuant to this alternative Volume Criteria, a Market
Maker can now reach the Tier 2 threshold if the Market Maker's total
executed monthly volume, not including Excluded Contracts, in SPY/QQQ/
IWM options on MIAX PEARL is above 0.45% of total consolidated national
monthly volume in SPY/QQQ/IWM options. To be clear, volume that is from
resting liquidity (Maker) and taking liquidity (Taker) in SPY/QQQ/IWM
options is counted towards this alternative Volume Criteria, and the
0.45% threshold does not have to be reached individually in each of the
three symbols. Accordingly, a Market Maker could now qualify for Tier 2
rebates and fees which will then be applicable to all volume executed
by the MIAX PEARL Market Maker on MIAX PEARL. The two Volume Criteria
available for Tier 2 are now based upon either: (a) The total monthly
volume executed by the Market Maker in all options classes on MIAX
PEARL, not including Excluded Contracts, (as the numerator), expressed
as a percentage of (divided by) TCV (as the denominator); or (b) the
total monthly volume executed by the MIAX PEARL Market Maker
collectively in SPY/QQQ/IWM options on MIAX PEARL, not including
Excluded Contracts, (as the numerator), expressed as a percentage of
(divided by) SPY/QQQ/IWM TCV (as the denominator). Once either Volume
Criteria threshold in Tier 2 is reached by the Market Maker, the Tier 2
per contract rebates and fees will apply to all volume in all options
classes executed by that MIAX PEARL Market Maker on MIAX PEARL. The
Exchange does not propose to make any changes to the currently existing
Tier 2 Volume Criteria threshold of above 0.15% to 0.40% or to the
corresponding Maker rebates or Taker fees. Instead, the Exchange is
simply adding an alternative method by which a MIAX PEARL Market Maker
can reach Tier 2.
    With the proposed changes, Section (a) of the Fee Schedule for
Market Maker orders shall be the following:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Per contract rebates/fees for   Per contract rebates/fees for
                                                                                penny classes                 non-penny classes
                   Origin                       Tier             Volume criteria         ---------------------------------------------------------------
                                                                                Maker           Taker         Maker **        Taker **
--------------------------------------------------------------------------------------------------------------------------------------------------------
All MIAX PEARL Market Makers...............          1   0.00%-0.15%....................         ($0.25)           $0.50         ($0.30)           $1.10
                                                     2   Above 0.15%-0.40% or Above               (0.40)            0.50          (0.30)            1.10
                                                          0.45% in SPY/QQQ/IWM.
                                                     3   Above 0.40%-0.65%..............          (0.40)            0.48          (0.60)            1.09
                                                     4   Above 0.65%-1.00% or Above               (0.47)            0.47          (0.65)            1.08
                                                          2.25% in SPY.
                                                     5   Above 1.00%-1.40%..............          (0.48)            0.45          (0.70)            1.07
                                                     6   Above 1.40%....................          (0.48)            0.44          (0.85)            1.06
--------------------------------------------------------------------------------------------------------------------------------------------------------

    In addition to modifying the MIAX PEARL Market Maker table to
insert the new, alternative Volume Criteria threshold in Tier 2, and in
order to provide a clear explanation of the requirements for achieving
that alternative Volume Criteria threshold in Tier 2, the Exchange is
proposing to (i) amend the explanatory paragraph beneath the tables in
Section 1(a) of the Fee Schedule, and (ii) add a new definition of
``SPY/QQQ/IWM TCV'' to the Definitions Section of the Fee Schedule. The
amended explanatory paragraph will clarify that (except as otherwise
set forth in the Fee Schedule) the new, alternative Volume Criteria
threshold in Tier 2 for MIAX PEARL Market Makers measures volume in
SPY/QQQ/IWM options on MIAX PEARL not including Excluded Contracts, as
the numerator, and the SPY/QQQ/IWM TCV as the denominator. The new
definition of SPY/QQQ/IWM TCV in the Definitions Section shall provide
the following: ``SPY/QQQ/IWM TCV'' means total consolidated volume in
SPY, QQQ, and IWM calculated as the total national volume in SPY, QQQ,
and IWM for the month for which the fees apply, excluding consolidated
volume executed during the period of time in which the Exchange
experiences an Exchange System Disruption (solely in SPY, QQQ, or IWM
options).
    The Exchange believes that the proposed alternative Volume Criteria
threshold in Tier 2 for MIAX PEARL Market Makers will provide another
opportunity for those Market Makers that concentrate their trading
activity in

specific options classes such as SPY/QQQ/IWM options to reach a higher
tier. The Exchange believes that creating this alternative Volume
Criteria will extend the Tier 2 fee incentives to Market Makers that
concentrate their trading activity by sending significant volume in
SPY/QQQ/IWM options as compared to other Market Makers that do trade in
the broad range of products listed on the Exchange.
    The proposed change is scheduled to become operative November 1,
2018.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \10\ in general, and
furthers the objectives of Section 6(b)(4) of the Act,\11\ in that it
is an equitable allocation of reasonable dues, fees and other charges
among Exchange members and issuers and other persons using its
facilities, and 6(b)(5) of the Act,\12\ in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanisms of a
free and open market and a national market system and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4).
    \12\ 15 U.S.C. 78f(b)(1) and (b)(5).
---------------------------------------------------------------------------

    The Exchange's proposal to adopt the new, alternative Volume
Criteria for Tier 2 based on SPY, QQQ, and IWM volume executed on the
Exchange is reasonable, equitable, and not unfairly discriminatory, as
it is a form of pricing based upon trading activity in a select group
of symbols, which is a common practice on many U.S. options exchanges
as a means to incentivize order flow to be sent to an exchange for
execution in actively traded options classes. The Exchange's affiliate,
Miami International Securities Exchange, LLC (``MIAX Options''), offers
differentiated pricing for transactions in options underlying certain
select symbols.\13\ Other options exchanges' fee schedules distinguish
by symbol and specifically assess different fees and rebates for
transactions in select symbols for the same market participants.\14\
---------------------------------------------------------------------------

    \13\ See MIAX Options Fee Schedule, Section 1(a)(iii).
    \14\ See Cboe Options Exchange Fee Schedule; see also Nasdaq
PHLX LLC Pricing Schedule, Chapter B, Section I; see further Nasdaq
ISE, LLC Fee Schedule, Sections I and II.
---------------------------------------------------------------------------

    The Exchange is offering an alternative Tier 2 Volume Criteria
threshold based on SPY/QQQ/IWM options volume in Tier 2 because the
Exchange believes that incentivizing Market Makers that concentrate
their trading activity in SPY/QQQ/IWM options will consequently
increase order flow sent to the Exchange, which will benefit all market
participants through increased liquidity, tighter markets and order
interaction.
    The Exchange believes that the proposed non-substantive changes to
(i) amend the ``Definitions'' section of the Fee Schedule and (ii)
amend the explanatory paragraph beneath the tables in Section 1(a) of
the Fee Schedule, will promote just and equitable principles of trade,
remove impediments to and perfect the mechanism of a free and open
market and a national market system because it will add more detail and
clarity to the Fee Schedule with respect to the application of the
proposed method to reach the alternative Tier 2 Volume Criteria
threshold. As such, the proposed change would foster cooperation and
coordination with persons engaged in facilitating transactions in
securities and would remove impediments to and perfect the mechanism of
a free and open market and a national market system. In particular, the
Exchange believes that the proposed rule change will provide greater
clarity to Members and the public regarding the Exchange's Rules, and
it is in the public interest for rules to be accurate and concise so as
to eliminate the potential for confusion.

B. Self-Regulatory Organization's Statement on Burden on Competition

    MIAX PEARL does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change should
enable the Exchange to attract and compete for order flow with other
exchanges and will encourage Market Makers to submit more volume.
    Further, the Exchange believes that the proposed alternative Volume
Criteria threshold in Tier 2 based on SPY/QQQ/IWM options volume
applicable to MIAX PEARL Market Makers will continue to provide
incentives to those Market Makers that concentrate their trading
activity in SPY/QQQ/IWM options to send additional SPY, QQQ, and IWM
orders and creates more opportunity for additional liquidity to the
market.
    The Exchange does not believe that the proposed rule change to make
non-substantive clarifications to its rules will impose any burden on
competition not necessary or appropriate in furtherance of the purposes
of the Act. The proposed clarification to the rule text is not designed
to address any competitive issues but rather is designed to add
additional clarity to Members and the public regarding the Exchange's
Rules, and it is in the public interest for rules to be accurate and
concise so as to eliminate the potential for confusion.
    The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues if they
deem fee levels at a particular venue to be excessive. In such an
environment, the Exchange must continually adjust its rebates and fees
to remain competitive with other exchanges and to attract order flow.
The Exchange believes that the proposed rule change reflects this
competitive environment because it modifies the Exchange's fees in a
manner that encourages market participants to continue to provide
liquidity and to send order flow to the Exchange.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\15\ and Rule 19b-4(f)(2) \16\ thereunder.
At any time within 60 days of the filing of the proposed rule change,
the Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \16\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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-PEARL-2018-23 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-PEARL-2018-23. 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 the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-PEARL-2018-23 and should be submitted on
or before December 11, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
---------------------------------------------------------------------------

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

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-25248 Filed 11-19-18; 8:45 am]
BILLING CODE 8011-01-P


                            Choline Chloride 20% SP
               Plant Growth Regulator Useful For Amelioration of
                    Growth Reduction Caused by Sedate Soils

      Active Ingredients
      Choline Chloride	................................................................20.26%
      OTHER INGREDIENTS:..........................................................79.74%
TOTAL:.................................................................................................100.00%

EPA REG. NO. 88031- XX                                                                              EPA EST. NO. 88031-CA-001
EPA REG. NO. 88031- XX                                                                              EPA EST. NO. 88031-CA-001
                                   FIRST AID
IF IN EYES:
 Hold eye open and rinse slowly and gently with water for 15-20 minutes.
 Remove contact lenses, if present, after the first 5 minutes, then continue rinsing eye
 Call a poison control center or doctor for treatment advice.
IF INHALED:
 Move person to fresh air.
 If person is not breathing, call 911 or an ambulance, then give artificial respiration, preferably by mouth-to-mouth, if possible.
 Call a poison control center or doctor for further treatment advice.
IF ON SKIN OR CLOTHING:
 Take off contaminated clothing.
 Rinse skin immediately with plenty of water for 15-20 minutes.
 Call a poison control center or doctor for treatment advice.
                         HOTLINE NUMBER 1-800-858-7378
Have the product container or label with you when calling a poison control center or doctor, or going for treatment. You may also contact the National Pesticide Information Center at<PHONE_NUMBER> for genera) or medical information.

                                   FIRST AID
IF IN EYES:
 Hold eye open and rinse slowly and gently with water for 15-20 minutes.
 Remove contact lenses, if present, after the first 5 minutes, then continue rinsing eye
 Call a poison control center or doctor for treatment advice.
IF INHALED:
 Move person to fresh air.
 If person is not breathing, call 911 or an ambulance, then give artificial respiration, preferably by mouth-to-mouth, if possible.
 Call a poison control center or doctor for further treatment advice.
IF ON SKIN OR CLOTHING:
 Take off contaminated clothing.
 Rinse skin immediately with plenty of water for 15-20 minutes.
 Call a poison control center or doctor for treatment advice.
                         HOTLINE NUMBER 1-800-858-7378
Have the product container or label with you when calling a poison control center or doctor, or going for treatment. You may also contact the National Pesticide Information Center at<PHONE_NUMBER> for genera) or medical information.

KEEP OUT OF THE REACH OF CHILDREN
CAUTION

    PRECAUTIONARY STATEMENTS
HAZARDS TO HUMANS AND DOMESTIC ANIMALS
CAUTION

Causes moderate eye irritation Harmful if inhaled or absorbed through skin. Avoid breathing dust or spray mist. Avoid contact with eyes, skin or clothing. Wash thoroughly with soap and water after handling. Remove contaminated clothing and wash clothing before reuse.

                           USER SAFETY INSTRUCTIONS
Users should:

 Wash hands before eating, drinking, and chewing gum, using tobacco or using the toilet.

 Remove clothing/PPE immediately if pesticide gets inside, then wash thoroughly, and put on clean clothing.

 Remove PPE immediately alter handling this product Wash the outside of gloves before removing.

 As soon as possible, wash thoroughly and change into clean clothing.

                             ENVIRONMENTAL HAZARDS

Do not apply directly to water, or to areas where surface water is present or to intertidal areas below the mean high water mark. Do not contaminate water when cleaning equipment or disposing of equipment wash-waters or reinstate. Exposed treated seed may be hazardous to birds and other wildlife. Dispose of all excess treated seeds.

                              DIRECTIONS FOR USE

It is a violation of Federal law to use this product in a manner inconsistent with its labeling. Do not apply this product in a way that will contact workers or other persons, either directly or through drift. Only protected handlers may be in the area during applications. For any requirements specific to your State or Tribe, consult the State or Tribal agency responsible for pesticide regulation.

AGRICULTURAL USE REQUIREMENTS

Use this product only in accordance with its labeling and with the Worker Protection Standard, 40 CFR part 170. This Standard contains requirements for the protection of agricultural workers on farms, forests, nurseries, and greenhouses, and handlers of agricultural pesticides. It contains requirements for training, decontamination, notification, and emergency assistance. It also contains specific instructions and exceptions pertaining to the statements on this label about personal protective equipment (PPE), and restricted-entry interval. The requirements in this box only apply to uses that are covered by the Worker Protection Standard.

Do not enter or allow worker entry into treated areas during the restricted-entry interval (REI) of 0 hour.

PPE required for early entry to treated areas that is permitted under the Worker Protection Standard and that involves contact with anything that has been treated, such as plants, soil, or water is: Coveralls over short-sleeved shirt and short pants, waterproof gloves and shoes plus socks.

                       NON-AGRICULTURAL USE REQUIREMENTS

The requirements in this box apply to uses of this product that are NOT within the scope of the Worker Protection Standard (WPS) for agricultural pesticides (40 CFR Part 170). The WPS applies when this product is used to produce agricultural plants on farms, forests, nurseries, or greenhouses.
Keep unprotected persons out of treated areas until sprays have dried.

                              GENERAL INFORMATION
Use only as directed. The label should be read thoroughly and understood before making applications.

Keep out of reach of children.

Do not apply this product through any type of irrigation system.

Application recommendations:

CHOLINE 20% SP contains CHOLINE, which is a potent plant growth regulator. When applying a plant growth regulators, follow the recommended label directions for rates, timings, and water volumes. Do not apply untested spray mixes.
 Do not apply to plants under pest, nutritional, or water stress.
 Effectiveness requires that all parts of plant or crop receive thorough spray coverage or desired result will not occur. Prepare solution concentrations by mixing the required amount of product with water in a clean, empty spray tank. Dispose of any unused spray material at the end of each day following local, state or federal law.
 For best results, use water with a neutral pH and always below 8.5.
 CHOLINE 20% SP applications made under slow drying conditions (cool to warm temperatures, medium to high relative humidity, and no wind) will increase absorption by the plant, thus optimizing effectiveness. Night-time applications arc encouraged when day-time conditions are not conducive to slow drying conditions.
 Product persistence: CHOLINE 20% SP should be re-applied if significant rain occurs within 2 hours of application.
 No pre-harvest interval is required for this product.
 Compatibility: The CHOLINE 20% SP spray guidelines refer to the use of the product alone. The use of surfactants and other additives has been reported to be beneficial. Plant Synergists, Inc. does not assume responsibility for unexpected results due to the tank mixing of CHOLINE 20% SP with other products.

                         MIXING AND SPRAY INSTRUCTIONS

Mixing:  The spray tank should be filled 2/3 full with the proper amount of water to provide coverage of the foliage. Add the recommended amount of CHOLINE 20% SP to the tank with the agitation running and when fully dissolved add the remaining water.

Spraying:  Spray mixtures may be sprayed by ground equipment or aircraft in sufficient volume to cover the crop foliage.

                    SPRAY INSTRUCTIONS FOR CROP CATEGORIES

                                                Crop
                                    Timing
                                     Rates
                              Fruiting Vegetables
      At transplanting, when growth slows during season 2-4 applications
                       100-300 ppm 2-4 times per season
                                 Cereal Grains
As seed treatment @ 100 ppm per 100lbs. seed in sufficient water. Apply foliar spray 3-4 times per season when growth slows.
                       100-400 ppm 3-4 times per season.
                                  Stone Fruit
            Apply to early growth and continue 3-4 times per season
               200-500ppm in sufficient water to cover foliage.
                                   Nut Crops
                  Apply 3-4 times per season as foliar spray.
               200-500ppm in sufficient water to cover foliage.
                                    Cotton
          Apply to early growth then 2- 4 times per season as needed.
               100-400ppm in sufficient water to cover foliage.

 DO NOT apply using ULV application methods. For aerial applications use spray volumes of 2 gallons per acre or greater (10 gallons per acre for tree crops).

                   CONVERSION TABLES
28.35 grains = 1 ounce
1 gram 9.035 ounce
                           Grant of CHOLINE Per Acre
Desired CHOLINE Concentration (Grams Active Ingredient per acre) in Finished Spray
 To Grant of CHOLINE 20% SP Formulation Per Acre
CHOLINE 20% SP powder Contains 1.0 Gram Active Ingredient in 5 grains of formulated product
                                      0.2
                                       1
                                      0.5
                                      2.5
                                      1.0
                                       5
                                      2.0
                                      10
                                      4.0
                                      20
                                      5.0
                                      25
                                      8.0
                                      40
                                     10.0
                                      50
                                     12.0
                                      60
                                     16.0
                                      80
                                     20.0
                                      100
                                     25.0
                                      125
                                     32.0
                                      160
                                     40.0
                                      200
                                     48.0
                                      240
                                     50.0
                                      250
                                     128.0
                                      640

                        ppm (parts per million) CHOLINE
                                   Grant of
                  CHOLINE 20% SP per gallon of spray solution
                                      50
                                      1.9
                                      100
                                      3.8

                                      250
                                      9.4
                                      500
                                     18.9
                                      750
                                     28.3
                                     1,000
                                     37.7

--------------------------------------------------------------------------------
STORAGE AND DISPOSAL
--------------------------------------------------------------------------------
Do not contaminate water, food or feed by storage or disposal.
--------------------------------------------------------------------------------
PESTICIDE STORAGE:
--------------------------------------------------------------------------------
Keep containers tightly closed when not in use. Store away from any heat source.
--------------------------------------------------------------------------------
PESTICIDE DISPOSAL:
--------------------------------------------------------------------------------
Wastes resulting from the use of this product may be disposed of on site or at an approved waste disposal facility.
--------------------------------------------------------------------------------
CONTAINER DISPOSAL:
--------------------------------------------------------------------------------
Use label language appropriate for container size and type.
--------------------------------------------------------------------------------
NONREFILLABLE CONTAINERS: Do not reuse or refill this container. Clean container promptly after emptying.
--------------------------------------------------------------------------------
Non-refillable container equal to or less than 5 gallons. Triple rinse as follows: Empty the remaining contents into application equipment or a mix tank and drain for 10 seconds after the flow begins to drip. Fill the container 1/4 full with water and recap. Shake for 10 seconds. Pour reinstate into application equipment or a mix tank or store reinstate for later use or disposal. Drain for 10 seconds after flow begins to drip. Repeat this procedure two more times. Then offer for recycling or reconditioning, or puncture and dispose of in a sanitary landfill, or incineration, or, if allowed by state and local authorities, by burning. If burned, stay out of smoke.
--------------------------------------------------------------------------------
Non refutable container greater than 5 gallons. Triple rinse as follows: Empty the remaining contents into application equipment or a mix tank. Fill the container 1/4 frill with water. Replace and tighten closures. Tip container on its side and roll it back and forth, ensuring at least one complete revolution, for 30 seconds. Stand the container on its end and tip it back and forth several times. Turn the containers over onto its other end and tip it back and forth several times. Empty the reinstate into application equipment or a mix tank or store reinstate for later use or disposal. Repeat this procedure two more times. Then offer for recycling or reconditioning, or puncture and dispose of in a sanitary landfill, or incineration, or, if allowed by state and local authorities, by burning, if burned, stay out of smoke.

--------------------------------------------------------------------------------
LIMITED WARRANTY AND DISCLAIMER
--------------------------------------------------------------------------------
It is the manufacturer's intention that this product is to be used in accordance with the Directions for Use as stated on this label. The use of this product being beyond control of the manufacturer, no guarantee, expressed or implied, is made as to the effects of such use or the results to be obtained if not used in accordance with primed directions and established safe practice. To the fullest extent permitted by law, the buyers exclusive remedy and manufacturer's or seller's exclusive liability for any and all claims, losses, damages or injuries resulting from the use or handling of this product, whether or not based in contract, negligence, strict liability in tort or otherwise, shall be limited, at the manufacturer's option, to replacement of, or the repayment of the purchase price for the quantity of product with respect to which damages are claimed.

Manufactured By:   CP Bio, Inc.
               4802 Murrieta Street Chino, CA 91710