### Question
How does the law define reporting activity level?


### Answer
Under *15 U.S.C. § 78m*, **reporting activity level** is defined as:

> transactions in publicly traded securities at or above a level of volume, fair market value, or exercise value as shall be fixed from time to time by the Commission by rule, regulation, or order, specifying the time interval during which such transactions shall be aggregated

#### Citation:
  - *15 U.S.C. § 78m*
  - Heading: **CHAPTER 2A-SECURITIES AND TRUST INDENTURES > SUBCHAPTER III-TRUST INDENTURES**

