### Question
How is the term reporting activity level defined?


### Answer
The term **reporting activity level** is defined in *15 U.S.C. § 78m* as the following:

> 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 2B-SECURITIES EXCHANGES**

