80 FR 26593 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Fees for NYSE Arca Integrated Feed To Add a Late Fee In Connection With Failure To Submit the Non-Display Use Declaration
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 89 (May 8, 2015)
Federal Register Volume 80, Issue 89 (May 8, 2015)
| Page Range | 26593-26595 | |
| FR Document | 2015-11059 |
[Federal Register Volume 80, Number 89 (Friday, May 8, 2015)] [Notices] [Pages 26593-26595] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-11059] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74865; File No. SR-NYSEARCA-2015-34] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Fees for NYSE Arca Integrated Feed To Add a Late Fee In Connection With Failure To Submit the Non-Display Use Declaration May 4, 2015. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on April 24, 2015, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the fees for NYSE Arca Integrated Feed to add a late fee in connection with failure to submit the non- display use declaration, operative on May 1, 2015. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, 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 self-regulatory organization 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 those statements may be examined at [[Page 26594]] 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 parts 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 fees for NYSE Arca Integrated Feed, as set forth on the NYSE Arca Equities Proprietary Market Data Fee Schedule (``Fee Schedule''), to add a late fee in connection with failure to submit an updated non-display use declaration. The proposed change to the Fee Schedule would be operative on May 1, 2015. The Exchange established the current fees for non-display services for NYSE Arca Integrated Feed in April 2013 and amended those fees in September 2014.\4\ The 2013 Non-Display Filing established a requirement that data recipients that receive real-time NYSE Arca market data subject to Non-Display Use fees submit a declaration with respect to their use of non-display data.\5\ In connection with the fee changes in the 2014 Non-Display Filing, the Exchange required data recipients that receive real-time NYSE Arca market data subject to Non- Display Use fees to complete and submit an updated Non-Display Use Declaration by September 1, 2014.\6\ The 2014 Non-Display Filing also established that data recipients are required to submit an updated annual Non-Display Use Declaration by January 31st of each year beginning in 2016. In addition, if a data recipient's use of real-time NYSE Arca market data changes at any time after the data recipient submits a Non-Display Use Declaration, the data recipient must inform the Exchange of the change by completing and submitting at the time of the change an updated declaration reflecting the change of use. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release Nos. 69315 (Apr. 5, 2013), 78 FR 21668 (Apr. 11, 2013) (SR-NYSEArca-2013-37) (``2013 Non-Display Filing'') and 73011 (Sept. 5, 2014), 79 FR 54315 (Sept. 11, 2014) (SR-NYSEArca-2014-93) (``2014 Non-Display Filing''). \5\ The non-display fee structure established in the 2013 Non- Display Filing replaced a monthly reporting obligation with respect to non-display devices with the requirement to submit the non- display use declaration. The Exchange also notes that if a data recipient only subscribes to products for which there are no non- display usage fees, e.g., NYSE Arca Realtime Reference Prices, then no declaration is required. \6\ The current form of the Non-Display Use Declaration reflected the changes to the non-display fees set forth in the 2014 Non-Display Filing and replaced the NYSE Euronext Non-Display Use Declaration established in connection with the 2013 Non-Display Filing. --------------------------------------------------------------------------- The Exchange notes that if a data recipient does not timely submit a Non-Display Use Declaration, the Exchange does not have up-to-date information about the data recipient's data use and therefore may not be charging the correct fees to the data recipient. In order to correctly assess fees for the non-display use of NYSE Arca Integrated Feed, the Exchange needs to have current and accurate information about the use of NYSE Arca Integrated Feed. The failure of data recipients to submit the Non-Display Use Declaration on time leads to potentially incorrect billing and administrative burdens, including tracking and obtaining late Non-Display Use Declarations and correcting customer records in connection with late Non-Display Use Declarations. The purpose of the proposed late fee is to incent data recipients to submit the Non-Display Use Declaration promptly to avoid the administrative burdens associated with the late submission of Non-Display Use Declarations. The Exchange proposes to establish a Non-Display Declaration Late Fee of $1,000 per month. The proposed fee would be charged to any data recipient that pays an Access Fee for NYSE Arca Integrated Feed that has failed to timely complete and submit a Non-Display Use Declaration. With respect to the Non-Display Use Declaration that was due by September 1, 2014, the Non-Display Declaration Late Fee would apply to NYSE Arca Integrated Feed data recipients that have not submitted the Non-Display Use Declaration by June 30, 2015, and would apply beginning July 1, 2015 and for each month thereafter until the data recipient has completed and submitted the Non-Display Use Declaration. With respect to the annual Non-Display Use Declaration due by January 31st of each year beginning in 2016, the Non-Display Declaration Late Fee would apply to data recipients that fail to complete and submit the annual Non-Display Use Declaration by the January 31st due date, and would apply beginning February 1st and for each month thereafter until the data recipient has completed and submitted the annual Non-Display Use Declaration.\7\ A Non-Display Use Declaration that is clearly incomplete would not be considered to have been completed and submitted to the Exchange on time. --------------------------------------------------------------------------- \7\ The Exchange will be proposing to establish the Non-Display Declaration Late Fee with respect to each Market Data product on the Fee Schedule that includes Non-Display Fees. --------------------------------------------------------------------------- In addition to adding the Non-Display Declaration Late Fee for NYSE Arca Integrated Feed to the Fee Schedule, the Exchange proposes to add an endnote to the Fee Schedule that would specify the effective dates for the Non-Display Declaration Late Fee as described above, and to change the numbering for the existing endnotes as needed. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\8\ in general, and Sections 6(b)(4) and 6(b)(5) of the Act,\9\ in particular, in that it provides an equitable allocation of reasonable fees among users and recipients of the data and is not designed to permit unfair discrimination among customers, issuers, and brokers. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(4), (5). --------------------------------------------------------------------------- The Exchange believes that it is reasonable to impose a late fee in connection with the submission of the Non-Display Use Declaration. In order to correctly assess fees for the non-display use of NYSE Arca Integrated Feed, the Exchange needs to have current and accurate information about the use of NYSE Arca Integrated Feed. The failure of data recipients to submit the Non-Display Use Declaration on time leads to potentially incorrect billing and administrative burdens, including tracking and obtaining late Non-Display Use Declarations and correcting and following up on payments owed in connection with late Non-Display Use Declarations. The purpose of the late fee is to incent data recipients to submit the Non-Display Use Declaration promptly to avoid the administrative burdens associated with the late submission of Non- Display Use Declarations. The Non-Display Declaration Late Fee is equitable and not unfairly discriminatory because it will apply to all data recipients that choose to subscribe to the NYSE Arca Integrated Feed. The Non-Display Declaration Late Fee is also consistent with similar pricing adopted in 2013 by the Consolidated Tape Association (``CTA'').\10\ The CTA imposes a monthly fee of $2,500 for each of Network A and Network B for firms that fail to comply with their reporting obligations in a timely manner. --------------------------------------------------------------------------- \10\ See Securities Exchange Act Release No. 70010 (July 19, 2013), 78 FR 44984 (July 25, 2013) (SR-CTA/CQ-2013-04). --------------------------------------------------------------------------- [[Page 26595]] B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. An exchange's ability to price its proprietary market data feed products is constrained by actual competition for the sale of proprietary market data products, the joint product nature of exchange platforms, and the existence of alternatives to the Exchange's proprietary data. In addition to being able to choose which proprietary data products (if any) to use and how to use them, a user can avoid the late fees that are the subject of this filing entirely by simply complying with the requisite deadlines. In setting the proposed fees, the Exchange considered the competitiveness of the market for proprietary data and all of the implications of that competition. The Exchange believes that it has considered all relevant factors and has not considered irrelevant factors in order to establish fair, reasonable, and not unreasonably discriminatory fees and an equitable allocation of fees among all users. The existence of fierce competition to sell proprietary data products and for order flow, as well as numerous alternatives to the Exchange's products, including proprietary data from other sources, ensures that the Exchange cannot set unreasonable fees, or fees that are unreasonably discriminatory, when vendors and subscribers can elect these alternatives or choose not to purchase a specific proprietary data product if the attendant fees are not justified by the returns that any particular vendor or data recipient would achieve through the purchase (the returns on use being a particularly important aspect of non-display uses of proprietary data). C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \11\ of the Act and subparagraph (f)(2) of Rule 19b-4 \12\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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 under Section 19(b)(2)(B) \13\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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 CommentsUse 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-NYSEARCA-2015-34 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-NYSEARCA-2015-34. 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 Web site (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 Web site 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 will also be available for inspection and copying at the NYSE's principal office and on its Internet Web site at www.nyse.com. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEARCA-2015-34, and should be submitted on or before May 29, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-11059 Filed 5-7-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 89 / Friday, May 8, 2015 / Notices 26593
III. Procedure: Request for Written applicable generic listing requirements, For the Commission, by the Division of
Comments would minimize potential Trading and Markets, pursuant to delegated
manipulation. authority.21
The Commission requests that Brent J. Fields,
interested persons provide written Comments may be submitted by any
Secretary.
submissions of their views, data, and of the following methods:
[FR Doc. 2015–11057 Filed 5–7–15; 8:45 am]
arguments with respect to the issues
identified above, as well as any other Electronic Comments BILLING CODE 8011–01–P
concerns they may have with the • Use the Commission’s Internet
proposal. In particular, the Commission comment form (http://www.sec.gov/ SECURITIES AND EXCHANGE
invites the written views of interested rules/sro.shtml); or COMMISSION
persons concerning whether the
proposal is consistent with Section • Send an email to rule-comments@ [Release No. 34–74865; File No. SR–
6(b)(5) or any other provision of the Act, sec.gov. Please include File Number SR– NYSEARCA–2015–34]
or the rules and regulations thereunder. NYSEArca–2015–01 on the subject line.
Although there do not appear to be any Self-Regulatory Organizations; NYSE
Paper Comments Arca, Inc.; Notice of Filing and
issues relevant to approval or
Immediate Effectiveness of Proposed
disapproval that would be facilitated by • Send paper comments in triplicate
an oral presentation of views, data, and Rule Change Amending the Fees for
to Secretary, Securities and Exchange
arguments, the Commission will NYSE Arca Integrated Feed To Add a
Commission, 100 F Street NE.,
consider, pursuant to Rule 19b–4, any Late Fee In Connection With Failure To
Washington, DC 20549–1090. Submit the Non-Display Use
request for an opportunity to make an
oral presentation.19 All submissions should refer to File Declaration
Interested persons are invited to Numbers SR–NYSEArca–2015–01. This
May 4, 2015.
submit written data, views, and file number should be included on the
Pursuant to Section 19(b)(1) 1 of the
arguments regarding whether the subject line if email is used. To help the Securities Exchange Act of 1934 (the
proposal should be approved or Commission process and review your ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
disapproved by May 29, 2015. Any comments more efficiently, please use notice is hereby given that, on April 24,
person who wishes to file a rebuttal to only one method. The Commission will 2015, NYSE Arca, Inc. (the ‘‘Exchange’’
any other person’s submission must file post all comments on the Commission’s or ‘‘NYSE Arca’’) filed with the
that rebuttal by June 12, 2015. Internet Web site (http://www.sec.gov/ Securities and Exchange Commission
The Commission asks that rules/sro.shtml). Copies of the (the ‘‘Commission’’) the proposed rule
commenters address the sufficiency of submission, all subsequent change as described in Items I, II, and
the Exchange’s statements in support of amendments, all written statements III below, which Items have been
the proposal, which are set forth in the with respect to the proposed rule prepared by the self-regulatory
Notice,20 in addition to any other change that are filed with the organization. The Commission is
comments they may wish to submit Commission, and all written publishing this notice to solicit
about the proposed rule change. In communications relating to the comments on the proposed rule change
particular, the Exchange concludes that proposed rule change between the from interested persons.
individual CUSIPs comprising the Commission and any person, other than
municipal bond offering can be I. Self-Regulatory Organization’s
those that may be withheld from the Statement of the Terms of Substance of
expected to be relatively fungible to one
public in accordance with the the Proposed Rule Change
another and that consideration of the
aggregate size of the municipal bond provisions of 5 U.S.C. 552, will be
available for Web site viewing and The Exchange proposes to amend the
offering, rather than the individual bond fees for NYSE Arca Integrated Feed to
component, does not raise concerns printing in the Commission’s Public
add a late fee in connection with failure
regarding pricing or liquidity of the Reference Room, 100 F Street NE.,
to submit the non-display use
applicable municipal bond index Washington, DC 20549, on official
declaration, operative on May 1, 2015.
components or of the Units overlying business days between the hours of The text of the proposed rule change is
the applicable index. With respect to 10:00 a.m. and 3:00 p.m. Copies of these available on the Exchange’s Web site at
these conclusions, the Commission filings also will be available for www.nyse.com, at the principal office of
seeks comment on whether the generic inspection and copying at the principal the Exchange, and at the Commission’s
listing criterion proposed to be amended office of the Exchange. All comments Public Reference Room.
would continue to serve to ensure that received will be posted without change;
the underlying securities of these fixed the Commission does not edit personal II. Self-Regulatory Organization’s
income indexes are sufficiently liquid identifying information from Statement of the Purpose of, and
and price-transparent, and that, when submissions. You should submit only Statutory Basis for, the Proposed Rule
applied in conjunction with the other information that you wish to make Change
available publicly. All submissions In its filing with the Commission, the
19 Section 19(b)(2) of the Act, as amended by the should refer to File Number SR– self-regulatory organization included
Securities Act Amendments of 1975, Public Law
asabaliauskas on DSK5VPTVN1PROD with NOTICES
94–29 (June 4, 1975), grants the Commission NYSEArca–2015–01 and should be statements concerning the purpose of,
flexibility to determine what type of proceeding— submitted on or before May 29, 2015. and basis for, the proposed rule change
either oral or notice and opportunity for written Rebuttal comments should be submitted and discussed any comments it received
comments—is appropriate for consideration of a on the proposed rule change. The text
particular proposal by a self-regulatory by June 12,2015.
organization. See Securities Act Amendments of
of those statements may be examined at
1975, Senate Comm. on Banking, Housing & Urban
1 15 U.S.C. 78s(b)(1).
Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30
(1975). 2 15 U.S.C. 78a.
20 See supra note 3. 21 17 CFR 200.30–3(a)(57). 3 17 CFR 240.19b–4.
VerDate Sep<11>2014 16:38 May 07, 2015 Jkt 235001 PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 E:\FR\FM\08MYN1.SGM 08MYN1](https://thefederalregister.org/doc/80_FR_26682/page/1.svg)
![Federal Register / Vol. 80, No. 89 / Friday, May 8, 2015 / Notices 26595
B. Self-Regulatory Organization’s thereunder, because it establishes a due, business days between the hours of
Statement on Burden on Competition fee, or other charge imposed by the 10:00 a.m. and 3:00 p.m. Copies of the
The Exchange does not believe that Exchange. filing will also be available for
the proposed rule change will impose At any time within 60 days of the inspection and copying at the NYSE’s
any burden on competition that is not filing of such proposed rule change, the principal office and on its Internet Web
necessary or appropriate in furtherance Commission summarily may site at www.nyse.com. All comments
of the purposes of the Act. An temporarily suspend such rule change if received will be posted without change;
exchange’s ability to price its it appears to the Commission that such the Commission does not edit personal
proprietary market data feed products is action is necessary or appropriate in the identifying information from
constrained by actual competition for public interest, for the protection of submissions. You should submit only
the sale of proprietary market data investors, or otherwise in furtherance of information that you wish to make
products, the joint product nature of the purposes of the Act. If the available publicly. All submissions
exchange platforms, and the existence of Commission takes such action, the should refer to File Number SR–
alternatives to the Exchange’s Commission shall institute proceedings NYSEARCA–2015–34, and should be
proprietary data. In addition to being under Section 19(b)(2)(B) 13 of the Act to submitted on or before May 29, 2015.
able to choose which proprietary data determine whether the proposed rule For the Commission, by the Division of
products (if any) to use and how to use change should be approved or Trading and Markets, pursuant to delegated
them, a user can avoid the late fees that disapproved. authority.14
are the subject of this filing entirely by IV. Solicitation of Comments Brent J. Fields,
simply complying with the requisite Secretary.
deadlines. Interested persons are invited to
submit written data, views, and [FR Doc. 2015–11059 Filed 5–7–15; 8:45 am]
In setting the proposed fees, the
Exchange considered the arguments concerning the foregoing, BILLING CODE 8011–01–P
competitiveness of the market for including whether the proposed rule
proprietary data and all of the change is consistent with the Act.
Comments may be submitted by any of SECURITIES AND EXCHANGE
implications of that competition. The COMMISSION
Exchange believes that it has considered the following methods:
all relevant factors and has not Electronic Comments [Release No. 34–74866; File No. SR–
considered irrelevant factors in order to NYSEArca–2015–15]
• Use the Commission’s Internet
establish fair, reasonable, and not
comment form (http://www.sec.gov/ Self-Regulatory Organizations; NYSE
unreasonably discriminatory fees and an
rules/sro.shtml); or Arca, Inc.; Order Approving a
equitable allocation of fees among all
• Send an email to rule-comments@ Proposed Rule Change, as Modified by
users. The existence of fierce
sec.gov. Please include File Number SR– Amendment No. 1, to the List and
competition to sell proprietary data
NYSEARCA–2015–34 on the subject Trade Shares of the Principal EDGE
products and for order flow, as well as
line. Active Income ETF Under NYSE Arca
numerous alternatives to the Exchange’s
products, including proprietary data Paper Comments Equities Rule 8.600
from other sources, ensures that the • Send paper comments in triplicate May 4, 2015.
Exchange cannot set unreasonable fees, to Secretary, Securities and Exchange
or fees that are unreasonably I. Introduction
Commission, 100 F Street NE.,
discriminatory, when vendors and Washington, DC 20549–1090. On March 12, 2015, NYSE Arca, Inc.
subscribers can elect these alternatives (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
All submissions should refer to File
or choose not to purchase a specific with the Securities and Exchange
Number SR–NYSEARCA–2015–34. This
proprietary data product if the attendant Commission (the ‘‘Commission’’),
file number should be included on the
fees are not justified by the returns that pursuant to Section 19(b)(1) 1 of the
subject line if email is used.
any particular vendor or data recipient To help the Commission process and Securities Exchange Act of 1934 (the
would achieve through the purchase review your comments more efficiently, ‘‘Act’’ or ‘‘Exchange Act’’) 2 and Rule
(the returns on use being a particularly 19b–4 thereunder,3 a proposed rule
please use only one method. The
important aspect of non-display uses of change to list and trade shares
Commission will post all comments on
proprietary data). (‘‘Shares’’) of the Principal EDGE Active
the Commission’s Internet Web site
C. Self-Regulatory Organization’s (http://www.sec.gov/rules/sro.shtml). Income ETF (‘‘Fund’’) under NYSE Arca
Statement on Comments on the Copies of the submission, all subsequent Equities Rule 8.600. The proposed rule
Proposed Rule Change Received From amendments, all written statements change was published for comment in
Members, Participants, or Others with respect to the proposed rule the Federal Register on March 27,
change that are filed with the 2015.4 On April 14, 2015, the Exchange
No written comments were solicited filed Amendment No. 1 to the
or received with respect to the proposed Commission, and all written
communications relating to the proposal.5 The Commission received no
rule change.
proposed rule change between the
III. Date of Effectiveness of the Commission and any person, other than
14 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
Proposed Rule Change and Timing for those that may be withheld from the
asabaliauskas on DSK5VPTVN1PROD with NOTICES
2 15 U.S.C. 78a.
Commission Action public in accordance with the 3 17 CFR 240.19b–4.
The foregoing rule change is effective provisions of 5 U.S.C. 552, will be 4 See Securities Exchange Act Release No. 74562
upon filing pursuant to Section available for Web site viewing and (March 23, 2015), 80 FR 16477 (‘‘Notice’’).
19(b)(3)(A) 11 of the Act and printing in the Commission’s Public 5 In Amendment No. 1, the Exchange: (1) Clarifies
Reference Room, 100 F Street NE., that the Fund’s investments in restricted securities
subparagraph (f)(2) of Rule 19b–4 12 (Rule 144A securities) will be limited to fixed
Washington, DC 20549, on official income securities; and (2) specifies that the Fund
11 15 U.S.C. 78s(b)(3)(A). will not invest in debt that is in default at the time
12 17 CFR 240.19b–4(f)(2). 13 15 U.S.C. 78s(b)(2)(B). Continued
VerDate Sep<11>2014 16:38 May 07, 2015 Jkt 235001 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 E:\FR\FM\08MYN1.SGM 08MYN1](https://thefederalregister.org/doc/80_FR_26682/page/3.svg)
Document Created: 2018-02-21 10:24:25
Document Modified: 2018-02-21 10:24:25
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 26593 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR