80 FR 28740 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Reporting Requirements of FINRA Rule 4530(a)(1)(H)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 96 (May 19, 2015)
Federal Register Volume 80, Issue 96 (May 19, 2015)
| Page Range | 28740-28742 | |
| FR Document | 2015-12030 |
[Federal Register Volume 80, Number 96 (Tuesday, May 19, 2015)] [Notices] [Pages 28740-28742] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-12030] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34- 74953; File No. SR-FINRA-2015-011] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Reporting Requirements of FINRA Rule 4530(a)(1)(H) May 13, 2015. Pursuant to 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 May 5, 2015, Financial Industry Regulatory Authority, Inc. (``FINRA'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by FINRA. FINRA has designated the proposed rule change as constituting a ``non-controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under the Act,\3\ which renders the proposal effective upon receipt of this filing by the Commission. 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. \3\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend FINRA Rule 4530 (Reporting Requirements) to provide an exception from the requirements of paragraph (a)(1)(H) of the rule for dealings with a member or associated person subject to statutory disqualification, if that member or associated person has been approved (or is otherwise permitted pursuant to FINRA rules and the federal securities laws) to be a member or to be associated with a member. The text of the proposed rule change is available on FINRA's Web site at http://www.finra.org, at the principal office of FINRA 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, FINRA 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. FINRA 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 FINRA Rule 4530 requires members to report to FINRA specified events, such as statutory disqualifications, and quarterly statistical and summary information regarding written customer complaints.\4\ FINRA uses the information for regulatory purposes to identify and initiate investigations of firms, offices and associated persons that may pose a risk. --------------------------------------------------------------------------- \4\ The specified events and customer complaint information must be electronically reported to FINRA via an application on FINRA's Firm Gateway. --------------------------------------------------------------------------- FINRA Rule 4530(a)(1)(H) requires a member to report whenever the member itself or an associated person of the member is subject to a ``statutory disqualification'' as defined in the Act. The rule also requires a member to report whenever the member or an associated person of the member is involved in the sale of any financial instrument, the provision of any investment advice or the financing of any such activities with any person that is subject to a ``statutory disqualification'' as defined in the Act. The report must include the name of the person subject to the statutory disqualification and details concerning the disqualification. In addition, the report must be submitted to FINRA within 30 calendar days after the member knows or should have known of the event. The definition of ``statutory disqualification'' under the Act includes, among other events, findings by the SEC, Commodity Futures Trading Commission or a self-regulatory organization that a person: (1) Willfully violated the federal securities or commodities laws, or the Municipal Securities Rulemaking Board rules; (2) willfully aided, abetted, counseled, commanded, induced or procured such violations; or (3) failed to supervise another person who commits violations of such laws or rules.\5\ Thus, for instance, a member is currently required to report under FINRA Rule 4530(a)(1)(H) each time the member is involved in the sale of any financial instrument, such as participating in a selling syndicate or selling group, with a member that has been found to have willfully violated the federal securities laws. This would be true even if the member that is subject to the willful violation has been approved, or is otherwise permitted pursuant to FINRA rules and the federal securities laws, to continue in membership notwithstanding the disqualification.\6\ --------------------------------------------------------------------------- \5\ See 15 U.S.C. 78c(a)(39). \6\ In general, persons subject to a statutory disqualification would be required to obtain approval from FINRA to enter or remain in the securities industry. A firm seeking to continue in membership, notwithstanding the existence of such a disqualification, generally would be required to file an MC-400A application with FINRA. Similarly, a firm seeking to sponsor (i.e., employ or associate with) a disqualified person generally would be required to file an MC-400 application with FINRA. However, as described in Regulatory Notice 09-19 (April 2009), a firm would not be required to file an application for approval for specific disqualifying events. For instance, a firm that is subject to a statutory disqualification based on a willful violation of the federal securities laws would not be required to file an MC-400A application with FINRA if the sanction is no longer in effect. Such a firm would be permitted to continue in membership notwithstanding the disqualification and without having to file an application with FINRA for approval. --------------------------------------------------------------------------- For the following reasons, FINRA believes that there is no regulatory value [[Page 28741]] in requiring a firm to report dealings with a disqualified member or associated person that has been approved or is otherwise permitted to be a member or associated with a member. First, FINRA is aware of the statutory disqualification status of such members and associated persons. Second, disqualified members and associated persons that have been approved to be members or associated with members typically are subject to special supervisory conditions, and FINRA periodically examines them to ensure compliance with the supervisory conditions and to monitor for other problems. Therefore, FINRA is proposing to amend Rule 4530(a)(1)(H) to exclude activities with a disqualified member or associated person that has been approved (or is otherwise permitted pursuant to FINRA rules and the federal securities laws) to be a member or associated with a member. FINRA has filed the proposed rule change for immediate effectiveness. The implementation date of the proposed rule change will be the date of filing. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,\7\ which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. FINRA believes that the proposed rule change will further these purposes by eliminating unnecessary reporting of information to FINRA and allowing FINRA to use its resources more efficiently. FINRA also believes that the proposed rule change will serve to reduce potential compliance burdens on firms without compromising the regulatory information available to FINRA. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78o-3(b)(6). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition FINRA does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change would reduce potential compliance burdens on firms by eliminating the requirement under FINRA Rule 4530(a)(1)(H) to report to FINRA each instance where a firm or an associated person is involved in a financial activity with a disqualified member or associated person that has been approved or is otherwise permitted to be a member or associated with a member. 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 Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to provide the Commission with written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. FINRA has fulfilled this requirement. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \10\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii)\11\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. FINRA requested the Commission to waive the 30-day operative delay so it can implement the proposed rule change immediately. FINRA stated that waiver of the operative delay would eliminate unnecessary reporting requirements relating to dealings with members or associated persons that are subject to a statutory disqualification where FINRA already has access to information regarding the status of such persons and they have either been approved or are otherwise permitted to be a member or associated with a member. The Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\12\ --------------------------------------------------------------------------- \10\ 17 CFR 240.19b-4(f)(6). \11\ 17 CFR 240.19b-4(f)(6)(iii). \12\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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. 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-FINRA-2015-011 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-FINRA-2015-011. 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 also will be available for inspection and copying at the principal office of FINRA. All comments received [[Page 28742]] 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-FINRA-2015-011 and should be submitted on or before June 9, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-12030 Filed 5-18-15; 8:45 am] BILLING CODE 8011-01-P
![28740 Federal Register / Vol. 80, No. 96 / Tuesday, May 19, 2015 / Notices
designate if it finds such longer period 19b–4 under the Act,3 which renders disqualification’’ as defined in the Act.
to be appropriate and publishes its the proposal effective upon receipt of The rule also requires a member to
reasons for so finding or as to which the this filing by the Commission. The report whenever the member or an
self-regulatory organization consents, Commission is publishing this notice to associated person of the member is
the Commission shall either approve the solicit comments on the proposed rule involved in the sale of any financial
proposed rule change, disapprove the change from interested persons. instrument, the provision of any
proposed rule change, or institute investment advice or the financing of
proceedings to determine whether the I. Self-Regulatory Organization’s any such activities with any person that
proposed rule change should be Statement of the Terms of Substance of is subject to a ‘‘statutory
disapproved. The 45th day for this filing the Proposed Rule Change disqualification’’ as defined in the Act.
is May 21, 2015. FINRA is proposing to amend FINRA The report must include the name of the
The Commission is extending the 45- Rule 4530 (Reporting Requirements) to person subject to the statutory
day time period for Commission action provide an exception from the disqualification and details concerning
on the proposed rule change. The requirements of paragraph (a)(1)(H) of the disqualification. In addition, the
Commission finds that it is appropriate the rule for dealings with a member or report must be submitted to FINRA
to designate a longer period within associated person subject to statutory within 30 calendar days after the
which to take action on the proposed disqualification, if that member or member knows or should have known
rule change so that it has sufficient time associated person has been approved (or of the event.
to consider the proposed rule change. is otherwise permitted pursuant to The definition of ‘‘statutory
Accordingly, pursuant to Section FINRA rules and the federal securities disqualification’’ under the Act
19(b)(2) of the Act 5 and for the reasons laws) to be a member or to be associated includes, among other events, findings
stated above, the Commission with a member. by the SEC, Commodity Futures Trading
designates July 5, 2015, as the date by The text of the proposed rule change Commission or a self-regulatory
which the Commission should either is available on FINRA’s Web site at organization that a person: (1) Willfully
approve or disapprove, or institute http://www.finra.org, at the principal violated the federal securities or
proceedings to determine whether to office of FINRA and at the commodities laws, or the Municipal
disapprove, the proposed rule change. Commission’s Public Reference Room. Securities Rulemaking Board rules; (2)
For the Commission, by the Division of willfully aided, abetted, counseled,
II. Self-Regulatory Organization’s commanded, induced or procured such
Trading and Markets, pursuant to delegated
authority.6
Statement of the Purpose of, and violations; or (3) failed to supervise
Statutory Basis for, the Proposed Rule another person who commits violations
Robert W. Errett,
Change of such laws or rules.5 Thus, for
Deputy Secretary.
[FR Doc. 2015–12031 Filed 5–18–15; 8:45 am] In its filing with the Commission, instance, a member is currently required
BILLING CODE 8011–01–P
FINRA included statements concerning to report under FINRA Rule
the purpose of and basis for the 4530(a)(1)(H) each time the member is
proposed rule change and discussed any involved in the sale of any financial
SECURITIES AND EXCHANGE comments it received on the proposed instrument, such as participating in a
COMMISSION rule change. The text of these statements selling syndicate or selling group, with
may be examined at the places specified a member that has been found to have
[Release No. 34- 74953; File No. SR–FINRA– in Item IV below. FINRA has prepared willfully violated the federal securities
2015–011]
summaries, set forth in sections A, B, laws. This would be true even if the
Self-Regulatory Organizations; and C below, of the most significant member that is subject to the willful
Financial Industry Regulatory aspects of such statements. violation has been approved, or is
Authority, Inc.; Notice of Filing and otherwise permitted pursuant to FINRA
A. Self-Regulatory Organization’s
Immediate Effectiveness of a Proposed rules and the federal securities laws, to
Statement of the Purpose of, and
Rule Change Relating to the Reporting continue in membership
Statutory Basis for, the Proposed Rule
Requirements of FINRA Rule notwithstanding the disqualification.6
Change For the following reasons, FINRA
4530(a)(1)(H)
1. Purpose believes that there is no regulatory value
May 13, 2015.
FINRA Rule 4530 requires members to
Pursuant to Section 19(b)(1) of the report to FINRA specified events, such
5 See 15 U.S.C. 78c(a)(39).
6 In general, persons subject to a statutory
Securities Exchange Act of 1934 as statutory disqualifications, and disqualification would be required to obtain
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 quarterly statistical and summary approval from FINRA to enter or remain in the
notice is hereby given that on May 5, information regarding written customer securities industry. A firm seeking to continue in
2015, Financial Industry Regulatory complaints.4 FINRA uses the membership, notwithstanding the existence of such
Authority, Inc. (‘‘FINRA’’) filed with the a disqualification, generally would be required to
information for regulatory purposes to file an MC–400A application with FINRA.
Securities and Exchange Commission
identify and initiate investigations of Similarly, a firm seeking to sponsor (i.e., employ or
(‘‘SEC’’ or ‘‘Commission’’) the proposed associate with) a disqualified person generally
firms, offices and associated persons
rule change as described in Items I and would be required to file an MC–400 application
that may pose a risk. with FINRA. However, as described in Regulatory
II below, which Items have been FINRA Rule 4530(a)(1)(H) requires a Notice 09–19 (April 2009), a firm would not be
prepared by FINRA. FINRA has member to report whenever the member required to file an application for approval for
designated the proposed rule change as itself or an associated person of the specific disqualifying events. For instance, a firm
tkelley on DSK3SPTVN1PROD with NOTICES
constituting a ‘‘non-controversial’’ rule member is subject to a ‘‘statutory that is subject to a statutory disqualification based
change under paragraph (f)(6) of Rule on a willful violation of the federal securities laws
would not be required to file an MC–400A
3 17CFR 240.19b–4(f)(6).
5 15
application with FINRA if the sanction is no longer
U.S.C. 78s(b)(2). 4 Thespecified events and customer complaint in effect. Such a firm would be permitted to
6 17 CFR 200.30–3(a)(31). information must be electronically reported to continue in membership notwithstanding the
1 15 U.S.C. 78s(b)(1).
FINRA via an application on FINRA’s Firm disqualification and without having to file an
2 17 CFR 240.19b–4. Gateway. application with FINRA for approval.
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![28742 Federal Register / Vol. 80, No. 96 / Tuesday, May 19, 2015 / Notices
will be posted without change; the the Exchange pursuant to EDGX Rule fee code BY to $0.00150 per share in
Commission does not edit personal 15.1(a) and (c) (‘‘Fee Schedule’’) to: (i) securities priced at or above $1.00.7 The
identifying information from decrease the rebate for orders yielding proposed change represents a pass
submissions. You should submit only fee code BY, which routes to the BATS through of the rate BATS Trading, Inc.
information that you wish to make Y-Exchange, Inc. (‘‘BYX’’) and removes (‘‘BATS Trading’’), the Exchange’s
available publicly. All submissions liquidity using routing strategies affiliated routing broker-dealer, is
should refer to File Number SR–FINRA– Destination Specific (‘‘DIRC’’), ROUC, or provided for routing orders to BYX that
2015–011 and should be submitted on ROUE; 6 (ii) decrease the standard rate remove liquidity. The proposed change
or before June 9, 2015. charged for removing liquidity from the is in response to BYX’s May 2015 fee
For the Commission, by the Division of Exchange from $0.0030 per share to change where BYX decreased its rebate
Trading and Markets, pursuant to delegated $0.0029 per share; and (iii) make a few from $0.00160 per share to $0.00150 per
authority.13 non-substantive clarifying changes. share for orders in securities priced at
Robert W. Errett, Changes to the fee schedule pursuant to or above $1.00.8 When BATS Trading
Deputy Secretary. this proposal are effective upon filing. routes to and removes liquidity from
The text of the proposed rule change BYX, it will now receive a standard
[FR Doc. 2015–12030 Filed 5–18–15; 8:45 am]
is available at the Exchange’s Web site rebate of $0.00150 per share. BATS
BILLING CODE 8011–01–P
at www.batstrading.com, at the Trading will pass through the rebate
principal office of the Exchange, and at provided by BYX to the Exchange and
the Commission’s Public Reference the Exchange, in turn, will pass through
SECURITIES AND EXCHANGE
Room. this rate to its Members.
COMMISSION
II. Self-Regulatory Organization’s Standard Removal Rate Change
[Release No. 34–74950; File No. SR–EDGX– Statement of the Purpose of, and
2015–22] Statutory Basis for, the Proposed Rule In securities priced at or above $1.00,
Change the Exchange currently charges a fee or
Self-Regulatory Organizations; EDGX $0.0030 per share when removing
Exchange, Inc.; Notice of Filing and In its filing with the Commission, the liquidity. The Exchange now proposes
Immediate Effectiveness of a Proposed Exchange included statements to decrease the standard rate charged for
Rule Change Related to Fees for Use concerning the purpose of and basis for removing liquidity from the Exchange
of EDGX Exchange, Inc. the proposed rule change and discussed from $0.0030 per share to $0.0029 per
any comments it received on the share in securities priced at or above
May 13, 2015. proposed rule change. The text of these $1.00.9 The standard removal rate
Pursuant to Section 19(b)(1) of the statements may be examined at the applies unless a Member’s transaction is
Securities Exchange Act of 1934 (the places specified in Item IV below. The assigned a fee code other than a
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange has prepared summaries, set standard fee code. If a Member’s
notice is hereby given that on April 30, forth in Sections A, B, and C below, of transaction is assigned a fee code other
2015, EDGX Exchange, Inc. (the the most significant parts of such than a standard fee code, the rates listed
‘‘Exchange’’ or ‘‘EDGX’’) filed with the statements. in the Fee Codes table of the Fee
Securities and Exchange Commission (A) Self-Regulatory Organization’s Schedule will apply.
(‘‘Commission’’) the proposed rule Statement of the Purpose of, and The standard rate for removing
change as described in Items I, II and III Statutory Basis for, the Proposed Rule liquidity from the Exchange will be
below, which Items have been prepared Change $0.0029 per share and no lower fees will
by the Exchange. The Exchange has be available if a Member qualifies for a
designated the proposed rule change as 1. Purpose
tier included in footnote 1 of the Fee
one establishing or changing a member The Exchange proposes to: (i) Schedule. Therefore, the Exchange
due, fee, or other charge imposed by the Decrease the rebate for orders yielding proposes to make a series of changes to
Exchange under Section 19(b)(3)(A)(ii) fee code BY, which routes to BYX and the Fee Schedule as a result of
of the Act 3 and Rule 19b–4(f)(2) removes liquidity using routing decreasing the standard rate to $0.0029
thereunder,4 which renders the strategies DIRC, ROUC, or ROUE; (ii) per share. First, the Exchange proposes
proposed rule change effective upon decrease the standard rate charged for to amend footnote 1 to remove
filing with the Commission. The removing liquidity from the Exchange references to reduced fees for removing
Commission is publishing this notice to from $0.0030 per share to $0.0029 per or routing liquidity from the Exchange.
solicit comments on the proposed rule share; and (iii) make a few non- Under footnote 1, if a Member satisfies
change from interested persons. substantive clarifying changes. the respective tier’s criteria, they would
I. Self-Regulatory Organization’s Fee Code BY be charged a reduced fee of: (i) $0.0029
Statement of the Terms of Substance of per share under Mega Tier 1; (ii)
In securities priced at or above $1.00, $0.0029 per share under Mega Tier 2; or
the Proposed Rule Change
the Exchange currently provides a (iii) $$0.00295 per share under Mega
The Exchange filed a to amend its fees rebate of $0.00160 per share for
and rebates applicable to Members 5 of Members’ orders that yield fee code BY, 7 The Exchange does not propose to amend its fee
which routes to BYX and removes for orders that yield fee code BY in securities priced
13 17 CFR 200.30–3(a)(12). liquidity using routing strategies DIRC, below $1.00.
1 15 U.S.C. 78s(b)(1).
ROUC, or ROUE. The Exchange 8 See BYX Exchange Fee Schedule Changes
tkelley on DSK3SPTVN1PROD with NOTICES
2 17 CFR 240.19b–4.
proposes to amend its Fee Schedule to Effective May 1, 2015 available at http://
3 15 U.S.C. 78s(b)(3)(A)(ii).
cdn.batstrading.com/resources/fee_schedule/2015/
4 17 CFR 240.19b–4(f)(2). decrease the rebate for orders that yield BATS-BYX-Exchange-BZX-Exchange-EDGA-
5 The term ‘‘Member’’ is defined as ‘‘any Exchange-and-EDGX-Exchange-Fee-Schedule-
registered broker or dealer, or any person associated Exchange as that term is defined in Section 3(a)(3) Changes-Effective-May-1-2015.pdf.
with a registered broker or dealer [sic], that has of the Act.’’ See Exchange Rule 1.5(n). 9 The Exchange does not propose to amend its
been admitted to membership in the Exchange. A 6 The DIRC, ROUC, and ROUE routing strategies standard rate for orders in securities priced below
Member will have the status of a ‘‘member’’ of the are set forth in Exchange Rule 11.11(g). $1.00.
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Document Created: 2015-12-15 15:29:55
Document Modified: 2015-12-15 15:29:55
| 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 28740 |
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