80 FR 34727 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Exemptions From the Order Audit Trail System Recording and Reporting Requirements
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 116 (June 17, 2015)
Federal Register Volume 80, Issue 116 (June 17, 2015)
| Page Range | 34727-34729 | |
| FR Document | 2015-14833 |
[Federal Register Volume 80, Number 116 (Wednesday, June 17, 2015)] [Notices] [Pages 34727-34729] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-14833] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75160; File No. SR-FINRA-2015-016] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Exemptions From the Order Audit Trail System Recording and Reporting Requirements June 11, 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 June 10, 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, II, and III 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 Rule 7470 to extend for four years FINRA's ability to exempt certain members from the recording and reporting requirements of the Order Audit Trail System (``OATS'') Rules (``OATS Rules'') for manual orders received by the member. Below is the text of the proposed rule change. Proposed new language is in italics; proposed deletions are in brackets. * * * * * 7000. CLEARING, TRANSACTION AND ORDER DATA REQUIREMENTS, AND FACILITY CHARGES * * * * * 7400. ORDER AUDIT TRAIL SYSTEM * * * * * 7470. Exemption to the Order Recording and Data Transmission Requirements (a) through (b) No Change. (c) This Rule shall be in effect until July 10, 2019[2015]. * * * * * 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 The OATS Rules impose obligations on FINRA members to record in electronic form and report to FINRA on a daily basis certain information with respect to orders originated, received, transmitted, modified, canceled, or executed by members relating to OTC equity securities and NMS stocks. OATS captures this order information and integrates it with quote and transaction information to create a time- sequenced record of orders, quotes, and transactions. This information is then used by FINRA staff to conduct surveillance and investigations of member firms for violations of FINRA rules and federal securities laws and regulations. On September 28, 2005, the SEC approved amendments to the OATS Rules that, among other things, gave FINRA the authority to grant exemptive relief from the OATS reporting requirements for manual orders.\4\ In 2006, FINRA's exemptive authority was expanded to include the authority to exempt manual orders received by members from the OATS recording requirements.\5\ Under Rule 7470, at a minimum, members must meet the following criteria to be eligible to request an exemption from the OATS recording and reporting requirements for manual orders: (1) the member and current control affiliates and associated persons of the member have not been subject within the last five years to any final disciplinary action, and within the last ten years to any disciplinary action involving fraud; (2) the member has annual revenues of less than $2 million; (3) the member does not conduct any market making activities in any security subject to the OATS Rules; (4) the member does not execute principal transactions with its customers (with limited exceptions for principal transactions executed pursuant to error corrections); and (5) the member does not conduct clearing or carrying activities for other firms.\6\ An exemption granted by FINRA pursuant to Rule 7470 is for a maximum of two years; however, a member that continues to meet the criteria may request subsequent exemptions at or prior to the expiration of a grant of exemptive relief.\7\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 52521 (September 28, 2005), 70 FR 57909 (October 4, 2005). \5\ See Securities Exchange Act Release No. 53580 (March 30, 2006), 71 FR 17529 (April 6, 2006). In 2006, the exemptive provision was also relocated from NASD Rule 6955(d) to NASD Rule 6958. As of December 15, 2008, NASD Rule 6958 was renumbered as FINRA Rule 7470. See FINRA Regulatory Notice 08-57 (October 2008). \6\ See Rule 7470(a). \7\ See Rule 7470(b). --------------------------------------------------------------------------- Rule 7470 also includes a sunset provision. As initially adopted, the exemptive provision expired as of July 10, 2011, which was five years from the original effective date of the rule.\8\ In 2011, FINRA filed a proposed rule change to extend the sunset provision until July 10, 2015, noting that FINRA adopted this exemptive authority so that it would have the ability to grant relief to members that meet certain criteria in situations where, for example, the reporting of order information would be unduly burdensome for the member or where temporary relief from the OATS Rules, in the form of additional time to achieve compliance, would permit the members to avoid unnecessary expense or hardship.\9\ FINRA noted that these concerns continued to be present for many firms and concluded it was appropriate to allow firms that have received an exemption from OATS to continue to rely on their current exemption (or request an additional two-year exemption) until the scope and [[Page 34728]] application of the SEC's consolidated audit trail was determined.\10\ --------------------------------------------------------------------------- \8\ See Securities Exchange Act Release No. 52521 (September 28, 2005), 70 FR 57909 (October 4, 2005). \9\ See Securities Exchange Act Release No. 64717 (June 21, 2011), 76 FR 37384 (June 27, 2011). \10\ The SEC proposed Rule 613 under Regulation NMS regarding the consolidated audit trail on May 26, 2010. See Securities Exchange Act Release No. 62174 (May 26, 2010), 75 FR 32556 (June 8, 2010). --------------------------------------------------------------------------- On July 18, 2012, the SEC adopted Rule 613 under Regulation NMS, which requires FINRA and the national securities exchanges (``SROs'') to jointly file an NMS plan to govern the creation, implementation, and maintenance of a consolidated audit trail and central repository.\11\ The SROs initially filed the NMS plan required by Rule 613 on September 30, 2014, and, on February 27, 2015, filed a subsequent NMS plan to amend and restate the original plan filed the previous September (``CAT NMS Plan'').\12\ Under Rule 613 and the CAT NMS Plan, all broker- dealers that are members of FINRA or a national securities exchange must report order information to the central repository; small broker- dealers must report the required information no later than three years following the SEC's approval of the CAT NMS Plan, and all other broker- dealers must report the required information no later than two years following the SEC's approval.\13\ --------------------------------------------------------------------------- \11\ See 17 CFR 242.613(a); see also Securities Exchange Act Release No. 67457 (July 18, 2012), 77 FR 45722 (August 1, 2012). \12\ Although the SEC has not yet published the CAT NMS Plan for public comment, the CAT NMS Plan submitted by the SROs is available on the SROs' Web site at www.catnmsplan.com. \13\ See 17 CFR 242.613(a)(3)(v), (vi). Small broker-dealers are those that qualify as small broker-dealers as defined in 17 CFR 240.0-10(c). --------------------------------------------------------------------------- FINRA believes that extending the sunset provision in Rule 7470 for an additional four years is appropriate given the current state of the consolidated audit trail. If the CAT NMS Plan is published and approved by the SEC within the next year,\14\ all of those FINRA member firms currently reporting to OATS or relying on an exemption from OATS reporting will be reporting to the consolidated audit trail within four years, provided the SEC does not extend the implementation timeline laid out in Rule 613(a) or exempt some firms from reporting to the consolidated audit trail. If the SEC does not approve the CAT NMS Plan within the next year, FINRA still believes it is appropriate to extend the sunset provision in Rule 7470 so that those firms relying on the exemption may continue to do so provided they meet the criteria to qualify. FINRA believes that the proposed rule change will enable FINRA to exempt manual orders received by certain small firms from the OATS Rules and avoid imposing potentially unnecessary expense or hardship on those firms that qualify for the exemption. FINRA is not proposing any substantive changes to the criteria necessary for firms to qualify for an exemption because FINRA believes that the criteria continue to ensure that only those firms with limited revenue, no recent final disciplinary actions, and limited business models will be eligible. --------------------------------------------------------------------------- \14\ Once an NMS plan is published for public comment, the SEC has a maximum of 180 days to approve the plan with such changes or subject to such conditions as the SEC may deem necessary or appropriate. See 17 CFR 242.608(b)(2). --------------------------------------------------------------------------- FINRA has filed the proposed rule change for immediate effectiveness. The implementation date will be July 10, 2015. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,\15\ 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 enable FINRA to exempt manual orders received by certain small firms from the OATS Rules and avoid imposing potentially unnecessary expense or hardship on those firms that qualify for the exemption. FINRA believes that the proposed rule change is particularly appropriate given the current state of the development of the consolidated audit trail which, unless amended, will require these small firms to report order information to the central repository created pursuant to Rule 613. If the CAT NMS Plan is approved, these small firms can then devote resources to any applicable reporting obligations under Rule 613 and the CAT NMS Plan rather than reporting manual order information to OATS for a brief period of time in the interim. --------------------------------------------------------------------------- \15\ 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. As noted above, FINRA believes that the proposed rule change will enable FINRA to exempt manual orders received by certain small firms from the OATS Rules and avoid imposing potentially unnecessary expense or hardship on those firms that qualify for the exemption. FINRA notes that the compliance burden on these firms would also potentially be imposed for only a short period of time as these firms will also be required to develop a means to report order information to the central repository of the consolidated audit trail if the SEC approves the CAT NMS Plan. 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 foregoing 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act \16\ and Rule 19b- 4(f)(6) thereunder.\17\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A). \17\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- 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 rule-comments@sec.gov. Please include File Number SR-FINRA-2015-016 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-2015-016. This file [[Page 34729]] 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 such filing will also be available for inspection and copying at the principal office of FINRA. 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-FINRA-2015-016 and should be submitted on or before July 8, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-14833 Filed 6-16-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 116 / Wednesday, June 17, 2015 / Notices 34727
For the Commission, by the Division of 7000. CLEARING, TRANSACTION AND requirements.5 Under Rule 7470, at a
Trading and Markets, pursuant to delegated ORDER DATA REQUIREMENTS, AND minimum, members must meet the
authority.45 FACILITY CHARGES following criteria to be eligible to
Robert W. Errett, * * * * * request an exemption from the OATS
Deputy Secretary. recording and reporting requirements
[FR Doc. 2015–14827 Filed 6–16–15; 8:45 am]
7400. ORDER AUDIT TRAIL SYSTEM for manual orders: (1) the member and
* * * * * current control affiliates and associated
BILLING CODE 8011–01–P
persons of the member have not been
7470. Exemption to the Order Recording subject within the last five years to any
and Data Transmission Requirements final disciplinary action, and within the
SECURITIES AND EXCHANGE
COMMISSION (a) through (b) No Change. last ten years to any disciplinary action
(c) This Rule shall be in effect until involving fraud; (2) the member has
July 10, 2019[2015]. annual revenues of less than $2 million;
[Release No. 34–75160; File No. SR–FINRA– (3) the member does not conduct any
2015–016] * * * * *
market making activities in any security
II. Self-Regulatory Organization’s subject to the OATS Rules; (4) the
Self-Regulatory Organizations; member does not execute principal
Statement of the Purpose of, and
Financial Industry Regulatory transactions with its customers (with
Statutory Basis for, the Proposed Rule
Authority, Inc.; Notice of Filing and limited exceptions for principal
Change
Immediate Effectiveness of a Proposed transactions executed pursuant to error
Rule Change Relating to Exemptions In its filing with the Commission,
corrections); and (5) the member does
From the Order Audit Trail System FINRA included statements concerning
not conduct clearing or carrying
Recording and Reporting the purpose of and basis for the
activities for other firms.6 An exemption
Requirements proposed rule change and discussed any
granted by FINRA pursuant to Rule
comments it received on the proposed
June 11, 2015. 7470 is for a maximum of two years;
rule change. The text of these statements
however, a member that continues to
Pursuant to Section 19(b)(1) of the may be examined at the places specified meet the criteria may request
Securities Exchange Act of 1934 in Item IV below. FINRA has prepared subsequent exemptions at or prior to the
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 summaries, set forth in sections A, B, expiration of a grant of exemptive
notice is hereby given that on June 10, and C below, of the most significant relief.7
2015, Financial Industry Regulatory aspects of such statements. Rule 7470 also includes a sunset
Authority, Inc. (‘‘FINRA’’) filed with the A. Self-Regulatory Organization’s provision. As initially adopted, the
Securities and Exchange Commission Statement of the Purpose of, and exemptive provision expired as of July
(‘‘SEC’’ or ‘‘Commission’’) the proposed Statutory Basis for, the Proposed Rule 10, 2011, which was five years from the
rule change as described in Items I, II, Change original effective date of the rule.8 In
and III below, which Items have been 2011, FINRA filed a proposed rule
prepared by FINRA. FINRA has 1. Purpose change to extend the sunset provision
designated the proposed rule change as The OATS Rules impose obligations until July 10, 2015, noting that FINRA
constituting a ‘‘non-controversial’’ rule on FINRA members to record in adopted this exemptive authority so that
change under paragraph (f)(6) of Rule electronic form and report to FINRA on it would have the ability to grant relief
19b–4 under the Act,3 which renders a daily basis certain information with to members that meet certain criteria in
the proposal effective upon receipt of respect to orders originated, received, situations where, for example, the
this filing by the Commission. The transmitted, modified, canceled, or reporting of order information would be
Commission is publishing this notice to executed by members relating to OTC unduly burdensome for the member or
solicit comments on the proposed rule equity securities and NMS stocks. OATS where temporary relief from the OATS
change from interested persons. captures this order information and Rules, in the form of additional time to
integrates it with quote and transaction achieve compliance, would permit the
I. Self-Regulatory Organization’s members to avoid unnecessary expense
Statement of the Terms of Substance of information to create a time-sequenced
record of orders, quotes, and or hardship.9 FINRA noted that these
the Proposed Rule Change concerns continued to be present for
transactions. This information is then
FINRA is proposing to amend Rule used by FINRA staff to conduct many firms and concluded it was
7470 to extend for four years FINRA’s surveillance and investigations of appropriate to allow firms that have
ability to exempt certain members from member firms for violations of FINRA received an exemption from OATS to
the recording and reporting rules and federal securities laws and continue to rely on their current
requirements of the Order Audit Trail regulations. exemption (or request an additional
System (‘‘OATS’’) Rules (‘‘OATS On September 28, 2005, the SEC two-year exemption) until the scope and
Rules’’) for manual orders received by approved amendments to the OATS
5 See Securities Exchange Act Release No. 53580
the member. Rules that, among other things, gave
(March 30, 2006), 71 FR 17529 (April 6, 2006). In
Below is the text of the proposed rule FINRA the authority to grant exemptive 2006, the exemptive provision was also relocated
change. Proposed new language is in relief from the OATS reporting from NASD Rule 6955(d) to NASD Rule 6958. As
asabaliauskas on DSK5VPTVN1PROD with NOTICES
italics; proposed deletions are in requirements for manual orders.4 In of December 15, 2008, NASD Rule 6958 was
2006, FINRA’s exemptive authority was renumbered as FINRA Rule 7470. See FINRA
brackets. Regulatory Notice 08–57 (October 2008).
expanded to include the authority to 6 See Rule 7470(a).
* * * * * exempt manual orders received by 7 See Rule 7470(b).
members from the OATS recording 8 See Securities Exchange Act Release No. 52521
45 17 CFR 200.30–3(a)(12). (September 28, 2005), 70 FR 57909 (October 4,
1 15 U.S.C. 78s(b)(1). 4 See Securities Exchange Act Release No. 52521 2005).
2 17 CFR 240.19b–4.
(September 28, 2005), 70 FR 57909 (October 4, 9 See Securities Exchange Act Release No. 64717
3 17 CFR 240.19b–4(f)(6). 2005). (June 21, 2011), 76 FR 37384 (June 27, 2011).
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![Federal Register / Vol. 80, No. 116 / Wednesday, June 17, 2015 / Notices 34729
number should be included on the exchanges and sales of these products 1. Purchases, Sales, Creations, and
subject line if email is used. To help the by broker-dealers. Redemptions
Commission process and review your 2. Arbitrage Between an ETP’s Market Price
DATES: Comments should be received by
comments more efficiently, please use and Its NAV
August 17, 2015. D. The Commission’s Oversight of
only one method. The Commission will ADDRESSES: Comments may be Exchange-Traded Products
post all comments on the Commission’s submitted by any of the following 1. Exchange Act Exemptive and No-Action
Internet Web site (http://www.sec.gov/ methods: Relief for Existing ETPs
rules/sro.shtml). Copies of the 2. Exchange Listing Standards and the Rule
submission, all subsequent Electronic Comments 19b–4 Process
amendments, all written statements • Use the Commission’s Internet 3. Broker-Dealer Sales Practices
with respect to the proposed rule comment form (http://www.sec.gov/ II. Request For Comment
change that are filed with the rules/other.shtml); A. Arbitrage and Market Pricing
Commission, and all written • Send an email to rule-comments@ B. Exchange Act Exemptions and No-
communications relating to the sec.gov, including File Number S7–11– Action Positions
proposed rule change between the C. Exchange Listing Standards
15 on the subject line; or D. Broker-Dealer Sales Practices and
Commission and any person, other than • Use the Federal eRulemaking Portal Investor Understanding and Use of ETPs
those that may be withheld from the (http://www.regulations.gov), following E. Other
public in accordance with the the instructions for submitting
provisions of 5 U.S.C. 552, will be comments. I. Discussion
available for Web site viewing and A. Introduction
Paper Comments
printing in the Commission’s Public
Reference Room, 100 F Street NE., • Send paper comments to Secretary, Exchange-traded products (‘‘ETPs’’)
Washington, DC 20549, on official Securities and Exchange Commission, constitute a diverse class of financial
business days between the hours of 100 F Street NE., Washington, DC products that seek to provide investors
10:00 a.m. and 3:00 p.m. Copies of such 20549–1090. with exposure to financial instruments,
filing will also be available for All submissions should refer to File financial benchmarks, or investment
inspection and copying at the principal Number S7–11–15. This file number strategies across a wide range of asset
office of FINRA. All comments received should be included on the subject line classes. ETP trading occurs on national
will be posted without change; the if email is used. To help the securities exchanges and other
Commission does not edit personal Commission process and review your secondary markets that are regulated by
identifying information from comments more efficiently, please use the Commission under the Securities
submissions. You should submit only only one method of submission. The Exchange Act of 1934 (‘‘Exchange
information that you wish to make Commission will post all comments on Act’’),1 making ETPs widely available to
available publicly. All submissions the Commission’s Web site (http:// market participants, from individual
should refer to File Number SR–FINRA– www.sec.gov). Comments are also investors to institutional investors,
2015–016 and should be submitted on available for Web site viewing and including hedge funds and pension
or before July 8, 2015. printing in the Commission’s Public funds.
For the Commission, by the Division of Reference Room, 100 F Street NE., The Commission approved the listing
Trading and Markets, pursuant to delegated Washington, DC 20549, on official and trading of shares of the first ETP—
authority.18 business days between the hours of the SPDR S&P 500 ETF (‘‘SPY’’)—in
Robert W. Errett, 10:00 a.m. and 3:00 p.m. All comments 1992.2 Since the SPY began trading on
Deputy Secretary. received will be posted without change; January 22, 1993, there has been
[FR Doc. 2015–14833 Filed 6–16–15; 8:45 am]
the Commission does not edit personal enormous growth in the number,
BILLING CODE 8011–01–P
identifying information from aggregate market capitalization, and
submissions. You should submit only variety of ETPs. The chart below depicts
information that you wish to make the growth of ETPs, both in number and
SECURITIES AND EXCHANGE publicly available. market capitalization, since 1993.
COMMISSION FOR FURTHER INFORMATION CONTACT:
Edward Cho, Special Counsel, at (202) As reflected in Figure 1 (below), from
[Release No. 34–75165; File No. S7–11–15]
551–5508; Christopher Chow, Special 2006 to 2013, the total number of ETPs
Counsel, at (202) 551–5622; or Sarah listed and traded as of year end rose by
Request for Comment on Exchange- an average of 160 per year, with a net
Traded Products Schandler, Special Counsel, at (202)
551–7145, Division of Trading and increase of more than 200 in both 2007
AGENCY: Securities and Exchange Markets, Securities and Exchange and 2011. By comparison, from 1993 to
Commission. Commission, 100 F Street NE., 2005, the total number of ETPs listed
ACTION: Request for comment. Washington, DC 20549–7010. and traded as of year end rose by an
average of just 17 per year, with a net
SUMMARY: The Securities and Exchange Table of Contents increase of 60 in 2000. The total market
Commission (‘‘Commission’’) is seeking I. Discussion capitalization of ETPs has also grown
public comment on topics related to the A. Introduction substantially, nearly doubling since the
asabaliauskas on DSK5VPTVN1PROD with NOTICES
listing and trading of exchange-traded B. The Types of ETPs end of 2009. Much of this growth has
products on national securities C. How Existing ETPs Function been in index-based ETPs.
18 17 CFR 200.30–3(a)(12). 300 of Regulation ATS, 17 CFR 242.300) or in other Amex–92–18) (order approving the adoption of
1 15 U.S.C. 78a et seq. Once listed on a national over-the-counter transactions. listing standards for Portfolio Depositary Receipts
securities exchange, ETP shares also can be traded 2 See Securities Exchange Act Release No. 31591 and the listing and trading of shares of SPY
on Alternative Trading Systems (as defined in Rule (Dec. 11, 1992), 57 FR 60253 (Dec. 18, 1992) (SR– pursuant to those listing standards).
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Document Created: 2015-12-15 14:23:32
Document Modified: 2015-12-15 14:23:32
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 80 FR 34727 |
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