80 FR 39462 - Self-Regulatory Organizations; BATS Exchange, Inc.; BATS Y-Exchange, Inc.; EDGA Exchange, Inc.; and EDGX Exchange, Inc.; Order Approving Proposed Rule Changes, as Modified by Amendment No. 1, Relating to Liquidity Requirements for Securities Admitted to Unlisted Trading Privileges
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 131 (July 9, 2015)
Federal Register Volume 80, Issue 131 (July 9, 2015)
| Page Range | 39462-39463 | |
| FR Document | 2015-16727 |
[Federal Register Volume 80, Number 131 (Thursday, July 9, 2015)] [Notices] [Pages 39462-39463] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-16727] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75354; File Nos. SR-BATS-2015-37; SR-BYX-2015-25; SR- EDGA-2015-19; SR-EDGX-2015-21] Self-Regulatory Organizations; BATS Exchange, Inc.; BATS Y- Exchange, Inc.; EDGA Exchange, Inc.; and EDGX Exchange, Inc.; Order Approving Proposed Rule Changes, as Modified by Amendment No. 1, Relating to Liquidity Requirements for Securities Admitted to Unlisted Trading Privileges July 2, 2015. I. Introduction On May 5, 2015, BATS Exchange, Inc. (``BATS''); BATS Y-Exchange, Inc. (``BYX''); EDGA Exchange, Inc. (``EDGA''); and EDGX Exchange, Inc. (``EDGX'') (each, an ``Exchange'' and, collectively, the ``Exchanges'') filed with the Securities and Exchange Commission (the ``Commission''), pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act''),\2\ and Rule 19b-4 thereunder,\3\ proposed rule changes to amend each Exchange's Rule 11.2, ``Securities Eligible for Trading,'' to indicate that the Exchanges may determine not to designate for trading any security admitted to unlisted trading privileges that does not meet certain consolidated average daily trading volume thresholds. On May 15, 2015, the Exchanges each filed Amendment No. 1 to their respective proposals.\4\ The proposed rule changes, as amended, were published for comment in the in the Federal Register on May 22, 2015.\5\ The Commission received two comment letters regarding the proposals.\6\ This order approves the proposed rule changes, as amended. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. \4\ Each Amendment No. 1 amended and replaced its original proposal in its entirety. \5\ See Securities Exchange Act Release Nos. 74987 (May 18, 2015), 80 FR 29769 (``BATS Notice''); 74988 (May 18, 2015), 80 FR 29781 (``BYX Notice''); 74986 (May 18, 2015), 80 FR 29772 (``EDGA Notice''); and 74985 (May 18, 2015), 80 FR 29778 (``EDGX Notice''). \6\ See letters to Brent J. Fields, Secretary, Commission, from John A. McCarthy, General Counsel, KCG Holdings, Inc. (``KCG''), dated June 12, 2015 (``KCG Letter'') available at http://www.sec.gov/comments/sr-byx-2015-25/byx201525-1.pdf; and from Theodore R. Lazo, Managing Director and Associate General Counsel, Securities Industry and Financial Markets Association (``SIFMA''), dated June 15, 2015 (``SIFMA Letter'') available at http://www.sec.gov/comments/sr-bats-2015-37/bats201537-1.pdf. --------------------------------------------------------------------------- II. Description of the Proposals Each Exchange proposes to amend its rules by adding new paragraphs (b), (c), and (d) to Rule 11.2.\7\ Proposed Rule 11.2(b) provides that an Exchange may determine not to designate for trading any security admitted to unlisted trading privileges on the Exchange when that security's consolidated average daily volume is equal to or less than 2,500 shares during the preceding 90 calendar days.\8\ An Exchange may begin trading a security that it had previously not designated for trading pursuant to proposed Rule 11.2(b) if the security's consolidated average daily trading volume exceeds 5,000 shares over any 90 calendar day period since the security was not designated for trading.\9\ An Exchange would be required to notify its members at least one trading day in advance of any securities it is making unavailable for trading pursuant to proposed Rule 11.2(b), and of any securities it is making available for trading pursuant to proposed Rule 11.2(c).\10\ --------------------------------------------------------------------------- \7\ The existing provisions of Rule 11.2 will be included in proposed subparagraph (a). \8\ See proposed Exchange Rule 11.2(b). Based on internal statistics, the Exchanges anticipate that approximately 700 securities would meet this criterion. \9\ See proposed Exchange Rule 11.2(c). \10\ See proposed Exchange Rule 11.2(d). --------------------------------------------------------------------------- Each Exchange would retain discretion over whether to determine not to quote and trade securities that meet the criteria in proposed Exchange Rules 11.2(b) and 11.2(c).\11\ In determining whether to exercise its discretion under proposed Exchange Rules 11.2(b) and 11.2(c), an Exchange would consider such factors as member and investor feedback, as well as whether other non-listing exchanges have decided to cease quoting and trading in the affected securities.\12\ --------------------------------------------------------------------------- \11\ See proposed Exchange Rule 11.2(c). \12\ See BATS Notice, 80 FR at 29770; BYX Notice, 80 FR at 29782; EDGA Notice, 80 FR at 29773; and EDGX Notice, 80 FR at 29779. --------------------------------------------------------------------------- The Exchanges state that the proposals may facilitate an improvement in market quality for the affected securities, which could increase investor interest in trading these securities. In particular, the Exchanges believe that concentrating the quoted liquidity in the affected securities on the listing exchange will provide liquidity providers with an incentive to quote more competitively on the listing exchange, resulting in narrower bid-ask spreads and greater quoted depth of book. Specifically, the Exchanges believe that liquidity providers will have an incentive to quote more competitively because concentrating the quoted liquidity on the listing exchange would: (i) Reduce liquidity providers' risk of adverse selection when quoting in a fragmented market; (ii) provide greater certainty of execution on the one exchange at which liquidity providers are quoting; and (iii) enhance competition for order book priority at the national best bid or offer and throughout the depth of book. In addition, the Exchanges state that concentrating liquidity on the listing exchange could provide the listing exchange with flexibility to innovate with alternative market structures, such as variable tick sizes or periodic batch auctions, that currently are not possible under Regulation NMS when multiple exchanges are quoting and trading the securities. The Exchanges believe that such alternative market structures could further enhance the market quality of the affected securities.\13\ --------------------------------------------------------------------------- \13\ See BATS Notice, 80 FR at 29770-29771; BYX Notice, 80 FR at 29782-29783; EDGA Notice at 80 FR at 29773-29774; and EDGX Notice at 80 FR 29779-29780. --------------------------------------------------------------------------- III. Summary of Comments Received The Commission received two comment letters regarding the proposals, both of which supported the proposals.\14\ One commenter stated that the proposals were ``a reasonable approach to addressing the persistent problem of trading illiquid securities in [[Page 39463]] a fragmented market.'' \15\ Another commenter stated that the market quality of less liquid securities could be improved if their exchange trading presence was concentrated on the listing exchange.\16\ Both commenters expressed support for similar initiatives by other exchanges, with one commenter encouraging other exchanges to consider expanding the scope of less liquid securities that would be subject to a concentrated trading threshold.\17\ --------------------------------------------------------------------------- \14\ See note 6, supra. The KCG Letter was addressed to File No. SR-BYX-2015-25, and the SIFMA Letter was addressed to File No. SR- BATS-2015-37. Because the proposals are substantially similar, the Commission believes it is appropriate to consider the comments with respect to all of the proposals. \15\ KCG Letter at 1. \16\ See SIFMA Letter at 1-2. \17\ See SIFMA Letter at 2; KCG Letter at 3. While expressing support for the current proposals, one commenter indicated that it would oppose any proposal to establish concentrated exchange trading for actively traded stocks. The commenter also stated that the initiative to concentrate exchange trading must allow for the continuation of off-exchange trading of illiquid securities which, in the commenter's view, provides important supplementary benefits to exchange trading. See SIFMA Letter at 2. --------------------------------------------------------------------------- One commenter stated that by providing the primary listing exchange with exclusivity in the quoting and trading of thinly-traded securities, the proposals would allow the listing exchange to better innovate its market structure for these securities, which likely would lead to improved market quality for the securities.\18\ At the same time, the commenter stated that that the voluntary nature of the program should act as a check to assure that the listing exchange does not abuse its monopoly position.\19\ The commenter noted, further, that the proposals are an incremental market structure adjustment, unlike other recent initiatives that the commenter characterized as being larger in scope and potentially disruptive.\20\ --------------------------------------------------------------------------- \18\ See KCG Letter at 2. \19\ See id. \20\ See id. --------------------------------------------------------------------------- IV. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule changes, as amended, are consistent with the Act and the rules and regulations thereunder applicable to a national securities exchange.\21\ In particular, the Commission finds that the proposed rule changes, as amended, are consistent with Section 6(b)(5) of the Act,\22\ which requires that the rules of the exchange be designed, among other things, to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \21\ In approving this proposed rule change, the Commission notes that it has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \22\ 15 U.S.C. 78(b)(5). --------------------------------------------------------------------------- The Commission believes that the proposals will provide transparency by signaling each Exchange's general intention to voluntarily refrain from trading any security that does not meet the consolidated average daily trading volume threshold established in Rule 11.2(b), and to continue to refrain from trading such a security until the security satisfies the requirements of Rule 11.2(c). The proposals also make clear that the Exchanges will retain discretion to quote and trade the affected securities. \23\ In determining whether to exercise this discretion, the Exchanges have represented that they will consider such factors as member and investor feedback, and whether other non- listing exchanges have decided to cease quoting and trading the affected securities. --------------------------------------------------------------------------- \23\ See Rule 11.2(c). --------------------------------------------------------------------------- The Commission notes that each Exchange is required to notify its members at least one trading day in advance of any securities that it is making unavailable for trading pursuant to Rule 11.2(b), and of any securities it is making available for trading pursuant to Rule 11.2(c).\24\ The Commission notes, further, that the Exchanges believe that the proposals potentially could enhance the market quality of the affected securities, and that the commenters similarly supported the proposals as a step toward improving the market quality of less liquid securities. --------------------------------------------------------------------------- \24\ See Exchange Rule 11.2(d). --------------------------------------------------------------------------- V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\25\ that the proposed rule changes (File Nos. SR-BATS-2015-37; SR- BYX-2015-25; SR-EDGA-2015-19; and SR-EDGX-2015-21), as amended, are approved. --------------------------------------------------------------------------- \25\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\26\ --------------------------------------------------------------------------- \26\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-16727 Filed 7-8-15; 8:45 am] BILLING CODE 8011-01-P
![39462 Federal Register / Vol. 80, No. 131 / Thursday, July 9, 2015 / Notices
printing in the Commission’s Public thresholds. On May 15, 2015, the Rules 11.2(b) and 11.2(c), an Exchange
Reference Room, 100 F Street NE., Exchanges each filed Amendment No. 1 would consider such factors as member
Washington, DC 20549, on official to their respective proposals.4 The and investor feedback, as well as
business days between the hours of proposed rule changes, as amended, whether other non-listing exchanges
10:00 a.m. and 3:00 p.m. Copies of such were published for comment in the in have decided to cease quoting and
filing will also be available for the Federal Register on May 22, 2015.5 trading in the affected securities.12
inspection and copying at the principal The Commission received two comment The Exchanges state that the
office of the Exchange. All comments letters regarding the proposals.6 This proposals may facilitate an
received will be posted without change; order approves the proposed rule improvement in market quality for the
the Commission does not edit personal changes, as amended. affected securities, which could increase
identifying information from II. Description of the Proposals investor interest in trading these
submissions. You should submit only securities. In particular, the Exchanges
information that you wish to make Each Exchange proposes to amend its
rules by adding new paragraphs (b), (c), believe that concentrating the quoted
available publicly. All submissions liquidity in the affected securities on the
should refer to File Number SR–NSX– and (d) to Rule 11.2.7 Proposed Rule
11.2(b) provides that an Exchange may listing exchange will provide liquidity
2015–03 and should be submitted on or providers with an incentive to quote
before July 30, 2015. determine not to designate for trading
any security admitted to unlisted more competitively on the listing
For the Commission, by the Division of trading privileges on the Exchange exchange, resulting in narrower bid-ask
Trading and Markets, pursuant to delegated spreads and greater quoted depth of
authority.16 when that security’s consolidated
average daily volume is equal to or less book. Specifically, the Exchanges
Robert W. Errett, believe that liquidity providers will
than 2,500 shares during the preceding
Deputy Secretary. have an incentive to quote more
90 calendar days.8 An Exchange may
[FR Doc. 2015–16728 Filed 7–8–15; 8:45 am] begin trading a security that it had competitively because concentrating the
BILLING CODE 8011–01P previously not designated for trading quoted liquidity on the listing exchange
pursuant to proposed Rule 11.2(b) if the would: (i) Reduce liquidity providers’
security’s consolidated average daily risk of adverse selection when quoting
SECURITIES AND EXCHANGE trading volume exceeds 5,000 shares in a fragmented market; (ii) provide
COMMISSION over any 90 calendar day period since greater certainty of execution on the one
[Release No. 34–75354; File Nos. SR–BATS– the security was not designated for exchange at which liquidity providers
2015–37; SR–BYX–2015–25; SR–EDGA– trading.9 An Exchange would be are quoting; and (iii) enhance
2015–19; SR–EDGX–2015–21] required to notify its members at least competition for order book priority at
one trading day in advance of any the national best bid or offer and
Self-Regulatory Organizations; BATS securities it is making unavailable for throughout the depth of book. In
Exchange, Inc.; BATS Y-Exchange, trading pursuant to proposed Rule addition, the Exchanges state that
Inc.; EDGA Exchange, Inc.; and EDGX 11.2(b), and of any securities it is concentrating liquidity on the listing
Exchange, Inc.; Order Approving making available for trading pursuant to exchange could provide the listing
Proposed Rule Changes, as Modified proposed Rule 11.2(c).10 exchange with flexibility to innovate
by Amendment No. 1, Relating to Each Exchange would retain with alternative market structures, such
Liquidity Requirements for Securities discretion over whether to determine as variable tick sizes or periodic batch
Admitted to Unlisted Trading not to quote and trade securities that auctions, that currently are not possible
Privileges meet the criteria in proposed Exchange under Regulation NMS when multiple
Rules 11.2(b) and 11.2(c).11 In exchanges are quoting and trading the
July 2, 2015.
determining whether to exercise its securities. The Exchanges believe that
I. Introduction discretion under proposed Exchange such alternative market structures could
On May 5, 2015, BATS Exchange, Inc. further enhance the market quality of
(‘‘BATS’’); BATS Y-Exchange, Inc.
4 Each Amendment No. 1 amended and replaced the affected securities.13
its original proposal in its entirety.
(‘‘BYX’’); EDGA Exchange, Inc. 5 See Securities Exchange Act Release Nos. 74987 III. Summary of Comments Received
(‘‘EDGA’’); and EDGX Exchange, Inc. (May 18, 2015), 80 FR 29769 (‘‘BATS Notice’’);
(‘‘EDGX’’) (each, an ‘‘Exchange’’ and, 74988 (May 18, 2015), 80 FR 29781 (‘‘BYX Notice’’); The Commission received two
collectively, the ‘‘Exchanges’’) filed with 74986 (May 18, 2015), 80 FR 29772 (‘‘EDGA comment letters regarding the
Notice’’); and 74985 (May 18, 2015), 80 FR 29778
the Securities and Exchange (‘‘EDGX Notice’’). proposals, both of which supported the
Commission (the ‘‘Commission’’), 6 See letters to Brent J. Fields, Secretary, proposals.14 One commenter stated that
pursuant to Section 19(b)(1) 1 of the Commission, from John A. McCarthy, General the proposals were ‘‘a reasonable
Securities Exchange Act of 1934 (the Counsel, KCG Holdings, Inc. (‘‘KCG’’), dated June approach to addressing the persistent
12, 2015 (‘‘KCG Letter’’) available at http://
‘‘Act’’),2 and Rule 19b–4 thereunder,3 www.sec.gov/comments/sr-byx-2015-25/byx201525- problem of trading illiquid securities in
proposed rule changes to amend each 1.pdf; and from Theodore R. Lazo, Managing
Exchange’s Rule 11.2, ‘‘Securities Director and Associate General Counsel, Securities 12 See BATS Notice, 80 FR at 29770; BYX Notice,
Eligible for Trading,’’ to indicate that Industry and Financial Markets Association 80 FR at 29782; EDGA Notice, 80 FR at 29773; and
(‘‘SIFMA’’), dated June 15, 2015 (‘‘SIFMA Letter’’) EDGX Notice, 80 FR at 29779.
the Exchanges may determine not to available at http://www.sec.gov/comments/sr-bats- 13 See BATS Notice, 80 FR at 29770–29771; BYX
designate for trading any security 2015-37/bats201537-1.pdf. Notice, 80 FR at 29782–29783; EDGA Notice at 80
srobinson on DSK5SPTVN1PROD with NOTICES
admitted to unlisted trading privileges 7 The existing provisions of Rule 11.2 will be
FR at 29773–29774; and EDGX Notice at 80 FR
that does not meet certain consolidated included in proposed subparagraph (a). 29779–29780.
8 See proposed Exchange Rule 11.2(b). Based on
14 See note 6, supra. The KCG Letter was
average daily trading volume internal statistics, the Exchanges anticipate that addressed to File No. SR–BYX–2015–25, and the
approximately 700 securities would meet this SIFMA Letter was addressed to File No. SR–BATS–
16 17 CFR 200.30–3(a)(12). criterion. 2015–37. Because the proposals are substantially
1 15 U.S.C. 78s(b)(1). 9 See proposed Exchange Rule 11.2(c).
similar, the Commission believes it is appropriate
2 15 U.S.C. 78a. 10 See proposed Exchange Rule 11.2(d).
to consider the comments with respect to all of the
3 17 CFR 240.19b–4. 11 See proposed Exchange Rule 11.2(c). proposals.
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![Federal Register / Vol. 80, No. 131 / Thursday, July 9, 2015 / Notices 39463
a fragmented market.’’ 15 Another mechanism of a free and open market SECURITIES AND EXCHANGE
commenter stated that the market and a national market system, and, in COMMISSION
quality of less liquid securities could be general, to protect investors and the
improved if their exchange trading public interest. [Release No. 34–75356; File No. SR–FINRA–
presence was concentrated on the listing 2015–020]
The Commission believes that the
exchange.16 Both commenters expressed
proposals will provide transparency by
support for similar initiatives by other Self-Regulatory Organizations;
exchanges, with one commenter signaling each Exchange’s general
intention to voluntarily refrain from Financial Industry Regulatory
encouraging other exchanges to consider Authority, Inc.; Notice of Filing of a
expanding the scope of less liquid trading any security that does not meet
the consolidated average daily trading Proposed Rule Change To Expand
securities that would be subject to a FINRA’s Alternative Trading System
concentrated trading threshold.17 volume threshold established in Rule
(‘‘ATS’’) Transparency Initiative To
One commenter stated that by 11.2(b), and to continue to refrain from
Publish OTC Equity Volume Executed
providing the primary listing exchange trading such a security until the security Outside ATSs
with exclusivity in the quoting and satisfies the requirements of Rule
trading of thinly-traded securities, the 11.2(c). The proposals also make clear July 2, 2015.
proposals would allow the listing that the Exchanges will retain discretion Pursuant to Section 19(b)(1) of the
exchange to better innovate its market to quote and trade the affected Securities Exchange Act of 1934
structure for these securities, which securities. 23 In determining whether to (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
likely would lead to improved market exercise this discretion, the Exchanges
quality for the securities.18 At the same notice is hereby given that on June 23,
have represented that they will consider 2015, Financial Industry Regulatory
time, the commenter stated that that the such factors as member and investor Authority, Inc. (‘‘FINRA’’) filed with the
voluntary nature of the program should feedback, and whether other non-listing Securities and Exchange Commission
act as a check to assure that the listing exchanges have decided to cease (‘‘SEC’’ or ‘‘Commission’’) the proposed
exchange does not abuse its monopoly
quoting and trading the affected rule change as described in Items I, II,
position.19 The commenter noted,
securities. and III below, which Items have been
further, that the proposals are an
The Commission notes that each prepared by FINRA. The Commission is
incremental market structure
Exchange is required to notify its publishing this notice to solicit
adjustment, unlike other recent
members at least one trading day in comments on the proposed rule change
initiatives that the commenter
advance of any securities that it is from interested persons.
characterized as being larger in scope
and potentially disruptive.20 making unavailable for trading pursuant I. Self-Regulatory Organization’s
to Rule 11.2(b), and of any securities it Statement of the Terms of Substance of
IV. Discussion and Commission
Findings is making available for trading pursuant the Proposed Rule Change
to Rule 11.2(c).24 The Commission
After careful review, the Commission notes, further, that the Exchanges FINRA is proposing to expand
finds that the proposed rule changes, as believe that the proposals potentially FINRA’s alternative trading system
amended, are consistent with the Act could enhance the market quality of the (‘‘ATS’’) transparency initiative to
and the rules and regulations publish the remaining equity volume
affected securities, and that the
thereunder applicable to a national executed over-the-counter (‘‘OTC’’) by
commenters similarly supported the
securities exchange.21 In particular, the FINRA members, including, among
proposals as a step toward improving
Commission finds that the proposed other trading activity, non-ATS
rule changes, as amended, are consistent the market quality of less liquid
electronic trading systems and
with Section 6(b)(5) of the Act,22 which securities. internalized trades.
requires that the rules of the exchange V. Conclusion The text of the proposed rule change
be designed, among other things, to is available on FINRA’s Web site at
prevent fraudulent and manipulative It is therefore ordered, pursuant to http://www.finra.org, at the principal
acts and practices, to promote just and Section 19(b)(2) of the Act,25 that the office of FINRA and at the
equitable principles of trade, to remove proposed rule changes (File Nos. SR– Commission’s Public Reference Room.
impediments to and perfect the BATS–2015–37; SR–BYX–2015–25; SR–
EDGA–2015–19; and SR–EDGX–2015– II. Self-Regulatory Organization’s
15 KCG Letter at 1. 21), as amended, are approved. Statement of the Purpose of, and
16 See SIFMA Letter at 1–2.
Statutory Basis for, the Proposed Rule
17 See SIFMA Letter at 2; KCG Letter at 3. While For the Commission, by the Division of
Change
expressing support for the current proposals, one Trading and Markets, pursuant to delegated
commenter indicated that it would oppose any authority.26 In its filing with the Commission,
proposal to establish concentrated exchange trading
for actively traded stocks. The commenter also Robert W. Errett, FINRA included statements concerning
stated that the initiative to concentrate exchange Deputy Secretary. the purpose of and basis for the
trading must allow for the continuation of off-
[FR Doc. 2015–16727 Filed 7–8–15; 8:45 am] proposed rule change and discussed any
exchange trading of illiquid securities which, in the comments it received on the proposed
commenter’s view, provides important BILLING CODE 8011–01–P
supplementary benefits to exchange trading. See rule change. The text of these statements
may be examined at the places specified
srobinson on DSK5SPTVN1PROD with NOTICES
SIFMA Letter at 2.
18 See KCG Letter at 2. in Item IV below. FINRA has prepared
19 See id.
summaries, set forth in sections A, B,
20 See id.
and C below, of the most significant
21 In approving this proposed rule change, the
23 See Rule 11.2(c). aspects of such statements.
Commission notes that it has considered the
24 See Exchange Rule 11.2(d).
proposed rule’s impact on efficiency, competition,
25 15 U.S.C. 78s(b)(2).
and capital formation. See 15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1).
22 15 U.S.C. 78(b)(5). 26 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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Document Created: 2018-02-23 09:14:06
Document Modified: 2018-02-23 09:14:06
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| FR Citation | 80 FR 39462 |
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