80 FR 43503 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to AIM
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 140 (July 22, 2015)
Federal Register Volume 80, Issue 140 (July 22, 2015)
| Page Range | 43503-43505 | |
| FR Document | 2015-17891 |
[Federal Register Volume 80, Number 140 (Wednesday, July 22, 2015)] [Notices] [Pages 43503-43505] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-17891] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75473; File No. SR-C2-2015-020] Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to AIM July 16, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on July 14, 2015, C2 Options Exchange, Incorporated (the ``Exchange'' or ``C2'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change proposes to amend the Exchange's rules related to its Automated Improvement Mechanism (``AIM''). The text of the proposed rule change is provided below. (additions are italicized; deletions are [bracketed]) * * * * * C2 Options Exchange, Incorporated Rules * * * * * Rule 6.51. Automated Improvement Mechanism (``AIM'') Notwithstanding the provisions of Rule 6.50, a Participant that represents agency orders may electronically execute an order it represents as agent (``Agency Order'') against principal interest or against a solicited order provided it submits the Agency Order for execution into the AIM auction (``Auction'') pursuant to this Rule. (a)-(b) No change. . . . Interpretations and Policies: .01-.02 No change. .03 Initially, and for at least a Pilot Period expiring on July 18, 201[5]6, there will be no minimum size requirement for orders to be eligible for the Auction. During this Pilot Period, the Exchange will submit certain data, periodically as required by the Commission, to provide supporting evidence that, among other things, there is meaningful competition for all size orders and that there is an active and liquid market functioning on the Exchange outside of the Auction mechanism. Any raw data which is submitted to the Commission will be provided on a confidential basis. .04-.09 No change. * * * * * The text of the proposed rule change is also available on the Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the Secretary, 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 Exchange 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. The Exchange 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 In December 2009, the Securities and Exchange Commission (the ``Commission'') approved adoption of C2's rules, including the AIM auction process.\3\ AIM exposes certain orders electronically to an auction process to provide these orders with the opportunity to receive an execution at an improved price. The AIM auction is available only for orders that a Trading Permit Holder represents as agent (``Agency Order'') and for which a second order of the same size as the Agency Order (and on the opposite side of the market) is also submitted (effectively stopping the Agency Order at a given price).\4\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 61152 (December 10, 2009), 74 FR 66699 (December 16, 2009) (SR-C2-2011-015) [sic]. \4\ The Exchange first activated AIM on October 17, 2011 for P.M.-settled options on the S&P 500 Index (SPXpm), which are no longer listed on the Exchange. Currently, AIM is not activated for any classes on C2. --------------------------------------------------------------------------- The Commission approved on a pilot basis the component of AIM that there is no minimum size requirement for orders to be eligible for the auction. In connection with the pilot programs, the Exchange has submitted to the Commission reports providing detailed AIM auction and order execution data. The Exchange will provide the Commission six months of additional AIM auction and order execution data for the period of January 1, 2015 to June 30, 2015 no later than January 18, 2016. The raw data provided will be submitted on a confidential basis. In addition, the Exchange will submit tables summarizing AIM price improvement statistics for each month of the January 1, 2015 to June 30, 2015 period. The summary tables will be made available to the public. Five one-year extensions to the pilot program have previously become effective.\5\ The proposed rule change merely extends the duration of the pilot program until July 18, 2016. Extending the pilot for an additional year will allow the Commission more time to consider the impact of the pilot program on AIM order executions. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release Nos. 63238 (November 3, 2010), 75 FR 68844 (November 9, 2010) (SR-C2-2010-008); 64929 (July 20, 2011), 76 FR 44635 (July 26, 2011) (SR-C2-2011-015); 67303 (June 28, 2012), 77 FR 39777 (July 5, 2012) (SR-C2-2012-021); 69868 (June 27, 2013), 78 FR 40235 (July 3, 2013) (SR-C2-2013-023); and 72569 (July 9, 2014), 79 FR 41337 [sic] (July 15, 2014) (SR-C2-2014-014). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\6\ Specifically, [[Page 43504]] the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \7\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, 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. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \8\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). \8\ Id. --------------------------------------------------------------------------- In particular, the proposed rule change protects investors and the public interest by allowing for an extension of the AIM pilot program, and thus allowing additional time for the Commission to evaluate the AIM pilot program. The AIM pilot program will continue to allow smaller orders to receive the opportunity for price improvement pursuant to the AIM auction. The additional data provided will help the Commission determine if there is evidence of meaningful competition for all size orders, significant price improvement for orders going through the AIM and an active and liquid market functioning on the Exchange outside of the AIM Auction. B. Self-Regulatory Organization's Statement on Burden on Competition C2 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. The Exchange does not believe the proposed rule change imposes any burden on intramarket competition because it applies to all Trading Permit Holders. All Trading Permit Holders that submit orders into an AIM auction are still subject to the same requirements. In addition, the Exchange does not believe the proposed rule change will impose any burden on intermarket competition, as it merely extends the duration of an existing pilot program, which is available to all market participants through Trading Permit Holders. AIM will continue to function in the same manner as it currently functions for an extended period of time. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. 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 \9\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\10\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires the Exchange to give the Commission written notice of the Exchange's 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. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange requested that the Commission waive the 30-day operative delay. The Exchange noted that waiver of the 30-day operative delay will allow the Exchange to extend the pilot program prior to its expiration on July 18, 2015. In addition, the Exchange believes that waiver of the operative delay is consistent with the protection of investors and the public interest because it will allow for the least amount of market disruption, as the pilot program will continue as it currently does maintaining the status quo. --------------------------------------------------------------------------- \11\ 17 CFR 240.19b-4(f)(6). \12\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, as it will allow the pilot program to continue uninterrupted, thereby avoiding any potential investor confusion that could result from a temporary interruption in the pilot program. Therefore, the Commission designates the proposed rule change to be operative on July 18, 2015.\13\ --------------------------------------------------------------------------- \13\ For purposes only of waiving the operative delay, the Commission has 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-C2-2015-020 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-C2-2015-020. 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 [[Page 43505]] 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. 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-C2-2015-020, and should be submitted on or before August 12, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-17891 Filed 7-21-15; 08:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 140 / Wednesday, July 22, 2015 / Notices 43503
No. 1, is consistent with Section 6(b)(5) Rule 6.51. Automated Improvement process.3 AIM exposes certain orders
of the Act 15 and the rules and Mechanism (‘‘AIM’’) electronically to an auction process to
regulations thereunder applicable to a Notwithstanding the provisions of provide these orders with the
national securities exchange. Rule 6.50, a Participant that represents opportunity to receive an execution at
agency orders may electronically an improved price. The AIM auction is
IV. Conclusion
execute an order it represents as agent available only for orders that a Trading
It is therefore ordered, pursuant to Permit Holder represents as agent
(‘‘Agency Order’’) against principal
Section 19(b)(2) of the Exchange Act, (‘‘Agency Order’’) and for which a
interest or against a solicited order
that the proposed rule change (SR– second order of the same size as the
provided it submits the Agency Order
NYSEArca–2015–25), as modified by Agency Order (and on the opposite side
for execution into the AIM auction
Amendment No. 1, is hereby approved. of the market) is also submitted
(‘‘Auction’’) pursuant to this Rule.
For the Commission, by the Division of (effectively stopping the Agency Order
(a)–(b) No change.
Trading and Markets, pursuant to delegated at a given price).4
authority.16 . . . Interpretations and Policies: The Commission approved on a pilot
Robert W. Errett, .01–.02 No change. basis the component of AIM that there
Deputy Secretary. .03 Initially, and for at least a Pilot is no minimum size requirement for
[FR Doc. 2015–17894 Filed 7–21–15; 8:45 am] Period expiring on July 18, 201[5]6, orders to be eligible for the auction. In
BILLING CODE 8011–01–P there will be no minimum size connection with the pilot programs, the
requirement for orders to be eligible for Exchange has submitted to the
the Auction. During this Pilot Period, Commission reports providing detailed
SECURITIES AND EXCHANGE the Exchange will submit certain data, AIM auction and order execution data.
COMMISSION periodically as required by the The Exchange will provide the
Commission, to provide supporting Commission six months of additional
[Release No. 34–75473; File No. SR–C2– evidence that, among other things, there AIM auction and order execution data
2015–020] is meaningful competition for all size for the period of January 1, 2015 to June
orders and that there is an active and 30, 2015 no later than January 18, 2016.
Self-Regulatory Organizations; C2 liquid market functioning on the The raw data provided will be
Options Exchange, Incorporated; Exchange outside of the Auction submitted on a confidential basis. In
Notice of Filing and Immediate mechanism. Any raw data which is addition, the Exchange will submit
Effectiveness of a Proposed Rule submitted to the Commission will be tables summarizing AIM price
Change Relating to AIM provided on a confidential basis. improvement statistics for each month
.04–.09 No change. of the January 1, 2015 to June 30, 2015
July 16, 2015.
period. The summary tables will be
Pursuant to Section 19(b)(1) of the * * * * *
made available to the public. Five one-
Securities Exchange Act of 1934 (the The text of the proposed rule change
year extensions to the pilot program
‘‘Act’’),1 and Rule 19b–4 thereunder,2 is also available on the Exchange’s
have previously become effective.5 The
notice is hereby given that on July 14, website (http://www.cboe.com/
proposed rule change merely extends
2015, C2 Options Exchange, AboutCBOE/CBOELegalRegulatory
the duration of the pilot program until
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) Home.aspx), at the Exchange’s Office of
July 18, 2016. Extending the pilot for an
filed with the Securities and Exchange the Secretary, and at the Commission’s
additional year will allow the
Commission (the ‘‘Commission’’) the Public Reference Room.
Commission more time to consider the
proposed rule change as described in II. Self-Regulatory Organization’s impact of the pilot program on AIM
Items I and II below, which Items have Statement of the Purpose of, and order executions.
been prepared by the Exchange. The Statutory Basis for, the Proposed Rule
Commission is publishing this notice to 2. Statutory Basis
Change
solicit comments on the proposed rule The Exchange believes the proposed
change from interested persons. In its filing with the Commission, the
Exchange included statements rule change is consistent with the
I. Self-Regulatory Organization’s concerning the purpose of and basis for Securities Exchange Act of 1934 (the
Statement of the Terms of Substance of the proposed rule change and discussed ‘‘Act’’) and the rules and regulations
the Proposed Rule Change any comments it received on the thereunder applicable to the Exchange
proposed rule change. The text of these and, in particular, the requirements of
The proposed rule change proposes to
statements may be examined at the Section 6(b) of the Act.6 Specifically,
amend the Exchange’s rules related to
its Automated Improvement Mechanism places specified in Item IV below. The
3 See Securities Exchange Act Release No. 61152
(‘‘AIM’’). The text of the proposed rule Exchange has prepared summaries, set
(December 10, 2009), 74 FR 66699 (December 16,
change is provided below. forth in sections A, B, and C below, of 2009) (SR–C2–2011–015) [sic].
(additions are italicized; deletions are the most significant aspects of such 4 The Exchange first activated AIM on October 17,
[bracketed]) statements. 2011 for P.M.-settled options on the S&P 500 Index
(SPXpm), which are no longer listed on the
* * * * * A. Self-Regulatory Organization’s Exchange. Currently, AIM is not activated for any
Statement of the Purpose of, and classes on C2.
C2 Options Exchange, Incorporated 5 See Securities Exchange Act Release Nos. 63238
Statutory Basis for, the Proposed Rule
Rules (November 3, 2010), 75 FR 68844 (November 9,
tkelley on DSK3SPTVN1PROD with NOTICES
Change 2010) (SR–C2–2010–008); 64929 (July 20, 2011), 76
* * * * * 1. Purpose FR 44635 (July 26, 2011) (SR–C2–2011–015); 67303
(June 28, 2012), 77 FR 39777 (July 5, 2012) (SR–C2–
15 15
In December 2009, the Securities and 2012–021); 69868 (June 27, 2013), 78 FR 40235 (July
U.S.C. 78f(b)(5). 3, 2013) (SR–C2–2013–023); and 72569 (July 9,
16 17 CFR 200.30–3(a)(12).
Exchange Commission (the
2014), 79 FR 41337 [sic] (July 15, 2014) (SR–C2–
1 15 U.S.C. 78s(b)(1). ‘‘Commission’’) approved adoption of 2014–014).
2 17 CFR 240.19b–4. C2’s rules, including the AIM auction 6 15 U.S.C. 78f(b).
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![Federal Register / Vol. 80, No. 140 / Wednesday, July 22, 2015 / Notices 43505
10:00 a.m. and 3:00 p.m. Copies of such Rule G–45. The first submissions on would include technical specifications
filing also will be available for Form G–45 currently are due August 29, for the Form, such as data entry. User
inspection and copying at the principal 2015. The MSRB proposes an immediate Group members include representatives
office of the Exchange. All comments effectiveness for the proposed rule from twelve different industry
received will be posted without change; change. The proposed rule change organizations ranging from
the Commission does not edit personal would extend by 60 days the due date organizations that are involved in the
identifying information from under a previously approved rule for the distribution of multiple 529 plans to
submissions. You should submit only first submissions on Form G–45. those that participate in the distribution
information that you wish to make The text of the proposed rule change of interests in only one plan. The range
available publicly. All submissions is available on the MSRB’s Web site at of expertise of User Group members
should refer to File Number SR–C2– www.msrb.org/Rules-and- includes data services provision and
2015–020, and should be submitted on Interpretations/SEC-Filings/2015- program management.
or before August 12, 2015. Filings.aspx, at the MSRB’s principal The User Group recommended that
For the Commission, by the Division of office, and at the Commission’s Public underwriters be afforded two methods
Trading and Markets, pursuant to delegated Reference Room. of submitting data to the MSRB on Form
authority.14 G–45—manual submissions through the
II. Self-Regulatory Organization’s
Robert W. Errett, MSRB’s Electronic Municipal Market
Statement of the Purpose of, and
Deputy Secretary. Access Web site (‘‘EMMA®’’) 4 dataport
Statutory Basis for, the Proposed Rule
web user interface and automated
[FR Doc. 2015–17891 Filed 7–21–15; 08:45 am] Change
submissions through a computer-to-
BILLING CODE 8011–01–P In its filing with the Commission, the computer (‘‘B2B’’) interface. MSRB staff
MSRB included statements concerning was responsive to those
the purpose of and basis for the recommendations, and developed the
SECURITIES AND EXCHANGE
proposed rule change and discussed any two interfaces.
COMMISSION
comments it received on the proposed In February 2015, the MSRB released
[Release No. 34–75454; File No. SR–MSRB– rule change. The text of these statements the manual and opened a beta test
2015–05] may be examined at the places specified environment to assist underwriters with
in Item IV below. The MSRB has their submissions. Since that time,
Self-Regulatory Organizations; prepared summaries, set forth in underwriters and industry trade groups
Municipal Securities Rulemaking Sections A, B, and C below, of the most have discussed with MSRB staff the
Board; Notice of Filing and Immediate significant aspects of such statements. challenges that underwriters are facing
Effectiveness of a Proposed Rule with programming the data for
Change Consisting of an Amendment A. Self-Regulatory Organization’s
Statement of the Purpose of, and submission to the Board on Form G–45.
to MSRB Rule G–45, on Reporting of Their concerns center on the ability to
Information on Municipal Fund Statutory Basis for, the Proposed Rule
Change program automated B2B submissions,
Securities particularly information about
July 15, 2015. 1. Purpose investment options in 529 plans.
Pursuant to Section 19(b)(1) of the The MSRB proposes to extend by 60 529 plans typically offer numerous
Securities Exchange Act of 1934 (the days until October 28, 2015 the date the investment options with multiple
‘‘Act’’) 1 and Rule 19b–4 thereunder,2 first submissions are due under Rule G– underlying mutual funds. To gather
notice is hereby given that on June 30, 45 on Form G–45. On February 21, adequate information about 529 plans,
2015, the Municipal Securities 2014, the Commission approved the Form G–45 requires detailed data about
Rulemaking Board (the ‘‘MSRB’’ or adoption of Rule G–45, on reporting of the various investment options available
‘‘Board’’) filed with the Securities and municipal fund securities, and in 529 plans. The MSRB understands
Exchange Commission (the ‘‘SEC’’ or electronic Form G–45, as well as that the programming of such
‘‘Commission’’) the proposed rule associated amendments to Rules G–8, information for a Form G–45 submission
change as described in Items I and II on books and records, and G–9, on is particularly challenging for
below, which Items have been prepared preservation of records.3 The effective underwriters because the required data
by the MSRB. The Commission is date for that rule change was February must be collected from multiple
publishing this notice to solicit 24, 2015. The first submissions under computer systems. While the
comments on the proposed rule change Rule G–45 are due August 29, 2015, programmers for underwriters may be
from interested persons. which is 60 days from the end of the challenged by meeting the unextended
first reporting period of January 1–June deadline for the first filings on Form G–
I. Self-Regulatory Organization’s 30, 2015. The purpose of Rule G–45 is 45, after the first B2B filing, the process
Statement of the Terms of Substance of to enable the MSRB to collect reliable would be automated and is expected to
the Proposed Rule Change information about 529 college savings become more routine.
The MSRB filed with the Commission plans (‘‘529 plans’’) solely for regulatory To help ensure that the MSRB
a proposed rule change consisting of an purposes and to analyze that receives reliable, complete and accurate
amendment to MSRB Rule G–45, on information to better understand the filings on Form G–45 and to mitigate the
reporting of information on municipal market and the manner in which assets burdens imposed on underwriters that
fund securities (‘‘proposed rule are invested. are making their first submission under
change’’). The proposed rule change After the SEC’s approval of Rule G– Rule G–45, the MSRB submits this
tkelley on DSK3SPTVN1PROD with NOTICES
would delay by 60 days, until October 45 and Form G–45, MSRB staff formed proposed rule change to extend the date
28, 2015, the date on which the first an industry User Group to develop the that the first submissions on Form G–45
submissions must be made pursuant to Form G–45 User’s Manual (the are due by 60 days, until October 28,
‘‘manual’’), which the rule specifies 2015. The proposed rule change would
14 17 CFR 200.30–3(a)(12). double the time allowed for
1 15 U.S.C. 78s(b)(1). 3 Exchange Act Release No. 71598 (Feb. 21, 2014),
2 17 CFR 240.19b–4. 79 FR 11161 (Feb. 27, 2014) (SR–MSRB–2013–04). 4 EMMA is a registered trademark of the MSRB.
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Document Created: 2015-12-15 12:55:10
Document Modified: 2015-12-15 12:55:10
| 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 43503 |
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