80 FR 50885 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Verifiable Disruption or Malfunction of Exchange Systems
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 162 (August 21, 2015)
Federal Register Volume 80, Issue 162 (August 21, 2015)
| Page Range | 50885-50887 | |
| FR Document | 2015-20657 |
[Federal Register Volume 80, Number 162 (Friday, August 21, 2015)] [Notices] [Pages 50885-50887] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-20657] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75716; File No. SR-BX-2015-052) Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Verifiable Disruption or Malfunction of Exchange Systems August 17, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given that on August 13, 2015, NASDAQ OMX BX, Inc. (``Exchange'' or ``BX'') 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 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 BX is filing with the Commission a proposal to amend Chapter V, Section 6 (Nullification and Adjustment of Options Transactions including Obvious Errors) of the rules of the BX Options Market (``BX Options'') related to a verifiable disruption or malfunction of Exchange systems. The text of the amended Exchange rule is set forth immediately below. Proposed new language is italicized and proposed deleted language is [bracketed]. NASDAQ OMX BX Rules Options Rules * * * * * Chapter V Regulation of Trading on BX Options * * * * * Sec. 6 Nullification and Adjustment of Options Transactions Including Obvious Errors The Exchange may nullify a transaction or adjust the execution price of a transaction in accordance with this Rule. However, the determination as to whether a trade was executed at an erroneous price may be made by mutual agreement of the affected parties to a particular transaction. A trade may be nullified or adjusted on the terms that all parties to a particular transaction agree, provided, however, that such agreement to nullify or adjust must be conveyed to the Exchange in a manner prescribed by the Exchange prior to 8:30 a.m. Eastern Time on the first trading day following the execution. It is considered conduct inconsistent with just and equitable principles of trade for any Participant to use the mutual adjustment process to circumvent any applicable Exchange rule, the Act or any of the rules and regulations thereunder. (a)-(j) No Change. (k) Verifiable Disruption or Malfunction of Exchange Systems. Parties to a trade may have a trade nullified or its price adjusted if it resulted from a verifiable disruption or malfunction of Exchange execution, dissemination, or communication systems that caused a quote/ order to trade in excess of its disseminated size (e.g. a quote/order that is frozen, because of an Exchange system error, and repeatedly traded). Parties to a trade may have a trade nullified or its price adjusted if it resulted from a verifiable disruption or malfunction of an Exchange dissemination or communication system that prevented a member from updating or canceling a quote/order for which the member is responsible where there is Exchange documentation providing that the member sought to update or cancel the quote/order. ([k]l) Appeals. A party to a transaction affected by a decision made under this section may appeal that decision to the Exchange Review Council. An appeal must be made in writing, and must be received by BX within thirty (30) minutes after the person making the appeal is given the notification of the determination being appealed. The Exchange Review Council may review any decision appealed, including whether a complaint was timely, whether an Obvious Error or Catastrophic Error occurred, whether the correct Theoretical Price was used, and whether an adjustment was made at the correct price. * * * * * The text of the proposed rule change is also available on the Exchange's Web site at http://nasdaqomxbx.cchwallstreet.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements [[Page 50886]] 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 The Exchange is seeking to amend its rules related to obvious errors. Specifically, the Exchange is seeking to amend Chapter V, Section 6 (Nullification and Adjustment of Options Transactions including Obvious Errors) of the rules of BX Options related to a verifiable disruption or malfunction of Exchange systems. Similar to NASDAQ OMX PHLX LLC (``Phlx'') Rule 1092(k), proposed BX Options Chapter V, Section 6(k) would indicate that parties to a trade may have a trade nullified or its price adjusted if it resulted from a verifiable disruption or malfunction of Exchange execution, dissemination, or communication systems that caused a quote/order to trade in excess of its disseminated size (e.g., a quote/order that is frozen, because of an Exchange system error, and repeatedly traded).\3\ Parties to a trade may have a trade nullified or its price adjusted if it resulted from a verifiable disruption or malfunction of an Exchange dissemination or communication system that prevented a member from updating or canceling a quote/order for which the member is responsible where there is Exchange documentation providing that the member sought to update or cancel the quote/order. The Exchange notes that the proposed BX Options Chapter V, Section 6(k) language is identical to that of Phlx Rule 1092(k). Per BX Options Chapter V, Section 6, transactions that qualify for price adjustment will be adjusted to Theoretical Price, as defined in paragraph (b) of Section 6. --------------------------------------------------------------------------- \3\ There is no reference to open outcry as BX Options is all- electronic. --------------------------------------------------------------------------- The Exchange believes that it is appropriate to provide the flexibility and authority provided for in the proposed rule so as not to limit the Exchange's ability to plan for and respond to unforeseen systems problems or malfunctions. The proposed rule change would provide the Exchange with the same authority that Phlx and other exchanges have to nullify or adjust trades in the event of a ``verifiable disruption or malfunction'' in the use or operation of its systems. \4\ For this reason, the Exchange believes that, in the interest of maintaining a fair and orderly market and for the protection of investors, authority to nullify or adjust trades in these circumstances, consistent with the authority on other exchanges, is warranted. --------------------------------------------------------------------------- \4\ See, e.g., Phlx Rule 1092(k), Chicago Board Options Exchange (``CBOE'') Rule 6.25.05, CBOE C2 (``C2'') Rule 6.15.06, and NYSE Arca, Inc. (``Arca'') Rule 6.89. --------------------------------------------------------------------------- By way of housekeeping, the Exchange proposes to renumber current Section 6(k) of BX Options Chapter V to Section 6(l). There are no other changes to Section 6(l), which deals with appeals regarding decisions pursuant to BX Options Chapter V, Section 6. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\5\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \6\ 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) requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- In particular, the Exchange believes that the proposed rule change would remove impediments to and perfect the mechanism of a free and open market and national market system and promote a fair and orderly market because it would provide authority for the Exchange to nullify or adjust trades that may have resulted from a verifiable systems disruption or malfunction. The Exchange believes that it is appropriate to provide the flexibility and authority provided for in the proposed rule so as not to limit the Exchange's ability to plan for and respond to unforeseen systems problems or malfunctions that may result in harm to the public. Allowing for the nullification or modification of transactions that result from verifiable disruptions and/or malfunctions of the Exchange's systems will offer market participants on BX Options a level of relief presently not available. The Exchange notes that the proposed rule change is the same as the equivalent Phlx rule and substantially similar to the equivalent CBOE, C2, and Arca rules. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, the Exchange believes that the proposed rule change is pro-competitive because it will align the BX Option rules with the rules of other markets, including Phlx, CBOE, C2, and Arca. By adopting the proposed rule, the Exchange will be in a position to treat transactions that are a result of a verifiable systems issue or malfunction in a manner similar to other exchanges. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or 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) \7\ of the Act and subparagraph (f)(6) of Rule 19b-4 thereunder.\8\ --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A). \8\ 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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. [[Page 50887]] 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-BX-2015-052 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-BX-2015-052. 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 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-BX-2015-052, and should be submitted on or before September 11, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-20657 Filed 8-20-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 162 / Friday, August 21, 2015 / Notices 50885
professional qualification tests for its SECURITIES AND EXCHANGE agree, provided, however, that such
broker-dealer members (which include COMMISSION agreement to nullify or adjust must be
municipal securities brokers and conveyed to the Exchange in a manner
[Release No. 34–75716; File No. SR–BX–
dealers) and other securities 2015–052)
prescribed by the Exchange prior to 8:30
professionals.14 These qualification tests a.m. Eastern Time on the first trading
cover a broad range of subjects on the Self-Regulatory Organizations; day following the execution. It is
markets, the securities industry and its NASDAQ OMX BX, Inc.; Notice of Filing considered conduct inconsistent with
regulatory structure, including and Immediate Effectiveness of a just and equitable principles of trade for
knowledge of FINRA rules and the rules Proposed Rule Change Relating to any Participant to use the mutual
of other self-regulatory organizations, Verifiable Disruption or Malfunction of adjustment process to circumvent any
such as the MSRB.15 Exchange Systems applicable Exchange rule, the Act or any
of the rules and regulations thereunder.
IT IS THEREFORE ORDERED, August 17, 2015. (a)–(j) No Change.
pursuant to Exchange Act Section Pursuant to Section 19(b)(1) of the (k) Verifiable Disruption or
15B(c)(7)(A), that FINRA is designated Securities Exchange Act of 1934 Malfunction of Exchange Systems.
to administer professional qualification (‘‘Act’’),1 and Rule 19b–4 2 thereunder, Parties to a trade may have a trade
tests for associated persons of registered notice is hereby given that on August nullified or its price adjusted if it
municipal advisors who engage in 13, 2015, NASDAQ OMX BX, Inc. resulted from a verifiable disruption or
municipal advisory activities or engage (‘‘Exchange’’ or ‘‘BX’’) filed with the malfunction of Exchange execution,
in the management, direction or Securities and Exchange Commission dissemination, or communication
supervision of municipal advisory (‘‘SEC’’ or ‘‘Commission’’) the proposed systems that caused a quote/order to
activities. rule change as described in Items I, II, trade in excess of its disseminated size
and III, below, which Items have been (e.g. a quote/order that is frozen,
By the Commission. prepared by the Exchange. The because of an Exchange system error,
Dated: August 17, 2015. Commission is publishing this notice to and repeatedly traded). Parties to a
Brent J. Fields, solicit comments on the proposed rule trade may have a trade nullified or its
Secretary. change from interested persons. price adjusted if it resulted from a
[FR Doc. 2015–20652 Filed 8–20–15; 8:45 am] I. Self-Regulatory Organization’s verifiable disruption or malfunction of
BILLING CODE 8011–01–P Statement of the Terms of Substance of an Exchange dissemination or
the Proposed Rule Change communication system that prevented a
14 See id. These professional qualification tests
member from updating or canceling a
BX is filing with the Commission a quote/order for which the member is
are Series 3 (National Commodities Futures Exam);
proposal to amend Chapter V, Section 6 responsible where there is Exchange
Series 4 (Registered Options Principal); Series 6
(Investment Company and Variable Contracts
(Nullification and Adjustment of documentation providing that the
Products Representative); Series 7 (General Options Transactions including Obvious member sought to update or cancel the
Securities Representative Examination); Series 9 Errors) of the rules of the BX Options quote/order.
and 10 (General Securities Sales Supervisor); Series Market (‘‘BX Options’’) related to a ([k]l) Appeals. A party to a transaction
11 (Assistant Representative—Order Processing verifiable disruption or malfunction of
Exam); Series 14 (Compliance Official Exam); Series affected by a decision made under this
Exchange systems. section may appeal that decision to the
16 (Supervisory Analysts Exam); Series 17 (United
The text of the amended Exchange Exchange Review Council. An appeal
Kingdom Securities Representative); Series 22
(Direct Participation Representative); Series 23 rule is set forth immediately below. must be made in writing, and must be
(General Securities Principal Exam—Sales Proposed new language is italicized
received by BX within thirty (30)
Supervisor Module); Series 24 (General Securities and proposed deleted language is
minutes after the person making the
Principal); Series 26 (Investment Company and [bracketed].
Variable Contracts Products Principal); Series 27 appeal is given the notification of the
(Financial and Operations Principal Exam); Series NASDAQ OMX BX Rules determination being appealed. The
28 (Introducing Broker-Dealer Financial and Options Rules Exchange Review Council may review
Operations Principal Exam); Series 30 (NFA Branch any decision appealed, including
Managers Exam); Series 31 (Futures Managed Funds * * * * * whether a complaint was timely,
Exam); Series 32 (Limited Futures Exam—
Chapter V Regulation of Trading on whether an Obvious Error or
Regulations); Series 34 (Retail Off-Exchange Forex
Exam); Series 37 (Canada Securities Representative BX Options Catastrophic Error occurred, whether
Exam); Series 38 (Canada Securities Representative the correct Theoretical Price was used,
Exam); Series 39 (Direct Participation Programs
* * * * * and whether an adjustment was made at
Principal Exam); Series 42 (Registered Options Sec. 6 Nullification and Adjustment of the correct price.
Representative); Series 55 (Equity Trader Exam);
Options Transactions Including * * * * *
Series 56 (Proprietary Trader Examination); Series
62 (Corporate Securities Representative Exam); Obvious Errors The text of the proposed rule change
Series 63 (Uniform Securities State Law The Exchange may nullify a is also available on the Exchange’s Web
Examination); Series 65 (NASAA Investment transaction or adjust the execution price site at http://
Advisors Law Examination); Series 66 (NASAA
Uniform Combined State Law Examination); Series
of a transaction in accordance with this nasdaqomxbx.cchwallstreet.com, at the
72 (Government Securities Representative Exam); Rule. However, the determination as to principal office of the Exchange, and at
Series 79 (Investment Banking Representative whether a trade was executed at an the Commission’s Public Reference
Exam); Series 82 (Private Securities Offerings erroneous price may be made by mutual Room.
rmajette on DSK7SPTVN1PROD with NOTICES
Representative Exam); Series 86 and 87 (Research agreement of the affected parties to a
Analyst Exam); Series 91 (FDIC Safety and II. Self-Regulatory Organization’s
particular transaction. A trade may be
Soundness Technical Evaluation); Series 92 (FDIC Statement of the Purpose of, and
nullified or adjusted on the terms that
Compliance Technical Evaluation); Series 93 (FDIC Statutory Basis for, the Proposed Rule
Division of Resolutions and Receiverships all parties to a particular transaction
Change
Technical Evaluation); and Series 99 (Operations
Professional Exam). 1 15 U.S.C. 78s(b)(1). In its filing with the Commission, the
15 Id. 2 17 CFR 240.19b–4. Exchange included statements
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![Federal Register / Vol. 80, No. 162 / Friday, August 21, 2015 / Notices 50887
IV. Solicitation of Comments For the Commission, by the Division of applicants with a copy of the request,
Trading and Markets, pursuant to delegated personally or by mail. Hearing requests
Interested persons are invited to authority.9 should be received by the Commission
submit written data, views, and Robert W. Errett, by 5:30 p.m. on September 11, 2015,
arguments concerning the foregoing, Deputy Secretary. and should be accompanied by proof of
including whether the proposed rule [FR Doc. 2015–20657 Filed 8–20–15; 8:45 am] service on applicants, in the form of an
change is consistent with the Act. BILLING CODE 8011–01–P affidavit or, for lawyers, a certificate of
Comments may be submitted by any of service. Pursuant to rule 0–5 under the
the following methods: Act, hearing requests should state the
SECURITIES AND EXCHANGE nature of the writer’s interest, any facts
Electronic Comments COMMISSION bearing upon the desirability of a
• Use the Commission’s Internet [Investment Company Act Release No. hearing on the matter, the reason for the
comment form (http://www.sec.gov/ 31764; File No. 812–14424] request, and the issues contested.
rules/sro.shtml); or Persons who wish to be notified of a
Amplify Investments LLC and Amplify hearing may request notification by
• Send an email to rule-comments@ ETF Trust; Notice of Application writing to the Commission’s Secretary.
sec.gov. Please include File Number SR– ADDRESSES: Secretary, Securities and
BX–2015–052 on the subject line. August 17, 2015.
Exchange Commission, 100 F Street NE.,
AGENCY: Securities and Exchange
Paper Comments Washington, DC 20549–1090;
Commission (‘‘Commission’’).
Applicants, 3250 Lacey Road, Suite 130,
• Send paper comments in triplicate ACTION: Notice of an application for an Downers Grove, IL 60515, Attn:
to Brent J. Fields, Secretary, Securities order under section 6(c) of the Christian Magoon.
and Exchange Commission, 100 F Street Investment Company Act of 1940 (the
FOR FURTHER INFORMATION CONTACT:
NE., Washington, DC 20549–1090. ‘‘Act’’) for an exemption from sections
Christine Y. Greenlees, Senior Counsel
2(a)(32), 5(a)(1), 22(d), and 22(e) of the
All submissions should refer to File at (202) 551–6879, or David P. Bartels,
Act and rule 22c–1 under the Act, under
Number SR–BX–2015–052. This file Branch Chief, at (202) 551–6821
sections 6(c) and 17(b) of the Act for an
number should be included on the (Division of Investment Management,
exemption from sections 17(a)(1) and
subject line if email is used. To help the Chief Counsel’s Office).
17(a)(2) of the Act, and under section
Commission process and review your 12(d)(1)(J) for an exemption from SUPPLEMENTARY INFORMATION: The
comments more efficiently, please use sections 12(d)(1)(A) and 12(d)(1)(B) of following is a summary of the
only one method. The Commission will the Act. application. The complete application
post all comments on the Commission’s may be obtained via the Commission’s
Internet Web site (http://www.sec.gov/ Summary of Application: Applicants Web site by searching for the file
rules/sro.shtml). Copies of the request an order that would permit (a) number, or for an applicant using the
submission, all subsequent series of certain open-end management Company name box, at http://
investment companies to issue shares www.sec.gov/search/search.htm or by
amendments, all written statements
(‘‘Shares’’) redeemable in large calling (202) 551–8090.
with respect to the proposed rule
aggregations only (‘‘Creation Units’’); (b)
change that are filed with the Applicants’ Representations
secondary market transactions in Shares
Commission, and all written to occur at negotiated market prices 1. The Trust is a business trust
communications relating to the rather than at net asset value (‘‘NAV’’); organized under the laws of the
proposed rule change between the (c) certain series to pay redemption Commonwealth of Massachusetts and is,
Commission and any person, other than proceeds, under certain circumstances, or will be prior to the commencement
those that may be withheld from the more than seven days after the tender of of operation of the Initial Fund (defined
public in accordance with the Shares for redemption; (d) certain below), registered under the Act as an
provisions of 5 U.S.C. 552, will be affiliated persons of the series to deposit open-end management investment
available for Web site viewing and securities into, and receive securities company with multiple series.
printing in the Commission’s Public from, the series in connection with the 2. The Initial Adviser is registered as
Reference Room, 100 F Street NE., purchase and redemption of Creation an investment adviser under the
Washington, DC 20549 on official Units; and (e) certain registered Investment Advisers Act of 1940 (the
business days between the hours of management investment companies and ‘‘Advisers Act’’) and will be the
10:00 a.m. and 3:00 p.m. Copies of such unit investment trusts outside of the investment adviser to the Funds
filing also will be available for same group of investment companies as (defined below). Any other Adviser
inspection and copying at the principal the Underlying Funds (defined below) (defined below) will also be registered
office of the Exchange. All comments to acquire shares of the Underlying as an investment adviser under the
received will be posted without change; Funds. Advisers Act. The Adviser may enter
Applicants: Amplify ETF Trust (the into sub-advisory agreements with one
the Commission does not edit personal
‘‘Trust’’) and Amplify Investments LLC or more investment advisers to act as
identifying information from
(the ‘‘Initial Adviser’’). sub-advisers to particular Funds (each,
submissions. You should submit only a ‘‘Sub-Adviser’’). Any Sub-Adviser will
Filing Dates: The application was
information that you wish to make filed on February 20, 2015, and either be registered under the Advisers
rmajette on DSK7SPTVN1PROD with NOTICES
available publicly. All submissions amended on June 30, 2015. Act or will not be required to register
should refer to File Number SR–BX– Hearing or Notification of Hearing: An thereunder.
2015–052, and should be submitted on order granting the requested relief will 3. The Trust will enter into a
or before September 11, 2015. be issued unless the Commission orders distribution agreement with one or more
a hearing. Interested persons may distributors (each, a ‘‘Distributor’’). Each
request a hearing by writing to the Distributor will be a broker-dealer
9 17 CFR 200.30–3(a)(12). Commission’s Secretary and serving (‘‘Broker’’) registered under the
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Document Created: 2018-02-23 11:00:46
Document Modified: 2018-02-23 11:00:46
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 50885 |
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