80 FR 55397 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Phlx Pricing Schedule

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 178 (September 15, 2015)

Page Range		55397-55399
FR Document		2015-23094
Federal Register, Volume 80 Issue 178 (Tuesday, September 15, 2015)
[Federal Register Volume 80, Number 178 (Tuesday, September 15, 2015)]
[Notices]
[Pages 55397-55399]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-23094]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75866; File No. SR-Phlx-2015-75]


Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Modify 
the Phlx Pricing Schedule

September 9, 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 August 27, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') 
filed with the

[[Page 55398]]

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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to modify the Phlx Pricing Schedule 
(``Pricing Schedule''). Specifically, the Exchange proposes to amend 
Section I, entitled ``Rebates and Fees for Adding and Removing 
Liquidity in SPY'' by assessing all market participants other than 
Customers \3\ a fee of $0.15 per contract for executions against an 
order for which the Exchange broadcasts an order exposure alert in 
SPY.\4\
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    \3\ The term ``Customer'' applies to any transaction that is 
identified by a member or member organization for clearing in the 
Customer range at The Options Clearing Corporation (``OCC'') which 
is not for the account of broker or dealer or for the account of a 
``professional'' (as that term is defined in Rule 1000(b)(14)). The 
term ``Non-Customer'' applies to transactions for the accounts of 
Specialists, Market Makers, Firms, Professionals, Broker-Dealers and 
JBOs.
    \4\ Options overlying Standard and Poor's Depositary Receipts/
SPDRs (``SPY'') are based on the SPDR exchange-traded fund 
(``ETF''), which is designed to track the performance of the S&P 500 
Index.
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    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqomxphlx.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 
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 purpose of this filing is to modify the Pricing Schedule by 
amending Section I, entitled ``Rebates and Fees for Adding and Removing 
Liquidity in SPY.'' Currently, Section 1 provides that no fees will be 
assessed and no rebates will be paid on transactions which execute 
against an order for which the Exchange broadcast (sic) \5\ an order 
exposure alert in SPY.\6\
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    \5\ The Exchange is correcting the word ``broadcast'' to read 
``broadcasts''.
    \6\ Exchange Rule 1080(m) provides for the broadcast of certain 
orders that are on the Phlx Book. The Exchange broadcasts orders on 
the Phlx Book by issuing order exposure alerts to all Phlx market 
participants that subscribe to certain data feeds. See Securities 
Exchange Act Release No. 68517 (December 21, 2012), 77 FR 77134 
(December 31, 2012) (SR-Phlx-2012-136). When it adopted the current 
pricing schedule provision which now is proposed to be amended, the 
Exchange stated its belief that not assessing fees (or paying a 
rebate) when removing orders from the order book in SPY where an 
order exposure alert was issued would incentivize market 
participants to remove liquidity from the Phlx Book. See Securities 
Exchange Act Release No. 69768 (June 14, 2013), 78 FR 37250 (June 
20, 2013) (SR-Phlx-2013-61).
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    The Exchange now proposes to assess all market participants other 
than Customers a fee of $0.15 per contract for such executions. Thus, 
the fee for such executions will apply to transactions for the accounts 
of Specialists,\7\ Market Makers,\8\ Firms,\9\ Professionals,\10\ 
Broker-Dealers \11\ and JBOs \12\ (collectively, ``Non-Customers''). 
The Exchange is adopting this fee at this time because it believes that 
the associated revenue will allow the Exchange to enhance its services 
and that offering this service for free is no longer a required 
incentive to remain competitive with other options exchanges.
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    \7\ A Specialist is an Exchange member who is registered as an 
options specialist pursuant to Rule 1020(a).
    \8\ A ``Market Maker'' includes Registered Options Traders (Rule 
1014(b)(i) and (ii)), which includes Streaming Quote Traders (see 
Rule 1014(b)(ii)(A)) and Remote Streaming Quote Traders (see Rule 
1014(b)(ii)(B)). Directed Participants are also market makers.
    \9\ The term ``Firm'' applies to any transaction that is 
identified by a member or member organization for clearing in the 
Firm range at OCC.
    \10\ The term ``professional'' means any person or entity that 
(i) is not a broker or dealer in securities, and (ii) places more 
than 390 orders in listed options per day on average during a 
calendar month for its own beneficial account(s). See Rule 
1000(b)(14).
    \11\ The term ``Broker-Dealer'' applies to any transaction which 
is not subject to any of the other transaction fees applicable 
within a particular category.
    \12\ The term ``Joint Back Office'' or ``JBO'' applies to any 
transaction that is identified by a member or member organization 
for clearing in the Firm range at OCC and is identified with an 
origin code as a JBO. A JBO will be priced the same as a Broker-
Dealer. A JBO participant is a member, member organization or non-
member organization that maintains a JBO arrangement with a clearing 
broker-dealer (``JBO Broker'') subject to the requirements of 
Regulation T Section 220.7 of the Federal Reserve System as further 
discussed at Exchange Rule 703.
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2. Statutory Basis
    The Exchange believes that its proposal to amend the Pricing 
Schedule is consistent with Section 6(b) of the Act \13\ in general, 
and furthers the objectives of Section 6(b)(4) and (b)(5) of the Act 
\14\ in particular, in that it provides for the equitable allocation of 
reasonable dues, fees and other charges among members and issuers and 
other persons using any facility or system which Phlx operates or 
controls, and is not designed to permit unfair discrimination between 
market participants to whom the Exchange's fees and rebates are 
applicable.
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    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(4), (5).
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    The Exchange's proposal is reasonable because the proposed $0.15 
fee is lower than the standard fee for removing liquidity in SPY and 
lower than fees assessed for similar activities at other options 
exchanges. For example, the Chicago Board Options Exchange (``CBOE'') 
assesses fees ranging from $0.05 to $0.45 for executions in Equity and 
ETF Options, including SPY, and offers market makers a $0.05 rebate if 
they meet certain quoting obligations for executions in Hybrid Agency 
Liaison (``HAL''). The Exchange's order exposure alert is similar to 
HAL and the proposed rate is within the range of fees CBOE assesses for 
executions in HAL. It is also reasonable not to extend the new fee to 
Customer transactions because Customer orders bring valuable liquidity 
to the market which benefits other market participants. Customer 
liquidity benefits all market participants by providing more trading 
opportunities, which attracts Specialists and Market Makers. An 
increase in the activity of these market participants in turn 
facilitates tighter spreads, which may cause an additional 
corresponding increase in order flow from other market participants.
    The Exchange's proposal is equitable and not unfairly 
discriminatory because the Exchange will be assessing the same new 
$0.15 fee on transactions by all market participants (except Customers) 
in the same manner. As stated above, Customer liquidity benefits all 
market participants by providing more trading opportunities, which 
attracts Specialists and Market Makers. It is therefore equitable and 
not unfairly discriminatory to not apply the new fee to Customer 
transactions.

[[Page 55399]]

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. The Exchange's proposal to 
impose the new $0.15 fee on executions other than Customer executions 
does not misalign the fees related to Customer as compared to Non-
Customer orders. Today, Customers have lower fees because Customer 
liquidity benefits all market participants by providing more trading 
opportunities, which attracts Specialists and Market Makers. An 
increase in the activity of these market participants in turn 
facilitates tighter spreads, which may cause an additional 
corresponding increase in order flow from other market participants. 
The new fee does not impose any undue burden on competition as all 
market participants, except Customers will be assessed the same fee.
    The Exchange operates in a highly competitive market, comprised of 
twelve options exchanges, in which market participants can easily and 
readily direct order flow to competing venues if they deem fee levels 
at a particular venue to be excessive or rebates to be inadequate. 
Accordingly, the fees that are assessed and the rebates paid by the 
Exchange, as described in the proposal, are influenced by these robust 
market forces and therefore must remain competitive with fees charged 
and rebates paid by other venues and therefore must continue to be 
reasonable and equitably allocated to those members that opt to direct 
orders to the Exchange rather than competing venues.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act.\15\
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    \15\ 15 U.S.C. 78s(b)(3)(A)(ii).
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    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.

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 Comments

     Use 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-Phlx-2015-75 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-Phlx-2015-75. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of 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-Phlx-2015-75 and 
should be submitted on or before October 6, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-23094 Filed 9-14-15; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 80, No. 178 / Tuesday, September 15, 2015 / Notices 55397

Exhibits C and D is designed to help the respect to its application for registration to comply with, or is unable to comply
Commission make the determinations as a national securities exchange.26 The with, any of the conditions set forth in
required under Sections 6(b) and 19(a) Commission believes, further, that if the this order, if such action is necessary or
of the Exchange Act 22 with respect to Commission were to approve the appropriate in the public interest, or is
the application. The updated Exhibit C Applicant’s Form 1 application, it will consistent with the protection of
and D information required under have the information necessary to investors.
Exchange Act Rule 6a–2 is designed to oversee the Applicant’s activities as a It is ordered, pursuant to Section 36
help the Commission exercise its national securities exchange. In of the Exchange Act,28 that the
oversight responsibilities with respect to particular, the Commission notes that Applicant is exempt from the
national securities exchanges. the Applicant has represented that it requirements to: (1) Include in its Form
Specifically, Exhibit D is designed to would have no direct connection to the 1 application the information required
provide the Commission with Foreign Indirect Affiliates, that the in Exhibits C and D to Form 1 with
information concerning the financial Foreign Indirect Affiliates would have respect to the Foreign Indirect Affiliates;
status of an exchange and its affiliates no ability to influence the management and (2) with respect to the Foreign
and subsidiaries,23 and Exhibit C is or policies of the Applicant, and that the Indirect Affiliates, update the
designed to provide the Commission Foreign Indirect Affiliates would have information in Exhibits C and D to Form
with the names and organizational no obligation to fund, or ability to 1 as required by Exchange Act Rules 6a–
documents of these affiliates and materially affect the funding of, the 2(a)(2), 6a–2(b)(1), and 6a–2(c) subject to
subsidiaries.24 Such information is Applicant. In addition, the Commission the following conditions:
designed to help the Commission notes that the Applicant has represented (i) The Applicant must provide a list
determine whether an applicant for that: (1) The Foreign Indirect Affiliates of the names of the Foreign Indirect
exchange registration would have, and a have no ownership interest in the Affiliates;
national securities exchange continues Applicant or in any of the controlling (ii) the Applicant must provide an
to have, the ability to carry out its equity holders of the Applicant; and (2) organizational chart setting forth the
obligations under the Exchange Act. there are no commercial dealings affiliation of the Foreign Indirect
Since the most recent amendments to between the Applicant and the Foreign Affiliates and the Foreign Direct
Form 1 in 1998,25 many national Indirect Affiliates.27 Affiliates and the Applicant; and
securities exchanges that previously Given the limited and indirect (iii) as part of Exhibit C to the
were member-owned organizations with relationship between the Applicant and Applicant’s Form 1 Application, the
few affiliated entities have the Foreign Indirect Affiliates, as Applicant must provide a description of
demutualized. Some of these described above, the Commission the nature of the affiliation between the
demutualized exchanges have believes that the detailed corporate and Foreign Indirect Affiliates and the
consolidated under holding companies financial information required in Foreign Direct Affiliates and the
with numerous affiliates that, in some Exhibits C and D with respect to the Applicant.
cases, have only a limited and indirect Foreign Indirect Affiliates is In addition, the Applicant must
connection to the national securities unnecessary for the Commission’s provide amendments to the information
exchange, with no ability to influence review of the Applicant’s Form 1 required under conditions (i) through
the management or policies of the application and would be unnecessary (iii) above on or before June 30th of each
registered exchange, and no obligation for the Commission’s oversight of the year.
to fund, or to materially affect the Applicant as a registered national
funding of, the registered exchange. The securities exchange following any By the Commission.
Commission believes that, for these Commission approval of its Form 1 Robert W. Errett,
affiliated entities, the information application. Deputy Secretary.
required under Exhibits C and D would For the reasons discussed above, the [FR Doc. 2015–23106 Filed 9–14–15; 8:45 am]
have limited relevance to the Commission finds that the conditional BILLING CODE 8011–01–P
Commission’s review of an application exemptive relief requested by the
for exchange registration or to its Applicant is appropriate in the public
oversight of a registered exchange. interest and is consistent with the SECURITIES AND EXCHANGE
Based on the Applicant’s protection of investors. COMMISSION
representations, the indirect nature of The Commission may modify by order
the relationship between the Applicant the terms, scope or conditions of this [Release No. 34–75866; File No. SR–Phlx–
and the Foreign Indirect Affiliates, and exemption if it determines that such 2015–75]
the information that the Applicant will modification is necessary or appropriate Self-Regulatory Organizations;
provide with respect to the Foreign in the public interest, or is consistent NASDAQ OMX PHLX LLC; Notice of
Direct Affiliates and the Foreign Indirect with the protection of investors. Filing and Immediate Effectiveness of
Affiliates, the Commission believes that Furthermore, the Commission may Proposed Rule Change To Modify the
it will have sufficient information to limit, suspend, or revoke this exemption Phlx Pricing Schedule
review the Applicant’s Form 1 if it finds that the Applicant has failed
application and to make the September 9, 2015.
determinations required under Sections 26 15 U.S.C. 78f(b) and 78s(a). Section 6(b) of the Pursuant to Section 19(b)(1) of the
6(b) and 19(a) of the Exchange Act with Exchange Act enumerates certain determinations
that the Commission must make with respect to an
Securities Exchange Act of 1934
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exchange before granting the registration of the (‘‘Act’’),1 and Rule 19b–4 thereunder,2
22 15 U.S.C. 78f(b) and 78s(a). exchange as a national securities exchange. The notice is hereby given that on August
23 See Securities Exchange Act Release No. 18843 Commission will not grant an exchange registration 27, 2015, NASDAQ OMX PHLX LLC
(June 25, 1982), 47 FR 29259 (July 6, 1982) as a national securities exchange unless the
(proposing amendments to Form 1); see also Form Commission determines that the exchange meets
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
1, 17 CFR 249.1, and supra Section II.A. these requirements. See Regulation ATS Adopting
24 Form 1, 17 CFR 249.1. See also supra note 4. 28 15 U.S.C. 78mm.
Release, supra note 8, at Section IV.B.
25 See Regulation ATS Adopting Release, supra 27 See Exemption Request, supra note 3, at 3; 1 15 U.S.C. 78s(b)(1).
note 8, at Section IV.C. supra note 15. 2 17 CFR 240.19b–4.

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Federal Register / Vol. 80, No. 178 / Tuesday, September 15, 2015 / Notices 55399

B. Self-Regulatory Organization’s If the Commission takes such action, the For the Commission, by the Division of
Statement on Burden on Competition Commission shall institute proceedings Trading and Markets, pursuant to delegated
to determine whether the proposed rule authority.16
The Exchange does not believe that
should be approved or disapproved. Robert W. Errett,
the proposed rule change will impose
any burden on competition not Deputy Secretary.
IV. Solicitation of Comments
necessary or appropriate in furtherance [FR Doc. 2015–23094 Filed 9–14–15; 8:45 am]
of the purposes of the Act. The Interested persons are invited to BILLING CODE 8011–01–P
Exchange’s proposal to impose the new submit written data, views, and
$0.15 fee on executions other than arguments concerning the foregoing,
Customer executions does not misalign including whether the proposed rule SECURITIES AND EXCHANGE
the fees related to Customer as change is consistent with the Act. COMMISSION
compared to Non-Customer orders. Comments may be submitted by any of [Investment Company Act Release No.
Today, Customers have lower fees the following methods: 31807; 812–13995]
because Customer liquidity benefits all Electronic Comments
market participants by providing more TIAA–CREF Funds, et al.; Notice of
trading opportunities, which attracts • Use the Commission’s Internet Application
Specialists and Market Makers. An comment form (http://www.sec.gov/
September 8, 2015.
increase in the activity of these market rules/sro.shtml); or
AGENCY: Securities and Exchange
participants in turn facilitates tighter • Send an email to rule-comments@ Commission (‘‘Commission’’).
spreads, which may cause an additional sec.gov. Please include File Number SR–
corresponding increase in order flow ACTION: Notice of application for an
Phlx–2015–75 on the subject line.
from other market participants. The new order under sections 6(c) and 17(b) of
fee does not impose any undue burden Paper Comments the Investment Company Act of 1940
on competition as all market (‘‘Act’’) for exemptions from section
• Send paper comments in triplicate 17(a) of the Act, and under section 17(d)
participants, except Customers will be to Secretary, Securities and Exchange
assessed the same fee. of the Act and rule 17d–1 thereunder to
Commission, 100 F Street NE., permit certain joint transactions.
The Exchange operates in a highly Washington, DC 20549–1090.
competitive market, comprised of
twelve options exchanges, in which All submissions should refer to File SUMMARY OF APPLICATION: Applicants
market participants can easily and Number SR–Phlx–2015–75. This file requests an order that would permit
readily direct order flow to competing number should be included on the certain registered management
venues if they deem fee levels at a subject line if email is used. To help the investment companies or series thereof
particular venue to be excessive or Commission process and review your that are advised by Teachers Advisors,
rebates to be inadequate. Accordingly, comments more efficiently, please use Inc. (‘‘Advisors’’) to invest in a private
the fees that are assessed and the rebates only one method. The Commission will investment vehicle established by
paid by the Exchange, as described in post all comments on the Commission’s Advisors to invest directly in real estate.
the proposal, are influenced by these Internet Web site (http://www.sec.gov/ APPLICANTS: TIAA–CREF Funds (the
robust market forces and therefore must rules/sro.shtml). Copies of the ‘‘Trust’’), Advisors, TIAA–CREF Real
remain competitive with fees charged submission, all subsequent Property Fund LP (‘‘TCLP’’), TIAA–
and rebates paid by other venues and amendments, all written statements CREF Real Property Fund GP LLC
therefore must continue to be reasonable with respect to the proposed rule (‘‘TCGP’’), and TIAA–CREF Real
and equitably allocated to those change that are filed with the Property Fund REIT LLC (‘‘TC REIT’’).
members that opt to direct orders to the Commission, and all written FILING DATES: The application was filed
Exchange rather than competing venues. communications relating to the on January 4, 2012, and amended on
proposed rule change between the June 25, 2012, December 3, 2012,
C. Self-Regulatory Organization’s
Commission and any person, other than October 16, 2013, June 26, 2014, May 8,
Statement on Comments on the
those that may be withheld from the 2015, and September 4, 2015.
Proposed Rule Change Received From
public in accordance with the HEARING OR NOTIFICATION OF HEARING: An
Members, Participants, or Others
provisions of 5 U.S.C. 552, will be order granting the requested relief will
No written comments were either available for Web site viewing and
solicited or received. be issued unless the Commission orders
printing in the Commission’s Public a hearing. Interested persons may
III. Date of Effectiveness of the Reference Room, 100 F Street NE., request a hearing by writing to the
Proposed Rule Change and Timing for Washington, DC 20549, on official Commission’s Secretary and serving
Commission Action business days between the hours of Applicants with a copy of the request,
10:00 a.m. and 3:00 p.m. Copies of the personally or by mail. Hearing requests
The foregoing rule change has become filing also will be available for
effective pursuant to Section should be received by the Commission
inspection and copying at the principal by 5:30 p.m. on October 5, 2015, and
19(b)(3)(A)(ii) of the Act.15
office of the Exchange. All comments should be accompanied by proof of
At any time within 60 days of the
filing of the proposed rule change, the received will be posted without change; service on Applicants, in the form of an
Commission summarily may the Commission does not edit personal affidavit or, for lawyers, a certificate of
identifying information from
mstockstill on DSK4VPTVN1PROD with NOTICES

temporarily suspend such rule change if service. Pursuant to rule 0–5 of the Act,
it appears to the Commission that such submissions. You should submit only hearing requests should state the nature
action is: (i) Necessary or appropriate in information that you wish to make of the writer’s interest, any facts bearing
the public interest; (ii) for the protection available publicly. upon the desirability of a hearing on the
of investors; or (iii) otherwise in All submissions should refer to File matter, the reason for the request, and
furtherance of the purposes of the Act. Number SR–Phlx–2015–75 and should the issues contested. Persons who wish
be submitted on or before October 6,
15 15 U.S.C. 78s(b)(3)(A)(ii). 2015. 16 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 19:04 Sep 14, 2015 Jkt 235001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\15SEN1.SGM 15SEN1
Document Created: 2015-12-15 10:09:10
Document Modified: 2015-12-15 10:09:10
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 55397