80 FR 67808 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Period of the BATS Exchange, Inc.'s Supplemental Competitive Liquidity Provider Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 212 (November 3, 2015)
Federal Register Volume 80, Issue 212 (November 3, 2015)
| Page Range | 67808-67810 | |
| FR Document | 2015-27908 |
[Federal Register Volume 80, Number 212 (Tuesday, November 3, 2015)] [Notices] [Pages 67808-67810] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-27908] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76293; File No. SR-BATS-2015-96] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Period of the BATS Exchange, Inc.'s Supplemental Competitive Liquidity Provider Program October 28, 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 October 27, 2015, BATS Exchange, Inc. (the ``Exchange'' or ``BATS'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b- 4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to extend the pilot period for the Exchange's Supplemental Competitive Liquidity Provider Program (the ``Program''), which is currently set to [[Page 67809]] expire on October 28, 2015, for three months, to expire on January 28, 2016. The text of the proposed rule change is available at the Exchange's Web site at www.batstrading.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 parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Background On August 30, 2011, the Exchange received approval of rules applicable to the qualification, listing and delisting of securities of issuers on the Exchange.\5\ More recently, the Exchange received approval to operate a pilot program that is designed to incentivize certain Market Makers \6\ registered with the Exchange as ETP CLPs, as defined in Interpretation and Policy .03 to Rule 11.8, to enhance liquidity on the Exchange in certain ETPs \7\ listed on the Exchange and thereby qualify to receive part of a daily rebate as part of the Program under Interpretation and Policy .03 to Rule 11.8.\8\ --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 65225 (August 30, 2011), 76 FR 55148 (September 6, 2011) (SR-BATS-2011-018). \6\ As defined in BATS Rules, the term ``Market Maker'' means a Member that acts a as a market maker pursuant to Chapter XI of BATS Rules. \7\ ETP is defined in Interpretation and Policy .03(b)(4) to Rule 11.8. \8\ See Securities Exchange Act Release No. 72692 (July 28, 2014), 79 FR 44908 (August 1, 2014) (SR-BATS-2014-022) (``CLP Approval Order''). --------------------------------------------------------------------------- The Program was approved by the Commission on a pilot basis running one-year from the date of implementation.\9\ The Commission approved the Program on July 28, 2014.\10\ The Exchange implemented the Program on July 28, 2014 and the pilot period for the Program was originally scheduled to end on July 28, 2015 until it was extended to end on October 28, 2015.\11\ --------------------------------------------------------------------------- \9\ See id at 44909. \10\ Id. \11\ See Securities Exchange Act Release No. 75518 (July 24, 2015), 80 FR 45566 (July 30, 2015 (SR-BATS-2015-55). --------------------------------------------------------------------------- Proposal To Extend the Operation of the Program The Exchange established the Program in order to enhance liquidity on the Exchange in certain ETPs listed on the Exchange (and thereby enhance the Exchange's ability to compete as a listing venue) by providing a mechanism by which ETP CLPs compete for part of a daily quoting incentive on the basis of providing the most aggressive quotes with the greatest amount of size. Such competition has the ability to reduce spreads, facilitate the price discovery process, and reduce costs for investors trading in such securities, thereby promoting capital formation and helping the Exchange to compete as a listing venue. The Exchange believes that extending the pilot is appropriate because it will allow the Exchange and the Commission additional time to analyze data regarding the Program that the Exchange has committed to provide.\12\ As such, the Exchange believes that it is appropriate to extend the current operation of the Program. Further information related to the Program including data can be found on the Exchange's Web site.\13\ Through this filing, the Exchange seeks to extend the current pilot period of the Program until January 28, 2016. --------------------------------------------------------------------------- \12\ See CLP Approval Order, supra note 8 at 44913. \13\ See http://www.bats.com/us/equities/etfmarketplace/trade_on_bats/clp/reports/. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\14\ In particular, the Exchange believes the proposed change furthers the objectives of Section 6(b)(5) of the Act,\15\ in that it is 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 facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. The Exchange believes that extending the pilot period for the Program is consistent with these principles because the Program is reasonably designed to enhance quote competition, improve liquidity in securities listed on the Exchange, support the quality of price discovery, promote market transparency, and increase competition for listings and trade executions, while reducing spreads and transaction costs in such securities. Maintaining and increasing liquidity in Exchange-listed securities will help raise investors' confidence in the fairness of the market and their transactions. The extension of the pilot period will allow the Commission and the Exchange to continue to monitor the Program for its potential effects on public price discovery, and on the broader market structure. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change extends an established pilot program for 3 months, thus allowing the Program to enhance competition in both the listings market and in competition for market makers. The Program will continue to promote competition in the listings market by providing issuers with a vehicle for paying the Exchange additional fees in exchange for incentivizing tighter spreads and deeper liquidity in listed securities and allow the Exchange to continue to compete with similar programs at Nasdaq Stock Market LLC \16\ and NYSE Arca Equities, Inc.\17\ --------------------------------------------------------------------------- \16\ See Securities Exchange Act Release No. 69195 (March 20, 2013), 78 FR 18393 (March 26, 2013) (SR-NASDAQ-2012-137). \17\ See Securities Exchange Act Release No. 69335 (April 5, 2013), 78 FR 35340 (June 12, 2013) (SR-NYSEARCA-2013-34). --------------------------------------------------------------------------- The Exchange also believes that extending the pilot program for an additional 3 months will allow the Program to continue to enhance competition among market participants by creating incentives for market makers to compete to make better quality markets. By continuing to require that market makers both meet the quoting requirements and also compete for the daily financial incentives, the quality of quotes on the Exchange will continue to improve. This, in turn, will attract more liquidity to the Exchange and further improve the quality of trading in exchange-listed securities participating in the Program, which will also act to bolster the Exchange's listing business. [[Page 67810]] C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from Members or other interested parties. 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 \18\ and Rule 19b- 4(f)(6) thereunder.\19\ --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(3)(A). \19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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) normally does not become operative before 30 days from the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\20\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. --------------------------------------------------------------------------- \20\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Waiver of the operative delay will allow the Exchange to extend the Program prior to its expiration on October 28, 2015, which will ensure that the Program continues to operate uninterrupted while the Exchange and the Commission continue to analyze data regarding the Program. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change to be operative upon filing with the Commission.\21\ --------------------------------------------------------------------------- \21\ For purposes only of waiving the operative delay for this proposal, 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 proposal 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 No. SR-BATS-2015-96 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 No. SR-BATS-2015-96. 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 will also 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 No. SR-BATS-2015-96 and should be submitted on or before November 23, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\22\ --------------------------------------------------------------------------- \22\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-27908 Filed 11-2-15; 8:45 am] BILLING CODE 8011-01-P
![67808 Federal Register / Vol. 80, No. 212 / Tuesday, November 3, 2015 / Notices
Fees Schedule, so that market of the Act 9 and paragraph (f) of Rule inspection and copying at the principal
participants may best understand how 19b–4 10 thereunder. At any time within office of the Exchange. All comments
rules and fees apply. The Exchange 60 days of the filing of the proposed rule received will be posted without change;
believes that the proposed clarifications change, the Commission summarily may the Commission does not edit personal
and removal of repetitive language in temporarily suspend such rule change if identifying information from
the Fees Schedule will make the Fees it appears to the Commission that such submissions. You should submit only
Schedule easier to read and alleviate action is necessary or appropriate in the information that you wish to make
potential confusion. The alleviation of public interest, for the protection of available publicly. All submissions
potential confusion will remove investors, or otherwise in furtherance of should refer to File Number SR–CBOE-
impediments to and perfect the the purposes of the Act. If the 2015–096 and should be submitted on
mechanism of a free and open market Commission takes such action, the or before November 24, 2015.
and a national market system, and, in Commission will institute proceedings For the Commission, by the Division of
general, protect investors and the public to determine whether the proposed rule Trading and Markets, pursuant to delegated
interest. change should be approved or authority.11
disapproved. Robert W. Errett,
B. Self-Regulatory Organization’s
Statement on Burden on Competition IV. Solicitation of Comments Deputy Secretary.
[FR Doc. 2015–27913 Filed 11–2–15; 8:45 am]
The Exchange does not believe that Interested persons are invited to
BILLING CODE 8011–01–P
the proposed rule changes will impose submit written data, views, and
any burden on competition that are not arguments concerning the foregoing,
necessary or appropriate in furtherance including whether the proposed rule SECURITIES AND EXCHANGE
of the purposes of the Act. The change is consistent with the Act. COMMISSION
Exchange does not believe that the Comments may be submitted by any of
proposed rule change will impose any the following methods: [Release No. 34–76293; File No. SR–BATS–
2015–96]
burden on intramarket competition that Electronic Comments
is not necessary or appropriate in
• Use the Commission’s Internet Self-Regulatory Organizations; BATS
furtherance of the purposes of the Act Exchange, Inc.; Notice of Filing and
comment form (http://www.sec.gov/
because, while different fees are Immediate Effectiveness of a Proposed
rules/sro.shtml); or
assessed to different market participants
• Send an email to rule-comments@ Rule Change To Extend the Pilot
in some circumstances, these different Period of the BATS Exchange, Inc.’s
sec.gov. Please include File Number SR–
market participants have different Supplemental Competitive Liquidity
CBOE–2015–096 on the subject line.
obligations and different circumstances Provider Program
as discussed above. For example, Paper Comments
Market-Makers have quoting obligations • Send paper comments in triplicate October 28, 2015.
that other market participants do not to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the
have. The Exchange does not believe Commission, 100 F Street NE., Securities Exchange Act of 1934 (the
that the proposed rule change to waive Washington, DC 20549–1090. ‘‘Act’’),1 and Rule 19b–4 thereunder,2
all transaction fees through December notice is hereby given that on October
All submissions should refer to File
2015 will impose any burden on 27, 2015, BATS Exchange, Inc. (the
Number SR–CBOE-2015–096. This file
intramarket competition because it ‘‘Exchange’’ or ‘‘BATS’’) filed with the
number should be included on the
applies to all TPHs and encourages Securities and Exchange Commission
subject line if email is used. To help the
trading in these new products. (‘‘Commission’’) the proposed rule
Commission process and review your
The Exchange does not believe that change as described in Items I and II
comments more efficiently, please use
the proposed rule changes will impose below, which Items have been prepared
only one method. The Commission will
any burden on intermarket competition by the Exchange. The Exchange has
post all comments on the Commission’s
that is not necessary or appropriate in designated this proposal as a ‘‘non-
Internet Web site (http://www.sec.gov/
furtherance of the purposes of the Act controversial’’ proposed rule change
rules/sro.shtml). Copies of the
because RUI, RLV and RLG will be pursuant to Section 19(b)(3)(A) of the
submission, all subsequent
exclusively listed on CBOE. To the Act 3 and Rule 19b–4(f)(6)(iii)
amendments, all written statements
extent that the proposed changes make thereunder,4 which renders it effective
with respect to the proposed rule
CBOE a more attractive marketplace for upon filing with the Commission. The
change that are filed with the
market participants at other exchanges, Commission is publishing this notice to
Commission, and all written
such market participants are welcome to solicit comments on the proposed rule
communications relating to the
become CBOE market participants. change from interested persons.
proposed rule change between the
C. Self-Regulatory Organization’s Commission and any person, other than I. Self-Regulatory Organization’s
Statement on Comments on the those that may be withheld from the Statement of the Terms of Substance of
Proposed Rule Change Received From public in accordance with the the Proposed Rule Change
Members, Participants, or Others provisions of 5 U.S.C. 552, will be The Exchange filed a proposal to
available for Web site viewing and extend the pilot period for the
The Exchange neither solicited nor printing in the Commission’s Public
received comments on the proposed Exchange’s Supplemental Competitive
mstockstill on DSK4VPTVN1PROD with NOTICES
Reference Room, 100 F Street NE., Liquidity Provider Program (the
rule change. Washington, DC 20549 on official ‘‘Program’’), which is currently set to
III. Date of Effectiveness of the business days between the hours of
Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of the 11 17 CFR 200.30–3(a)(12).
Commission Action filing also will be available for 1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
The foregoing rule change has become 9 15 U.S.C. 78s(b)(3)(A). 3 15 U.S.C. 78s(b)(3)(A).
effective pursuant to Section 19(b)(3)(A) 10 17 CFR 240.19b–4(f). 4 17 CFR 240.19b–4(f)(6)(iii).
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![67810 Federal Register / Vol. 80, No. 212 / Tuesday, November 3, 2015 / Notices
C. Self-Regulatory Organization’s temporarily suspend such rule change if should refer to File No. SR–BATS–
Statement on Comments on the it appears to the Commission that such 2015–96 and should be submitted on or
Proposed Rule Change Received From action is necessary or appropriate in the before November 23, 2015.
Members, Participants or Others public interest, for the protection of For the Commission, by the Division of
The Exchange has not solicited, and investors, or otherwise in furtherance of Trading and Markets, pursuant to delegated
does not intend to solicit, comments on the purposes of the Act. If the authority.22
this proposed rule change. The Commission takes such action, the Robert W. Errett,
Exchange has not received any written Commission shall institute proceedings Deputy Secretary.
comments from Members or other to determine whether the proposed rule
[FR Doc. 2015–27908 Filed 11–2–15; 8:45 am]
interested parties. should be approved or disapproved.
BILLING CODE 8011–01–P
III. Date of Effectiveness of the IV. Solicitation of Comments
Proposed Rule Change and Timing for Interested persons are invited to
Commission Action submit written data, views and SECURITIES AND EXCHANGE
arguments concerning the foregoing, COMMISSION
Because the foregoing proposed rule
change does not: (i) Significantly affect including whether the proposal is
[Investment Company Act Release No.
the protection of investors or the public consistent with the Act. Comments may 31884; File No. 812–14512]
interest; (ii) impose any significant be submitted by any of the following
burden on competition; and (iii) become methods: SPDR® Series Trust, et al.; Notice of
operative for 30 days from the date on Electronic Comments Application
which it was filed, or such shorter time
• Use the Commission’s Internet October 28, 2015.
as the Commission may designate, it has comment form (http://www.sec.gov/
become effective pursuant to Section AGENCY: Securities and Exchange
rules/sro.shtml); or Commission (‘‘Commission’’).
19(b)(3)(A) of the Act 18 and Rule 19b– • Send an email to rule-comments@
4(f)(6) thereunder.19 ACTION: Notice of an application for an
sec.gov. Please include File No. SR– order under section 6(c) of the
A proposed rule change filed under BATS–2015–96 on the subject line.
Rule 19b–4(f)(6) normally does not Investment Company Act of 1940 (the
become operative before 30 days from Paper Comments ‘‘Act’’) for an exemption from sections
the date of the filing. However, pursuant • Send paper comments in triplicate 2(a)(32), 5(a)(1), 22(d), and 22(e) of the
to Rule 19b–4(f)(6)(iii),20 the to Secretary, Securities and Exchange Act and rule 22c–1 under the Act, under
Commission may designate a shorter Commission, 100 F Street NE., sections 6(c) and 17(b) of the Act for an
time if such action is consistent with the Washington, DC 20549–1090. exemption from sections 17(a)(1) and
protection of investors and the public All submissions should refer to File No. 17(a)(2) of the Act, and under section
interest. SR–BATS–2015–96. This file number 12(d)(1)(J) of the Act for an exemption
The Exchange has asked the should be included on the subject line from sections 12(d)(1)(A) and
Commission to waive the 30-day if email is used. To help the 12(d)(1)(B) of the Act.
operative delay. The Commission Commission process and review your
believes that waiving the 30-day SUMMARY OF APPLICATION: Applicants
comments more efficiently, please use
operative delay is consistent with the request an order that would permit (a)
only one method. The Commission will
protection of investors and the public series of certain open-end management
post all comments on the Commission’s
interest. Waiver of the operative delay investment companies to issue shares
Internet Web site (http://www.sec.gov/
will allow the Exchange to extend the (‘‘Shares’’) redeemable in large
rules/sro.shtml). Copies of the
Program prior to its expiration on aggregations only (‘‘Creation Units’’); (b)
submission, all subsequent
October 28, 2015, which will ensure secondary market transactions in Shares
amendments, all written statements
that the Program continues to operate to occur at negotiated market prices
with respect to the proposed rule
uninterrupted while the Exchange and rather than at net asset value (‘‘NAV’’);
change that are filed with the
the Commission continue to analyze (c) certain series to pay redemption
Commission, and all written
data regarding the Program. Therefore, proceeds, under certain circumstances,
communications relating to the
the Commission hereby waives the 30- more than seven days after the tender of
proposed rule change between the
day operative delay and designates the Creation Units for redemption; (d)
Commission and any person, other than
proposed rule change to be operative certain affiliated persons of the series to
those that may be withheld from the
upon filing with the Commission.21 deposit securities into, and receive
public in accordance with the
At any time within 60 days of the securities from, the series in connection
provisions of 5 U.S.C. 552, will be
filing of the proposed rule change, the with the purchase and redemption of
available for Web site viewing and
Commission summarily may Creation Units; and (e) certain registered
printing in the Commission’s Public
management investment companies and
Reference Room, 100 F Street NE.,
18 15 U.S.C. 78s(b)(3)(A). unit investment trusts outside of the
Washington, DC 20549, on official
19 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– same group of investment companies as
4(f)(6) requires a self-regulatory organization to give business days between the hours of
the series to acquire Shares.
the Commission written notice of its intent to file 10:00 a.m. and 3:00 p.m. Copies of such
the proposed rule change at least five business days filing will also be available for APPLICANTS: SPDR® Series Trust, SPDR®
prior to the date of filing of the proposed rule Index Shares Funds (together, the
mstockstill on DSK4VPTVN1PROD with NOTICES
change, or such shorter time as designated by the
inspection and copying at the principal
office of the Exchange. All comments ‘‘Trusts’’), SSGA Funds Management,
Commission. The Exchange has satisfied this
requirement. received will be posted without change; Inc. (‘‘Initial Adviser’’) and State Street
20 17 CFR 240.19b–4(f)(6)(iii).
the Commission does not edit personal Global Markets, LLC (‘‘Distributor’’).
21 For purposes only of waiving the operative
identifying information from FILING DATES: The application was filed
delay for this proposal, the Commission has on July 13, 2015, and amended on
considered the proposed rule’s impact on
submissions. You should submit only
efficiency, competition, and capital formation. See information that you wish to make
15 U.S.C. 78c(f). available publicly. All submissions 22 17 CFR 200.30–3(a)(12).
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Document Created: 2018-03-01 11:33:26
Document Modified: 2018-03-01 11:33:26
| 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 67808 |
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