80 FR 73009 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.11, Routing to Away Trading Centers
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 225 (November 23, 2015)
Federal Register Volume 80, Issue 225 (November 23, 2015)
| Page Range | 73009-73011 | |
| FR Document | 2015-29710 |
[Federal Register Volume 80, Number 225 (Monday, November 23, 2015)] [Notices] [Pages 73009-73011] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-29710] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76455; File No. SR-EDGA-2015-42] Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.11, Routing to Away Trading Centers November 17, 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 November 9, 2015, EDGA Exchange, Inc. (the ``Exchange'' or ``EDGA'') 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 [[Page 73010]] 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 the Substance of the Proposed Rule Change The Exchange filed a proposal to amend Rule 11.11, Routing to Away Trading Centers, to adopt a new routing option to be known as ALLB. 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 The Exchange proposes to amend Rule 11.11, Routing to Away Trading Centers, to adopt a new routing option to be known as ALLB. As proposed, ALLB would be a routing option under which the order checks the System \5\ for available shares and is then sent to the BATS Exchange, Inc. (``BZX''), BATS Y-Exchange, Inc. (``BYX''), and the EDGX Exchange, Inc. (``EDGX'' collectively with the Exchange, BZX, and BYX, the ``BGM Affiliated Exchanges''). Specifically, an order subject to the ALLB routing option would execute first against contra-side displayed and non-displayed liquidity on the EDGA Book \6\ at the National Best Bid or Offer (``NBBO'') or better. Any remainder, would then be routed to BZX, BYX, and/or EDGX in accordance with the System routing table.\7\ If shares remain unexecuted after routing, they are posted to the EDGA Book, unless otherwise instructed by the User.\8\ In such case, the User may instruct the Exchange to cancel the remaining shares. ALLB is designed to comply with Rule 611 and all other provisions of Regulation NMS.\9\ --------------------------------------------------------------------------- \5\ The term ``System'' is defined as ``the electronic communications and trading facility designated by the Board through which securities orders of Users are consolidated for ranking, execution and, when applicable, routing away.'' See Exchange Rule 1.5(cc). \6\ The term ``EDGA Book'' is defined as ``the System's electronic file of orders.'' See Exchange Rule 1.5(d). \7\ The term ``System routing table'' refers to the proprietary process for determining the specific trading venues to which the System routes orders and the order in which it routes them. See Exchange Rule 11.11(g). \8\ The term ``User'' is defined as ``any Member or Sponsored Participant who is authorized to obtain access to the System pursuant to Rule 11.3.'' See Exchange Rule 1.5(ee). \9\ 17 CFR 242.611. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \10\ in general, and furthers the objectives of Section 6(b)(5) of the Act \11\ in particular, in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in 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. The proposed rule change promotes just and equitable principles of trade because it would provide Users with greater flexibility in routing orders consistent with Regulation NMS without developing complicated order routing strategies on their own. The Exchange believes that the proposed routing option will also accomplish those ends by providing market participants with an additional voluntary routing option that will enable them to easily access liquidity available on all of the national securities exchanges operated by BGM Affiliated Exchanges. The Exchange expects the routing strategy will benefit firms that do not employ routing or trading strategies under which the firm itself would rapidly access liquidity provided on the multiple venues. ALLB would not provide any advantage to Users when routing to the EDGX, BZX, or BYX as compared to other methods of routing or connectivity available to Users by the Exchange. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Lastly, the Exchange also notes that routing options enabling the routing of orders between affiliated exchanges is not unique and that the ALLB routing option is similar to routing options offered by other exchange groups that permit routing between affiliates. Specifically, the Nasdaq Stock Market LLC (``Nasdaq''), the Nasdaq OMX BX (``BX''), Nasdaq OMX PSX (``PSX'') offer routing options that enable an order, whether sent to Nasdaq, BX, or PSX, to check the Nasdaq, BX, and PSX books for liquidity before optionally posting to the Nasdaq, BX, or PSX book.\12\ In addition, BZX previously offered a variation of a Destination Specific Order \13\ which routed to and executed by its affiliate, BYX, known as the B2B routing.\14\ Therefore, the Exchange believes the proposal removes impediments to and perfects the mechanism of a free and open market and a national market system, and, in general, protects investors and the public interest. --------------------------------------------------------------------------- \12\ See Securities Exchange Act Release Nos. 63900 (February 14, 2011), 76 FR 9397 (February 17, 2011) (SR-Nasdaq-2011-026); 65470 (October 3, 2011), 76 FR 62489 (October 7, 2011) (SR-BX-2011- 048); and 65469 (October 3, 2011), 76 FR 62486 (October 7, 2011) (SR-Phlx-2011-108) (Notices of Filing and Immediate Effectiveness to adopt the CART, BCRT, and PCRT routing options on Nasdaq, BX, and PSX respectively). See also Nasdaq Rule 4758(a)(1)(A)(xi); BX Rule 4758(a)(1)(A)(vii); and PSX Rule 3315(a)(1)(A)(vii). \13\ See Exchange Rule 11.11(g)(14). \14\ See Securities Exchange Act Release No. 63146 (October 21, 2010), 75 FR 66170 (October 27, 2010) (SR-BATS-2010-030). The Exchange notes that BYX offered similar routing capabilities to BZX. See Securities Exchange Act Release No. 63299 (November 10, 2010), 75 FR 70325 (November 17, 2010) (SR-BYX-2010-005). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. The Exchange provides routing services in a highly competitive market in which participants may avail themselves of a wide variety of routing options offered by self-regulatory organizations, alternative trading systems, other broker-dealers, market participants' own proprietary routing systems, and service bureaus. In such an environment, system enhancements such as the changes proposed in this rule filing do not burden competition, because they can succeed in attracting order flow to the Exchange only if they offer investors higher quality and better value than services offered by others. Encouraging competitors to provide higher quality and better value is the essence of a well- functioning competitive marketplace. Lastly, ALLB would not provide any advantage to Users when routing to the BZX, EDGX, or BYX as compared to other methods of routing or connectivity available to Users by the Exchange. Therefore, the Exchange does not believe the proposed rule change will [[Page 73011]] result in any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No comments were solicited or received on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the 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 if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \15\ and paragraph (f)(6) of Rule 19b-4 thereunder.\16\ The Exchange has given the Commission written notice of its 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange states that having this additional voluntary routing option will give market participants greater flexibility in routing orders and allow them to more easily access liquidity on BGM Affiliated exchanges. In addition, the Exchange states that the proposed rule change is similar to a routing option offered by other exchanges and does not propose any new or unique functionality. Based on the foregoing, the Commission believes that the waiver of the operative delay is consistent with the protection of investors and the public interest.\17\ Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing. --------------------------------------------------------------------------- \17\ For purposes only of waiving the 30-day operative delay, the Commission has also 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 No. SR-EDGA-2015-42 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-EDGA-2015-42. 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 No. SR-EDGA-2015-42, and should be submitted on or December 14, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-29710 Filed 11-20-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 225 / Monday, November 23, 2015 / Notices 73009
Members are responsible for all trading III. Date of Effectiveness of the communications relating to the
activity by its Sponsored Participant. In Proposed Rule Change and Timing for proposed rule change between the
order to obtain connectivity to the Commission Action Commission and any person, other than
Exchange, members are required to Because the foregoing proposed rule those that may be withheld from the
contact BX Subscriber Services and change does not significantly affect the public in accordance with the
request a connection to the market. protection of investors or the public provisions of 5 U.S.C. 552, will be
Such connection requires approval by interest; does not impose any significant available for Web site viewing and
the Exchange, testing and other security burden on competition; and by its terms printing in the Commission’s Public
features as well as information sharing does not become operative for 30 days Reference Room, 100 F Street NE.,
with the Exchange by the member. Only from the date on which it was filed, or Washington, DC 20549, on official
members are permitted to request such shorter time as the Commission business days between the hours of
connectivity to the Exchange. The may designate, it has become effective 10:00 a.m. and 3:00 p.m. Copies of the
requirement to also complete and pursuant to Section 19(b)(3)(A) 21 of the filing also will be available for
submit an Exchange Agreement, User Act and Rule 19b–4(f)(6) thereunder.22 inspection and copying at the principal
Agreement and a Notice of Consent with At any time within 60 days of the office of the Exchange. All comments
our BX Membership Department is filing of the proposed rule change, the received will be posted without change;
viewed as unnecessarily burdensome by Commission summarily may the Commission does not edit personal
members, who must update their temporarily suspend such rule change if identifying information from
customer relationships internally. it appears to the Commission that such submissions. You should submit only
Additionally, the Exchange examines action is: necessary or appropriate in the information that you wish to make
for compliance with BX Rule 4615 and public interest; for the protection of available publicly. All submissions
may request information about any investors; or otherwise in furtherance of should refer to File Number SR–BX–
customer relationship which concerns the purposes of the Act. If the 2015–067 and should be submitted on
the Exchange. Commission takes such action, the or December 14, 2015.
The Sponsoring Member remains Commission shall institute proceedings For the Commission, by the Division of
responsible for customer activity to determine whether the proposed rule Trading and Markets, pursuant to delegated
conducted on the Exchange through the should be approved or disapproved. authority.23
Customer Agreement, among other Robert W. Errett,
IV. Solicitation of Comments
obligations. Additionally, Sponsored Deputy Secretary.
Participants that obtain access to the Interested persons are invited to [FR Doc. 2015–29709 Filed 11–20–15; 8:45 am]
Exchange’s System are required to take submit written data, views, and BILLING CODE 8011–01–P
reasonable security precautions and arguments concerning the foregoing,
prevent unauthorized use or access to including whether the proposed rule
the BX Market, including unauthorized change is consistent with the Act. SECURITIES AND EXCHANGE
entry of information into the BX Comments may be submitted by any of COMMISSION
the following methods:
Market,18 pursuant to the Customer [Release No. 34–76455; File No. SR–EDGA–
Agreement. Further, the Sponsored Electronic Comments 2015–42]
Participants is responsible to establish • Use the Commission’s Internet
adequate procedures and controls that Self-Regulatory Organizations; EDGA
comment form (http://www.sec.gov/
permit it to effectively monitor its Exchange, Inc.; Notice of Filing and
rules/sro.shtml); or
employees’, agents’ and customers’ use • Send an email to rule- Immediate Effectiveness of a Proposed
and access to the BX Market for comments@sec.gov. Please include File Rule Change To Amend Rule 11.11,
compliance with the terms of this Number SR–BX–2015–067 on the Routing to Away Trading Centers
agreement.19 In addition, the Exchange, subject line. November 17, 2015.
through its Regulatory Services
Paper Comments Pursuant to Section 19(b)(1) of the
Agreement with FINRA conducts
Securities Exchange Act of 1934 (the
reviews of members for compliance • Send paper comments in triplicate ‘‘Act’’),1 and Rule 19b–4 thereunder,2
with BX Rule 4615 and the Market to Secretary, Securities and Exchange notice is hereby given that on November
Access Rule. The Exchange has the Commission, 100 F Street NE., 9, 2015, EDGA Exchange, Inc. (the
ability to remove access to the port 20 at Washington, DC 20549–1090. ‘‘Exchange’’ or ‘‘EDGA’’) filed with the
any time if the activity of the Sponsored All submissions should refer to File Securities and Exchange Commission
Participant would warrant such Number SR–BX–2015–067. This file (‘‘Commission’’) the proposed rule
removal. Finally, BX Rule 4615 is number should be included on the change as described in Items I and II
currently applicable to all BX members subject line if email is used. To help the below, which Items have been prepared
that desire to sponsor access for its Commission process and review your by the Exchange. The Exchange has
customers and applies to trading in all comments more efficiently, please use designated this proposal as a ‘‘non-
securities on the Exchange. only one method. The Commission will controversial’’ proposed rule change
C. Self-Regulatory Organization’s post all comments on the Commission’s pursuant to Section 19(b)(3)(A) of the
Statement on Comments on the Internet Web site (http://www.sec.gov/ Act 3 and Rule 19b–4(f)(6)(iii)
Proposed Rule Change Received From rules/sro.shtml). Copies of the thereunder,4 which renders it effective
Members, Participants, or Others submission, all subsequent upon filing with the Commission. The
wgreen on DSK2VPTVN1PROD with NOTICES
amendments, all written statements Commission is publishing this notice to
No written comments were either with respect to the proposed rule
solicited or received. change that are filed with the 23 17 CFR 200.30–3(a)(12).
Commission, and all written 1 15 U.S.C. 78s(b)(1).
18 See BX Rule 4615(b)(ii)(G). 2 17 CFR 240.19b–4.
19 See BX Rule 4615(b)(ii)(H). 21 15 U.S.C. 78s(b)(3)(A). 3 15 U.S.C. 78s(b)(3)(A).
20 See note 9. 22 17 CFR 240.19b–4(f)(6). 4 17 CFR 240.19b–4(f)(6)(iii).
VerDate Sep<11>2014 14:25 Nov 20, 2015 Jkt 238001 PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 E:\FR\FM\23NON1.SGM 23NON1](https://thefederalregister.org/doc/80_FR_73234/page/1.svg)
![Federal Register / Vol. 80, No. 225 / Monday, November 23, 2015 / Notices 73011
result in any burden on intermarket temporarily suspend such rule change if should refer to File No. SR–EDGA–
competition that is not necessary or it appears to the Commission that such 2015–42, and should be submitted on or
appropriate in furtherance of the action is necessary or appropriate in the December 14, 2015.
purposes of the Act. public interest, for the protection of
For the Commission, by the Division of
investors; or otherwise in furtherance of
C. Self-Regulatory Organization’s Trading and Markets, pursuant to delegated
the purposes of the Act. If the
Statement on Comments on the authority.18
Commission takes such action, the
Proposed Rule Change Received From Robert W. Errett,
Commission shall institute proceedings
Members, Participants, or Others Deputy Secretary.
to determine whether the proposed rule
No comments were solicited or should be approved or disapproved. [FR Doc. 2015–29710 Filed 11–20–15; 8:45 am]
received on the proposed rule change. BILLING CODE 8011–01–P
IV. Solicitation of Comments
III. Date of Effectiveness of the
Interested persons are invited to
Proposed Rule Change and Timing for
submit written data, views, and SECURITIES AND EXCHANGE
Commission Action
arguments concerning the foregoing, COMMISSION
Because the proposed rule change including whether the proposed rule
does not: (i) Significantly affect the change is consistent with the Act.
protection of investors or the public [Release No. 34–76449; File No. SR–
Comments may be submitted by any of
interest; (ii) impose any significant NASDAQ–2015–140]
the following methods:
burden on competition; and (iii) become
operative for 30 days from the date on Electronic Comments Self-Regulatory Organizations; The
which it was filed, or such shorter time • Use the Commission’s Internet NASDAQ Stock Market LLC; Notice of
as the Commission may designate if comment form (http://www.sec.gov/ Filing and Immediate Effectiveness of
consistent with the protection of rules/sro.shtml); or Proposed Rule Change Relating to
investors and the public interest, the • Send an email to rule-comments@ Sponsored Access
proposed rule change has become sec.gov. Please include File No. SR–
November 17, 2015.
effective pursuant to Section 19(b)(3)(A) EDGA–2015–42 on the subject line.
of the Act 15 and paragraph (f)(6) of Rule Pursuant to Section 19(b)(1) of the
Paper Comments Securities Exchange Act of 1934
19b–4 thereunder.16 The Exchange has
given the Commission written notice of • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
its intent to file the proposed rule to Secretary, Securities and Exchange notice is hereby given that on November
change, along with a brief description Commission, 100 F Street NE., 4, 2015, The NASDAQ Stock Market
and text of the proposed rule change at Washington, DC 20549–1090. LLC (‘‘NASDAQ’’ or ‘‘Exchange’’) filed
least five business days prior to the date All submissions should refer to File No. with the Securities and Exchange
of filing of the proposed rule change, or SR–EDGA–2015–42. This file number Commission (‘‘SEC’’ or ‘‘Commission’’)
such shorter time as designated by the should be included on the subject line the proposed rule change as described
Commission. if email is used. To help the in Items I, II, and III, below, which Items
The Exchange has asked the Commission process and review your have been prepared by NASDAQ. The
Commission to waive the 30-day comments more efficiently, please use Commission is publishing this notice to
operative delay so that the proposal may only one method. The Commission will solicit comments on the proposed rule
become operative immediately upon post all comments on the Commission’s change from interested persons.
filing. The Exchange states that having Internet Web site (http://www.sec.gov/
this additional voluntary routing option rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s
will give market participants greater submission, all subsequent Statement of the Terms of Substance of
flexibility in routing orders and allow amendments, all written statements the Proposed Rule Change
them to more easily access liquidity on with respect to the proposed rule
change that are filed with the NASDAQ proposes to amend Nasdaq
BGM Affiliated exchanges. In addition,
Commission, and all written Rule 4615 entitled, ‘‘Sponsored
the Exchange states that the proposed
communications relating to the Participants’’ to: (1) Define the term
rule change is similar to a routing
proposed rule change between the ‘‘Sponsored Access’’ and ‘‘Customer
option offered by other exchanges and
Commission and any person, other than Agreement;’’ (2) specify the
does not propose any new or unique
those that may be withheld from the requirements to comply with Rule
functionality. Based on the foregoing,
public in accordance with the 15c3–5 under the Securities Exchange
the Commission believes that the waiver
provisions of 5 U.S.C. 552, will be Act of 1934 (‘‘Market Access Rule’’); and
of the operative delay is consistent with
the protection of investors and the available for Web site viewing and (3) remove the requirement that each
public interest.17 Therefore, the printing in the Commission’s Public Sponsored Participant and each
Commission hereby waives the Reference Room, 100 F Street NE., Sponsoring Member must enter into
operative delay and designates the Washington, DC 20549 on official certain agreements with the Exchange.
proposal operative upon filing. business days between the hours of The text of the proposed rule change
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of such is available on the Exchange’s Web site
filing of the proposed rule change, the filing also will be available for at http://
Commission summarily may inspection and copying at the principal www.nasdaq.cchwallstreet.com, at the
wgreen on DSK2VPTVN1PROD with NOTICES
office of the Exchange. All comments principal office of the Exchange, and at
15 15 U.S.C. 78s(b)(3)(A). received will be posted without change; the Commission’s Public Reference
16 17 CFR 240.19b–4. the Commission does not edit personal Room.
17 For purposes only of waiving the 30-day
identifying information from
operative delay, the Commission has also
considered the proposed rule’s impact on
submissions. You should submit only 18 17 CFR 200.30–3(a)(12).
efficiency, competition, and capital formation. See information that you wish to make 1 15 U.S.C. 78s(b)(1).
15 U.S.C. 78c(f). available publicly. All submissions 2 17 CFR 240.19b–4.
VerDate Sep<11>2014 14:25 Nov 20, 2015 Jkt 238001 PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 E:\FR\FM\23NON1.SGM 23NON1](https://thefederalregister.org/doc/80_FR_73234/page/3.svg)
Document Created: 2018-03-01 11:18:03
Document Modified: 2018-03-01 11:18:03
| 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 73009 |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR