81 FR 19250 - Securities Investor Protection Corporation; Order Approving the Determination of the Board of Directors of the Securities Investor Protection Corporation Not To Adjust for Inflation the Standard Maximum Cash Advance Amount and Notice of the Standard Maximum Cash Advance Amount
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 64 (April 4, 2016)
Federal Register Volume 81, Issue 64 (April 4, 2016)
| Page Range | 19250-19252 | |
| FR Document | 2016-07600 |
[Federal Register Volume 81, Number 64 (Monday, April 4, 2016)] [Notices] [Pages 19250-19252] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-07600] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. SIPA-176; File No. SIPC-2016-01] Securities Investor Protection Corporation; Order Approving the Determination of the Board of Directors of the Securities Investor Protection Corporation Not To Adjust for Inflation the Standard Maximum Cash Advance Amount and Notice of the Standard Maximum Cash Advance Amount March 30, 2016. I. Background On February 17, 2016, the Securities Investor Protection Corporation (``SIPC'') filed with the Securities and Exchange Commission (``Commission''), under sections 9(e)(1) and 3(e)(2)(A) of the Securities Investor Protection Act of 1970 (``SIPA''),\1\ notification that SIPC's Board of Directors (the ``SIPC Board'') had determined that the standard maximum cash advance amount available to satisfy customer claims for cash in a SIPA liquidation proceeding would remain at $250,000 beginning January 1, 2017 and for the five-year period immediately thereafter. The Commission published for comment notice of the SIPC Board's determination in the Federal Register on February 25, 2016.\2\ The Commission did not receive any comments. The Commission today is approving, by order, the SIPC Board's determination. The Commission is also publishing notice that the standard maximum cash advance amount will remain $250,000 beginning January 1, 2017 and for the five-year period immediately thereafter. --------------------------------------------------------------------------- \1\ See 15 U.S.C. 78fff-3(e)(1) and 15 U.S.C. 78ccc(e)(2)(A), respectively. \2\ See Securities Investor Protection Corporation, Release No. SIPA-174 (Feb. 22, 2016), 81 FR 9561 (Feb. 25, 2016). The notice set forth SIPC's statement of the purpose and statutory basis of the determination of the SIPC Board not to adjust the standard maximum cash advance amount for inflation (the ``February 17, 2016 SIPC Statement of Purpose''), which was attached to a letter from SIPC to the Commission, dated February 17, 2016. --------------------------------------------------------------------------- The Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') \3\ amended SIPA to raise the ``standard maximum cash advance amount'' from $100,000 to $250,000 per customer.\4\ This aligned [[Page 19251]] that amount with the maximum insurance amount provided by the Federal Deposit Insurance Corporation (``FDIC'') to customers of a failed bank. The Dodd-Frank Act also amended SIPA to require the SIPC Board of Directors to determine, no later than January 1, 2011, and every five years thereafter, whether an inflation adjustment to the standard maximum cash advance amount available to satisfy customer claims in a SIPA liquation proceeding is appropriate.\5\ Any adjustment to the standard maximum cash advance amount takes effect on January 1 of the year immediately succeeding the calendar year in which the adjustment is made.\6\ The SIPC Board's determination on whether to make an adjustment is subject to Commission approval as provided under section 3(e)(2) of SIPA.\7\ The Commission must publish notice of the standard maximum cash advance amount in the Federal Register no later than April 5 of any calendar year in which SIPC is required to determine whether an inflation adjustment is appropriate.\8\ --------------------------------------------------------------------------- \3\ Public Law 111-203, 124 Stat. 1376 (July 21, 2010). \4\ In a liquidation of a broker-dealer performed under SIPA, a fund of customer property is established for priority distribution to customers ahead of all other creditors. Each customer is entitled to a pro rata share of the customer property to the extent of the customer's net equity in the customer's account. If the amount of customer property is insufficient to satisfy a customer's net equity claim, SIPC advances money to satisfy the claim up to $500,000 per customer, of which up to $250,000 (i.e., the standard maximum cash advance amount) can be used to satisfy a claim for cash. See 15 U.S.C. 78fff-3. \5\ 15 U.S.C. 78fff-3(e)(1). For reasons discussed in the February 17, 2016 SIPC Statement of Purpose, SIPC did not make such a determination on January 1, 2011. See Securities Investor Protection Corporation, 81 FR 9561. \6\ 15 U.S.C. 78fff-3(e)(4). \7\ See 15 U.S.C. 78ccc(e)(2); 15 U.S.C. 78fff-3(e)(1). \8\ 15 U.S.C. 78fff-3(e)(3)(A). --------------------------------------------------------------------------- II. Determination of the SIPC Board Not To Adjust the Standard Maximum Cash Advance Amount SIPC filed with the Commission on February 17, 2016 notification that the SIPC Board had determined not to raise the standard maximum cash advance amount above $250,000, and thereby maintain it at that level beginning January 1, 2017 and for the five-year period immediately thereafter.\9\ In its February 17 filing, SIPC stated that applying the formula prescribed by SIPA in this instance would have increased the standard maximum cash advance amount by $20,000 and that the SIPC Board weighed the factors it considered in making its determination against an increase of that amount. However, for the reasons discussed below, the SIPC Board determined not to make the inflation adjustment. --------------------------------------------------------------------------- \9\ See February 17, 2016 SIPC Statement of Purpose. As stated above, any adjustment to the standard maximum cash advance amount takes effect on January 1 of the year immediately succeeding the calendar year in which such an adjustment is made. See 15 U.S.C. 78fff-3(e)(4). Therefore, the SIPC Board's determination to maintain the standard maximum cash advance amount at $250,000 takes effect on January 1, 2017. --------------------------------------------------------------------------- SIPC described the factors the SIPC Board considered in making the determination to maintain the standard maximum cash advance amount at $250,000, including factors that it was required to consider under SIPA.\10\ In particular, the SIPC Board considered data and a related SIPC staff analysis examining broker-dealers' aggregate leverage, liquidity, default risk, and the aggregate number of customer free credit balances. The analysis concluded that the SIPC fund is positioned to remain on a steady growth path for the foreseeable future, barring any unforeseen catastrophic event. --------------------------------------------------------------------------- \10\ The SIPC Board is required to consider the following criteria under SIPA: (1) The overall state of the fund and the economic conditions affecting members of SIPC; (2) the potential problems affecting members of SIPC; and (3) such other factors as the SIPC Board may determine appropriate. See 15 U.S.C. 78fff- 3(e)(5). --------------------------------------------------------------------------- The SIPC Board also considered that, of the more than 625,000 allowed claims in completed or substantially completed liquidation proceedings as of December 31, 2014, the unsatisfied portion of cash claims amounted to $25 million. More than half of that amount related to only three claims that were submitted when the limit of protection for cash claims was less than the current $250,000. In the six SIPA proceedings initiated since 2010, the year the standard maximum cash advance amount was raised, SIPC has advanced funds for only one customer cash claim where the claim (but not the advance) exceeded $250,000. The SIPC Board also considered that customer credit balances at brokerage firms had decreased at the end of 2013 and 2014, and that due to broker-dealers' offer of overnight ``sweep'' programs, customer free credit balances were being moved to bank accounts, with the protection of such accounts thereby transferred to the FDIC. Further, the SIPC Board considered the relationship between the amount of the SIPC standard maximum cash advance amount and the maximum amount of protection afforded by the FDIC to customers of a failed bank. Increases to the limit of protection for cash claims under SIPA historically have moved in lockstep with increases in FDIC deposit insurance. The SIPC Board considered that FDIC deposit insurance is currently $250,000. The SIPC Board concluded that, on balance, in light of the unprecedented break with the FDIC limit that would result, with possibly harmful consequences, and the absence of evidence that an appreciable number of investors would be benefited, an adjustment to the limit of protection for cash claims in a SIPA liquidation proceeding would not be appropriate.\11\ --------------------------------------------------------------------------- \11\ See Securities Investor Protection Corporation, Release No. SIPA-174 (Feb. 22, 2016), 81 FR 9561 (Feb. 25, 2016). --------------------------------------------------------------------------- III. Discussion and Commission Order Section 3(e)(2)(A) of SIPA provides that the SIPC Board must file with the Commission any proposed amendment to a SIPC Rule.\12\ Section 3(e)(2)(B) of SIPA provides that within thirty-five days of the date of publication of the notice of filing of a proposed rule change in the Federal Register, or within such longer period (1) as the Commission may designate of not more than ninety days after such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (2) as to which SIPC consents, the Commission shall: (i) By order approve such proposed rule change or (ii) institute proceedings to determine whether such proposed rule change should be disapproved. Further, section 3(e)(2)(D) of SIPA provides that the Commission shall approve a proposed rule change if it finds that the proposed rule change is in the public interest and is consistent with the purposes of SIPA.\13\ The SIPC Board's determination to not adjust the standard maximum cash advance amount is subject to the approval of the Commission as provided under section 3(e)(2) of SIPA.\14\ --------------------------------------------------------------------------- \12\ 15 U.S.C. 78ccc(e)(2)(A). \13\ 15 U.S.C. 78ccc(e)(2)(D). \14\ 15 U.S.C. 78fff-3(e)(1). --------------------------------------------------------------------------- The Commission finds, pursuant to section 3(e)(2)(D) of SIPA, that the determination of the SIPC Board not to adjust for inflation the standard maximum cash advance amount of $250,000 beginning January 1, 2017 and for the five-year period immediately thereafter is in the public interest and consistent with the purposes of SIPA. The Commission believes that maintaining the amount at $250,000 at this time to keep it aligned with the maximum amount of insurance provided by the FDIC is appropriate. For example, there could be unintended consequences resulting from raising the amount to a level that is higher than the maximum FDIC insurance amount, such as incentivizing investors to move additional funds to their brokerage accounts from bank accounts. Moreover, the Commission believes that maintaining the standard maximum cash advance amount at $250,000 is consistent with the public interest in light of the statistics considered by the SIPC Board that indicated that customer [[Page 19252]] claims for cash have been historically satisfied in full and the trend that customer credit balances at broker-dealers have been decreasing in recent years.\15\ --------------------------------------------------------------------------- \15\ See February 17, 2016 SIPC Statement of Purpose. --------------------------------------------------------------------------- It is therefore ordered, pursuant to section 3(e)(2) of SIPA, that the determination by the SIPC Board that the standard maximum cash advance amount will remain at $250,000 beginning January 1, 2017, and for the five-year period immediately thereafter, be and hereby is approved. IV. Notice of the Standard Maximum Cash Advance Amount SIPA requires that the Commission publish the standard maximum cash advance amount in the Federal Register no later than April 5 of any calendar year in which SIPC is required to determine whether an inflation adjustment is appropriate.\16\ Accordingly, pursuant to section 9(e)(3)(A) of SIPA, the Commission is hereby providing notice that the standard maximum cash advance amount is $250,000 beginning January 1, 2017 and for the five-year period immediately thereafter. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78fff-3(e)(3)(A). By the Commission. Brent J. Fields, Secretary. [FR Doc. 2016-07600 Filed 4-1-16; 8:45 am] BILLING CODE 8011-01-P
![19250 Federal Register / Vol. 81, No. 64 / Monday, April 4, 2016 / Notices
consider the matters raised in each The Postal Service SECURITIES AND EXCHANGE
docket. contemporaneously filed a redacted COMMISSION
2. Pursuant to 39 U.S.C. 505, Cassie contract related to the proposed new
D’Souza is appointed to serve as an [Release No. SIPA–176; File No. SIPC–2016–
product under 39 U.S.C. 3632(b)(3) and 01]
officer of the Commission to represent 39 CFR 3015.5. Request, Attachment B.
the interests of the general public in Securities Investor Protection
To support its Request, the Postal
these proceedings (Public Corporation; Order Approving the
Representative). Service filed a copy of the contract, a
copy of the Governors’ Decision Determination of the Board of
3. Comments are due no later than Directors of the Securities Investor
April 5, 2016. authorizing the product, proposed
changes to the Mail Classification Protection Corporation Not To Adjust
4. The Secretary shall arrange for for Inflation the Standard Maximum
publication of this order in the Federal Schedule, a Statement of Supporting
Justification, a certification of Cash Advance Amount and Notice of
Register. the Standard Maximum Cash Advance
By the Commission.
compliance with 39 U.S.C. 3633(a), and
Amount
an application for non-public treatment
Stacy L. Ruble,
of certain materials. It also filed March 30, 2016.
Secretary.
supporting financial workpapers.
[FR Doc. 2016–07551 Filed 4–1–16; 8:45 am] I. Background
BILLING CODE 7710–FW–P II. Notice of Commission Action On February 17, 2016, the Securities
The Commission establishes Docket Investor Protection Corporation
Nos. MC2016–108 and CP2016–136 to (‘‘SIPC’’) filed with the Securities and
POSTAL REGULATORY COMMISSION Exchange Commission (‘‘Commission’’),
consider the Request pertaining to the
[Docket Nos. MC2016–108 and CP2016–136; under sections 9(e)(1) and 3(e)(2)(A) of
proposed Priority Mail Contract 201
Order No. 3185] the Securities Investor Protection Act of
product and the related contract,
1970 (‘‘SIPA’’),1 notification that SIPC’s
New Postal Product respectively. Board of Directors (the ‘‘SIPC Board’’)
AGENCY: Postal Regulatory Commission. The Commission invites comments on had determined that the standard
whether the Postal Service’s filings in maximum cash advance amount
ACTION: Notice.
the captioned dockets are consistent available to satisfy customer claims for
SUMMARY: The Commission is noticing a with the policies of 39 U.S.C. 3632, cash in a SIPA liquidation proceeding
recent Postal Service filing concerning 3633, or 3642, 39 CFR part 3015, and 39 would remain at $250,000 beginning
the addition of Priority Mail Contract CFR part 3020, subpart B. Comments are January 1, 2017 and for the five-year
201 to the competitive product list. This due no later than April 5, 2016. The period immediately thereafter. The
notice informs the public of the filing, public portions of these filings can be Commission published for comment
invites public comment, and takes other accessed via the Commission’s Web site notice of the SIPC Board’s
administrative steps. (http://www.prc.gov). determination in the Federal Register
DATES: Comments are due: April 5,
on February 25, 2016.2 The Commission
The Commission appoints Curtis E. did not receive any comments. The
2016. Kidd to serve as Public Representative Commission today is approving, by
ADDRESSES: Submit comments in these dockets. order, the SIPC Board’s determination.
electronically via the Commission’s The Commission is also publishing
III. Ordering Paragraphs
Filing Online system at http:// notice that the standard maximum cash
www.prc.gov. Those who cannot submit It is ordered: advance amount will remain $250,000
comments electronically should contact beginning January 1, 2017 and for the
1. The Commission establishes Docket
the person identified in the FOR FURTHER five-year period immediately thereafter.
INFORMATION CONTACT section by
Nos. MC2016–108 and CP2016–136 to
consider the matters raised in each The Dodd-Frank Wall Street Reform
telephone for advice on filing and Consumer Protection Act (the
alternatives. docket.
‘‘Dodd-Frank Act’’) 3 amended SIPA to
FOR FURTHER INFORMATION CONTACT:
2. Pursuant to 39 U.S.C. 505, Curtis E. raise the ‘‘standard maximum cash
David A. Trissell, General Counsel, at Kidd is appointed to serve as an officer advance amount’’ from $100,000 to
202–789–6820. of the Commission to represent the $250,000 per customer.4 This aligned
interests of the general public in these
SUPPLEMENTARY INFORMATION:
proceedings (Public Representative). 1 See 15 U.S.C. 78fff–3(e)(1) and 15 U.S.C.
Table of Contents 3. Comments are due no later than
78ccc(e)(2)(A), respectively.
2 See Securities Investor Protection Corporation,
I. Introduction April 5, 2016. Release No. SIPA–174 (Feb. 22, 2016), 81 FR 9561
II. Notice of Commission Action (Feb. 25, 2016). The notice set forth SIPC’s
III. Ordering Paragraphs
4. The Secretary shall arrange for statement of the purpose and statutory basis of the
publication of this order in the Federal determination of the SIPC Board not to adjust the
I. Introduction Register. standard maximum cash advance amount for
inflation (the ‘‘February 17, 2016 SIPC Statement of
In accordance with 39 U.S.C. 3642 By the Commission. Purpose’’), which was attached to a letter from SIPC
and 39 CFR 3020.30–.35, the Postal Stacy L. Ruble, to the Commission, dated February 17, 2016.
mstockstill on DSK4VPTVN1PROD with NOTICES
Service filed a formal request and 3 Public Law 111–203, 124 Stat. 1376 (July 21,
Secretary. 2010).
associated supporting information to
[FR Doc. 2016–07522 Filed 4–1–16; 8:45 am] 4 In a liquidation of a broker-dealer performed
add Priority Mail Contract 201 to the
under SIPA, a fund of customer property is
competitive product list.1 BILLING CODE 7710–FW–P
established for priority distribution to customers
ahead of all other creditors. Each customer is
1 Request of the United States Postal Service to entitled to a pro rata share of the customer property
Add Priority Mail Contract 201 to Competitive Unredacted Governors’ Decision, Contract, and to the extent of the customer’s net equity in the
Product List and Notice of Filing (Under Seal) of Supporting Data, March 25, 2016 (Request). customer’s account. If the amount of customer
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![19252 Federal Register / Vol. 81, No. 64 / Monday, April 4, 2016 / Notices
claims for cash have been historically Exchange Act of 1934 (the ‘‘Act’’),1 and A. The New Certificate of Incorporation
satisfied in full and the trend that Rule 19b–4 thereunder,2 proposed rule 1. Capital Stock; Voting Rights
customer credit balances at broker- changes to amend the certificate of
dealers have been decreasing in recent incorporation (the ‘‘Current Certificate The Exchanges propose to revise the
years.15 of Incorporation’’) and bylaws (the Current Certificate of Incorporation to
It is therefore ordered, pursuant to ‘‘Current Bylaws’’) of BATS Global reclassify all of the Corporation’s
section 3(e)(2) of SIPA, that the existing stock as either ‘‘Voting
Markets, Inc. (the ‘‘Corporation’’), the
determination by the SIPC Board that Common Stock’’ or ‘‘Non-Voting
Exchanges’ ultimate parent company, in
the standard maximum cash advance Common Stock.’’ 6 The Corporation
connection with the Corporation’s expects that the outstanding Class A
amount will remain at $250,000 anticipated initial public offering of
beginning January 1, 2017, and for the Non-Voting Common Stock will convert
shares of its common stock on BATS into Voting Common Stock upon the
five-year period immediately thereafter,
(the ‘‘IPO’’). The proposed rule changes IPO, pursuant to the terms of the
be and hereby is approved.
for EDGX and EDGA were published for Investor Rights Agreement dated
IV. Notice of the Standard Maximum comment in the Federal Register on January 31, 2014, among the
Cash Advance Amount February 22, 2016, and the proposed Corporation and its stockholders
SIPA requires that the Commission rule changes for BATS and BYX were signatory thereto.7 To effect this
publish the standard maximum cash published for comment in the Federal conversion, the New Certificate of
advance amount in the Federal Register Register on February 23, 2016.3 The Incorporation states that, at the time that
no later than April 5 of any calendar Commission received no comment the New Certificate of Incorporation
year in which SIPC is required to letters regarding the proposals. This becomes effective, each authorized,
determine whether an inflation order approves the proposed rule issued, and outstanding share of Class A
adjustment is appropriate.16 changes. Non-Voting Common Stock shall be
Accordingly, pursuant to section automatically converted into one share
9(e)(3)(A) of SIPA, the Commission is II. Description of the Proposal of Voting Common Stock.8 In addition,
hereby providing notice that the the New Certificate of Incorporation
On December 16, 2016, the would reclassify each authorized,
standard maximum cash advance
Corporation filed a registration issued, and outstanding share of Class B
amount is $250,000 beginning January
statement on Form S–1 with the Non-Voting Common Stock into one
1, 2017 and for the five-year period
Commission seeking to register shares of share of Non-Voting Common Stock.9
immediately thereafter.
common stock and to conduct an initial Except for voting rights 10 and certain
By the Commission. public offering of those shares, which conversion features,11 the Exchanges
Brent J. Fields, would be listed for trading on BATS. In propose that Non-Voting Common Stock
Secretary. connection with the IPO, the Exchanges and Voting Common Stock would
[FR Doc. 2016–07600 Filed 4–1–16; 8:45 am] filed a proposed rule change to amend generally rank equally and have
BILLING CODE 8011–01–P and restate the Corporation’s Current identical rights and privileges.12
Certification of Incorporation and adopt 2. Board of Directors
those changes as the Corporation’s
SECURITIES AND EXCHANGE The New Certificate of Incorporation
Amended and Restated Certificate of
COMMISSION would establish a ‘‘staggered’’ or
Incorporation (the ‘‘New Certificate of
[Release No. 34–77464; File Nos. SR–BATS–
classified board structure in which the
Incorporation’’) and amend and restate
2016–10, SR–BYX–2016–02, SR–EDGX– Corporation’s directors would be
the Corporation’s Current Bylaws and divided into three classes of equal size,
2016–04, and SR–EDGA–2016–01]
adopt those changes as its Amended and to the extent possible.13 Under the
Self-Regulatory Organizations; BATS Restated Bylaws (the ‘‘New Bylaws’’). proposed board structure, only one class
Exchange, Inc., BATS Y-Exchange, The Exchanges anticipate that the of directors would be elected each year,
Inc., EDGX Exchange, Inc., EDGA Corporation’s New Certificate of and once elected, directors would serve
Exchange, Inc.; Order Approving Incorporation and New Bylaws will a three-year term.14 Pursuant to the New
Proposed Rule Changes To Amend become effective the moment before the
and Restate the Certificate of closing of the IPO.4 According to the 6 See generally proposed Article Fourth of the
Incorporation and Bylaws of the Exchanges, the proposed changes relate New Certificate of Incorporation.
7 See EDGX Notice, supra note 3, at 8768; EDGA
Exchanges’ Ultimate Parent Company, to the Corporation’s governing Notice, supra note 3, at 8789; BATS Notice, supra
BATS Global Markets, Inc. documents only and do not relate to the note 3, at 9009; and BYX Notice, supra note 3, at
governance of the Exchanges.5 9053.
March 29, 2016. 8 See proposed Article Fourth(b)(i) of the New
Certificate of Incorporation.
I. Introduction 1 15 U.S.C. 78s(b)(1). 9 See proposed Article Fourth(b)(ii) of the New
2 17 CFR 240.19b–4.
On February 9, 2016, BATS Exchange, 3 See Securities Exchange Act Release Nos. 77147
Certificate of Incorporation.
10 See generally proposed Article Fourth(c) of the
Inc. (‘‘BATS’’), BATS Y-Exchange, Inc. (February 16, 2016), 81 FR 8767 (February 22, 2016) New Certificate of Incorporation.
(‘‘BYX’’), EDGX Exchange, Inc. (SR–EDGX–2016–04) (‘‘EDGX Notice’’); 77146 11 See generally proposed Article Fourth(d) of the
(‘‘EDGX’’), and EDGA Exchange, Inc. (February 16, 2016), 81 FR 8788 (February 22, 2016) New Certificate of Incorporation.
(‘‘EDGA’’) (collectively, the (SR–EDGA–2016–01) (‘‘EDGA Notice’’); 77155 12 See EDGX Notice, supra note 3, 8768; EDGA
mstockstill on DSK4VPTVN1PROD with NOTICES
‘‘Exchanges’’ and each, an ‘‘Exchange’’) (February 17, 2016), 81 FR 9008 (February 23, 2016) Notice, supra note 3, at 8789; BATS Notice, supra
(SR–BATS–2016–10) (‘‘BATS Notice’’); and 77156 note 3, at 9009; and BYX Notice, supra note 3, at
filed with the Securities and Exchange
(February 17, 2016), 81 FR 9052 (February 23, 2016) 9054.
Commission (‘‘Commission’’), pursuant (SR–BYX–2016–02) (‘‘BYX Notice’’). 13 See proposed Article Sixth(c) of the New
to Section 19(b)(1) of the Securities 4 See EDGX Notice, supra note 3, at 8767; EDGA
Certificate of Incorporation.
Notice, supra note 3, at 8788; BATS Notice, supra 14 Id. Directors initially designated as Class I
15 See February 17, 2016 SIPC Statement of note 3, at 9008; and BYX Notice, supra note 3, at directors would serve for a term ending on the date
Purpose. 9053. of the 2017 annual meeting of stockholders,
16 15 U.S.C. 78fff–3(e)(3)(A). 5 See id. directors initially designated as Class II directors
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Document Created: 2016-04-02 03:54:18
Document Modified: 2016-04-02 03:54:18
| 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 | 81 FR 19250 |
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