81_FR_26379 81 FR 26295 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule Change To Adopt and Amend Rules To Permit the Exchange To Initiate CHX SNAP Cycles

81 FR 26295 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule Change To Adopt and Amend Rules To Permit the Exchange To Initiate CHX SNAP Cycles

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 84 (May 2, 2016)

Page Range26295-26296
FR Document2016-10152

Federal Register, Volume 81 Issue 84 (Monday, May 2, 2016) 
[Federal Register Volume 81, Number 84 (Monday, May 2, 2016)]
[Notices]
[Pages 26295-26296]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-10152]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77711; File No. SR-CHX-2016-01]


Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; 
Order Approving a Proposed Rule Change To Adopt and Amend Rules To 
Permit the Exchange To Initiate CHX SNAP Cycles

April 26, 2016.

I. Introduction

    On February 26, 2016, the Chicago Stock Exchange, Inc. (``CHX'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend the functionality of the Exchange's Sub-
second Non-displayed Auction Process (``SNAP'') to permit the Exchange 
to initiate the SNAP when certain criteria are met. The proposed rule 
change was published for comment in the Federal Register on March 15, 
2016.\3\ The Commission did not receive any comment letters regarding 
the proposed rule change. This order approves the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 77331 (March 9, 
2016), 81 FR 13857 (``Notice'').
---------------------------------------------------------------------------

II. Overview of the Proposal

    The SNAP is designed to facilitate the bulk trading of a security 
within the Exchange's matching system (``Matching System''). The SNAP 
is a fully-hidden, on-demand auction for a security that, under the 
Exchange's current rules, may be initiated only by the Exchange's 
Participants \4\ and may occur only during the Exchange's regular 
trading session. During the stages of a SNAP (``CHX SNAP Cycle''), the 
Exchange temporarily suspends automated trading on the Exchange for the 
security subject to the SNAP. At the conclusion of a CHX SNAP Cycle, 
the Exchange transitions back to automated trading for the subject 
security. The SNAP Cycle has the following five stages, which are set 
forth in CHX Article 18, Rule 1: \5\ (1) Initiating the SNAP; (2) SNAP 
Order Acceptance Period; (3) Pricing and Satisfaction Period; (4) Order 
Matching Period; and (5) Transition to Open Trading State.\6\
---------------------------------------------------------------------------

    \4\ Article 1, Rule 1 of CHX's Rules defines the term 
``Participant.''
    \5\ See generally Securities Exchange Act Release No. 76087 
(October 6, 2015), 80 FR 61540 (SR-CHX-2015-03) (``Approval Order'') 
(order approving the adoption of the SNAP rules on the Exchange). 
The approved rule changes governing the SNAP are not yet operative 
and will become operative upon two weeks' notice by the Exchange to 
its Participants. See Notice, supra note 3, 81 FR at 13857, n.3.
    \6\ Open Trading State means the period of time during the 
regular trading session when orders are eligible for automatic 
execution on the Exchange. See CHX Article 1, Rule 1(qq).
---------------------------------------------------------------------------

    Under the Exchange's current rules, only a Participant may initiate 
the SNAP Cycle by submitting a valid limit order marked Start SNAP.\7\ 
To initiate a SNAP Cycle, a Start SNAP order must meet certain size,\8\ 
price,\9\ and timing requirements.\10\ Orders marked with a SNAP 
Auction Only modifier (SNAP AOO--Day, SNAP AOO--One and Done, SNAP AOO- 
Pegged) that are received during Open Trading State are queued in the 
SNAP Auction Only Order (``AOO'') Queue and are eligible for execution 
only during a SNAP Cycle.\11\
---------------------------------------------------------------------------

    \7\ See CHX Article 1, Rule 2(h)(1) and CHX Article 18, Rule 
1(b)(1).
    \8\ To initiate a SNAP Cycle, a Start SNAP order must be for (a) 
at least 2,500 shares and have a minimum aggregate notional value of 
$250,000 or (b) at least 20,000 shares with no minimum aggregate 
notional value requirement; provided, however, that certain issues 
specified in the rule may have special minimum size requirements. 
See CHX Article 1, Rule 2(h)(1)(A)(i).
    \9\ To initiate a SNAP Cycle, the limit price of a buy (sell) 
Start SNAP Order must be priced at or through the National Best 
Offer (National Best Bid) at the time the order was received by the 
Matching System. If the National Best Bid and Offer (``NBBO'') is 
crossed or a two-sided NBBO does not exist at the time the limit 
order marked Start SNAP is received by the Matching System, the 
limit order marked Start SNAP would not initiate a SNAP Cycle. A 
limit order marked Start SNAP and Sell Short, as defined under CHX 
Article 1, Rule 2(b)(3)(E), for a covered security subject to short 
sale price test restriction, may not initiate a SNAP Cycle and would 
be cancelled. See CHX Article 1, Rule 2(h)(1)(A)(ii).
    \10\ A Start SNAP order will initiate a SNAP Cycle only if it is 
received during the Exchange's regular trading session; provided, 
however, that it will not initiate a SNAP Cycle if it is received 
(a) within five minutes of the first two-sided quote in the subject 
security having been received by the Exchange from the primary 
market disseminated after either the beginning of the Exchange's 
regular trading session or a trading halt or pause that required the 
Exchange to suspend trading in the subject security; (b) within five 
minutes of the end of the regular trading session; (c) during a SNAP 
Cycle or (d) within one minute after the completion of the previous 
SNAP Cycle. See CHX Article 1, Rule 2(h)(1)(A)(iii).
    \11\ See CHX Article 20, Rule 8(b)(2)(A) and CHX Article 18, 
Rule 1(b)(2)(A)(i).
---------------------------------------------------------------------------

    In the instant proposed rule change, the Exchange proposes to 
permit the Exchange to initiate a SNAP Cycle, under certain 
circumstances, in the absence of a Start SNAP order. The Exchange would 
conduct pro forma SNAP reviews of the contents of the CHX book, SNAP 
AOO Queue, and Protected Quotations of external markets for each SNAP-
eligible security, consecutively and continuously in a preset 
order,\12\ and would initiate a SNAP Cycle for a security if a review 
projects that the aggregate number of executions would satisfy certain 
minimum size and notional value requirements, as applicable. In 
conducting the pro forma SNAP review, the Exchange would take a market 
snapshot of the Protected Quotations of external markets in the subject 
security and calculate a pro forma SNAP Price to determine: (1) Whether 
the projected execution size (``PES'') at the pro forma SNAP Price is 
equal to or greater than the corresponding minimum PES; and (2) whether 
the PES within the Matching System at the pro forma SNAP Price would be 
equal to or greater than 80% of the corresponding minimum PES. The 
minimum PES for an Exchange-initiated SNAP is either: (1) 2,500 Shares 
with a minimum aggregate notional value of $250,000 based on the 
midpoint of the NBBO ascertained from the market snapshot; or (2) 
20,000 shares with no minimum aggregate notional value requirement; 
provided, however, that the PES for Berkshire Hathaway, Inc. (BRK-A) 
would be a flat 100 shares.
---------------------------------------------------------------------------

    \12\ The Exchange represents that it will not modify this 
procedure absent an approved filing pursuant to Rule 19b-4 under the 
Act. See Notice, supra note 3, 81 FR at 13858, n.21.
---------------------------------------------------------------------------

    There would be restrictions on when the Exchange may initiate a 
SNAP Cycle. Proposed Rule 1A(c) prohibits the Exchange from initiating 
a SNAP Cycle:
    (1) Within five minutes of the first two-sided quote in the subject 
security having been received by the Exchange from the primary market 
disseminated after either the beginning of the regular trading session 
or a trading halt, pause or suspension that required the Exchange to 
suspend trading in the subject security;
    (2) within five minutes of the end of the regular trading session;

[[Page 26296]]

    (3) during a SNAP Cycle;
    (4) within one minute after the completion of the previous SNAP 
Cycle;
    (5) if the CHX Routing Services are not available at the time of 
the market snapshot taken pursuant to be proposed Rule 1A(b);
    (6) if the NBBO ascertained from the market snapshot taken pursuant 
to proposed Rule 1A(b) is crossed or a two-sided NBBO does not exist.

III. Discussion and Commission Findings

    After careful review and consideration, the Commission finds that 
the proposed rule change is consistent with the requirements of the Act 
and the rules and regulations thereunder that are applicable to a 
national securities exchange.\13\ In particular, the Commission finds 
that the proposed rule change is consistent with Section 6(b)(5) of the 
Act,\14\ which requires, among other things, that the rules of a 
national securities exchange be designed to promote just and equitable 
principles of trade; 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, and that the 
rules of a national securities exchange not be designed to permit 
unfair discrimination between customers, issuers, brokers or dealers.
---------------------------------------------------------------------------

    \13\ In approving this proposed rule change, as amended, the 
Commission notes that it has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
    \14\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    When it approved the SNAP, the Commission stated that it believed 
that the SNAP: (1) Was reasonably designed to facilitate the auction 
trading of securities on CHX in a fair and orderly manner, and could 
improve market quality for market participants seeking to execute bulk 
trading interests and for other market participants submitting orders 
in response to that interest; \15\ and (2) may promote liquidity while 
minimizing potential information leakage that could disadvantage market 
participants whose orders are participating in the SNAP Cycle.\16\ The 
Commission believes that the Exchange-initiated SNAP functionality may 
result in more bulk executions in SNAP-eligible securities by 
allowing--under certain circumstances--SNAP AOOs queued in the Matching 
System to match in the absence of a valid Start SNAP order. 
Additionally, the Commission believes that the proposed restrictions on 
when the Exchange may initiate a SNAP Cycle are reasonably designed to 
provide for a fair and orderly market.
---------------------------------------------------------------------------

    \15\ See Approval Order, supra note 5, 80 FR at 61544.
    \16\ See id.
---------------------------------------------------------------------------

    Further, the Commission believes that the proposed rule change 
would further minimize information leakage from SNAP Cycles in that 
market participants would not know which initiating mechanism triggered 
a particular SNAP Cycle.
    For the above reasons, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act.

IV. Conclusion

    It is therefore ordered that, pursuant to Section 19(b)(2) of the 
Act,\17\ the proposed rule change (SR-CHX-2016-01) be, and hereby is, 
approved.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(2).

    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. 2016-10152 Filed 4-29-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 84 / Monday, May 2, 2016 / Notices 26295 An agency may not conduct or during the Exchange’s regular trading Done, SNAP AOO- Pegged) that are sponsor, and a person is not required to session. During the stages of a SNAP received during Open Trading State are respond to, a collection of information (‘‘CHX SNAP Cycle’’), the Exchange queued in the SNAP Auction Only unless it displays a currently valid OMB temporarily suspends automated trading Order (‘‘AOO’’) Queue and are eligible control number. on the Exchange for the security subject for execution only during a SNAP Please direct your written comments to the SNAP. At the conclusion of a Cycle.11 to: Pamela Dyson, Director/Chief CHX SNAP Cycle, the Exchange In the instant proposed rule change, Information Officer, Securities and transitions back to automated trading for the Exchange proposes to permit the Exchange Commission, c/o Remi Pavlik- the subject security. The SNAP Cycle Exchange to initiate a SNAP Cycle, Simon, 100 F Street NE., Washington, has the following five stages, which are under certain circumstances, in the DC 20549, or send an email to: PRA_ set forth in CHX Article 18, Rule 1: 5 (1) absence of a Start SNAP order. The Mailbox@sec.gov. Initiating the SNAP; (2) SNAP Order Exchange would conduct pro forma Acceptance Period; (3) Pricing and SNAP reviews of the contents of the Dated: April 26, 2016. Satisfaction Period; (4) Order Matching CHX book, SNAP AOO Queue, and Robert E. Errett, Period; and (5) Transition to Open Protected Quotations of external Deputy Secretary. Trading State.6 markets for each SNAP-eligible security, [FR Doc. 2016–10110 Filed 4–29–16; 8:45 am] Under the Exchange’s current rules, consecutively and continuously in a BILLING CODE 8011–01–P only a Participant may initiate the preset order,12 and would initiate a SNAP Cycle by submitting a valid limit SNAP Cycle for a security if a review order marked Start SNAP.7 To initiate a projects that the aggregate number of SECURITIES AND EXCHANGE SNAP Cycle, a Start SNAP order must executions would satisfy certain COMMISSION meet certain size,8 price,9 and timing minimum size and notional value [Release No. 34–77711; File No. SR–CHX– requirements.10 Orders marked with a requirements, as applicable. In 2016–01] SNAP Auction Only modifier (SNAP conducting the pro forma SNAP review, AOO—Day, SNAP AOO—One and the Exchange would take a market Self-Regulatory Organizations; snapshot of the Protected Quotations of Chicago Stock Exchange, Inc.; Order 5 See generally Securities Exchange Act Release external markets in the subject security Approving a Proposed Rule Change To No. 76087 (October 6, 2015), 80 FR 61540 (SR– and calculate a pro forma SNAP Price CHX–2015–03) (‘‘Approval Order’’) (order Adopt and Amend Rules To Permit the approving the adoption of the SNAP rules on the to determine: (1) Whether the projected Exchange To Initiate CHX SNAP Cycles Exchange). The approved rule changes governing execution size (‘‘PES’’) at the pro forma the SNAP are not yet operative and will become SNAP Price is equal to or greater than April 26, 2016. operative upon two weeks’ notice by the Exchange the corresponding minimum PES; and to its Participants. See Notice, supra note 3, 81 FR I. Introduction at 13857, n.3. (2) whether the PES within the 6 Open Trading State means the period of time Matching System at the pro forma SNAP On February 26, 2016, the Chicago during the regular trading session when orders are Price would be equal to or greater than Stock Exchange, Inc. (‘‘CHX’’ or eligible for automatic execution on the Exchange. 80% of the corresponding minimum ‘‘Exchange’’) filed with the Securities See CHX Article 1, Rule 1(qq). PES. The minimum PES for an and Exchange Commission 7 See CHX Article 1, Rule 2(h)(1) and CHX Article 18, Rule 1(b)(1). Exchange-initiated SNAP is either: (1) (‘‘Commission’’), pursuant to Section 8 To initiate a SNAP Cycle, a Start SNAP order 2,500 Shares with a minimum aggregate 19(b)(1) of the Securities Exchange Act must be for (a) at least 2,500 shares and have a notional value of $250,000 based on the of 1934 (‘‘Act’’) 1 and Rule 19b–4 minimum aggregate notional value of $250,000 or midpoint of the NBBO ascertained from thereunder,2 a proposed rule change to (b) at least 20,000 shares with no minimum the market snapshot; or (2) 20,000 amend the functionality of the aggregate notional value requirement; provided, however, that certain issues specified in the rule shares with no minimum aggregate Exchange’s Sub-second Non-displayed may have special minimum size requirements. See notional value requirement; provided, Auction Process (‘‘SNAP’’) to permit the CHX Article 1, Rule 2(h)(1)(A)(i). however, that the PES for Berkshire Exchange to initiate the SNAP when 9 To initiate a SNAP Cycle, the limit price of a Hathaway, Inc. (BRK–A) would be a flat certain criteria are met. The proposed buy (sell) Start SNAP Order must be priced at or 100 shares. rule change was published for comment through the National Best Offer (National Best Bid) at the time the order was received by the Matching There would be restrictions on when in the Federal Register on March 15, System. If the National Best Bid and Offer the Exchange may initiate a SNAP 2016.3 The Commission did not receive (‘‘NBBO’’) is crossed or a two-sided NBBO does not Cycle. Proposed Rule 1A(c) prohibits any comment letters regarding the exist at the time the limit order marked Start SNAP is received by the Matching System, the limit order the Exchange from initiating a SNAP proposed rule change. This order marked Start SNAP would not initiate a SNAP Cycle: approves the proposed rule change. Cycle. A limit order marked Start SNAP and Sell (1) Within five minutes of the first Short, as defined under CHX Article 1, Rule two-sided quote in the subject security II. Overview of the Proposal 2(b)(3)(E), for a covered security subject to short sale price test restriction, may not initiate a SNAP having been received by the Exchange The SNAP is designed to facilitate the from the primary market disseminated Cycle and would be cancelled. See CHX Article 1, bulk trading of a security within the Rule 2(h)(1)(A)(ii). after either the beginning of the regular Exchange’s matching system (‘‘Matching 10 A Start SNAP order will initiate a SNAP Cycle trading session or a trading halt, pause System’’). The SNAP is a fully-hidden, only if it is received during the Exchange’s regular or suspension that required the on-demand auction for a security that, trading session; provided, however, that it will not initiate a SNAP Cycle if it is received (a) within five Exchange to suspend trading in the under the Exchange’s current rules, may minutes of the first two-sided quote in the subject subject security; be initiated only by the Exchange’s security having been received by the Exchange from (2) within five minutes of the end of srobinson on DSK5SPTVN1PROD with NOTICES Participants 4 and may occur only the primary market disseminated after either the the regular trading session; beginning of the Exchange’s regular trading session 1 15 or a trading halt or pause that required the U.S.C. 78s(b)(1). 11 See CHX Article 20, Rule 8(b)(2)(A) and CHX Exchange to suspend trading in the subject security; 2 17 CFR 240.19b–4. (b) within five minutes of the end of the regular Article 18, Rule 1(b)(2)(A)(i). 3 See Securities Exchange Act Release No. 77331 12 The Exchange represents that it will not modify trading session; (c) during a SNAP Cycle or (d) (March 9, 2016), 81 FR 13857 (‘‘Notice’’). within one minute after the completion of the this procedure absent an approved filing pursuant 4 Article 1, Rule 1 of CHX’s Rules defines the term previous SNAP Cycle. See CHX Article 1, Rule to Rule 19b–4 under the Act. See Notice, supra note ‘‘Participant.’’ 2(h)(1)(A)(iii). 3, 81 FR at 13858, n.21. VerDate Sep<11>2014 20:30 Apr 29, 2016 Jkt 238001 PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 E:\FR\FM\02MYN1.SGM 02MYN1

26296 Federal Register / Vol. 81, No. 84 / Monday, May 2, 2016 / Notices (3) during a SNAP Cycle; initiated SNAP functionality may result (‘‘Act’’),1 and Rule 19b–4 thereunder,2 (4) within one minute after the in more bulk executions in SNAP- notice is hereby given that on April 21, completion of the previous SNAP Cycle; eligible securities by allowing—under 2016, NASDAQ PHLX LLC (‘‘Phlx’’ or (5) if the CHX Routing Services are certain circumstances—SNAP AOOs ‘‘Exchange’’) filed with the Securities not available at the time of the market queued in the Matching System to and Exchange Commission snapshot taken pursuant to be proposed match in the absence of a valid Start (‘‘Commission’’) the proposed rule Rule 1A(b); SNAP order. Additionally, the change as described in Items I, II, and (6) if the NBBO ascertained from the Commission believes that the proposed market snapshot taken pursuant to III, below, which Items have been restrictions on when the Exchange may prepared by the Exchange. The proposed Rule 1A(b) is crossed or a two- initiate a SNAP Cycle are reasonably sided NBBO does not exist. Commission is publishing this notice to designed to provide for a fair and solicit comments on the proposed rule III. Discussion and Commission orderly market. Further, the Commission believes that change from interested persons. Findings the proposed rule change would further I. Self-Regulatory Organization’s After careful review and minimize information leakage from consideration, the Commission finds Statement of the Terms of Substance of SNAP Cycles in that market participants the Proposed Rule Change that the proposed rule change is would not know which initiating consistent with the requirements of the mechanism triggered a particular SNAP The Exchange proposes to update Act and the rules and regulations Cycle. Exchange Rule 3304 and to amend the thereunder that are applicable to a For the above reasons, the public disclosure of the sources of data national securities exchange.13 In Commission finds that the proposed that the Exchange utilizes when particular, the Commission finds that rule change is consistent with the the proposed rule change is consistent performing (1) order handling and requirements of the Act. execution; (2) order routing; and (3) with Section 6(b)(5) of the Act,14 which requires, among other things, that the IV. Conclusion related compliance processes. rules of a national securities exchange It is therefore ordered that, pursuant The text of the proposed rule change be designed to promote just and to Section 19(b)(2) of the Act,17 the is below. Proposed new language is equitable principles of trade; to remove proposed rule change (SR–CHX–2016– italicized and deleted language is impediments to and perfect the 01) be, and hereby is, approved. bracketed. mechanism of a free and open market For the Commission, by the Division of * * * * * and a national market system; and, in Trading and Markets, pursuant to delegated general, to protect investors and the authority.18 Rule 3304. Data Feeds Utilized public interest, and that the rules of a Robert W. Errett, national securities exchange not be The PSX System utilizes the below Deputy Secretary. designed to permit unfair proprietary and network processor feeds [FR Doc. 2016–10152 Filed 4–29–16; 8:45 am] discrimination between customers, for the handling, routing, and execution BILLING CODE 8011–01–P issuers, brokers or dealers. of orders, as well as for the regulatory When it approved the SNAP, the compliance processes related to those Commission stated that it believed that SECURITIES AND EXCHANGE functions. The Secondary Source of data the SNAP: (1) Was reasonably designed COMMISSION is, where applicable, utilized only in to facilitate the auction trading of emergency market conditions and only securities on CHX in a fair and orderly [Release No. 34–77707; File No. SR–Phlx– until those emergency conditions are manner, and could improve market 2016–53] resolved. quality for market participants seeking Self-Regulatory Organizations; to execute bulk trading interests and for NASDAQ PHLX LLC; Notice of Filing other market participants submitting and Immediate Effectiveness of orders in response to that interest; 15 and Proposed Rule Change To Update (2) may promote liquidity while Public Disclosure of Exchange Usage minimizing potential information of Market Data leakage that could disadvantage market participants whose orders are April 26, 2016. participating in the SNAP Cycle.16 The Pursuant to Section 19(b)(1) of the Commission believes that the Exchange- Securities Exchange Act of 1934 Market center Primary source Secondary source A—NYSE MKT (AMEX) .......................................................... NYSE MKT OpenBook Ultra .................................................. CQS/UQDF. B—NASDAQ OMX BX ............................................................ BX ITCH 5.0 ........................................................................... CQS/UQDF. C—NSX ................................................................................... CQS/UQDF ............................................................................. n/a. D—FINRA ADF ....................................................................... CQS/UQDF ............................................................................. n/a. J—DirectEdge A ...................................................................... BATS PITCH .......................................................................... CQS/UQDF. K—DirectEdge X ..................................................................... BATS PITCH .......................................................................... CQS/UQDF. srobinson on DSK5SPTVN1PROD with NOTICES M—[CSX]CHX ......................................................................... [CQS/UQDF]CHX Book Feed ................................................ [n/a] CQS/UQDF. N—NYSE ................................................................................ NYSE OpenBook Ultra ........................................................... CQS/UQDF. P—NYSE Arca ........................................................................ NYSE ARCA XDP .................................................................. CQS/UQDF. 13 In approving this proposed rule change, as 14 15 U.S.C. 78f(b)(5). 17 15 U.S.C. 78s(b)(2). amended, the Commission notes that it has 15 See Approval Order, supra note 5, 80 FR at 18 17 CFR 200.30–3(a)(12). considered the proposed rule’s impact on 61544. 1 15 U.S.C. 78s(b)(1). efficiency, competition, and capital formation. See 16 See id. 2 17 CFR 240.19b–4. 15 U.S.C. 78c(f). VerDate Sep<11>2014 20:30 Apr 29, 2016 Jkt 238001 PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 E:\FR\FM\02MYN1.SGM 02MYN1


Document Created: 2016-04-30 13:34:39
Document Modified: 2016-04-30 13:34:39
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 26295 
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR