81 FR 26851 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of a Proposed Rule Change Consisting of Proposed Amendments to Rules G-12 and G-15 To Define Regular-Way Settlement for Municipal Securities Transactions as Occurring on a Two-Day Settlement Cycle and Technical Conforming Amendments
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 86 (May 4, 2016)
Federal Register Volume 81, Issue 86 (May 4, 2016)
| Page Range | 26851-26853 | |
| FR Document | 2016-10437 |
[Federal Register Volume 81, Number 86 (Wednesday, May 4, 2016)] [Notices] [Pages 26851-26853] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-10437] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No 34-77744; File No. SR-MSRB-2016-04] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of a Proposed Rule Change Consisting of Proposed Amendments to Rules G-12 and G-15 To Define Regular-Way Settlement for Municipal Securities Transactions as Occurring on a Two- Day Settlement Cycle and Technical Conforming Amendments April 29, 2016. I. Introduction On March 1, 2016, the Municipal Securities Rulemaking Board (the ``MSRB'' or ``Board'') filed with the Securities and Exchange Commission (the ``SEC'' or ``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 consisting of proposed amendments to the MSRB Rules G-12 and G-15 to define regular-way settlement for municipal securities transactions as occurring on a two- day settlement cycle and technical conforming amendments (the ``proposed rule change''). --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- The proposed rule change was published for comment in the Federal Register on March 18, 2016.\3\ The Commission received four comment letters on the proposed rule change.\4\ This order approves the proposed rule change. --------------------------------------------------------------------------- \3\ Securities Exchange Act Release No. 77364 (Mar. 14, 2016), 81 FR 14906 (Mar. 18, 2016) (the ``Notice of Filing''). \4\ See Letters from Martin A. Burns, Chief Industry Operations Officer, Investment Company Institute (``ICI''), dated April 4, 2016 (``ICI Letter''); Michael Nicholas, Chief Executive Office, Bond Dealers of America (``BDA''), dated April 8, 2016 (``BDA Letter''); Leslie M. Norwood, Managing Director and Associate General Counsel, Securities Industry Financial Markets Association (``SIFMA''), dated April 8, 2016 (``SIFMA Letter''); David T. Bellaire, Executive Vice President & General Counsel, Financial Services Institute (``FSI''), dated April 8, 2016 (``FSI Letter'' and, together with the BDA Letter, the ICI Letter, and the SIFMA Letter, the ``Comment Letters''). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change The MSRB's proposed rule change consists of proposed amendments to Rule G-12, on uniform practice, and Rule G-15, on confirmation, clearance, settlement and other uniform practice requirements with respect to transactions with customers, to define [[Page 26852]] regular-way settlement for municipal securities transactions as occurring on a two-day settlement cycle (``T+2'') and technical conforming amendments.\5\ According to the MSRB, following the financial crisis in 2008, regulators implemented additional rules and regulations designed to reduce risk in the markets, achieve greater transparency and improve efficiency in the financial industry.\6\ Consistent with those goals, the MSRB stated that the securities industry launched a voluntary initiative to shorten the settlement cycle for securities transactions to reduce counterparty risk, decrease clearing capital requirements, reduce liquidity demands, and harmonize the settlement cycle globally.\7\ --------------------------------------------------------------------------- \5\ See supra note 3. \6\ Id. \7\ Id. --------------------------------------------------------------------------- The MSRB has identified two MSRB rules--G-12(b)(ii)(B)-(D) and Rule G-15(b)(ii)(B)-(C)--essential to facilitate the move to T+2.\8\ As stated by the MSRB, these rules currently define regular-way settlement as occurring on a three day settlement cycle (``T+3'').\9\ The MSRB, therefore, proposes to amend Rules G-12(b)(ii)(B)-(D) and G- 15(b)(ii)(B)-(C) to define regular-way settlement as occurring on T+2, and to make certain technical conforming amendments to MSRB Rules G- 12(b)(i)(B), G-15(b)(i)(B), and G-15(g)(ii)(B).\10\ --------------------------------------------------------------------------- \8\ Id. \9\ Id. \10\ Id. --------------------------------------------------------------------------- According to the MSRB, the migration to T+2 will provide significant benefits to the financial industry broadly.\11\ The MSRB stated that the benefits to the industry include the mitigation of counterparty risk, a decrease in margin requirements for National Securities Clearing Corporation's (``NSCC'') clearing members, a reduction in pro-cyclical margin and liquidity demands especially during periods of market volatility, and an increase in global settlement harmonization by aligning the U.S. markets with other major markets, such as the European Union.\12\ The MSRB also asserted that by shortening the time between trade and execution and settlement by one business day (from T+3 to T+2), the risk of counterparty default and the capital required to mitigate this risk would be reduced.\13\ In the MSRB's view, the likely costs of the proposed rule change, including the changes in processes and technology as well as behavioral modifications by the industry and investors, are justified by the likely benefits associated with transitioning to T+2.\14\ --------------------------------------------------------------------------- \11\ Id. \12\ Id. \13\ Id. \14\ Id. --------------------------------------------------------------------------- Proposed Amendments to MSRB Rules G-12(b)(ii)(B)-(D) and G- 15(b)(ii)(B)-(C) According to the MSRB, Rule G-12 establishes uniform industry practices for processing, clearance and settlement of transactions in municipal securities between a broker, dealer or municipal securities dealer and any other broker, dealer or municipal securities dealer.\15\ Specifically, the MSRB noted that Rule G-12(b)(ii) defines ``regular way'' settlement as occurring on a T+3 basis.\16\ As proposed by the MSRB, the proposed rule change would amend Rule G-12(b)(ii)(B)-(D) to define ``regular way'' settlement as occurring on a T+2 basis.\17\ --------------------------------------------------------------------------- \15\ Id. \16\ Id. \17\ Id. --------------------------------------------------------------------------- According to the MSRB, Rule G-15 requires municipal securities brokers and municipal securities dealers to provide customers with written confirmations of transactions, containing specified information; and prescribes certain uniform practice procedures for dealers that transact municipal securities business with customers.\18\ Specifically, the MSRB noted that Rule G-15(b)(ii) defines ``regular way'' settlement as occurring on a T+3 basis.\19\ As proposed by the MSRB, the proposed rule change would amend Rule G-15(b)(ii)(B)-(C) to define ``regular way'' settlement as occurring on a T+2 basis.\20\ --------------------------------------------------------------------------- \18\ Id. \19\ Id. \20\ Id. --------------------------------------------------------------------------- Technical Conforming Amendments The MSRB has proposed technical conforming amendments to Rules G- 12(b)(i)(B), G-15(b)(i)(B) and G-15(g)(ii)(B).\21\ As proposed by the MSRB, Rules G-12(b)(i)(B) and G-15(b)(i)(B) would both be revised by replacing the reference to ``National Association of Securities Dealers, Inc.'' with the ``Financial Industry Regulatory Authority.'' \22\ Similarly, the MSRB proposes to amend Rule G-15(g)(ii)(B) to replace the reference to ``NASD Conduct Rule 2260(g),'' which is retired, and replace it with the current relevant rule cite ``FINRA Rule 2251(g).'' \23\ --------------------------------------------------------------------------- \21\ Id. \22\ Id. \23\ Id. --------------------------------------------------------------------------- Compliance Date The MSRB has stated that the compliance date of the proposed rule change will be announced by the MSRB in a notice published on the MSRB Web site, which date would correspond with the industry's transition to a T+2 regular-way settlement, which would include amendments by the SEC to Exchange Act Rule 15c6-1(a).\24\ --------------------------------------------------------------------------- \24\ Id. --------------------------------------------------------------------------- III. Summary of Comments Received As noted previously, the Commission received four comment letters on the proposed rule change.\25\ The commenters generally support the proposed rule change. The SIFMA Letter, ICI Letter, FSI Letter, and BDA Letter, each, expressed general support for the proposed rule change.\26\ In its comment letter, however, BDA expressed concern with respect to the impact the proposed rule change will have on certain retail investors who purchase securities by written check.\27\ BDA made a substantially similar comment in its response to the MSRB's Request for Comment on Changes to MSRB Rules to Facilitate Shortening the Securities Settlement Cycle, published on November 10, 2015 (the ``Request for Comment''), which the MSRB addressed in the Notice of Filing.\28\ The MSRB stated in the Notice of Filing that it believes that the vast majority of firms have access to technology that would enable their clients to deliver funds in order to settle their municipal securities trades on a T+2 basis, and firms should encourage their customers to leverage electronic funds payment to streamline processing. --------------------------------------------------------------------------- \25\ See supra note 4. \26\ See SIFMA Letter; BDA Letter; ICI Letter; and FSI Letter. \27\ See BDA Letter. \28\ See supra note 3. --------------------------------------------------------------------------- The BDA Letter and the SIFMA Letter each addressed the impact of the proposed rule change on MSRB Rule G-32.\29\ BDA expressed its desire that the MSRB leave Rule G-32 unchanged,\30\ while SIFMA expressed its belief that the proposed rule change provided ``an opportune time to revise customer disclosure requirements of brokers, dealers, and municipal securities dealers'' under Rule G-32 but stated that such considerations should not impede progress of the proposed rule change.\31\ Both BDA and SIFMA made substantially similar comments in their responses to the Request for Comment, which the MSRB noted in the Notice of Filing and stated that it may consider suggested clarifications in the future.\32\ --------------------------------------------------------------------------- \29\ See BDA Letter; See SIFMA Letter. \30\ See BDA Letter. \31\ See SIFMA Letter. \32\ See supra note 3. --------------------------------------------------------------------------- The FSI Letter also expressed general support and agreement with the [[Page 26853]] proposed rule change, and noted interest in seeing the MSRB coordinate with other regulators and market participants to educate investors and other market participants about the effects of shortening the settlement cycle to T+2.\33\ The MSRB stated that it expects to coordinate implementation of a T+2 regular-way settlement cycle for municipal securities transactions with other regulators.\34\ --------------------------------------------------------------------------- \33\ See FSI Letter. \34\ See supra note 3. --------------------------------------------------------------------------- IV. Discussion and Commission Findings The Commission has carefully considered the proposed rule change as well as the comments received. The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to the MSRB. In particular, the Commission finds that the proposed rule change is consistent with Section 15B(b)(2)(C) of the Act,\35\ which requires, among other things, that the rules of the MSRB be 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 regulating, clearing, settling, processing information with respect to, and facilitating transactions in municipal securities and municipal financial products, to remove impediments to and perfect the mechanism of a free and open market in municipal securities and municipal financial products, and, in general, to protect investors, municipal entities, obligated persons, and the public interest. The Commission believes that the proposed rule change is consistent with Section 15B(b)(2)(C) of the Act because the proposed rule change is reasonably designed to remove impediments to, and perfect the mechanism of, a free and open market in municipal securities by shortening the time between trade execution and settlement by one business day. According to the MSRB, the benefits of the proposed rule change will enhance the overall efficiency of the securities markets, promote financial stability, and better align U.S. securities markets with global markets. --------------------------------------------------------------------------- \35\ 15 U.S.C. 78o-4(b)(2)(C). --------------------------------------------------------------------------- In approving the proposed rule change, the Commission has also considered the proposed rule change's impact on efficiency, competition, and capital formation.\36\ The Commission does not believe that the proposed rule change would impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \36\ 15 U.S.C. 78c(f). --------------------------------------------------------------------------- For the reasons noted above, the Commission believes that the proposed rule change is consistent with the Act. V. Conclusion IT IS THEREFORE ORDERED, pursuant to Section 19(b)(2) of the Act,\37\ that the proposed rule change (SR-MSRB-2016-04) be, and hereby is, approved. --------------------------------------------------------------------------- \37\ 15 U.S.C. 78s(b)(2). For the Commission, pursuant to delegated authority.\38\ --------------------------------------------------------------------------- \38\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-10437 Filed 5-3-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 86 / Wednesday, May 4, 2016 / Notices 26851
Affairs, Office of Management and • Send an email message to rule- SECURITIES AND EXCHANGE
Budget, Room 10102, New Executive comments@sec.gov. Please include File COMMISSION
Office Building, Washington, DC 20503, Number 265–27 on the subject line; or
[Release No 34–77744; File No. SR–MSRB–
or by sending an email to: Shagufta_ 2016–04]
Ahmed@omb.eop.gov; and (ii) Pamela Paper Statements
Dyson, Director/Chief Information • Send paper statements to Brent J. Self-Regulatory Organizations;
Officer, Securities and Exchange Fields, Federal Advisory Committee Municipal Securities Rulemaking
Commission, c/o Remi Pavlik-Simon, Board; Order Granting Approval of a
Management Officer, Securities and
100 F Street NE., Washington, DC 20549 Proposed Rule Change Consisting of
Exchange Commission, 100 F Street NE.,
or send an email to: PRA_Mailbox@ Proposed Amendments to Rules G–12
Washington, DC 20549–1090.
sec.gov. Comments must be submitted to and G–15 To Define Regular-Way
OMB within 30 days of this notice. All submissions should refer to File No. Settlement for Municipal Securities
Dated: April 26, 2016. 265–27. This file number should be Transactions as Occurring on a Two-
Robert W. Errett, included on the subject line if email is Day Settlement Cycle and Technical
Deputy Secretary. used. To help us process and review Conforming Amendments
[FR Doc. 2016–10368 Filed 5–3–16; 8:45 am]
your statement more efficiently, please
April 29, 2016.
BILLING CODE 8011–01–P
use only one method. The Commission
will post all statements on the Advisory I. Introduction
Committee’s Web site (http:// On March 1, 2016, the Municipal
SECURITIES AND EXCHANGE www.sec.gov/spotlight/acsec- Securities Rulemaking Board (the
COMMISSION spotlight.shtml). ‘‘MSRB’’ or ‘‘Board’’) filed with the
Statements also will be available for Securities and Exchange Commission
[Release Nos. 33–10074; 34–77743; File No. Web site viewing and printing in the (the ‘‘SEC’’ or ‘‘Commission’’), pursuant
265–27] Commission’s Public Reference Room, to Section 19(b)(1) of the Securities
100 F Street NE., Washington, DC Exchange Act of 1934 (‘‘Act’’) 1 and Rule
SEC Advisory Committee on Small and 19b–4 thereunder,2 a proposed rule
20549, on official business days
Emerging Companies change consisting of proposed
between the hours of 10:00 a.m. and
AGENCY: Securities and Exchange 3:00 p.m. All statements received will amendments to the MSRB Rules G–12
Commission. be posted without change; we do not and G–15 to define regular-way
edit personal identifying information settlement for municipal securities
ACTION: Notice of meeting.
from submissions. You should submit transactions as occurring on a two-day
SUMMARY: The Securities and Exchange only information that you wish to make settlement cycle and technical
Commission Advisory Committee on conforming amendments (the ‘‘proposed
available publicly.
Small and Emerging Companies is rule change’’).
providing notice that it will hold a FOR FURTHER INFORMATION CONTACT: Julie The proposed rule change was
public meeting on Wednesday, May 18, Z. Davis, Senior Special Counsel, at published for comment in the Federal
2016, in Multi-Purpose Room LL–006 at (202) 551–3460, Office of Small Register on March 18, 2016.3 The
the Commission’s headquarters, 100 F Business Policy, Division of Corporation Commission received four comment
Street NE., Washington, DC. The Finance, Securities and Exchange letters on the proposed rule change.4
meeting will begin at 9:30 a.m. (EDT) Commission, 100 F Street NE., This order approves the proposed rule
and will be open to the public. The Washington, DC 20549–3628. change.
meeting will be webcast on the II. Description of the Proposed Rule
Commission’s Web site at www.sec.gov. SUPPLEMENTARY INFORMATION: In
accordance with Section 10(a) of the Change
Persons needing special
accommodations to take part because of Federal Advisory Committee Act, 5 The MSRB’s proposed rule change
a disability should notify the contact U.S.C.—App. 1, and the regulations consists of proposed amendments to
person listed below. The public is thereunder, Keith Higgins, Designated Rule G–12, on uniform practice, and
invited to submit written statements to Federal Officer of the Committee, has Rule G–15, on confirmation, clearance,
the Committee. The agenda for the ordered publication of this notice. settlement and other uniform practice
meeting includes matters relating to requirements with respect to
Dated: April 29, 2016.
rules and regulations affecting small and transactions with customers, to define
Brent J. Fields,
emerging companies under the federal
Committee Management Officer. 1 15 U.S.C. 78s(b)(1).
securities laws. 2 17
[FR Doc. 2016–10406 Filed 5–3–16; 8:45 am] CFR 240.19b–4.
DATES: The public meeting will be held 3 Securities Exchange Act Release No. 77364
BILLING CODE 8011–01–P
on Wednesday, May 18, 2016. Written (Mar. 14, 2016), 81 FR 14906 (Mar. 18, 2016) (the
statements should be received on or ‘‘Notice of Filing’’).
4 See Letters from Martin A. Burns, Chief Industry
before May 16, 2016.
Operations Officer, Investment Company Institute
ADDRESSES: The meeting will be held at (‘‘ICI’’), dated April 4, 2016 (‘‘ICI Letter’’); Michael
asabaliauskas on DSK3SPTVN1PROD with NOTICES
the Commission’s headquarters, 100 F Nicholas, Chief Executive Office, Bond Dealers of
Street NE., Washington, DC. Written America (‘‘BDA’’), dated April 8, 2016 (‘‘BDA
Letter’’); Leslie M. Norwood, Managing Director and
statements may be submitted by any of Associate General Counsel, Securities Industry
the following methods: Financial Markets Association (‘‘SIFMA’’), dated
April 8, 2016 (‘‘SIFMA Letter’’); David T. Bellaire,
Electronic Statements Executive Vice President & General Counsel,
Financial Services Institute (‘‘FSI’’), dated April 8,
• Use the Commission’s Internet 2016 (‘‘FSI Letter’’ and, together with the BDA
submission form (http://www.sec.gov/ Letter, the ICI Letter, and the SIFMA Letter, the
info/smallbus/acsec.shtml); or ‘‘Comment Letters’’).
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![Federal Register / Vol. 81, No. 86 / Wednesday, May 4, 2016 / Notices 26853
proposed rule change, and noted change would impose any burden on Rule 0–2 under the Investment
interest in seeing the MSRB coordinate competition not necessary or Company Act,3 entitled ‘‘General
with other regulators and market appropriate in furtherance of the Requirements of Papers and
participants to educate investors and purposes of the Act. Applications,’’ prescribes general
other market participants about the For the reasons noted above, the instructions for filing an application
effects of shortening the settlement Commission believes that the proposed seeking exemptive relief with the
cycle to T+2.33 The MSRB stated that it rule change is consistent with the Act. Commission for which a form is not
expects to coordinate implementation of V. Conclusion specifically prescribed. Rule 0–2
a T+2 regular-way settlement cycle for requires that each application filed with
municipal securities transactions with IT IS THEREFORE ORDERED, the commission have (a) a statement of
other regulators.34 pursuant to Section 19(b)(2) of the authorization to file and sign the
Act,37 that the proposed rule change application on behalf of the applicant,
IV. Discussion and Commission (SR–MSRB–2016–04) be, and hereby is, (b) a verification of application and
Findings approved. statements of fact, (c) a brief statement
The Commission has carefully For the Commission, pursuant to delegated of the grounds for application, and (d)
considered the proposed rule change as authority.38 the name and address of each applicant
well as the comments received. The Robert W. Errett, and of any person to whom questions
Commission finds that the proposed Deputy Secretary. should be directed. The Commission
rule change is consistent with the [FR Doc. 2016–10437 Filed 5–3–16; 8:45 am] uses the information required by rule 0–
requirements of the Act and the rules 2 to decide whether the applicant
BILLING CODE 8011–01–P
and regulations thereunder applicable to should be deemed to be entitled to the
the MSRB. action requested by the application.
In particular, the Commission finds SECURITIES AND EXCHANGE Applicants for orders can include
that the proposed rule change is COMMISSION registered investment companies,
consistent with Section 15B(b)(2)(C) of affiliated persons of registered
the Act,35 which requires, among other Proposed Collection; Comment investment companies, and issuers
things, that the rules of the MSRB be Request seeking to avoid investment company
designed to prevent fraudulent and status, among other entities.
manipulative acts and practices, to Upon Written Request, Copies Available Commission staff estimates that it
promote just and equitable principles of From: Securities and Exchange receives approximately 184 applications
trade, to foster cooperation and Commission, Office of FOIA Services, per year under the Act. Although each
coordination with persons engaged in 100 F Street NE., Washington, DC application typically is submitted on
regulating, clearing, settling, processing 20549–2736. behalf of multiple entities, the entities
information with respect to, and Extension: in the vast majority of cases are related
facilitating transactions in municipal Rule 0–2, SEC File No. 270–572, OMB companies and are treated as a single
securities and municipal financial Control No. 3235–0636. respondent for purposes of this analysis.
products, to remove impediments to and Notice is hereby given that pursuant The time to prepare an application
perfect the mechanism of a free and to the Paperwork Reduction Act of 1995 depends on the complexity and/or
open market in municipal securities and (44 U.S.C. 3501–3520), the Securities novelty of the issues covered by the
municipal financial products, and, in and Exchange Commission (the application. We estimate that the
general, to protect investors, municipal ‘‘Commission’’) has submitted to the Commission receives 25 of the most
entities, obligated persons, and the Office of Management and Budget a time-consuming applications annually,
public interest. The Commission request for extension of the previously 125 applications of medium difficulty,
believes that the proposed rule change approved collection of information and 34 of the least difficult applications.
is consistent with Section 15B(b)(2)(C) discussed below. Based on conversations with applicants,
of the Act because the proposed rule Several sections of the Investment we estimate that in-house counsel
change is reasonably designed to Company Act of 1940 (‘‘Act’’ or would spend from ten to fifty hours
remove impediments to, and perfect the ‘‘Investment Company Act’’) 1 give the helping to draft and review an
mechanism of, a free and open market Commission the authority to issue application. We estimate a total annual
in municipal securities by shortening orders granting exemptions from the hour burden to all respondents of 5,340
the time between trade execution and Act’s provisions. The section that grants hours [(50 hours × 25 applications) + (30
settlement by one business day. broadest authority is section 6(c), which hours × 125 applications) + (10 hours ×
According to the MSRB, the benefits of provides the Commission with authority 34 applications)].
the proposed rule change will enhance to conditionally or unconditionally Much of the work of preparing an
the overall efficiency of the securities exempt persons, securities or application is performed by outside
markets, promote financial stability, and transactions from any provision of the counsel. The cost outside counsel
better align U.S. securities markets with Investment Company Act, or the rules or charges applicants depends on the
global markets. regulations thereunder, if and to the complexity of the issues covered by the
In approving the proposed rule extent that such exemption is necessary application and the time required for
change, the Commission has also or appropriate in the public interest and preparation. Based on conversations
with attorneys who serve as outside
asabaliauskas on DSK3SPTVN1PROD with NOTICES
considered the proposed rule change’s consistent with the protection of
impact on efficiency, competition, and investors and the purposes fairly counsel, the cost ranges from
capital formation.36 The Commission intended by the policy and provisions of approximately $10,000 for preparing a
does not believe that the proposed rule the Act.2 well-precedented, routine application to
approximately $150,000 to prepare a
33 See FSI Letter. 37 15 U.S.C. 78s(b)(2). complex and/or novel application. This
34 See supra note 3. 38 17 CFR 200.30–3(a)(12). distribution gives a total estimated
35 15 U.S.C. 78o–4(b)(2)(C). 1 15 U.S.C. 80a–1 et seq.
36 15 U.S.C. 78c(f). 2 15 U.S.C. 80a–6(c). 3 17 CFR 270.0–2.
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Document Created: 2016-05-04 01:23:23
Document Modified: 2016-05-04 01:23:23
| 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 26851 |
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