81 FR 43687 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Content Outline for the Municipal Advisor Representative Qualification Examination (Series 50)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 128 (July 5, 2016)
Federal Register Volume 81, Issue 128 (July 5, 2016)
| Page Range | 43687-43689 | |
| FR Document | 2016-15759 |
[Federal Register Volume 81, Number 128 (Tuesday, July 5, 2016)] [Notices] [Pages 43687-43689] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-15759] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78186; File No. SR-MSRB-2016-08] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Content Outline for the Municipal Advisor Representative Qualification Examination (Series 50) June 28, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on June 15, 2016 the Municipal Securities Rulemaking Board (the ``MSRB'' or ``Board'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the MSRB. The MSRB has designated the proposed rule change as ``constituting a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule'' under Section 19(b)(3)(A)(i) of the Act \3\ and Rule 19b-4(f)(1) thereunder,\4\ which renders the proposal effective upon receipt of this filing by the Commission.\5\ The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(i). \4\ 17 CFR 240.19b-4(f)(1). \5\ See also letter to Diane G. Klinke, General Counsel, MSRB, from Belinda Blaine, Associate Director, Division of Market Regulation, SEC, dated July 24, 2000, attached as Exhibit 3b. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The MSRB filed with the Commission proposed revisions to the content outline for the Municipal Advisor Representative Qualification Examination (Series 50) (the ``proposed rule change''). The MSRB proposes to implement the revised Series 50 examination program on September 12, 2016. The proposed revisions to the content outline update the material to reflect changes to the laws, rules and regulations covered by the examination and to incorporate the functions and associated tasks currently performed by a Municipal Advisor Representative. As a result of recent changes to MSRB rules, revisions to the Series 50 content outline are necessary to indicate the current rule requirements and rule citations. In addition, the Board is proposing to make changes to the format of the content outline. The MSRB is not proposing in this filing any textual changes to its rules. The text of the proposed rule change is available on the MSRB's Web site at www.msrb.org/Rules-and-Interpretations/SEC-Filings/2016-Filings.aspx, at the MSRB's principal office, 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 MSRB 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 MSRB has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. [[Page 43688]] A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Section 15B(b)(2)(L)(iii) of the Act requires the MSRB to establish professional standards for municipal advisors.\6\ The Act further requires associated persons of municipal advisors to pass such examinations as the Board may establish to demonstrate that such individuals meet the standards as the Board finds necessary or appropriate in the public interest or for the protection of investors and municipal entities or obligated persons.\7\ A professional qualification examination is intended to determine whether an individual meets the MSRB's basic qualification standards for a particular registration category. The examination measures a candidate's knowledge of the business activities, as well as the regulatory requirements, including MSRB rules, SEC rules, rule interpretations and other federal law, applicable to a particular registration category. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78o-4(b)(2)(L)(iii). \7\ See Section 15B(b)(2)(A)(iii) of the Act, 15 U.S.C. 78o- 4(b)(2)(A)(iii). --------------------------------------------------------------------------- MSRB Rule G-3(d) defines a municipal advisor representative as a natural person associated with a municipal advisor who engages in municipal advisory activities on the municipal advisor's behalf, other than a person performing only clerical, administrative, support or similar functions. Pursuant to MSRB Rule G-3(d), every Municipal Advisor Representative is required to pass the Municipal Advisor Representative Qualification Examination prior to acting in such capacity. The Series 50 examination will consist of 100 multiple-choice questions. Candidates are allowed 180 minutes to complete the examination.\8\ Consistent with other financial regulatory qualification examinations, candidates may receive (at the option of their firm) an informational breakdown of their performance on each section of the examination and their pass/fail status at the completion of the testing session. The passing score for the Series 50 examination is 71%. --------------------------------------------------------------------------- \8\ Prior to beginning the examination, candidates will receive a tutorial on how to complete the computerized examination. Candidates will be given 30 minutes to complete the tutorial in addition to the 180 minutes allowed to complete the examination. --------------------------------------------------------------------------- Current Content Outline The Series 50 examination content outline has been prepared to assist municipal advisor representative candidates in preparing for the Series 50 examination and is available on the MSRB's Web site. The Series 50 examination content outline describes the following five topical sections comprising the examination: (1) Understanding SEC and MSRB Rules Regarding Municipal Advisors (12 questions); (2) Understanding Municipal Finance (35 questions); (3) Performing Issuer's Credit Analysis and Due Diligence (12 questions); (4) Structuring, Pricing and Executing Municipal Debt Products (31 questions); and (5) Understanding Requirements Related to the Issuance of Municipal Debt (10 questions). The reference materials section of the Series 50 examination content outline is intended to provide candidates with a list of resources, which when used in conjunction with the Series 50 examination content outline, can assist candidates in preparing for the Series 50 examination. The reference materials were recommended by municipal advisors as having been helpful resources in carrying out the job functions of a municipal advisor. The reference materials are not intended to be all-inclusive, nor are the reference materials intended to specifically represent content that may be covered on the examination. Proposed Revisions As a result of recent changes to MSRB rules, revisions to the Series 50 content outline are necessary to indicate the current rule requirements and rule citations. A summary of the changes to the content outline for the Series 50 examination, detailed by major topic headings, is provided below: IntroductionThe passing score of 71% as approved by the Board was added to the introduction section of the outline. Function 1: Understanding SEC and MSRB Rules Regarding Municipal Advisors 1.1.3 MSRB Rules Governing Activities of Municipal Advisors (e.g., Professional Qualification; Fiduciary Duty; Recordkeeping) The rule reference to ``MSRB Rule G-32 Disclosure in Connection with Primary Offerings'' is being removed from the outline. The rule reference to ``MSRB Rule G-20 Gifts, Gratuities, Non-Cash Compensation and Expenses of Issuance'' is being added to the content outline to reflect the applicability of Rule G-20 to municipal advisors. The rule reference to ``MSRB Rule G-37 Political Contributions and Prohibitions on Municipal Securities Business and Municipal Advisory Business'' is being added to the content outline to reflect the applicability of Rule G-37 to municipal advisors. The rule reference to ``MSRB Rule G-42 Duties of Non- Solicitor Municipal Advisors'' is being added to the content outline to reflect the applicability of Rule G-42 to municipal advisors. Function 2: Understanding Municipal Finance 2.1.5 Rating Agencies The reference to ``(major (three)'' rating agencies is being removed from the content outline. Sample Questions Sample questions 2, 3, and 4 were replaced with updated sample questions. 2. Statutory Basis Section 15B(b)(2)(A) of the Act authorizes the MSRB to prescribe standards of training, experience, competence, and such other qualifications for associated persons of municipal advisors as the Board finds necessary or appropriate in the public interest or for the protection of investors and municipal entities or obligated persons.\9\ Section 15B(b)(2)(A)(i)-(iii) of the Act also provides that the Board may appropriately classify municipal advisors and persons associated with municipal advisors and require persons in any such class to pass tests prescribed by the Board.\10\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78o-4(b)(2)(A). \10\ 15 U.S.C. 78o-4(b)(2)(A)(i)-(iii). --------------------------------------------------------------------------- The MSRB believes that the proposed rule change is consistent with the provisions of Section 15(B)(b)(2)(A) of the Act \11\ in that the revisions will ensure that certain key concepts and rules are tested on the Series 50 examination in order to test the competency of individuals seeking to qualify as Municipal Advisor Representatives with respect to their knowledge of MSRB rules and the municipal securities market. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78o-4(b)(2)(A). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The MSRB does not believe that the proposed rule change will result in any [[Page 43689]] burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The updated Series 50 examination content outline aligns with the functions and associated tasks currently performed by Municipal Advisor Representatives and tests knowledge of the most current laws, rules, and regulations and skills relevant to those functions and associated tasks. As such, the proposed rule change would make the Series 50 examination more efficient and effective. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \12\ and paragraph (f)(1) of Rule 19b-4 thereunder.\13\ 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 17 CFR 240.19b-4(f)(1). --------------------------------------------------------------------------- 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 Comments Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-MSRB-2016-08 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. All submissions should refer to File Number SR-MSRB-2016-08. 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 the filing also will be available for inspection and copying at the principal office of the MSRB. 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 Number SR-MSRB-2016-08 and should be submitted on or before July 26, 2016. --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). For the Commission, pursuant to delegated authority.\14\ Robert W. Errett, Deputy Secretary. [FR Doc. 2016-15759 Filed 7-1-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 128 / Tuesday, July 5, 2016 / Notices 43687
proposals. Based on the foregoing, the public in accordance with the renders the proposal effective upon
Commission believes that it is provisions of 5 U.S.C. 552, will be receipt of this filing by the
consistent with the protection of available for Web site viewing and Commission.5 The Commission is
investors and the public interest to printing in the Commission’s Public publishing this notice to solicit
waive the 30-day operative date so that Reference Room, 100 F Street NE., comments on the proposed rule change
the proposal may take effect upon Washington, DC 20549 on official from interested persons.
filing.31 business days between the hours of
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of such I. Self-Regulatory Organization’s
filing of such proposed rule change, the filing also will be available for Statement of the Terms of Substance of
Commission summarily may inspection and copying at the principal the Proposed Rule Change
temporarily suspend such rule change if office of the Exchange. All comments
it appears to the Commission that such received will be posted without change; The MSRB filed with the Commission
action is necessary or appropriate in the the Commission does not edit personal proposed revisions to the content
public interest, for the protection of identifying information from outline for the Municipal Advisor
investors, or otherwise in furtherance of submissions. You should submit only Representative Qualification
the purposes of the Act. If the information that you wish to make Examination (Series 50) (the ‘‘proposed
Commission takes such action, the available publicly. All submissions rule change’’). The MSRB proposes to
Commission shall institute proceedings should refer to File No. SR–C2–2016– implement the revised Series 50
under Section 19(b)(2)(B) of the Act 32 to 009, and should be submitted on or examination program on September 12,
determine whether the proposed rule before July 26, 2016. 2016. The proposed revisions to the
change should be approved or For the Commission, by the Division of content outline update the material to
disapproved. Trading and Markets, pursuant to delegated reflect changes to the laws, rules and
IV. Solicitation of Comments authority.33 regulations covered by the examination
Robert W. Errett, and to incorporate the functions and
Interested persons are invited to
Deputy Secretary. associated tasks currently performed by
submit written data, views, and
arguments concerning the foregoing, [FR Doc. 2016–15760 Filed 7–1–16; 8:45 am] a Municipal Advisor Representative. As
including whether the proposed rule BILLING CODE 8011–01–P a result of recent changes to MSRB
change is consistent with the Act. rules, revisions to the Series 50 content
Comments may be submitted by any of outline are necessary to indicate the
SECURITIES AND EXCHANGE current rule requirements and rule
the following methods:
COMMISSION citations. In addition, the Board is
Electronic Comments proposing to make changes to the format
[Release No. 34–78186; File No. SR–MSRB–
• Use the Commission’s Internet 2016–08] of the content outline. The MSRB is not
comment form (http://www.sec.gov/ proposing in this filing any textual
rules/sro.shtml); or Self-Regulatory Organizations; changes to its rules.
• Send an email to rule-comments@ Municipal Securities Rulemaking
sec.gov. Please include File No. SR–C2– Board; Notice of Filing and Immediate The text of the proposed rule change
2016–009 on the subject line. Effectiveness of a Proposed Rule is available on the MSRB’s Web site at
Change Relating to the Content Outline www.msrb.org/Rules-and-
Paper Comments for the Municipal Advisor Interpretations/SEC-Filings/2016-
• Send paper comments in triplicate Representative Qualification Filings.aspx, at the MSRB’s principal
to Secretary, Securities and Exchange Examination (Series 50) office, and at the Commission’s Public
Commission, 100 F Street NE., Reference Room.
Washington, DC 20549–1090. June 28, 2016.
All submissions should refer to File No. Pursuant to Section 19(b)(1) of the II. Self-Regulatory Organization’s
SR–C2–2016–009. This file number Securities Exchange Act of 1934 (the Statement of the Purpose of, and
should be included on the subject line ‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule Statutory Basis for, the Proposed Rule
if email is used. To help the 19b–4 thereunder,2 notice is hereby Change
Commission process and review your given that on June 15, 2016 the
Municipal Securities Rulemaking Board In its filing with the Commission, the
comments more efficiently, please use
(the ‘‘MSRB’’ or ‘‘Board’’) filed with the MSRB included statements concerning
only one method. The Commission will
post all comments on the Commission’s Securities and Exchange Commission the purpose of and basis for the
Internet Web site (http://www.sec.gov/ (‘‘Commission’’) the proposed rule proposed rule change and discussed any
rules/sro.shtml). Copies of the change as described in Items I, II, and comments it received on the proposed
submission, all subsequent III below, which Items have been rule change. The text of these statements
amendments, all written statements prepared by the MSRB. The MSRB has may be examined at the places specified
with respect to the proposed rule designated the proposed rule change as in Item IV below. The MSRB has
change that are filed with the ‘‘constituting a stated policy, practice, prepared summaries, set forth in
Commission, and all written or interpretation with respect to the Sections A, B, and C below, of the most
communications relating to the meaning, administration, or significant aspects of such statements.
proposed rule change between the enforcement of an existing rule’’ under
sradovich on DSK3GDR082PROD with NOTICES
Commission and any person, other than Section 19(b)(3)(A)(i) of the Act 3 and
those that may be withheld from the Rule 19b–4(f)(1) thereunder,4 which
33 17 CFR 200.30–3(a)(12).
31 For purposes only of waiving the 30-day
1 15 U.S.C. 78s(b)(1). 5 See also letter to Diane G. Klinke, General
operative delay, the Commission has considered the
2 17 CFR 240.19b–4. Counsel, MSRB, from Belinda Blaine, Associate
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f). 3 15 U.S.C. 78s(b)(3)(A)(i). Director, Division of Market Regulation, SEC, dated
32 15 U.S.C. 78s(b)(2)(B). 4 17 CFR 240.19b–4(f)(1). July 24, 2000, attached as Exhibit 3b.
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![Federal Register / Vol. 81, No. 128 / Tuesday, July 5, 2016 / Notices 43689
burden on competition that is not comments more efficiently, please use Price Improvement (‘‘RPI’’) Program (the
necessary or appropriate in furtherance only one method. The Commission will ‘‘Program’’). The limited exemption was
of the purposes of the Act. The updated post all comments on the Commission’s granted concurrently with the
Series 50 examination content outline Internet Web site (http://www.sec.gov/ Commission’s approval of the
aligns with the functions and associated rules/sro.shtml). Copies of the Exchange’s proposal to adopt the
tasks currently performed by Municipal submission, all subsequent Program for a one-year pilot term.2 The
Advisor Representatives and tests amendments, all written statements exemption was granted coterminous
knowledge of the most current laws, with respect to the proposed rule with the effectiveness of the pilot
rules, and regulations and skills relevant change that are filed with the Program and has been extended three
to those functions and associated tasks. Commission, and all written times; 3 both the pilot Program and
As such, the proposed rule change communications relating to the exemption are scheduled to expire on
would make the Series 50 examination proposed rule change between the July 31, 2016.
more efficient and effective. Commission and any person, other than The Exchange now seeks to extend
those that may be withheld from the the exemption until July 31, 2017.4 The
C. Self-Regulatory Organization’s Exchange’s request was made in
public in accordance with the
Statement on Comments on the conjunction with an immediately
provisions of 5 U.S.C. 552, will be
Proposed Rule Change Received From effective filing that extends the
available for Web site viewing and
Members, Participants, or Others operation of the Program until July 31,
printing in the Commission’s Public
Written comments were neither Reference Room, 100 F Street NE., 2017.5 In its request to extend the
solicited nor received on the proposed Washington, DC 20549 on official exemption, the Exchange notes that the
rule change. business days between the hours of Program was implemented gradually
10:00 a.m. and 3:00 p.m. Copies of the over time. Accordingly, the Exchange
III. Date of Effectiveness of the has asked for additional time to allow
Proposed Rule Change and Timing for filing also will be available for
inspection and copying at the principal itself and the Commission to analyze
Commission Action data concerning the Program, which the
office of the MSRB. All comments
The foregoing proposed rule change received will be posted without change; Exchange committed to provide to the
has become effective pursuant to the Commission does not edit personal Commission, as well as to allow
Section 19(b)(3)(A) of the Act 12 and identifying information from additional opportunities for greater
paragraph (f)(1) of Rule 19b–4 submissions. You should submit only participation in the Program.6 For this
thereunder.13 At any time within 60 information that you wish to make reason and the reasons stated in the
days of the filing of the proposed rule available publicly. All submissions Order originally granting the limited
change, the Commission summarily may should refer to File Number SR–MSRB– exemption, the Commission finds that
temporarily suspend such rule change if 2016–08 and should be submitted on or extending the exemption, pursuant to its
it appears to the Commission that such before July 26, 2016. authority under Rule 612(c) of
action is necessary or appropriate in the Regulation NMS, is appropriate in the
public interest, for the protection of For the Commission, pursuant to delegated public interest and consistent with the
authority.14 protection of investors.
investors, or otherwise in furtherance of
the purposes of the Act. Robert W. Errett, THEREFORE, IT IS HEREBY
Deputy Secretary. ORDERED, that, pursuant to Rule 612(c)
IV. Solicitation of Comments [FR Doc. 2016–15759 Filed 7–1–16; 8:45 am]
Interested persons are invited to BILLING CODE 8011–01–P
2 See Securities Exchange Act Release No. 68303
submit written data, views, and (November 27, 2012), 77 FR 71652 (December 3,
2012) (‘‘RPI Approval Order’’) (SR–BXY–2012–019).
arguments concerning the foregoing, 3 See Securities Exchange Act Release Nos. 71249
including whether the proposed rule SECURITIES AND EXCHANGE (January 7, 2014), 79 FR 2229 (January 13, 2012)
change is consistent with the Act. COMMISSION (SR–BYX–2014–001) (Notice of Filing and
Comments may be submitted by any of Immediate Effectiveness of a Proposed Rule Change
[Release No. 34–78178; File No. SR–BYX– to Extend the Pilot Period for the RPI); 71250
the following methods: 2012–019] (January 7, 2014), 79 FR 2234 (January 13, 2012)
(Order Granting an Extension to Limited Exemption
Electronic Comments From Rule 612(c) of Regulation NMS in Connection
Self-Regulatory Organization; BATS
• Use the Commission’s Internet BYX-Exchange, Inc.; Order Granting an
With the Exchange’s Retail Price Improvement
Program); 74111 (January 22, 2015), 80 FR 4598
comment form (http://www.sec.gov/ Extension to Limited Exemption From (January 28, 2015) (SR–BYX–2015–05) (Notice of
rules/sro.shtml); or Rule 612(c) of Regulation NMS in Filing and Immediate Effectiveness of a Proposed
• Send an email to rule-comments@ Connection With the Exchange’s Retail Rule Change to Extend the Pilot Period for the RPI);
and 74115 (January 22, 2015), 80 FR 4324 (January
sec.gov. Please include File Number SR– Price Improvement Program 27, 2015) (Order Granting an Extension to Limited
MSRB–2016–08 on the subject line. Exemption From Rule 612(c) of Regulation NMS in
June 28, 2016. Connection With the Exchange’s Retail Price
Paper Comments Improvement Program); 76965 (January 22, 2016),
On November 27, 2012, the Securities
• Send paper comments in triplicate and Exchange Commission
81 FR 4682 (January 27, 2016) (SR–BYX–2016–01)
(Notice of Filing and Immediate Effectiveness of a
to Secretary, Securities and Exchange (‘‘Commission’’) issued an order Proposed Rule Change to Extend the Pilot Period for
Commission, 100 F Street NE., pursuant to its authority under Rule the RPI); 76953 (January 21, 2016), 81 FR 4728
Washington, DC 20549. 612(c) of Regulation NMS (‘‘Sub-Penny (January 27, 2016) (Order Granting an Extension to
Limited Exemption From Rule 612(c) of Regulation
sradovich on DSK3GDR082PROD with NOTICES
All submissions should refer to File Rule’’) 1 that granted the BATS BYX– NMS in Connection With the Exchange’s Retail
Number SR–MSRB–2016–08. This file Exchange, Inc. (‘‘BYX’’ or the Price Improvement Program).
number should be included on the ‘‘Exchange’’) a limited exemption from 4 See letter from Anders Franzon, Senior Vice
subject line if email is used. To help the the Sub-Penny Rule in connection with President and Associate General Counsel, BYX, to
Brent J. Fields, Secretary, Commission, dated June
Commission process and review your the operation of the Exchange’s Retail 23, 2016.
5 See SR-BatsBYX–2016–15.
12 15 U.S.C. 78s(b)(3)(A). 14 17 CFR 200.30–3(a)(12). 6 See RPI Approval Order, supra note 2, at 77 FR
13 17 CFR 240.19b–4(f)(1). 1 17 CFR 242.612(c). at 71657.
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Document Created: 2016-07-01 23:50:05
Document Modified: 2016-07-01 23:50:05
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 43687 |
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