81 FR 51256 - Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2; Order Approving and Declaring Effective a Proposed Plan for the Allocation of Regulatory Responsibilities Between the Financial Industry Regulatory Authority, Inc. and the Investors Exchange LLC
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 149 (August 3, 2016)
Federal Register Volume 81, Issue 149 (August 3, 2016)
| Page Range | 51256-51258 | |
| FR Document | 2016-18316 |
[Federal Register Volume 81, Number 149 (Wednesday, August 3, 2016)] [Notices] [Pages 51256-51258] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-18316] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78434; File No. 4-700] Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2; Order Approving and Declaring Effective a Proposed Plan for the Allocation of Regulatory Responsibilities Between the Financial Industry Regulatory Authority, Inc. and the Investors Exchange LLC July 28, 2016. On June 20, 2016, the Financial Industry Regulatory Authority, Inc. (``FINRA'') and the Investors Exchange LLC (``IEX'') (together with FINRA, the ``Parties'') filed with the Securities and Exchange Commission (``Commission'' or ``SEC'') a plan for the allocation of [[Page 51257]] regulatory responsibilities, dated June 20, 2016 (``17d-2 Plan'' or the ``Plan''). The Plan was published for comment on July 5, 2016.\1\ The Commission received no comments on the Plan. This order approves and declares effective the Plan. --------------------------------------------------------------------------- \1\ See Securities Exchange Act Release No. 78179 (June 28, 2016), 81 FR 43673. --------------------------------------------------------------------------- I. Introduction Section 19(g)(1) of the Securities Exchange Act of 1934 (``Act''),\2\ among other things, requires every self-regulatory organization (``SRO'') registered as either a national securities exchange or national securities association to examine for, and enforce compliance by, its members and persons associated with its members with the Act, the rules and regulations thereunder, and the SRO's own rules, unless the SRO is relieved of this responsibility pursuant to Section 17(d) or Section 19(g)(2) of the Act.\3\ Without this relief, the statutory obligation of each individual SRO could result in a pattern of multiple examinations of broker-dealers that maintain memberships in more than one SRO (``common members''). Such regulatory duplication would add unnecessary expenses for common members and their SROs. --------------------------------------------------------------------------- \2\ 15 U.S.C. 78s(g)(1). \3\ 15 U.S.C. 78q(d) and 15 U.S.C. 78s(g)(2), respectively. --------------------------------------------------------------------------- Section 17(d)(1) of the Act \4\ was intended, in part, to eliminate unnecessary multiple examinations and regulatory duplication.\5\ With respect to a common member, Section 17(d)(1) authorizes the Commission, by rule or order, to relieve an SRO of the responsibility to receive regulatory reports, to examine for and enforce compliance with applicable statutes, rules, and regulations, or to perform other specified regulatory functions. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78q(d)(1). \5\ See Securities Act Amendments of 1975, Report of the Senate Committee on Banking, Housing, and Urban Affairs to Accompany S. 249, S. Rep. No. 94-75, 94th Cong., 1st Session 32 (1975). --------------------------------------------------------------------------- To implement Section 17(d)(1), the Commission adopted two rules: Rule 17d-1 and Rule 17d-2 under the Act.\6\ Rule 17d-1 authorizes the Commission to name a single SRO as the designated examining authority (``DEA'') to examine common members for compliance with the financial responsibility requirements imposed by the Act, or by Commission or SRO rules.\7\ When an SRO has been named as a common member's DEA, all other SROs to which the common member belongs are relieved of the responsibility to examine the firm for compliance with the applicable financial responsibility rules. On its face, Rule 17d-1 deals only with an SRO's obligations to enforce member compliance with financial responsibility requirements. Rule 17d-1 does not relieve an SRO from its obligation to examine a common member for compliance with its own rules and provisions of the federal securities laws governing matters other than financial responsibility, including sales practices and trading activities and practices. --------------------------------------------------------------------------- \6\ 17 CFR 240.17d-1 and 17 CFR 240.17d-2, respectively. \7\ See Securities Exchange Act Release No. 12352 (April 20, 1976), 41 FR 18808 (May 7, 1976). --------------------------------------------------------------------------- To address regulatory duplication in these and other areas, the Commission adopted Rule 17d-2 under the Act.\8\ Rule 17d-2 permits SROs to propose joint plans for the allocation of regulatory responsibilities with respect to their common members. Under paragraph (c) of Rule 17d-2, the Commission may declare such a plan effective if, after providing for appropriate notice and comment, it determines that the plan is necessary or appropriate in the public interest and for the protection of investors; to foster cooperation and coordination among the SROs; to remove impediments to, and foster the development of, a national market system and a national clearance and settlement system; and is in conformity with the factors set forth in Section 17(d) of the Act. Commission approval of a plan filed pursuant to Rule 17d-2 relieves an SRO of those regulatory responsibilities allocated by the plan to another SRO. --------------------------------------------------------------------------- \8\ See Securities Exchange Act Release No. 12935 (October 28, 1976), 41 FR 49091 (November 8, 1976). --------------------------------------------------------------------------- II. Proposed Plan The proposed 17d-2 Plan is intended to reduce regulatory duplication for firms that are common members of both IEX and FINRA.\9\ Pursuant to the proposed 17d-2 Plan, FINRA would assume certain examination and enforcement responsibilities for common members with respect to certain applicable laws, rules, and regulations. --------------------------------------------------------------------------- \9\ The proposed 17d-2 Plan refers to these common members as ``Dual Members.'' See Paragraph 1(c) of the proposed 17d-2 Plan. --------------------------------------------------------------------------- The text of the Plan delineates the proposed regulatory responsibilities with respect to the Parties. Included in the proposed Plan is an exhibit (the ``IEX Certification of Common Rules,'' referred to herein as the ``Certification'') that lists every IEX rule, and select federal securities laws, rules, and regulations, for which FINRA would bear responsibility under the Plan for overseeing and enforcing with respect to IEX members that are also members of FINRA and the associated persons therewith (``Dual Members''). Specifically, under the 17d-2 Plan, FINRA would assume examination and enforcement responsibility relating to compliance by Dual Members with the rules of IEX that are substantially similar to the applicable rules of FINRA,\10\ as well as any provisions of the federal securities laws and the rules and regulations thereunder delineated in the Certification (``Common Rules''). In the event that a Dual Member is the subject of an investigation relating to a transaction on IEX, the plan acknowledges that IEX may, in its discretion, exercise concurrent jurisdiction and responsibility for such matter.\11\ --------------------------------------------------------------------------- \10\ See paragraph 1(b) of the proposed 17d-2 Plan (defining Common Rules). See also paragraph 1(f) of the proposed 17d-2 Plan (defining Regulatory Responsibilities). Paragraph 2 of the Plan provides that annually, or more frequently as required by changes in either IEX rules or FINRA rules, the parties shall review and update, if necessary, the list of Common Rules. Further, paragraph 3 of the Plan provides that IEX shall furnish FINRA with a list of Dual Members, and shall update the list no less frequently than once each calendar quarter. \11\ See paragraph 6 of the proposed 17d-2 Plan. --------------------------------------------------------------------------- Under the Plan, IEX would retain full responsibility for surveillance and enforcement with respect to trading activities or practices involving IEX's own marketplace, including, without limitation, registration pursuant to its applicable rules of associated persons (i.e., registration rules that are not Common Rules); its duties as a DEA pursuant to Rule 17d-1 under the Act; and any IEX rules that are not Common Rules.\12\ --------------------------------------------------------------------------- \12\ See paragraph 2 of the proposed 17d-2 Plan. --------------------------------------------------------------------------- III. Discussion The Commission finds that the proposed Plan is consistent with the factors set forth in Section 17(d) of the Act \13\ and Rule 17d-2(c) thereunder \14\ in that the proposed Plan is necessary or appropriate in the public interest and for the protection of investors, fosters cooperation and coordination among SROs, and removes impediments to and fosters the development of the national market system. In particular, the Commission believes that the proposed Plan should reduce unnecessary regulatory duplication by allocating to FINRA certain examination and enforcement responsibilities for common members that would otherwise be performed by IEX and FINRA. Accordingly, the proposed Plan promotes efficiency by reducing costs to [[Page 51258]] common members. Furthermore, because IEX and FINRA will coordinate their regulatory functions in accordance with the Plan, the Plan should promote investor protection. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78q(d). \14\ 17 CFR 240.17d-2(c). --------------------------------------------------------------------------- The Commission notes that, under the Plan, IEX and FINRA have allocated regulatory responsibility for those IEX rules, set forth in the Certification, that are substantially similar to the applicable FINRA rules in that examination for compliance with such provisions and rules would not require FINRA to develop one or more new examination standards, modules, procedures, or criteria in order to analyze the application of the rule, or a common member's activity, conduct, or output in relation to such rule. In addition, under the Plan, FINRA would assume regulatory responsibility for certain provisions of the federal securities laws and the rules and regulations thereunder that are set forth in the Certification. The Common Rules covered by the Plan are specifically listed in the Certification, as may be amended by the Parties from time to time. According to the Plan, IEX will review the Certification, at least annually, or more frequently if required by changes in either the rules of IEX or FINRA, and, if necessary, submit to FINRA an updated list of Common Rules to add IEX rules not included on the then-current list of Common Rules that are substantially similar to FINRA rules; delete IEX rules included in the then-current list of Common Rules that are no longer substantially similar to FINRA rules; and confirm that the remaining rules on the list of Common Rules continue to be IEX rules that are substantially similar to FINRA rules.\15\ FINRA will then confirm in writing whether the rules listed in any updated list are Common Rules as defined in the Plan. Under the Plan, IEX will also provide FINRA with a current list of common members and shall update the list no less frequently than once each quarter.\16\ The Commission believes that these provisions are designed to provide for continuing communication between the Parties to ensure the continued accuracy of the scope of the proposed allocation of regulatory responsibility. --------------------------------------------------------------------------- \15\ See paragraph 2 of the Plan. \16\ See paragraph 3 of the Plan. --------------------------------------------------------------------------- The Commission is hereby declaring effective a Plan that, among other things, allocates regulatory responsibility to FINRA for the oversight and enforcement of all IEX rules that are substantially similar to the rules of FINRA for common members of IEX and FINRA. Therefore, modifications to the Certification need not be filed with the Commission as an amendment to the Plan, provided that the Parties are only adding to, deleting from, or confirming changes to IEX rules in the Certification in conformance with the definition of Common Rules provided in the Plan. However, should the Parties decide to add an IEX rule to the Certification that is not substantially similar to a FINRA rule; delete an IEX rule from the Certification that is substantially similar to a FINRA rule; or leave on the Certification an IEX rule that is no longer substantially similar to a FINRA rule, then such a change would constitute an amendment to the Plan, which must be filed with the Commission pursuant to Rule 17d-2 under the Act.\17\ --------------------------------------------------------------------------- \17\ The Commission also notes that the addition to or deletion from the Certification of any federal securities laws, rules, and regulations for which FINRA would bear responsibility under the Plan for examining, and enforcing compliance by, common members, also would constitute an amendment to the Plan. --------------------------------------------------------------------------- IV. Conclusion This Order gives effect to the Plan filed with the Commission in File No. 4-700. The Parties shall notify all members affected by the Plan of their rights and obligations under the Plan. IT IS THEREFORE ORDERED, pursuant to Section 17(d) of the Act, that the Plan in File No. 4-700, between FINRA and IEX, filed pursuant to Rule 17d-2 under the Act, is approved and declared effective. IT IS FURTHER ORDERED that IEX is relieved of those responsibilities allocated to FINRA under the Plan in File No. 4-700. --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(34). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ Robert W. Errett, Deputy Secretary. [FR Doc. 2016-18316 Filed 8-2-16; 8:45 am] BILLING CODE 8011-01-P
![51256 Federal Register / Vol. 81, No. 149 / Wednesday, August 3, 2016 / Notices
exempted securities as defined in No. 3, is consistent with Section 6(b)(5) 2016–056, and should be submitted on
Section 3(a)(12) of the Exchange Act. of the Act 41 and Section or before August 24, 2016.
(10) The Fund may hold up to an 11A(a)(1)(C)(iii) of the Act 42 and the
V. Accelerated Approval of the
aggregate amount of 15% of its net rules and regulations thereunder
Proposed Rule Change, as Modified by
assets in illiquid assets (calculated at applicable to a national securities
Amendment No. 3
the time of investment), including Rule exchange.
144A corporate debt securities deemed The Commission finds good cause to
IV. Solicitation of Comments on approve the proposed rule change, as
illiquid by the Adviser.
Amendment No. 3 modified by Amendment No. 3, prior to
(11) The Fund’s investments will be
consistent with the Fund’s investment Interested persons are invited to the thirtieth day after the date of
objectives. The Fund does not presently submit written data, views, and publication of Amendment No. 3 in the
intend to engage in any form of arguments concerning whether Federal Register. The changes and
borrowing for investment purposes, and Amendment No. 3 is consistent with the additional information in Amendment
will not be operated as a ‘‘leveraged Act. Comments may be submitted by No. 3 helped the Commission to
ETF,’’ i.e., it will not be operated in a any of the following methods: evaluate the Shares’ susceptibility to
manner designed to seek a multiple or manipulation and whether the listing
Electronic Comments
inverse multiple of the performance of and trading of the Shares would be
an underlying reference index. • Use the Commission’s Internet consistent with the protection of
(12) A minimum of 100,000 Shares comment form (http://www.sec.gov/ investors and the public interest.
will be outstanding at the rules/sro.shtml); or Amendment No. 3 also provided
commencement of trading on the • Send an email to rule-comments@ clarifications and additional details to
Exchange. sec.gov. Please include File No. SR– the proposed rule change. Accordingly,
NASDAQ–2016–056 on the subject line. the Commission finds good cause for
The Exchange represents that all
statements and representations made in Paper Comments approving the proposed rule change, as
the filing regarding (a) the description of modified by Amendment No. 3, on an
• Send paper comments in triplicate accelerated basis, pursuant to Section
the portfolio, (b) limitations on portfolio to Secretary, Securities and Exchange
holdings or reference assets, or (c) the 19(b)(2) of the Act.43
Commission, 100 F Street NE.,
applicability of Exchange rules and Washington, DC 20549–1090. VI. Conclusion
surveillance procedures shall constitute All submissions should refer to File No. It is therefore ordered, pursuant to
continued listing requirements for SR–NASDAQ–2016–056. This file Section 19(b)(2) of the Act,44 that the
listing the Shares on the Exchange. In number should be included on the proposed rule change (SR–NASDAQ–
addition, the issuer has represented to subject line if email is used. To help the 2016–056), as modified by Amendment
the Exchange that it will advise the Commission process and review your No. 3, be, and it hereby is, approved on
Exchange of any failure by the Fund to comments more efficiently, please use an accelerated basis.
comply with the continued listing only one method. The Commission will
requirements, and, pursuant to its For the Commission, by the Division of
post all comments on the Commission’s Trading and Markets, pursuant to delegated
obligations under Section 19(g)(1) of the Internet Web site (http://www.sec.gov/ authority.45
Act, the Exchange will monitor for rules/sro.shtml). Copies of the
compliance with the continued listing Robert W. Errett,
submission, all subsequent Deputy Secretary.
requirements.40 If the Fund is not in amendments, all written statements
compliance with the applicable listing [FR Doc. 2016–18319 Filed 8–2–16; 8:45 am]
with respect to the proposed rule
requirements, the Exchange will change that are filed with the
BILLING CODE 8011–01–P
commence delisting procedures under Commission, and all written
the Nasdaq 5800 Series. communications relating to the
This order is based on all of the SECURITIES AND EXCHANGE
proposed rule change between the COMMISSION
Exchange’s representations, including Commission and any person, other than
those set forth above and in the Notice, those that may be withheld from the [Release No. 34–78434; File No. 4–700]
as modified by Amendment No. 3. The public in accordance with the
Commission notes that the Fund and the Program for Allocation of Regulatory
provisions of 5 U.S.C. 552, will be
Shares must comply with the Responsibilities Pursuant to Rule 17d–
available for Web site viewing and
requirements of Nasdaq Rule 5735 for 2; Order Approving and Declaring
printing in the Commission’s Public
the Shares to be listed and traded on the Effective a Proposed Plan for the
Reference Room, 100 F Street NE.,
Exchange. Allocation of Regulatory
Washington, DC 20549 on official
For the foregoing reasons, the Responsibilities Between the Financial
business days between the hours of
Commission finds that the proposed Industry Regulatory Authority, Inc. and
10:00 a.m. and 3:00 p.m. Copies of such
rule change, as modified by Amendment the Investors Exchange LLC
filing also will be available for
40 The Commission notes that certain other
inspection and copying at the principal July 28, 2016.
proposals for the listing and trading of Managed office of the Exchange. All comments On June 20, 2016, the Financial
Fund Shares include a representation that the received will be posted without change; Industry Regulatory Authority, Inc.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
exchange will ‘‘surveil’’ for compliance with the the Commission does not edit personal (‘‘FINRA’’) and the Investors Exchange
continued listing requirements. See, e.g., Securities
Exchange Act Release No. 77499 (April 1, 2016), 81
identifying information from LLC (‘‘IEX’’) (together with FINRA, the
FR 20428 (April 7, 2016) (SR–BATS–2016–04). In submissions. You should submit only ‘‘Parties’’) filed with the Securities and
the context of this representation, it is the information that you wish to make Exchange Commission (‘‘Commission’’
Commission’s view that ‘‘monitor’’ and ‘‘surveil’’ available publicly. All submissions or ‘‘SEC’’) a plan for the allocation of
both mean ongoing oversight of a fund’s compliance
with the continued listing requirements. Therefore,
should refer to File No. SR–NASDAQ–
43 15 U.S.C. 78s(b)(2).
the Commission does not view ‘‘monitor’’ as a more
41 15 U.S.C. 78f(b)(5). 44 Id.
or less stringent obligation than ‘‘surveil’’ with
respect to the continued listing requirements. 42 15 U.S.C. 78k–1(a)(1)(C)(iii). 45 17 CFR 200.30–3(a)(12).
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![51258 Federal Register / Vol. 81, No. 149 / Wednesday, August 3, 2016 / Notices
common members. Furthermore, modifications to the Certification need (‘‘Act’’),1 and Rule 19b–4 thereunder,2
because IEX and FINRA will coordinate not be filed with the Commission as an notice is hereby given that, on July 14,
their regulatory functions in accordance amendment to the Plan, provided that 2016, NASDAQ BX, Inc. (‘‘BX’’ or
with the Plan, the Plan should promote the Parties are only adding to, deleting ‘‘Exchange’’) filed with the Securities
investor protection. from, or confirming changes to IEX rules and Exchange Commission (‘‘SEC’’ or
The Commission notes that, under the in the Certification in conformance with ‘‘Commission’’) the proposed rule
Plan, IEX and FINRA have allocated the definition of Common Rules change as described in Items I, II, and
regulatory responsibility for those IEX provided in the Plan. However, should III below, which Items have been
rules, set forth in the Certification, that the Parties decide to add an IEX rule to prepared by the Exchange. The
are substantially similar to the the Certification that is not substantially Commission is publishing this notice to
applicable FINRA rules in that similar to a FINRA rule; delete an IEX
examination for compliance with such solicit comments on the proposed rule
rule from the Certification that is change from interested persons.
provisions and rules would not require substantially similar to a FINRA rule; or
FINRA to develop one or more new leave on the Certification an IEX rule I. Self-Regulatory Organization’s
examination standards, modules, that is no longer substantially similar to Statement of the Terms of Substance of
procedures, or criteria in order to a FINRA rule, then such a change would the Proposed Rule Change
analyze the application of the rule, or a constitute an amendment to the Plan,
common member’s activity, conduct, or which must be filed with the The Exchange proposes to amend its
output in relation to such rule. In Commission pursuant to Rule 17d–2 Options Pricing at Chapter XV Section
addition, under the Plan, FINRA would under the Act.17 2, entitled ‘‘BX Options Market—Fees
assume regulatory responsibility for and Rebates,’’ which governs pricing for
certain provisions of the federal IV. Conclusion
BX members using the BX Options
securities laws and the rules and This Order gives effect to the Plan Market (‘‘BX Options’’). The Exchange
regulations thereunder that are set forth filed with the Commission in File No. proposes to modify fees and rebates (per
in the Certification. The Common Rules 4–700. The Parties shall notify all executed contract) for certain Penny
covered by the Plan are specifically members affected by the Plan of their Pilot 3 Options to: (a) Delete SPY
listed in the Certification, as may be rights and obligations under the Plan. Options from the Select Symbols
amended by the Parties from time to IT IS THEREFORE ORDERED,
time. Options Tier Schedule; and (b) adopt a
pursuant to Section 17(d) of the Act, SPY Options Tier Schedule.4
According to the Plan, IEX will that the Plan in File No. 4–700, between
review the Certification, at least FINRA and IEX, filed pursuant to Rule The text of the proposed rule change
annually, or more frequently if required 17d–2 under the Act, is approved and is available on the Exchange’s Web site
by changes in either the rules of IEX or declared effective. at http://nasdaqbx.cchwallstreet.com/,
FINRA, and, if necessary, submit to IT IS FURTHER ORDERED that IEX is at the principal office of the Exchange,
FINRA an updated list of Common relieved of those responsibilities and at the Commission’s Public
Rules to add IEX rules not included on allocated to FINRA under the Plan in Reference Room.
the then-current list of Common Rules File No. 4–700.
that are substantially similar to FINRA II. Self-Regulatory Organization’s
rules; delete IEX rules included in the For the Commission, by the Division of Statement of the Purpose of, and
then-current list of Common Rules that Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule
authority.18
are no longer substantially similar to Change
FINRA rules; and confirm that the Robert W. Errett,
remaining rules on the list of Common Deputy Secretary. In its filing with the Commission, the
Rules continue to be IEX rules that are [FR Doc. 2016–18316 Filed 8–2–16; 8:45 am] Exchange included statements
substantially similar to FINRA rules.15 BILLING CODE 8011–01–P concerning the purpose of and basis for
FINRA will then confirm in writing the proposed rule change and discussed
whether the rules listed in any updated any comments it received on the
list are Common Rules as defined in the SECURITIES AND EXCHANGE proposed rule change. The text of these
Plan. Under the Plan, IEX will also COMMISSION statements may be examined at the
provide FINRA with a current list of places specified in Item IV below. The
[Release No. 34–78431; File No. SR–BX–
common members and shall update the Exchange has prepared summaries, set
2016–045]
list no less frequently than once each forth in sections A, B, and C below, of
quarter.16 The Commission believes that Self-Regulatory Organizations; the most significant aspects of such
these provisions are designed to provide NASDAQ BX, Inc.; Notice of Filing and statements.
for continuing communication between Immediate Effectiveness of Proposed
the Parties to ensure the continued Rule Change Regarding Tiers Related
accuracy of the scope of the proposed to SPY Options 1 15 U.S.C. 78s(b)(1).
allocation of regulatory responsibility.
2 17 CFR 240.19b–4.
The Commission is hereby declaring July 28, 2016.
3 The Penny Pilot was established in June 2012
effective a Plan that, among other Pursuant to Section 19(b)(1) of the
and extended through 2016. See Securities
asabaliauskas on DSK3SPTVN1PROD with NOTICES
things, allocates regulatory Securities Exchange Act of 1934 Exchange Act Release Nos. 67256 (June 26, 2012),
responsibility to FINRA for the 77 FR 39277 (July 2, 2012) (SR–BX–2012–030)
oversight and enforcement of all IEX 17 The Commission also notes that the addition to (order approving BX option rules and establishing
rules that are substantially similar to the or deletion from the Certification of any federal Penny Pilot); and 78036 (June 10, 2016), 81 FR
securities laws, rules, and regulations for which 39308 (June 16, 2016) (SR–BX–2016–021) (notice of
rules of FINRA for common members of
FINRA would bear responsibility under the Plan for filing and immediate effectiveness extending the
IEX and FINRA. Therefore, examining, and enforcing compliance by, common Penny Pilot through December 31, 2016).
members, also would constitute an amendment to 4 SPY, Select Symbols Options Tier Schedule,
15 See paragraph 2 of the Plan. the Plan. and SPY Options Tier Schedule are discussed
16 See paragraph 3 of the Plan. 18 17 CFR 200.30–3(a)(34). below.
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Document Created: 2016-08-02 23:44:19
Document Modified: 2016-08-02 23:44:19
| 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 51256 |
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