81 FR 5807 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change Deleting Rule 410B Governing Reporting Requirements for Off-Exchange Transactions
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 22 (February 3, 2016)
Federal Register Volume 81, Issue 22 (February 3, 2016)
| Page Range | 5807-5809 | |
| FR Document | 2016-01924 |
[Federal Register Volume 81, Number 22 (Wednesday, February 3, 2016)] [Notices] [Pages 5807-5809] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-01924] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76983; File No. SR-NYSE-2015-48] Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change Deleting Rule 410B Governing Reporting Requirements for Off-Exchange Transactions January 28, 2016. I. Introduction On October 16, 2015, New York Stock Exchange LLC (``NYSE'' or the ``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 delete Rule 410B governing reporting requirements for off-Exchange transactions. The proposed rule change was published for comment in the Federal Register on November 2, 2015.\3\ The Commission received no comment letters on the proposed rule change. On December 16, 2015, the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to approve or disapprove the proposed rule change.\4\ The Commission is approving 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. 76277 (October 27, 2015), 80 FR 67443. \4\ See Securities Exchange Act Release No. 76666, 80 FR 79644 (December 22, 2015). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change The Exchange proposes to delete Rule 410B, which sets forth certain regulatory reporting requirements for member or member organizations effecting off-Exchange transactions in Exchange listed securities that are not reported to the Consolidated Tape, and to make conforming amendments to Rule 476A to delete a reference to Rule 410B. The Exchange represents that Rule 410B is no longer necessary in light of changes in trade reporting and regulatory requirements that have been put in place since the Exchange adopted Rule 410B. Changes to Regulatory Landscape On July 30, 2007, the National Association of Securities Dealers, Inc. (``NASD''), NYSE, and NYSE Regulation, Inc. (``NYSE Regulation'') consolidated their member firm [[Page 5808]] regulation operations to create the Financial Industry Regulatory Authority, Inc. (``FINRA''), and entered into a plan to allocate to FINRA regulatory responsibility for common rules and common members (``17d-2 Agreement'').\5\ --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 56148 (July 26, 2007), 72 FR 42146 (August 1, 2007) (File No. 4-544) (Notice of Filing and Order Approving and Declaring Effective a Plan for the Allocation of Regulatory Responsibilities). In 2007, the NASD, NYSE, the Exchange and NYSE Regulation also entered into a Regulatory Services Agreement (``RSA''), whereby FINRA was retained to perform certain regulatory services for non-common rules. --------------------------------------------------------------------------- In 2008, the Exchange, NASD, NYSE MKT LLC (``NYSE MKT''), and NYSE Regulation also entered into a plan to allocate to FINRA regulatory responsibility, over exchange members that are also FINRA members, for surveillance, investigation, and enforcement of insider trading with respect to NYSE- and MKT-listed stocks, among others, irrespective of where the relevant trading occurred (the ``Insider Trading Plan'').\6\ On June 14, 2010, FINRA was retained to perform the residual market surveillance and enforcement functions that had, up to that point, been performed by NYSE Regulation.\7\ In January 2011, the SEC approved an amendment to the Insider Trading Plan whereby FINRA also assumed responsibility for performing the insider-trading-related market surveillance and enforcement functions previously conducted by NYSE Regulation for its U.S. equities and options markets.\8\ --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 54646 (September 12, 2008), 73 FR 54646 (September 22, 2008) (File No. 4-566). See also Securities Exchange Act Release No. 58806 (October 17, 2008), 73 FR 63216 (October 23, 2008) (File No. 4-566). \7\ See Securities Exchange Act Release No. 62355 (June 22, 2010), 75 FR 36729 (June 28, 2010) (SR-NYSE-2010-46); Securities Exchange Act Release No. 62354 (June 22, 2010), 75 FR 36730 (June 28, 2010) (SR-NYSEAmex-2010-57). NYSE Regulation performed the regulatory functions of NYSE MKT pursuant to an intercompany RSA. \8\ See Securities Exchange Act Release No. 63750 (January 21, 2011), 76 FR 4948 (January 27, 2011) (File No. 4-566). --------------------------------------------------------------------------- Changes in Trade Reporting and Regulatory Reporting In 1998, FINRA (then the NASD) established the Order Audit Trail System (OATS), as an integrated audit trail of order, quote, and trade information for OTC equity securities and equity securities listed and traded on The Nasdaq Stock Market, Inc. (``Nasdaq'').\9\ In 2010, FINRA Rules 7410 through 7470 (the ``OATS Rules'') were amended to extend the recording and reporting requirements to all NMS stocks, as that term is defined in Rule 600(b)(47) of Regulation NMS,\10\ including NYSE- and MKT-listed securities. The Exchange adopted the OATS Rules in 2011.\11\ The Exchange states that FINRA may use the information it collects pursuant to the OATS Rules to perform its regulatory functions. --------------------------------------------------------------------------- \9\ See Securities Exchange Act Release No. 39729 (March 6, 1998), 63 FR 12559 (March 13, 1998) (SR-NASD-97-56). \10\ See Securities Exchange Act Release No. 63311 (November 12, 2010), 75 FR 70757 (November 18, 2010) (SR-FINRA-2010-044). See also 17 CFR 242.600(b)(47). \11\ See Securities Exchange Act Release No. 65524 (October 7, 2011), 76 FR 64151 (October 17, 2011) (SR-NYSEAmex-2011-74). --------------------------------------------------------------------------- According to the Exchange, Rule 410B also predates the establishment of a FINRA Trade Reporting Facility (``TRF''). FINRA Rule 6110 requires FINRA members to report transactions in NMS stocks \12\ effected ``otherwise than on or through a national securities exchange.'' \13\ Pursuant to FINRA Rules 6310A and 6310B, FINRA members may use either the FINRA/NYSE TRF or FINRA/Nasdaq TRF to report such off-Exchange transactions.\14\ FINRA members using these TRFs to report off-Exchange transactions are in turn subject to FINRA Rule 7230B, which, the Exchange states, imposes transaction-information reporting requirements similar to Rule 410B.\15\ As a result, the Exchange represents that dual members of both the Exchange and FINRA must report off-Exchange transactions to a TRF and submit substantially similar reports to the Exchange and FINRA. --------------------------------------------------------------------------- \12\ As defined in Rule 600(b)(47) of Regulation NMS, 17 CFR 242.600(b)(47). \13\ See FINRA Rule 6110. See generally FINRA Rule 6300A and 7200A Series (FINRA/Nasdaq TRF) and 6300B and 7200B Series (FINRA/ NYSE TRF). \14\ See FINRA Rules 6300A & 6300B. \15\ See Rule 7230B. --------------------------------------------------------------------------- Proposed Rule Change The Exchange proposes to delete Rule 410B in its entirety. The Exchange represents that, since 2010, surveillance and enforcement responsibilities across markets have been consolidated at FINRA, which conducts cross-market surveillances on the Exchange's behalf utilizing various data sources, including extensive trade and other information that FINRA collects pursuant to its rules. This trade information includes reports of off-exchange transactions. The Exchange represents that all of its member organizations, with only nine exceptions, are members of FINRA and, as such, must report all off-exchange transactions to FINRA, including transactions away from the Exchange that are not reported to the Consolidated Tape. The Exchange further represents that this information is essentially duplicative of the Rule 410B reports the Exchange currently supplies to FINRA. The Exchange notes that one exception would be transactions in dually listed securities executed on and reported to a foreign securities exchange, which are not required to be reported because such trades are executed ``on or through an exchange.'' \16\ The Exchange represents that it believes such trades pose little regulatory risk and, given that no other exchange has a rule comparable to Rule 410B, notes that such trades are also not being reported to other equities exchanges. Finally, the Exchange represents that only a handful of firms currently account for all of the Rule 410B activity, all of whom are also FINRA members.\17\ The Exchange believes that Rule 410B is thus no longer necessary, and deleting it would eliminate essentially duplicative reporting of off-Exchange transactions by dual members. --------------------------------------------------------------------------- \16\ See Trade Reporting Frequently Asked Questions, Section 701, Q/A701.1, available at http://www.finra.org/industry/trade-reporting-faq. \17\ According to the Exchange, Rule 410B Weekly Reports submitted to the SEC in July and August 2015 reveal that only five firms, all also FINRA members, accounted for all of the Rule 410B trading activity. The Exchange further represents that the list of firms that have in the past submitted Rule 410B reports does not include any non-FINRA members. --------------------------------------------------------------------------- The Exchange does not believe that eliminating the Rule 410B reporting requirement for the small number of NYSE-only members \18\ would pose any significant regulatory risk. The Exchange represents that none of these firms has ever submitted a Rule 410B report. The Exchange also notes that NYSE-only members would remain subject to federal and Exchange books and records requirements.\19\ --------------------------------------------------------------------------- \18\ The Exchange represents that these nine non-FINRA member firms do not have any public customers and are also members of Nasdaq as well as NYSE. \19\ See 17 CFR 240.17a-3, 17 CFR 240.17a-4 & Rule 440-- Equities. --------------------------------------------------------------------------- III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act \20\ and the rules and regulations thereunder applicable to a national securities exchange.\21\ In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,\22\ which requires, among other things, that the rules of a national securities exchange be [[Page 5809]] 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 facilitating transactions in securities, 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 are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78f. \21\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \22\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Based on the Exchange's representations, the Commission believes that eliminating the Rule 410B reporting requirement will not reduce the amount of publicly available information about securities transactions and that it is not likely to hamper the ability of the Exchange to conduct regulatory oversight of its members. The Commission notes that Rule 410B does not currently provide for real-time, publicly disseminated reporting of transactions, but instead requires non- public, electronic reporting of trade data to the Exchange on a next- day basis for regulatory purposes only. The Commission further notes that the Exchange represents that its members would remain subject to federal and Exchange books-and-records requirements \23\ and that Exchange members would still be required to provide such trade data to the Exchange upon the Exchange's request. For these reasons, the Commission believes that the proposal should help to prevent fraudulent and manipulative acts and practices, promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, protect investors and the public interest. --------------------------------------------------------------------------- \23\ See 17 CFR 240.17a-3, 17 CFR 240.17a-4 & Rule 440-- Equities. --------------------------------------------------------------------------- IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\24\ that the proposed rule change (SR-NYSE-2015-48) be, and hereby is, approved. --------------------------------------------------------------------------- \24\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\25\ --------------------------------------------------------------------------- \25\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-01924 Filed 2-2-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 22 / Wednesday, February 3, 2016 / Notices 5807
become effective pursuant to Section Comments may be submitted by any of SECURITIES AND EXCHANGE
19(b)(3)(A) of the Act 10 and Rule 19b– the following methods: COMMISSION
4(f)(6) thereunder.11
Electronic Comments [Release No. 34–76983; File No. SR–NYSE–
A proposed rule change filed 2015–48]
pursuant to Rule 19b–4(f)(6) under the • Use the Commission’s Internet
Act 12 normally does not become comment form (http://www.sec.gov/ Self-Regulatory Organizations; New
operative for 30 days after the date of its rules/sro.shtml); or York Stock Exchange LLC; Order
filing. However, Rule 19b–4(f)(6)(iii) 13 Approving a Proposed Rule Change
permits the Commission to designate a • Send an email to rule-
Deleting Rule 410B Governing
shorter time if such action is consistent comments@sec.gov. Please include File
Reporting Requirements for Off-
with the protection of investors and the Number SR–ISE–2016–04 on the subject Exchange Transactions
public interest. The Exchange has asked line.
the Commission to waive the 30-day January 28, 2016.
Paper Comments
operative delay so that the proposal may I. Introduction
become operative immediately upon • Send paper comments in triplicate
On October 16, 2015, New York Stock
filing. The proposed rule change to Secretary, Securities and Exchange
Exchange LLC (‘‘NYSE’’ or the
modifies the name of the PFOF program Commission, 100 F Street NE., ‘‘Exchange’’) filed with the Securities
operated by the Exchange in a manner Washington, DC 20549–1090. and Exchange Commission
that is consistent with terminology used (‘‘Commission’’), pursuant to Section
All submissions should refer to File
on other options markets.14 Because the 19(b)(1) of the Securities Exchange Act
Number SR–ISE–2016–04. This file
proposal does not raise any new or of 1934 (‘‘Act’’) 1 and Rule 19b–4
novel issues and only involves a non- number should be included on the
subject line if email is used. To help the thereunder,2 a proposed rule change to
material change in terminology, the delete Rule 410B governing reporting
Commission believes the waiver of the Commission process and review your
comments more efficiently, please use requirements for off-Exchange
operative delay is consistent with the transactions. The proposed rule change
protection of investors and the public only one method. The Commission will
post all comments on the Commission’s was published for comment in the
interest. Therefore, the Commission Federal Register on November 2, 2015.3
hereby waives the operative delay and Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the The Commission received no comment
designates the proposal operative upon letters on the proposed rule change. On
filing.15 submission, all subsequent
December 16, 2015, the Commission
At any time within 60 days of the amendments, all written statements
designated a longer period within which
filing of the proposed rule change, the with respect to the proposed rule
to approve the proposed rule change,
Commission summarily may change that are filed with the
disapprove the proposed rule change, or
temporarily suspend such rule change if Commission, and all written
institute proceedings to determine
it appears to the Commission that such communications relating to the
whether to approve or disapprove the
action is necessary or appropriate in the proposed rule change between the
proposed rule change.4 The Commission
public interest, for the protection of Commission and any person, other than is approving the proposed rule change.
investors, or otherwise in furtherance of those that may be withheld from the
the purposes of the Act. If the public in accordance with the II. Description of the Proposed Rule
Commission takes such action, the provisions of 5 U.S.C. 552, will be Change
Commission shall institute proceedings available for Web site viewing and The Exchange proposes to delete Rule
to determine whether the proposed rule printing in the Commission’s Public 410B, which sets forth certain regulatory
change should be approved or Reference Room, 100 F Street NE., reporting requirements for member or
disapproved. Washington, DC 20549, on official member organizations effecting off-
business days between the hours of Exchange transactions in Exchange
IV. Solicitation of Comments 10:00 a.m. and 3:00 p.m. Copies of the listed securities that are not reported to
Interested persons are invited to filing also will be available for the Consolidated Tape, and to make
submit written data, views, and inspection and copying at the principal conforming amendments to Rule 476A
arguments concerning the foregoing, office of the Exchange. All comments to delete a reference to Rule 410B. The
including whether the proposed rule received will be posted without change; Exchange represents that Rule 410B is
change is consistent with the Act. the Commission does not edit personal no longer necessary in light of changes
identifying information from in trade reporting and regulatory
10 15 U.S.C. 78s(b)(3)(A). submissions. You should submit only requirements that have been put in
11 17 CFR 240.19b–4(f)(6). As required under Rule information that you wish to make place since the Exchange adopted Rule
19b–4(f)(6)(iii), the Exchange provided the available publicly. All submissions 410B.
Commission with written notice of its intent to file should refer to File Number SR–ISE–
the proposed rule change, along with a brief Changes to Regulatory Landscape
description and the text of the proposed rule 2016–04, and should be submitted on or
change, at least five business days prior to the date before February 24, 2016. On July 30, 2007, the National
of filing of the proposed rule change, or such Association of Securities Dealers, Inc.
shorter time as designated by the Commission. For the Commission, by the Division of
(‘‘NASD’’), NYSE, and NYSE
12 17 CFR 240.19b–4(f)(6). Trading and Markets, pursuant to delegated
Regulation, Inc. (‘‘NYSE Regulation’’)
mstockstill on DSK4VPTVN1PROD with NOTICES
13 17 CFR 240.19b–4(f)(6)(iii). authority.16
14 See e.g., Chicago Board Options Exchange Fee
consolidated their member firm
Robert W. Errett,
Schedule, available at http://www.cboe.com/
publish/feeschedule/CBOEFeeSchedule.pdf. Deputy Secretary. 1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
15 For purposes only of waiving the 30-day [FR Doc. 2016–01927 Filed 2–2–16; 8:45 am]
3 See Securities Exchange Act Release No. 76277
operative delay, the Commission has also BILLING CODE 8011–01–P
considered the proposed rule’s impact on (October 27, 2015), 80 FR 67443.
efficiency, competition, and capital formation. See 4 See Securities Exchange Act Release No. 76666,
15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12). 80 FR 79644 (December 22, 2015).
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![Federal Register / Vol. 81, No. 22 / Wednesday, February 3, 2016 / Notices 5809
designed to prevent fraudulent and SECURITIES AND EXCHANGE Office Building, Washington, DC 20503,
manipulative acts and practices, to COMMISSION or by sending an email to: Shagufta_
promote just and equitable principles of Ahmed@omb.eop.gov; and (ii) Pamela
trade, to foster cooperation and Submission for OMB Review; Dyson, Director/Chief Information
coordination with persons engaged in Comment Request Officer, Securities and Exchange
facilitating transactions in securities, to Upon Written Request, Copies Available Commission, c/o Remi Pavlik-Simon,
remove impediments to and perfect the From: Securities and Exchange 100 F Street NE., Washington, DC 20549
mechanism of a free and open market Commission, Office of FOIA Services, or send an email to: PRA_Mailbox@
and a national market system, and, in 100 F Street NE., Washington, DC sec.gov. Comments must be submitted to
general, to protect investors and the 20549–2736. OMB within 30 days of this notice.
public interest and that the rules are not Extension: Dated: January 29, 2016.
designed to permit unfair Form N–8F, OMB Control No. 3235–0157, Robert W. Errett,
discrimination between customers, SEC File No. 270–136. Deputy Secretary.
issuers, brokers, or dealers. Notice is hereby given that, pursuant [FR Doc. 2016–01960 Filed 2–2–16; 8:45 am]
Based on the Exchange’s to the Paperwork Reduction Act of 1995 BILLING CODE 8011–01–P
representations, the Commission (44 U.S.C. 3501 et seq.), the Securities
believes that eliminating the Rule 410B and Exchange Commission (the
reporting requirement will not reduce ‘‘Commission’’) has submitted to the SECURITIES AND EXCHANGE
the amount of publicly available Office of Management and Budget a COMMISSION
information about securities request for extension of the previously
[Release No. 34–76994; File No. SR–
transactions and that it is not likely to approved collection of information NYSEArca–2015–121]
hamper the ability of the Exchange to discussed below.
conduct regulatory oversight of its Form N–8F (17 CFR 274.218) is the Self-Regulatory Organizations; NYSE
members. The Commission notes that form prescribed for use by registered Arca, Inc.; Order Approving Proposed
Rule 410B does not currently provide investment companies in certain Rule Change To Provide for Price
for real-time, publicly disseminated circumstances to request orders of the Collar Thresholds for Trading Halt
reporting of transactions, but instead Commission declaring that the Auctions
requires non-public, electronic reporting registration of that investment company
cease to be in effect. The form requests January 28, 2016.
of trade data to the Exchange on a next-
day basis for regulatory purposes only. information about: (i) The investment I. Introduction
company’s identity, (ii) the investment
The Commission further notes that the On December 7, 2015, NYSE Arca,
company’s distributions, (iii) the
Exchange represents that its members Inc. (‘‘Exchange’’) filed with the
investment company’s assets and
would remain subject to federal and Securities and Exchange Commission
liabilities, (iv) the events leading to the
Exchange books-and-records (‘‘Commission’’), pursuant to Section
request to deregister, and (v) the
requirements 23 and that Exchange 19(b)(1) of the Securities Exchange Act
conclusion of the investment company’s
members would still be required to business. The information is needed by of 1934 (‘‘Act’’) 1 and Rule 19b–4
provide such trade data to the Exchange the Commission to determine whether thereunder,2 a proposed rule change to
upon the Exchange’s request. For these an order of deregistration is appropriate. amend Exchange Rule 1.1(s) to provide
reasons, the Commission believes that The Form takes approximately 5.2 for price collar thresholds for Trading
the proposal should help to prevent hours on average to complete. It is Halt Auctions. The proposed rule
fraudulent and manipulative acts and estimated that approximately 150 change was published for comment in
practices, promote just and equitable investment companies file Form N–8F the Federal Register on December 24,
principles of trade, remove annually, so the total annual burden for 2015.3 The Commission received three
impediments to and perfect the the form is estimated to be comment letters on the proposed rule
mechanism of a free and open market approximately 780 hours. The estimate change.4 This order approves the
and a national market system, and, in of average burden hours is made solely proposed rule change.
general, protect investors and the public for the purposes of the Paperwork II. Description of the Proposed Rule
interest. Reduction Act and is not derived from Change
IV. Conclusion a comprehensive or even a
representative survey or study. The Exchange currently conducts
It is therefore ordered, pursuant to The collection of information on Form Trading Halt Auctions under Exchange
Section 19(b)(2) of the Act,24 that the N–8F is not mandatory. The information Rule 7.35(f).5 To respond to market
proposed rule change (SR–NYSE–2015– provided on Form N–8F is not kept
1 15 U.S.C. 78s(b)(1).
48) be, and hereby is, approved. confidential. An agency may not 2 17 CFR 240.19b–4.
conduct or sponsor, and a person is not 3 See Securities Exchange Act Release No. 76690
For the Commission, by the Division of required to respond to, a collection of
Trading and Markets, pursuant to delegated (December 18, 2015), 80 FR 80430 (‘‘Notice’’).
information unless it displays a 4 See letters from David LaValle, US Head of
authority.25
currently-valid OMB control number. SPDR ETF Capital Markets, State Street Global
Robert W. Errett, The public may view the background Advisors, dated January 14, 2016 (‘‘SSGA Letter’’);
Joanne Medero, US Head of Government Relations
mstockstill on DSK4VPTVN1PROD with NOTICES
Deputy Secretary. documentation for this information
& Public Policy, Samara Cohen, US Head of iShares
[FR Doc. 2016–01924 Filed 2–2–16; 8:45 am] collection at the following Web site, Capital Markets, Hubert De Jesus, Co-Head of
BILLING CODE 8011–01–P
www.reginfo.gov. Comments should be Market Structure and Electronic Trading,
directed to: (i) Desk Officer for the BlackRock, Inc., dated January 14, 2016
Securities and Exchange Commission, (‘‘BlackRock Letter’’); and Eric Swanson, General
23 See 17 CFR 240.17a–3, 17 CFR 240.17a–4 &
Counsel & Secretary, BATS Global Markets, Inc.,
Rule 440—Equities. Office of Information and Regulatory dated January 22, 2016 (‘‘BATS Letter’’).
24 15 U.S.C. 78s(b)(2). Affairs, Office of Management and 5 See Exchange Rule 7.35(f); see also Notice,
25 17 CFR 200.30–3(a)(12). Budget, Room 10102, New Executive supra note 3, at 80431.
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Document Created: 2016-02-03 00:40:07
Document Modified: 2016-02-03 00:40:07
| 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 5807 |
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