81 FR 62781 - Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Fees for Use of Bats EDGX Exchange, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 176 (September 12, 2016)
Federal Register Volume 81, Issue 176 (September 12, 2016)
| Page Range | 62781-62783 | |
| FR Document | 2016-21800 |
[Federal Register Volume 81, Number 176 (Monday, September 12, 2016)] [Notices] [Pages 62781-62783] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-21800] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78771; File No. SR-BatsEDGX-2016-49] Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Fees for Use of Bats EDGX Exchange, Inc. September 6, 2016. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on August 22, 2016, Bats EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') 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 Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. 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)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members \5\ and non-members of the Exchange pursuant to EDGX Rules 15.1(a) and (c). --------------------------------------------------------------------------- \5\ The term ``Member'' is defined as ``any registered broker or dealer that has been admitted to membership in the Exchange.'' See Exchange Rule 1.5(n). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's Web site at www.batstrading.com, at the principal office of the Exchange, 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 Exchange 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 Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its marketing fee program to institute a monthly cap of $250,000 on undisbursed funds and reimburse excess funds on a pro-rata basis, as further described below. The Exchange assesses a marketing fee to all Market Makers for contracts they execute in their assigned classes when the contra-party to the execution is a Customer.\6\ The marketing fee is charged only in a Market Maker's assigned classes because it is in these classes that the Market Maker has the general obligation to attract order flow to the Exchange. Each Primary Market Maker (``PMM'') \7\ and Directed Market Maker (``DMM'') \8\ has a marketing fee pool into which the Exchange will deposit the applicable per-contract marketing fee. For orders directed to DMMs, the applicable marketing fees are allocated to the DMM pool. For non-directed orders, the applicable marketing fees are allocated to the PMM pool. All Market Makers that participated in such transaction will pay the applicable marketing fees to the Exchange, which allocates such funds to the Market Maker that controls the distribution of the marketing fee pool. Each month the Market Maker provides instruction to the Exchange describing how the Exchange is to distribute the marketing fees in the pool to the order flow provider, who submit as agent, Customer orders to the Exchange. --------------------------------------------------------------------------- \6\ The amount of the marketing fee depends upon whether the affected option class is a Penny Pilot Security. A marketing fee of $0.25 per contract is assessed to Market Makers for transactions in Penny Pilot Securities. A Marketing Fee of $0.70 per contract is assessed to Market Makers for transactions in Non-Penny Pilot Securities. A list of option classes included in the Penny Pilot Program is available on the Exchange's Web site. \7\ See Exchange Rule 21.8(g). \8\ See Exchange Rule 21.8(f). --------------------------------------------------------------------------- The Exchange proposes to now require that the total balance of the undisbursed marketing fees for a PMM pool and DMM pool cannot exceed $250,000. When the pool balance exceeds this threshold level, the Exchange will rebate funds proportionately to those who have paid the marketing fee during the preceding month. Today, undisbursed marketing fees are reimbursed to the Market Makers that contributed to the pool based upon their pro-rata portion of the entire amount of marketing fee collected. As proposed, each month, undisbursed marketing fees in excess of $250,000 will be reimbursed to the Market Makers that contributed to the pool based upon a one month look back and their pro- rata portion of the entire amount of marketing fee collected during that month. The Exchange will closely monitor the levels of the cap to ensure that there are adequate funds available to Market Makers to be competitive. The Exchange believes the proposed cap and reimbursement process would assist Market Makers in better managing their respective marketing fee pools and incentivize them to allocate those funds to order flow providers accordingly on a monthly basis. [[Page 62782]] 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of section 6 of the Act.\9\ Specifically, the Exchange believes that the proposed rule change is consistent with section 6(b)(4) of the Act,\10\ in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and other persons using any facility or system which the Exchange operates or controls. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f. \10\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange notes that the U.S. options markets are highly competitive, and the marketing fee is intended to provide an incentive for Market Makers to enter into marketing agreements with Members so that they will provide order flow to the Exchange. The marketing fee is charged only in a Market Maker's assigned classes because it is in these classes that the Market Maker has the general obligation to attract order flow to the Exchange. The Exchange believes that the proposed amendments to its marketing fee program, which is similar to marketing fee programs that have previously been implemented on other options exchanges,\11\ will enhance the Exchange's competitive position and will result in increased liquidity on the Exchange, thereby providing more of an opportunity for customers to receive best executions. In addition, the proposed cap and reimbursement process would assist Market Makers in better managing their respective marketing fee pools and incentivize them to allocate those funds to order flow providers accordingly on a monthly basis. The Exchange notes that most options exchange's that administer a marketing fee program do not cap the monthly contributions,\12\ thereby allowing their market makers to roll over monies from month to month without making the disbursements provided for by their respective programs. Therefore, the Exchange believes that providing a cap of $250,000 is equitable and reasonable as it would allow the Exchange to monitor the impact of the cap on a Market Maker's allocation of marketing fees without inappropriately limiting a Market Maker's ability to carry over funds from month to month. --------------------------------------------------------------------------- \11\ See International Securities Exchange, Inc. (``ISE'') fee schedule available at http://www.ise.com/assets/documents/OptionsExchange/legal/fee/ISE_fee_schedule.pdf (implementing a cap of $100,000); ISE Mercury LLC (``ISE Mercury'') fee schedule available at http://www.ise.com/assets/mercury/documents/OptionsExchange/legal/fee/Mercury_Fee_Schedule.pdf (implementing a marketing fee cap of $100,000); and Chicago Board Options Exchange, Incorporated (``CBOE'') fee schedule available at http://www.cboe.com/framed/pdfframed.aspx?content=/publish/feeschedule/CBOEFeeSchedule.pdf§ion=SEC_RESOURCES&title=CBOE%20Fee%20Schedule (implementing a marketing fee cap of $100,000). \12\ See e.g., Nasdaq PHLX LLC (``PHLX'') price list available at http://www.nasdaqtrader.com/Micro.aspx?id=PHLXPricing; Miami International Securities Exchange LLC (``MIAX'') available at http://www.miaxoptions.com/sites/default/files/MIAX_Options_Fee_Schedule_08012016C.pdf. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes its proposed amendments to its fee schedule would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed change represents a significant departure from previous pricing offered by the Exchange or its competitors. Additionally, Members may opt to disfavor the Exchange's pricing if they believe that alternatives offer them better value. The Exchange believes that its proposed marketing fee cap, which is similar to marketing fee caps in place on other options exchanges,\13\ will enhance the Exchange's competitive position by resulting in increased liquidity on the Exchange, thereby providing more of an opportunity for customers to receive best executions. --------------------------------------------------------------------------- \13\ See supra note 10. --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to section 19(b)(3)(A) of the Act \14\ and paragraph (f) of Rule 19b-4 thereunder.\15\ 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposal is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File No. SR-BatsEDGX-2016-49 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File No. SR-BatsEDGX-2016-49. 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 such filing will also be available for inspection and copying at the principal office of the Exchange. 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 No. SR-BatsEDGX-2016-49 and should be submitted on or before October 3, 2016. [[Page 62783]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-21800 Filed 9-9-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 176 / Monday, September 12, 2016 / Notices 62781
of notice of the filing of a proposed rule one establishing or changing a member charged only in a Market Maker’s
change, or within such longer period up due, fee, or other charge imposed by the assigned classes because it is in these
to 90 days as the Commission may Exchange under section 19(b)(3)(A)(ii) classes that the Market Maker has the
designate if it finds such longer period of the Act 3 and Rule 19b–4(f)(2) general obligation to attract order flow
to be appropriate and publishes its thereunder,4 which renders the to the Exchange. Each Primary Market
reasons for so finding or as to which the proposed rule change effective upon Maker (‘‘PMM’’) 7 and Directed Market
self-regulatory organization consents, filing with the Commission. The Maker (‘‘DMM’’) 8 has a marketing fee
the Commission shall either approve the Commission is publishing this notice to pool into which the Exchange will
proposed rule change, disapprove the solicit comments on the proposed rule deposit the applicable per-contract
proposed rule change, or institute change from interested persons. marketing fee. For orders directed to
proceedings to determine whether the
I. Self-Regulatory Organization’s DMMs, the applicable marketing fees
proposed rule change should be
Statement of the Terms of Substance of are allocated to the DMM pool. For non-
disapproved. The 45th day after
publication of the notice for this the Proposed Rule Change directed orders, the applicable
proposed rule change is September 16, The Exchange filed a proposal to marketing fees are allocated to the PMM
2016. The Commission is extending this amend the fee schedule applicable to pool. All Market Makers that
45-day time period. Members 5 and non-members of the participated in such transaction will pay
The Commission finds that it is Exchange pursuant to EDGX Rules the applicable marketing fees to the
appropriate to designate a longer period 15.1(a) and (c). Exchange, which allocates such funds to
within which to take action on the The text of the proposed rule change the Market Maker that controls the
proposed rule change so that it has is available at the Exchange’s Web site distribution of the marketing fee pool.
sufficient time to consider the proposed at www.batstrading.com, at the Each month the Market Maker provides
rule change. Accordingly, the principal office of the Exchange, and at instruction to the Exchange describing
Commission, pursuant to Section the Commission’s Public Reference how the Exchange is to distribute the
19(b)(2) of the Act,5 designates October Room. marketing fees in the pool to the order
31, 2016, as the date by which the flow provider, who submit as agent,
Commission should either approve or II. Self-Regulatory Organization’s
Statement of the Purpose of, and Customer orders to the Exchange.
disapprove or institute proceedings to
Statutory Basis for, the Proposed Rule The Exchange proposes to now
determine whether to disapprove the
Change require that the total balance of the
proposed rule change (File Number SR–
In its filing with the Commission, the undisbursed marketing fees for a PMM
NYSEArca–2016–101).
Exchange included statements pool and DMM pool cannot exceed
For the Commission, by the Division of $250,000. When the pool balance
Trading and Markets, pursuant to delegated concerning the purpose of and basis for
authority.6 the proposed rule change and discussed exceeds this threshold level, the
any comments it received on the Exchange will rebate funds
Robert W. Errett,
proposed rule change. The text of these proportionately to those who have paid
Deputy Secretary.
statements may be examined at the the marketing fee during the preceding
[FR Doc. 2016–21799 Filed 9–9–16; 8:45 am]
places specified in Item IV below. The month. Today, undisbursed marketing
BILLING CODE 8011–01–P
Exchange has prepared summaries, set fees are reimbursed to the Market
forth in sections A, B, and C below, of Makers that contributed to the pool
SECURITIES AND EXCHANGE the most significant parts of such based upon their pro-rata portion of the
COMMISSION statements. entire amount of marketing fee
collected. As proposed, each month,
[Release No. 34–78771; File No. SR– A. Self-Regulatory Organization’s
undisbursed marketing fees in excess of
BatsEDGX–2016–49] Statement of the Purpose of, and
$250,000 will be reimbursed to the
Statutory Basis for, the Proposed Rule
Self-Regulatory Organizations; Bats Change Market Makers that contributed to the
EDGX Exchange, Inc.; Notice of Filing pool based upon a one month look back
and Immediate Effectiveness of a 1. Purpose and their pro-rata portion of the entire
Proposed Rule Change to Fees for Use The Exchange proposes to amend its amount of marketing fee collected
of Bats EDGX Exchange, Inc. marketing fee program to institute a during that month. The Exchange will
monthly cap of $250,000 on closely monitor the levels of the cap to
September 6, 2016. undisbursed funds and reimburse ensure that there are adequate funds
Pursuant to section 19(b)(1) of the excess funds on a pro-rata basis, as available to Market Makers to be
Securities Exchange Act of 1934 (the further described below. competitive. The Exchange believes the
‘‘Act’’),1 and Rule 19b–4 thereunder,2 The Exchange assesses a marketing proposed cap and reimbursement
notice is hereby given that on August fee to all Market Makers for contracts process would assist Market Makers in
22, 2016, Bats EDGX Exchange, Inc. (the they execute in their assigned classes better managing their respective
‘‘Exchange’’ or ‘‘EDGX’’) filed with the when the contra-party to the execution marketing fee pools and incentivize
Securities and Exchange Commission is a Customer.6 The marketing fee is them to allocate those funds to order
(‘‘Commission’’) the proposed rule
flow providers accordingly on a
change as described in Items I, II and III 3 15 U.S.C. 78s(b)(3)(A)(ii).
monthly basis.
sradovich on DSK3GMQ082PROD with NOTICES
below, which Items have been prepared 4 17 CFR 240.19b–4(f)(2).
by the Exchange. The Exchange has 5 The term ‘‘Member’’ is defined as ‘‘any
registered broker or dealer that has been admitted Pilot Securities. A Marketing Fee of $0.70 per
designated the proposed rule change as contract is assessed to Market Makers for
to membership in the Exchange.’’ See Exchange
Rule 1.5(n). transactions in Non-Penny Pilot Securities. A list of
5 Id.
6 The amount of the marketing fee depends upon option classes included in the Penny Pilot Program
6 17 CFR 200.30–3(a)(31). is available on the Exchange’s Web site.
whether the affected option class is a Penny Pilot
1 15 U.S.C. 78s(b)(1). 7 See Exchange Rule 21.8(g).
Security. A marketing fee of $0.25 per contract is
2 17 CFR 240.19b–4. assessed to Market Makers for transactions in Penny 8 See Exchange Rule 21.8(f).
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![Federal Register / Vol. 81, No. 176 / Monday, September 12, 2016 / Notices 62783
For the Commission, by the Division of this registration requirement, Canadian- that in any given year approximately 36
Trading and Markets, pursuant to delegated U.S. Participants previously were not (or 1 percent) of those issuers are likely
authority.16 able to purchase or exchange securities to rely on rule 237 to make a public
Robert W. Errett, for their Canadian retirement accounts offering of their securities to
Deputy Secretary. as needed to meet their changing participants, and that each of those 36
[FR Doc. 2016–21800 Filed 9–9–16; 8:45 am] investment goals or income needs. issuers, on average, distributes 3
BILLING CODE 8011–01–P The Commission issued a rulemaking different written offering documents
in 2000 that enabled Canadian-U.S. concerning those securities, for a total of
Participants to manage the assets in 108 offering documents.
SECURITIES AND EXCHANGE their Canadian retirement accounts by The staff therefore estimates that
COMMISSION providing relief from the U.S. during each year that rule 237 is in
registration requirements for offers of effect, approximately 36 respondents 5
Submission for OMB Review; securities of foreign issuers to Canadian- would be required to make 108
Comment Request U.S. Participants and sales to Canadian responses by adding the new disclosure
retirement accounts.2 Rule 237 under statements to approximately 108 written
Upon Written Request Copies Available
the Securities Act 3 permits securities of offering documents. Thus, the staff
From: Securities and Exchange
foreign issuers, including securities of estimates that the total annual burden
Commission, Office of FOIA Services,
foreign funds, to be offered to Canadian- associated with the rule 237 disclosure
100 F Street NE., Washington, DC
U.S. Participants and sold to their requirement would be approximately 18
20549–2736
Canadian retirement accounts without hours (108 offering documents × 10
Extension: minutes per document). The total
being registered under the Securities
Rule 237, SEC File No. 270–465, OMB annual cost of burden hours is estimated
Control No. 3235–0528 Act.
Rule 237 requires written offering to be $6,840 (18 hours × $380 per hour
Notice is hereby given that, pursuant documents for securities offered and of attorney time).6
to the Paperwork Reduction Act of 1995 sold in reliance on the rule to disclose In addition, issuers from foreign
(44 U.S.C. 350l–3520), the Securities prominently that the securities are not countries other than Canada could rely
and Exchange Commission (the registered with the Commission and are on rule 237 to offer securities to
‘‘Commission’’) has submitted to the exempt from registration under the U.S. Canadian-U.S. Participants and sell
Office of Management and Budget a securities laws. The burden under the securities to their accounts without
request for extension and approval of rule associated with adding this becoming subject to the registration
the collection of information discussed disclosure to written offering documents requirements of the Securities Act.
below. is minimal and is non-recurring. The However, the staff believes that the
In Canada, as in the United States, foreign issuer, underwriter, or broker- number of issuers from other countries
individuals can invest a portion of their dealer can redraft an existing prospectus that rely on rule 237, and that therefore
earnings in tax-deferred retirement or other written offering material to add are required to comply with the offering
savings accounts (‘‘Canadian retirement this disclosure statement, or may draft document disclosure requirements, is
accounts’’). These accounts, which a sticker or supplement containing this negligible.
operate in a manner similar to disclosure to be added to existing These burden hour estimates are
individual retirement accounts in the offering materials. In either case, based based upon the Commission staff’s
United States, encourage retirement on discussions with representatives of experience and discussions with the
savings by permitting savings on a tax- the Canadian fund industry, the staff fund industry. The estimates of average
deferred basis. Individuals who estimates that it would take an average burden hours are made solely for the
establish Canadian retirement accounts of 10 minutes per document to draft the purposes of the Paperwork Reduction
while living and working in Canada and requisite disclosure statement. Act. These estimates are not derived
who later move to the United States The Commission understands that
(‘‘Canadian-U.S. Participants’’ or there are approximately 3,619 Canadian statistics/monthly-reports (providing number of
‘‘participants’’) often continue to hold equity issuers listed on Canada’s Toronto Stock
issuers other than funds that may rely Exchange). After 2009, the World Federation of
their retirement assets in their Canadian on rule 237 to make an initial public Exchanges ceased reporting the number of fixed-
retirement accounts rather than offering of their securities to Canadian- income issuers on Canada’s Toronto Stock
prematurely withdrawing (or ‘‘cashing U.S. Participants.4 The staff estimates Exchange. The number of fixed-income issuers as
out’’) those assets, which would result of April 2016 is based on the ratio of the number
of fixed-income issuers listed on Canada’s Toronto
in immediate taxation in Canada. (‘‘funds’’) that are not registered pursuant to the Stock Exchange in 2009 (111) relative to the number
Once in the United States, however, Investment Company Act of 1940 (‘‘Investment of bonds listed on that exchange in that year (178)
these participants historically have been Company Act’’) is generally prohibited by U.S. multiplied against the number of bonds listed on
unable to manage their Canadian securities laws. 15 U.S.C. 80a. that exchange as of April 2016 (159): (111/178) ×
2 See Offer and Sale of Securities to Canadian 159 = 99.
retirement account investments. Most Tax-Deferred Retirement Savings Accounts, Release 5 This estimate of respondents only includes
securities that are ‘‘qualified Nos. 33–7860, 34–42905, IC–24491 (June 7, 2000) foreign issuers. The number of respondents would
investments’’ for Canadian retirement [65 FR 37672 (June 15, 2000)]. This rulemaking also be greater if foreign underwriters or broker-dealers
accounts are not registered under the included new rule 7d–2 under the Investment draft stickers or supplements to add the required
Company Act, permitting foreign funds to offer disclosure to existing offering documents.
U.S. securities laws. Those securities, securities to Canadian-U.S. Participants and sell 6 The Commission’s estimate concerning the wage
therefore, generally cannot be publicly securities to Canadian retirement accounts without rate for attorney time is based on salary information
sradovich on DSK3GMQ082PROD with NOTICES
offered and sold in the United States registering as investment companies under the for the securities industry compiled by the
without violating the registration Investment Company Act. 17 CFR 270.7d–2. Securities Industry and Financial Markets
3 17 CFR 230.237.
requirement of the Securities Act of Association (‘‘SIFMA’’). The $380 per hour figure
4 This estimate is based on the following for an attorney is from SIFMA’s Management &
1933 (‘‘Securities Act’’).1 As a result of calculation: 3,520 equity issuers (as of April 2016) Professional Earnings in the Securities Industry
+ 99 bond issuers (as of April 2016) = 3,619 total 2013, modified by Commission staff to account for
16 17 CFR 200.30–3(a)(12). issuers (as of April 2016). See World Federation of an 1800-hour work-year and multiplied by 5.35 to
1 15 U.S.C. 77. In addition, the offering and Exchanges, Monthly Reports, available at http:// account for bonuses, firm size, employee benefits,
selling of securities of investment companies www.world-exchanges.org/home/index.php/ and overhead.
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Document Created: 2016-09-10 00:56:50
Document Modified: 2016-09-10 00:56:50
| 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 62781 |
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