81 FR 66109 - Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of Regulation M to Amplify YieldShares Prime 5 Dividend ETF Pursuant to Exchange Act Rule 10b-17(b)(2) and Rules 101(d) and 102(e) of Regulation M
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 186 (September 26, 2016)
Federal Register Volume 81, Issue 186 (September 26, 2016)
| Page Range | 66109-66111 | |
| FR Document | 2016-23043 |
[Federal Register Volume 81, Number 186 (Monday, September 26, 2016)] [Notices] [Pages 66109-66111] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-23043] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78882; File No. TP 16-13] Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of Regulation M to Amplify YieldShares Prime 5 Dividend ETF Pursuant to Exchange Act Rule 10b-17(b)(2) and Rules 101(d) and 102(e) of Regulation M September 20, 2016. By letter dated September 20, 2016 (the ``Letter''), as supplemented by conversations with the staff of the Division of Trading and Markets, counsel for Amplify ETF Trust (the ``Trust'') on behalf of the Trust, Amplify YieldShares Prime 5 Dividend ETF (the ``Fund''), any national securities exchange on or through which shares of the Fund (``Shares'') are listed and may subsequently trade, and persons or entities engaging in transactions in Shares (collectively, the ``Requestors''), requested exemptions, or interpretive or no-action relief, from Rule 10b-17 of the Securities Exchange Act of 1934, as amended (``Exchange Act''), and Rules 101 and 102 of Regulation M, in connection with secondary market transactions in Shares and the creation or redemption of aggregations of Shares of 50,000 shares (``Creation Units''). The Trust is registered with the Securities and Exchange Commission (``Commission'') under the Investment Company Act of 1940, as amended (``1940 Act''), as an open-end management investment company. The Fund seeks to track the performance of an underlying index, the Prime 5 US Dividend ETF Index (``Underlying Index''). The Underlying Index seeks to provide exposure to the five highest-ranked dividend ETFs based on the index provider's scoring and selection criteria. The Fund will seek to track the performance of its Underlying Index by normally investing at least 80% of its total assets in the underlying exchange-traded funds that comprise the Underlying Index.\1\ In light of the composition of the Underlying Index, the Fund intends to operate as an ``ETF of ETFs.'' Except for the fact that the Fund will operate as an ETF of ETFs, the Fund will operate in a manner identical to the underlying ETFs. --------------------------------------------------------------------------- \1\ The remaining 20% may be invested in securities with maturities of less than one year or cash equivalents, or the Fund may hold cash. --------------------------------------------------------------------------- The Requestors represent, among other things, the following:Shares of the Fund will be issued by the Trust, an open- end management investment company that is registered with the Commission; Creation Units will be continuously redeemable at the net asset value (``NAV'') next determined after receipt of a request for redemption by the Fund, and the secondary market price of the Shares should not vary substantially from the NAV of such Shares; Shares of the Fund will be listed and traded on BATS Exchange Inc. or another exchange in accordance with exchange listing standards that are, or will become, effective pursuant to Section 19(b) of the Exchange Act (the ``Listing Exchange''); \2\ --------------------------------------------------------------------------- \2\ Further, the Letter states that should the Shares also trade on a market pursuant to unlisted trading privileges, such trading will be conducted pursuant to self-regulatory organization rules that are or will become effective pursuant to Section 19(b) of the Exchange Act. --------------------------------------------------------------------------- The Fund seeks to track the performance of the Underlying Index, all the components of which have publicly available last sale trade information; The Listing Exchange will disseminate continuously every 15 seconds throughout the trading day, through the facilities of the Consolidated Tape Association, the market value of a Share; The Listing Exchange, market data vendors or other information providers will disseminate, every 15 seconds throughout the trading day, a calculation of the intraday indicative value of a Share; On each business day before the opening of business on the Listing Exchange, the Fund will cause to be published through the National Securities Clearing Corporation the list of the names and the quantities of securities of the Fund's portfolio that will be applicable that day to creation and redemption requests; The arbitrage mechanism will be facilitated by the transparency of the Fund's portfolio and the availability of the intraday indicative value, the liquidity of securities held by the Fund, the ability to acquire such securities, as well as arbitrageurs' ability to create workable hedges; The Fund will invest solely in liquid securities; The Fund will invest in securities that will facilitate an effective and efficient arbitrage mechanism and the ability to create workable hedges; All ETFs in which the Fund invests will either meet all conditions set forth in one or more class relief letters, will have received individual relief from the Commission, will be able to rely on individual relief even though they are not named parties, or will be able to rely [[Page 66110]] on applicable class relief for actively-managed ETFs; The Trust believes that arbitrageurs are expected to take advantage of price variations between the Fund's market price and its NAV; and A close alignment between the market price of Shares and the Fund's NAV is expected. Regulation M While redeemable securities issued by an open-end management investment company are excepted from the provisions of Rules 101 and 102 of Regulation M, the Requestors may not rely upon those exceptions for the Shares.\3\ However, we find that it is appropriate in the public interest and is consistent with the protection of investors to grant a conditional exemption from Rules 101 and 102 to persons who may be deemed to be participating in a distribution of Shares of the Fund as described in more detail below. --------------------------------------------------------------------------- \3\ While ETFs operate under exemptions from the definitions of ``open-end company'' under Section 5(a)(1) of the 1940 Act and ``redeemable security'' under Section 2(a)(32) of the 1940 Act, the Fund and its securities do not meet those definitions. --------------------------------------------------------------------------- Rule 101 of Regulation M Generally, Rule 101 of Regulation M is an anti-manipulation rule that, subject to certain exceptions, prohibits any ``distribution participant'' and its ``affiliated purchasers'' from bidding for, purchasing, or attempting to induce any person to bid for or purchase any security that is the subject of a distribution until after the applicable restricted period, except as specifically permitted in the Rule. Rule 100 of Regulation M defines ``distribution'' to mean any offering of securities that is distinguished from ordinary trading transactions by the magnitude of the offering and the presence of special selling efforts and selling methods. The provisions of Rule 101 of Regulation M apply to underwriters, prospective underwriters, brokers, dealers, or other persons who have agreed to participate or are participating in a distribution of securities. The Shares are in a continuous distribution and, as such, the restricted period in which distribution participants and their affiliated purchasers are prohibited from bidding for, purchasing, or attempting to induce others to bid for or purchase extends indefinitely. Based on the representations and facts presented in the Letter, particularly that the Trust is a registered open-end management investment company, that Creation Unit size aggregations of the Shares of the Fund will be continuously redeemable at the NAV next determined after receipt of a request for redemption by the Fund, and that a close alignment between the market price of Shares and the Fund's NAV is expected, the Commission finds that it is appropriate in the public interest and consistent with the protection of investors to grant the Trust an exemption under paragraph (d) of Rule 101 of Regulation M with respect to the Fund, thus permitting persons participating in a distribution of Shares of the Fund to bid for or purchase such Shares during their participation in such distribution.\4\ --------------------------------------------------------------------------- \4\ Additionally, we confirm the interpretation that a redemption of Creation Unit size aggregations of Shares of the Fund and the receipt of securities in exchange by a participant in a distribution of Shares of the Fund would not constitute an ``attempt to induce any person to bid for or purchase, a covered security during the applicable restricted period'' within the meaning of Rule 101 of Regulation M and therefore would not violate that rule. --------------------------------------------------------------------------- Rule 102 of Regulation M Rule 102 of Regulation M prohibits issuers, selling security holders, and any affiliated purchaser of such person from bidding for, purchasing, or attempting to induce any person to bid for or purchase a covered security during the applicable restricted period in connection with a distribution of securities effected by or on behalf of an issuer or selling security holder. Based on the representations and facts presented in the Letter, particularly that the Trust is a registered open-end management investment company, that Creation Unit size aggregations of the Shares of the Fund will be continuously redeemable at the NAV next determined after receipt of a request for redemption by the Fund, and that a close alignment between the market price of Shares and the Fund's NAV is expected, the Commission finds that it is appropriate in the public interest and consistent with the protection of investors to grant the Trust an exemption under paragraph (e) of Rule 102 of Regulation M with respect to the Fund, thus permitting the Fund to redeem Shares of the Fund during the continuous offering of such Shares. Rule 10b-17 Rule 10b-17, with certain exceptions, requires an issuer of a class of publicly traded securities to give notice of certain specified actions (for example, a dividend distribution) relating to such class of securities in accordance with Rule 10b-17(b). Based on the representations and facts in the Letter, and subject to the conditions below, the Commission finds that it is appropriate in the public interest, and consistent with the protection of investors to grant the Trust a conditional exemption from Rule 10b-17 because market participants will receive timely notification of the existence and timing of a pending distribution, and thus the concerns that the Commission raised in adopting Rule 10b-17 will not be implicated.\5\ --------------------------------------------------------------------------- \5\ We also note that timely compliance with Rule 10b- 17(b)(1)(v)(a) and (b) would be impractical in light of the nature of the Fund. This is because it is not possible for the Fund to accurately project ten days in advance what dividend, if any, would be paid on a particular record date. Further, the Commission finds, based upon the representations of the Requestors in the Letter, that the provision of the notices as described in the Letter and subject to the conditions of this Order would not constitute a manipulative or deceptive device or contrivance comprehended within the purpose of Rule 10b-17. --------------------------------------------------------------------------- Conclusion It is hereby ordered, pursuant to Rule 101(d) of Regulation M, that the Trust, based on the representations and facts presented in the Letter, is exempt from the requirements of Rule 101 with respect to the Fund, thus permitting persons who may be deemed to be participating in a distribution of Shares of the Fund to bid for or purchase such Shares during their participation in such distribution. It is further ordered, pursuant to Rule 102(e) of Regulation M, that the Trust, based on the representations and the facts presented in the Letter, is exempt from the requirements of Rule 102 with respect to the Fund, thus permitting the Fund to redeem Shares of the Fund during the continuous offering of such Shares. It is further ordered, pursuant to Rule 10b-17(b)(2), that the Trust, based on the representations and the facts presented in the Letter and subject to the conditions below, is exempt from the requirements of Rule 10b-17 with respect to transactions in the shares of the Fund. This exemptive relief is subject to the following conditions: The Trust will comply with Rule 10b-17 except for Rule 10b-17(b)(1)(v)(a) and (b); and The Trust will provide the information required by Rule 10b-17(b)(1)(v)(a) and (b) to the Listing Exchange as soon as practicable before trading begins on the ex-dividend date, but in no event later than the time when the Listing Exchange last accepts information relating to distributions on the day before the ex-dividend date. This exemptive relief is subject to modification or revocation at any time the Commission determines that such action is necessary or appropriate in furtherance of the purposes of the Exchange Act. This exemption is based [[Page 66111]] on the facts presented and the representations made in the Letter. Any different facts or representations may require a different response. Persons relying upon this exemptive relief shall discontinue transactions involving the Shares of the Fund, pending presentation of the facts for the Commission's consideration, in the event that any material change occurs with respect to any of the facts or representations made by the Requestors and, as is the case with all preceding letters, particularly with respect to the close alignment between the market price of Shares and the Fund's NAV. In addition, persons relying on this exemption are directed to the anti-fraud and anti-manipulation provisions of the Exchange Act, particularly Sections 9(a), 10(b), and Rule10b-5 thereunder. Responsibility for compliance with these and any other applicable provisions of the federal securities laws must rest with the persons relying on this exemption. This Order should not be considered a view with respect to any other question that the proposed transactions may raise, including, but not limited to the adequacy of the disclosure concerning, and the applicability of other federal or state laws to, the proposed transactions. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\6\ --------------------------------------------------------------------------- \6\ 17 CFR 200.30-3(a)(6) and (9). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-23043 Filed 9-23-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 186 / Monday, September 26, 2016 / Notices 66109
• Send an email to rule-comments@ SECURITIES AND EXCHANGE investment company that is registered
sec.gov. Please include File Number SR– COMMISSION with the Commission;
CBOE–2016–064 on the subject line. • Creation Units will be continuously
[Release No. 34–78882; File No. TP 16–13] redeemable at the net asset value
Paper Comments (‘‘NAV’’) next determined after receipt
Order Granting Limited Exemptions
of a request for redemption by the Fund,
• Send paper comments in triplicate From Exchange Act Rule 10b–17 and
Rules 101 and 102 of Regulation M to and the secondary market price of the
to Secretary, Securities and Exchange
Amplify YieldShares Prime 5 Dividend Shares should not vary substantially
Commission, 100 F Street NE.,
ETF Pursuant to Exchange Act Rule from the NAV of such Shares;
Washington, DC 20549–1090. • Shares of the Fund will be listed
10b–17(b)(2) and Rules 101(d) and
All submissions should refer to File and traded on BATS Exchange Inc. or
102(e) of Regulation M
Number SR–CBOE–2016–064. This file another exchange in accordance with
number should be included on the September 20, 2016. exchange listing standards that are, or
subject line if email is used. To help the By letter dated September 20, 2016 will become, effective pursuant to
Commission process and review your (the ‘‘Letter’’), as supplemented by Section 19(b) of the Exchange Act (the
comments more efficiently, please use conversations with the staff of the ‘‘Listing Exchange’’); 2
Division of Trading and Markets, • The Fund seeks to track the
only one method. The Commission will
counsel for Amplify ETF Trust (the performance of the Underlying Index,
post all comments on the Commission’s
‘‘Trust’’) on behalf of the Trust, Amplify all the components of which have
Internet Web site (http://www.sec.gov/ publicly available last sale trade
rules/sro.shtml). Copies of the YieldShares Prime 5 Dividend ETF (the
‘‘Fund’’), any national securities information;
submission, all subsequent • The Listing Exchange will
exchange on or through which shares of
amendments, all written statements disseminate continuously every 15
the Fund (‘‘Shares’’) are listed and may
with respect to the proposed rule seconds throughout the trading day,
subsequently trade, and persons or
change that are filed with the entities engaging in transactions in through the facilities of the
Commission, and all written Shares (collectively, the ‘‘Requestors’’), Consolidated Tape Association, the
communications relating to the requested exemptions, or interpretive or market value of a Share;
proposed rule change between the no-action relief, from Rule 10b–17 of the • The Listing Exchange, market data
Commission and any person, other than Securities Exchange Act of 1934, as vendors or other information providers
those that may be withheld from the amended (‘‘Exchange Act’’), and Rules will disseminate, every 15 seconds
public in accordance with the 101 and 102 of Regulation M, in throughout the trading day, a
provisions of 5 U.S.C. 552, will be connection with secondary market calculation of the intraday indicative
available for Web site viewing and transactions in Shares and the creation value of a Share;
printing in the Commission’s Public or redemption of aggregations of Shares • On each business day before the
Reference Room, 100 F Street NE., of 50,000 shares (‘‘Creation Units’’). opening of business on the Listing
The Trust is registered with the Exchange, the Fund will cause to be
Washington, DC 20549 on official
Securities and Exchange Commission published through the National
business days between the hours of
(‘‘Commission’’) under the Investment Securities Clearing Corporation the list
10:00 a.m. and 3:00 p.m. Copies of the
Company Act of 1940, as amended of the names and the quantities of
filing also will be available for securities of the Fund’s portfolio that
inspection and copying at the principal (‘‘1940 Act’’), as an open-end
management investment company. The will be applicable that day to creation
office of the Exchange. All comments and redemption requests;
Fund seeks to track the performance of
received will be posted without change;
an underlying index, the Prime 5 US • The arbitrage mechanism will be
the Commission does not edit personal facilitated by the transparency of the
identifying information from Dividend ETF Index (‘‘Underlying
Index’’). The Underlying Index seeks to Fund’s portfolio and the availability of
submissions. You should submit only the intraday indicative value, the
provide exposure to the five highest-
information that you wish to make liquidity of securities held by the Fund,
ranked dividend ETFs based on the
available publicly. All submissions index provider’s scoring and selection the ability to acquire such securities, as
should refer to File Number SR–CBOE– criteria. well as arbitrageurs’ ability to create
2016–064 and should be submitted on The Fund will seek to track the workable hedges;
or before October 17, 2016. performance of its Underlying Index by • The Fund will invest solely in
normally investing at least 80% of its liquid securities;
For the Commission, by the Division of • The Fund will invest in securities
Trading and Markets, pursuant to delegated total assets in the underlying exchange-
that will facilitate an effective and
authority.23 traded funds that comprise the
efficient arbitrage mechanism and the
Robert W. Errett, Underlying Index.1 In light of the
ability to create workable hedges;
Deputy Secretary.
composition of the Underlying Index, • All ETFs in which the Fund invests
the Fund intends to operate as an ‘‘ETF will either meet all conditions set forth
[FR Doc. 2016–23044 Filed 9–23–16; 8:45 am]
of ETFs.’’ Except for the fact that the in one or more class relief letters, will
BILLING CODE 8011–01–P Fund will operate as an ETF of ETFs, have received individual relief from the
the Fund will operate in a manner Commission, will be able to rely on
identical to the underlying ETFs. individual relief even though they are
mstockstill on DSK3G9T082PROD with NOTICES
The Requestors represent, among
not named parties, or will be able to rely
other things, the following:
• Shares of the Fund will be issued 2 Further, the Letter states that should the Shares
by the Trust, an open-end management also trade on a market pursuant to unlisted trading
privileges, such trading will be conducted pursuant
1 The remaining 20% may be invested in to self-regulatory organization rules that are or will
securities with maturities of less than one year or become effective pursuant to Section 19(b) of the
23 17 CFR 200.30–3(a)(12). cash equivalents, or the Fund may hold cash. Exchange Act.
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![Federal Register / Vol. 81, No. 186 / Monday, September 26, 2016 / Notices 66111
on the facts presented and the certain definitions in Rule 17Ad–22 changes were published for comment in
representations made in the Letter. Any related to clearing agencies pursuant to the in the Federal Register on August
different facts or representations may Section 17A of the Securities Exchange 17, 2016.5 The Commission received no
require a different response. Persons Act of 1934 and Title VIII of the Dodd- comments regarding the proposals. This
relying upon this exemptive relief shall Frank Wall Street Reform and Consumer order approves the proposed rule
discontinue transactions involving the Protection Act. changes.
Shares of the Fund, pending • The Commission will consider
whether to propose amendments to Rule II. Description of the Proposals
presentation of the facts for the
Commission’s consideration, in the 15c6–1 under the Securities Exchange NYSE Arca and NYSE MKT each
event that any material change occurs Act of 1934 to shorten the standard require market makers to use risk
with respect to any of the facts or settlement cycle for most broker-dealer limitation mechanisms that
representations made by the Requestors transactions from three business days automatically remove a market maker’s
and, as is the case with all preceding after the trade date to two business days quotes in all series of an options class
letters, particularly with respect to the after the trade date. when the market maker’s risk settings
close alignment between the market At times, changes in Commission are triggered.6 The Exchanges state that
price of Shares and the Fund’s NAV. In priorities require alterations in the the risk settings are designed to mitigate
addition, persons relying on this scheduling of meeting items. the risk of multiple executions against a
exemption are directed to the anti-fraud For further information and to market maker’s quotes occurring
and anti-manipulation provisions of the ascertain what, if any, matters have been simultaneously across multiple series
Exchange Act, particularly Sections 9(a), added, deleted, or postponed, please and multiple options classes.7
10(b), and Rule10b–5 thereunder. contact Brent J. Fields in the Office of According to the Exchanges, the risk
Responsibility for compliance with the Secretary at (202) 551–5400. settings allow market makers to provide
these and any other applicable Dated: September 21, 2016. liquidity across potentially thousands of
provisions of the federal securities laws Brent J. Fields, options series without being at risk of
must rest with the persons relying on Secretary. executing the full cumulative size of all
this exemption. This Order should not of their quotes before being given
[FR Doc. 2016–23325 Filed 9–22–16; 4:15 pm]
be considered a view with respect to adequate opportunity to adjust their
BILLING CODE 8011–01–P
any other question that the proposed quotes.8
transactions may raise, including, but An Electronic Complex Order may
not limited to the adequacy of the execute against quotes or individual
SECURITIES AND EXCHANGE
disclosure concerning, and the orders comprising the Complex Order
COMMISSION
applicability of other federal or state (the ‘‘leg markets’’), or against Electronic
[Release No. 34–78888; File Nos. SR– Complex Orders resting in the
laws to, the proposed transactions. NYSEARCA–2016–109; SR–NYSEMKT– Consolidated Book.9 An incoming
For the Commission, by the Division of 2016–73] Electronic Complex Order will execute
Trading and Markets, pursuant to delegated against customer interest in the leg
authority.6 Self-Regulatory Organizations; NYSE
Arca, Inc.; NYSE MKT LLC; Order markets before executing against resting
Robert W. Errett,
Approving Proposed Rule Changes To Electronic Complex Orders at the same
Deputy Secretary. price (i.e., at the same total net debit or
[FR Doc. 2016–23043 Filed 9–23–16; 8:45 am] Provide for the Rejection of Certain
Electronic Complex Orders credit), provided that the leg market
BILLING CODE 8011–01–P interest can execute the Electronic
September 20, 2016. Complex Order in full or in a
permissible ratio.10 When an Electronic
SECURITIES AND EXCHANGE I. Introduction
COMMISSION On August 3, 2016, NYSE Arca, Inc. 5 See Securities Exchange Act Release Nos. 78546
(‘‘NYSE Arca’’) and NYSE MKT LLC (August 11, 2016), 81 FR 54867 (‘‘NYSE Arca
Sunshine Act Meeting (‘‘NYSE MKT’’) (each an ‘‘Exchange’’ Notice’’); and 78544 (August 11, 2016), 81 FR 54893
(‘‘NYSE MKT Notice’’).
Notice is hereby given that, pursuant and, together, the ‘‘Exchanges’’) filed 6 See NYSE Arca Notice, 81 FR at 54868; and
to the provisions of the Government in with the Securities and Exchange NYSE MKT Notice, 81 FR at 54893. Pursuant to
the Sunshine Act, Public Law 99–409, Commission (the ‘‘Commission’’), NYSE Arca Rule 6.40(b)(3), (c)(3), and (d)(3), and
the Securities and Exchange pursuant to Section 19(b)(1) 1 of the NYSE MKT Rule 928(b)(3), (c)(3), and (d)(3), the
Securities Exchange Act of 1934 (the Exchanges establish a time period during which
Commission will hold an Open Meeting their respective Systems calculate: (1) The number
on Wednesday, September 28, 2016, at ‘‘Act’’),2 and Rule 19b–4 thereunder,3 of trades executed by a market maker in a specified
10:00 a.m., in the Auditorium, Room proposed rule changes to amend NYSE options class; (2) the volume of contracts executed
L–002. Arca Rule 6.91(b) and NYSE MKT Rule by a market maker in a specified options class; or
980(d), respectively, to allow the (3) the percentage of a market maker’s quoted size
The subject matter of the Open in specified options class (the ‘‘risk settings’’).
Meeting will be: Exchanges to reject certain Electronic When a market maker has breached its risk settings
• The Commission will consider Complex Orders.4 The proposed rule (i.e., has traded more than the contract or volume
whether to adopt rules to establish limit or cumulative percentage limit of a class
enhanced standards for the operation 1 15 U.S.C. 78s(b)(1). during the specified measurement interval), each
2 15 U.S.C. 78a. Exchange’s System cancels all of the market maker’s
and governance of certain clearing 3 17 CFR 240.19b–4. quotes in that class until the market maker notifies
mstockstill on DSK3G9T082PROD with NOTICES
agencies pursuant to Section 17A of the 4 NYSE Arca Rule 6.91 defines ‘‘Electronic the Exchange that it will resume submitting quotes.
Securities Exchange Act of 1934 and Complex Order’’ to mean, for purposes of that rule,
See id. See also NYSE Arca Rule 6.40, Commentary
Title VIII of the Dodd-Frank Wall Street .02; and NYSE MKT Rule 980NY, Commentary .02.
‘‘any Complex Order as defined in Rule 6.62(e) or 7 See NYSE Arca Notice, 81 FR at 54868; and
Reform and Consumer Protection Act. any Stock/Option Order or Stock/Complex Order as
NYSE MKT Notice, 81 FR at 54894.
• The Commission will consider defined in Rule 6.62(h) that is entered into the
8 See id.
NYSE Arca System.’’ NYSE MKT Rule 980 defines
whether to propose amendments to ‘‘Electronic Complex Order’’ to mean, for purposes 9 See id. See also NYSE Arca Rule 6.91(a)(2)(ii);
of that rule, ‘‘any Complex Order as defined in Rule and NYSE MKT Rule 980NY(c)(ii).
6 17 CFR 200.30–3(a)(6) and (9). 900.3NY(e) that is entered into the System.’’ 10 See id.
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Document Created: 2018-02-09 13:23:07
Document Modified: 2018-02-09 13:23:07
| 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 66109 |
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