81 FR 79069 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees Related to the MSRB Academic Historical Transaction Data Product
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 218 (November 10, 2016)
Federal Register Volume 81, Issue 218 (November 10, 2016)
| Page Range | 79069-79071 | |
| FR Document | 2016-27149 |
[Federal Register Volume 81, Number 218 (Thursday, November 10, 2016)] [Notices] [Pages 79069-79071] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-27149] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79239; File No. SR-MSRB-2016-14] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees Related to the MSRB Academic Historical Transaction Data Product November 4, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on October 25, 2016 the Municipal Securities Rulemaking Board (the ``MSRB'' or ``Board'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the MSRB. The [[Page 79070]] 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The MSRB filed with the Commission a proposed amendment to the MSRB's facility for the Real-Time Transaction Reporting System (``RTRS'') to establish fees related to the MSRB Academic Historical Transaction Data Product (``RTRS Academic Data Product'') (``proposed rule change'').\3\ The MSRB has designated the proposed rule change as establishing or changing a fee or charge of the MSRB, which renders the proposed rule change effective upon receipt of this filing by the Commission. The effective date of the fees will coincide with the effective date of the RTRS Academic Data Product, which the MSRB will announce in a regulatory notice to be published no later than December 12, 2016, and which will be no later than June 9, 2017.\4\ The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \3\ See Exchange Act Release No. 78826 (Sept. 13, 2016), 81 FR 64215 (Sept. 19, 2016) (SR-MSRB-2016-09) (``Approval Order''). \4\ See id. at 64216 (noting that the effective date of the RTRS Academic Data Product will be announced in a regulatory notice to be published no later than 90 days from the date of the Approval Order, and such effective date will be no later than 270 days following publication of the regulatory notice announcing Commission approval of the proposed rule change); MSRB Notice 2016-22 (Sept. 14, 2016). --------------------------------------------------------------------------- The text of the proposed rule change is available on the MSRB's Web site at www.msrb.org/Rules-and-Interpretations/SEC-Filings/2016-Filings.aspx, at the MSRB's principal office, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the MSRB included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The MSRB has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Under the Exchange Act, the MSRB is charged with adopting rules with respect to transactions in municipal securities effected by brokers, dealers and municipal securities dealers (``dealers'') and the municipal advisory activities of municipal advisors. In addition, the MSRB has undertaken to create various market transparency products in furtherance of its statutory duties and its mission, which is, in part, to promote a fair and efficient municipal securities market through the collection and dissemination of market information. Historically, the MSRB has operated information systems to collect key disclosure documents and transaction data to create a central warehouse of information that in turn made most of these documents and data available to the market--the Electronic Municipal Market Access (EMMA[supreg]) \5\ Web site. The MSRB makes post-trade transaction data available to the general public through the EMMA Web site at no cost, and to data vendors, industry utilities and others on a subscription basis through a real-time data feed and on a delayed basis. --------------------------------------------------------------------------- \5\ EMMA[supreg] is a registered trademark of the MSRB. --------------------------------------------------------------------------- MSRB Rule G-14, on transaction reporting, requires dealers to report all executed transactions in municipal securities to RTRS within 15 minutes of the time of trade, with limited exceptions.\6\ The information facility for RTRS serves to outline the high-level parameters by which the MSRB operates the system. The new RTRS Academic Data Product will include the same transactions included in the current RTRS historical transaction data sets, with the inclusion of anonymized dealer identifiers but the exclusion of list offering price and takedown transactions, which are defined such that they generally encompass primary market transactions; will be made available only to academic institutions; and will be highly useful in connection with research activities by allowing academic institutions to attribute transactions to the dealers that facilitated them. --------------------------------------------------------------------------- \6\ Transactions in securities without CUSIP numbers, transactions in municipal fund securities and certain inter-dealer securities movements not eligible for comparison through a clearing agency are the only transactions exempt from the reporting requirements of Rule G-14. --------------------------------------------------------------------------- The purpose of the proposed rule change is to establish fees related to the RTRS Academic Data Product. Specifically, the proposed rule change would make the RTRS Academic Data Product available to academic institutions for a fee of $500 per one-year data set (with a one-time initial set-up fee of $500).\7\ The MSRB customarily waives all fees associated with an MSRB subscription service or historical data product purchase for non-profit organizations (including academic institutions). However, due to the additional legal and operational effort required for the MSRB to offer the RTRS Academic Data Product, the MSRB believes that the $500 fee per one-year data set and $500 one- time initial set-up fee is appropriate to help defray these costs, while not overly burdening academic institutions. --------------------------------------------------------------------------- \7\ Academic institutions would be able to request the one-year data sets on a rolling basis, and any request that is not in a 12- month increment would be charged the full fee for an additional year. --------------------------------------------------------------------------- 2. Statutory Basis Section 15B(b)(3)(B)(ii) of the Exchange Act \8\ provides that the MSRB: --------------------------------------------------------------------------- \8\ 15 U.S.C. 78o-4(b)(3)(B)(ii). shall not be prohibited from charging commercially reasonable fees for automated subscription-based feeds or similar services, or for charging for other data or document-based services customized upon request of any person, made available to commercial enterprises, municipal securities market professionals, or the general public, whether delivered through the Internet or any other means, that contain all or part of the documents or information, subject to approval of the fees by the Commission under section --------------------------------------------------------------------------- 19(b). The MSRB believes that the proposed rule change is consistent with Section 15B(b)(3)(B)(ii) of the Exchange Act \9\ in that it would charge a fee of $500 per one-year data set (with a one-time initial set-up fee of $500) for the RTRS Academic Data Product. The MSRB believes these fees are commercially reasonably as a means to help defray the additional legal and operational effort required for the MSRB to offer the RTRS Academic Data Product, while not overly burdening academic institutions. --------------------------------------------------------------------------- \9\ Id. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition Section 15B(b)(2)(C) of the Exchange Act \10\ requires that MSRB rules not be designed to impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. In determining whether these standards have been met, the MSRB was guided by the Board's Policy on the Use of Economic Analysis [[Page 79071]] in MSRB Rulemaking. In accordance with this policy, the Board has evaluated the potential impacts on competition of the proposed rule change, including in comparison to reasonable alternative regulatory approaches, relative to the baseline. The MSRB also considered other economic impacts of the proposed rule change and has addressed comments relevant to these impacts in other sections of this document. The MSRB does not believe that the proposed rule change will impose any additional burdens on competition, relative to the baseline, that are not necessary or appropriate in furtherance of the purposes of the Act. The MSRB notes that the proposed rule change will apply equally to all academic institutions who choose to purchase the RTRS Academic Data Product. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78o-4(b)(2)(C). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The MSRB received 13 comment letters in response to the request for comment that originally proposed the RTRS Academic Data Product.\11\ As was proposed in the Request for Comment, the RTRS Academic Data Product would have been made available for a fee of $500 per calendar-year data set (with a one-time initial set-up fee of $500).\12\ Only two of the commenters addressed the proposed fees.\13\ Specifically, Harris commented that academics should either pay a reduced rate, when compared to the fee charged to industry participants and their various organizations and consultants, or be given access for free because, in his opinion, academics are often not paid to conduct their research while the public obtains a benefit from the research being conducted. ABFM stated that it believes the fee is reasonable. The MSRB notes that there is no occasion to provide the RTRS Academic Data Product at a discount, as it is available only to academic institutions. Further, the MSRB believes that the proposed fees, which are substantially less than the analogous fees for the historical transaction data sets,\14\ are fair and reasonable given the expenses incurred to create and facilitate the product, and that the fees would not overly burden academic institutions. --------------------------------------------------------------------------- \11\ See MSRB Notice 2015-10 (July 16, 2015) (``Request for Comment''). \12\ The MSRB notes that the Request for Comment proposed the availability of the RTRS Academic Data Product in calendar-year data sets, but, as it does with other data products and as described above, the MSRB would make the RTRS Academic Data Product available on a rolling basis in one-year data sets. \13\ See letters from: Robert Kravchuk, et al., Association for Budgeting and Financial Management (``ABFM''), dated September 13, 2015; and Lawrence Harris (``Harris''), Professor of Finance and Business Economics, University of Southern California, Marshall School of Business, dated September 6, 2015. \14\ The MSRB provides historical transaction data in one-year data sets for $2,500 per year and charges a one-time set-up fee of $2,000. --------------------------------------------------------------------------- III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \15\ and paragraph (f) of Rule 19b-4 thereunder.\16\ 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 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 proposed rule change 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 Number SR-MSRB-2016-14 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. All submissions should refer to File Number SR-MSRB-2016-14. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the MSRB. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-MSRB-2016-14 and should be submitted on or before December 1, 2016. For the Commission, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2016-27149 Filed 11-9-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 218 / Thursday, November 10, 2016 / Notices 79069
corresponding options rule. The of Rule 9400 to violations of Chapter III, submission, all subsequent
proposed rule change is non- Section 16 in the purpose section of the amendments, all written statements
controversial. The addition of the cross- Form 19b–4. with respect to the proposed rule
reference is for clarity. The text of the rule governs what change that are filed with the
actions the Exchange can take.16 Commission, and all written
B. Self-Regulatory Organization’s However, because the description in the communications relating to the
Statement on Burden on Competition original filing sets forth what the proposed rule change between the
The Exchange does not believe that Exchange intended the rule to cover, Commission and any person, other than
the proposed rule change will impose and this proposed rule change corrects those that may be withheld from the
any burden on competition not an oversight by the Exchange in the public in accordance with the
necessary or appropriate in furtherance previous filing, the Commission provisions of 5 U.S.C. 552, will be
of the purposes of the Act. This non- believes that waiving the 30-day available for Web site viewing and
controversial rule change will merely operative delay 17 is consistent with the printing in the Commission’s Public
add the reference to the options rule protection of investors and the public Reference Room, 100 F Street NE.,
next to the current reference for the interest and designates the proposal Washington, DC 20549, on official
equity rule to make clear, as noted in operative on filing. business days between the hours of
the rule changes, that violations of At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of the
either rule relating to disruptive quoting filing of the proposed rule change, the filing also will be available for
and trading activity, will be disciplined Commission summarily may inspection and copying at the principal
pursuant to Rule 9400. temporarily suspend such rule change if office of the Exchange. All comments
it appears to the Commission that such received will be posted without change;
C. Self-Regulatory Organization’s action is necessary or appropriate in the the Commission does not edit personal
Statement on Comments on the public interest, for the protection of identifying information from
Proposed Rule Change Received From investors, or otherwise in furtherance of submissions. You should submit only
Members, Participants, or Others the purposes of the Act. If the information that you wish to make
No written comments were either Commission takes such action, the available publicly. All submissions
solicited or received. Commission will institute proceedings should refer to File Number SR–
to determine whether the proposed rule NASDAQ–2016–146 and should be
III. Date of Effectiveness of the
change should be approved or submitted on or before December 1,
Proposed Rule Change and Timing for
disapproved. 2016.
Commission Action
IV. Solicitation of Comments For the Commission, by the Division of
Because the foregoing proposed rule Trading and Markets, pursuant to delegated
change does not: (i) significantly affect Interested persons are invited to authority.18
the protection of investors or the public submit written data, views and Brent J. Fields,
interest; (ii) impose any significant arguments concerning the foregoing, Secretary.
burden on competition; and (iii) become including whether the proposed rule
[FR Doc. 2016–27150 Filed 11–9–16; 8:45 am]
operative for 30 days from the date on change is consistent with the Act.
BILLING CODE 8011–01–P
which it was filed, or such shorter time Comments may be submitted by any of
as the Commission may designate, it has the following methods:
become effective pursuant to Section Electronic Comments SECURITIES AND EXCHANGE
19(b)(3)(A) of the Act 12 and Rule 19b– COMMISSION
4(f)(6) thereunder.13 • Use the Commission’s Internet
A proposed rule change filed comment form (http://www.sec.gov/ [Release No. 34–79239; File No. SR–MSRB–
pursuant to Rule 19b–4(f)(6) under the rules/sro.shtml); or 2016–14]
Act 14 normally does not become • Send an email to rule-comments@
sec.gov. Please include File Number SR– Self-Regulatory Organizations;
operative for 30 days after the date of its Municipal Securities Rulemaking
filing. However, Rule 19b–4(f)(6) 15 NASDAQ–2016–146 on the subject line.
Board; Notice of Filing and Immediate
permits the Commission to designate a Paper Comments Effectiveness of a Proposed Rule
shorter time if such action is consistent
• Send paper comments in triplicate Change To Establish Fees Related to
with the protection of investors and the the MSRB Academic Historical
to Secretary, Securities and Exchange
public interest. The Exchange believes Transaction Data Product
Commission, 100 F Street, NE.,
that waiving the 30-day operative delay
Washington, DC 20549–1090.
is consistent with the protection of November 4, 2016.
investors and the public interest All submissions should refer to File Pursuant to Section 19(b)(1) of the
because it would allow the Exchange to Number SR–NASDAQ–2016–146. This Securities Exchange Act of 1934 (the
immediately add the cross-reference file number should be included on the ‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule
within Rule 9400 which would provide subject line if email is used. To help the 19b–4 thereunder,2 notice is hereby
clarity to members. The Exchange notes Commission process and review your given that on October 25, 2016 the
that a rule change to permit Rule 9400 comments more efficiently, please use Municipal Securities Rulemaking Board
to apply to violations of Chapter III, only one method. The Commission will (the ‘‘MSRB’’ or ‘‘Board’’) filed with the
post all comments on the Commission’s
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Section 16 was previously filed with the Securities and Exchange Commission
Commission. However, that filing failed Internet Web site (http://www.sec.gov/ (‘‘Commission’’) the proposed rule
to amend the rule text of Rule 9400 and rules/sro.shtml). Copies of the change as described in Items I, II, and
only discussed the intended application III below, which Items have been
16 See Section 6(b)(1) of the Act. 15 U.S.C.
78f(b)(1).
prepared by the MSRB. The
12 15 U.S.C. 78s(b)(3)(A). 17 For purposes only of waiving the 30-day
13 17 CFR 240.19b–4(f)(6). 18 17 CFR 200.30–3(a)(12).
operative delay, the Commission has considered the
14 17 CFR 240.19b–4(f)(6). 1 15 U.S.C. 78s(b)(1).
proposed rule’s impact on efficiency, competition,
15 17 CFR 240.19b–4(f)(6). and capital formation. See 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 81, No. 218 / Thursday, November 10, 2016 / Notices 79071
in MSRB Rulemaking. In accordance analogous fees for the historical those that may be withheld from the
with this policy, the Board has transaction data sets,14 are fair and public in accordance with the
evaluated the potential impacts on reasonable given the expenses incurred provisions of 5 U.S.C. 552, will be
competition of the proposed rule to create and facilitate the product, and available for Web site viewing and
change, including in comparison to that the fees would not overly burden printing in the Commission’s Public
reasonable alternative regulatory academic institutions. Reference Room, 100 F Street NE.,
approaches, relative to the baseline. The Washington, DC 20549 on official
III. Date of Effectiveness of the
MSRB also considered other economic business days between the hours of
Proposed Rule Change and Timing for
impacts of the proposed rule change and 10:00 a.m. and 3:00 p.m. Copies of the
Commission Action
has addressed comments relevant to filing also will be available for
these impacts in other sections of this The foregoing proposed rule change inspection and copying at the principal
document. The MSRB does not believe has become effective pursuant to office of the MSRB. All comments
that the proposed rule change will Section 19(b)(3)(A) of the Act 15 and received will be posted without change;
impose any additional burdens on paragraph (f) of Rule 19b–4 the Commission does not edit personal
competition, relative to the baseline, thereunder.16 At any time within 60 identifying information from
that are not necessary or appropriate in days of the filing of the proposed rule submissions. You should submit only
furtherance of the purposes of the Act. change, the Commission summarily may information that you wish to make
The MSRB notes that the proposed rule temporarily suspend such rule change if available publicly. All submissions
change will apply equally to all it appears to the Commission that such should refer to File Number SR–MSRB–
academic institutions who choose to action is necessary or appropriate in the 2016–14 and should be submitted on or
purchase the RTRS Academic Data public interest, for the protection of before December 1, 2016.
Product. investors, or otherwise in furtherance of
the purposes of the Act. For the Commission, pursuant to delegated
C. Self-Regulatory Organization’s authority.17
Statement on Comments on the IV. Solicitation of Comments Brent J. Fields,
Proposed Rule Change Received From Interested persons are invited to Secretary.
Members, Participants, or Others submit written data, views, and [FR Doc. 2016–27149 Filed 11–9–16; 8:45 am]
The MSRB received 13 comment arguments concerning the foregoing, BILLING CODE 8011–01–P
letters in response to the request for including whether the proposed rule
comment that originally proposed the change is consistent with the Act.
RTRS Academic Data Product.11 As was Comments may be submitted by any of SECURITIES AND EXCHANGE
proposed in the Request for Comment, the following methods: COMMISSION
the RTRS Academic Data Product would Electronic Comments [Release No. 34–79245; File No. SR–NSCC–
have been made available for a fee of 2016–005)
$500 per calendar-year data set (with a • Use the Commission’s Internet
one-time initial set-up fee of $500).12 comment form (http://www.sec.gov/ Self-Regulatory Organizations;
Only two of the commenters addressed rules/sro.shtml); or National Securities Clearing
the proposed fees.13 Specifically, Harris • Send an email to rule-comments@ Corporation; Notice of Filing of
commented that academics should sec.gov. Please include File Number SR– Proposed Rule Change To Accelerate
either pay a reduced rate, when MSRB–2016–14 on the subject line. Its Trade Guaranty, Add New Clearing
compared to the fee charged to industry Paper Comments Fund Components, Enhance Its
participants and their various • Send paper comments in triplicate Intraday Risk Management, Provide for
organizations and consultants, or be to Secretary, Securities and Exchange Loss Allocation of ‘‘Off-the-Market
given access for free because, in his Commission, 100 F Street NE., Transactions,’’ and Make Other
opinion, academics are often not paid to Washington, DC 20549. Changes
conduct their research while the public
All submissions should refer to File November 4, 2016
obtains a benefit from the research being
Number SR–MSRB–2016–14. This file Pursuant to Section 19(b)(1) of the
conducted. ABFM stated that it believes
number should be included on the Securities Exchange Act of 1934
the fee is reasonable. The MSRB notes
subject line if email is used. To help the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
that there is no occasion to provide the
Commission process and review your notice is hereby given that on October
RTRS Academic Data Product at a
comments more efficiently, please use 25, 2016, National Securities Clearing
discount, as it is available only to
only one method. The Commission will Corporation (‘‘NSCC’’ or the
academic institutions. Further, the
post all comments on the Commission’s ‘‘Corporation’’) filed with the Securities
MSRB believes that the proposed fees,
which are substantially less than the Internet Web site (http://www.sec.gov/ and Exchange Commission
rules/sro.shtml). Copies of the (‘‘Commission’’) the proposed rule
11 See MSRB Notice 2015–10 (July 16, 2015) submission, all subsequent change as described in Items I, II and III
(‘‘Request for Comment’’). amendments, all written statements below, which Items have been prepared
12 The MSRB notes that the Request for Comment with respect to the proposed rule primarily by the clearing agency.3 The
proposed the availability of the RTRS Academic change that are filed with the
Data Product in calendar-year data sets, but, as it
Commission, and all written 17 17 CFR 200.30–3(a)(12).
asabaliauskas on DSK3SPTVN1PROD with NOTICES
does with other data products and as described
above, the MSRB would make the RTRS Academic communications relating to the 1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
Data Product available on a rolling basis in one-year proposed rule change between the
data sets. Commission and any person, other than 3 On October 25, 2016, NSCC filed this proposed
13 See letters from: Robert Kravchuk, et al., rule change as an advance notice (SR–NSCC–2016–
Association for Budgeting and Financial 803) with the Commission pursuant to Section
14 The MSRB provides historical transaction data
Management (‘‘ABFM’’), dated September 13, 2015; 806(e)(1) of the Dodd-Frank Wall Street Reform and
and Lawrence Harris (‘‘Harris’’), Professor of in one-year data sets for $2,500 per year and charges Consumer Protection Act entitled the Payment,
Finance and Business Economics, University of a one-time set-up fee of $2,000. Clearing, and Settlement Supervision Act of 2010,
15 15 U.S.C. 78s(b)(3)(A).
Southern California, Marshall School of Business, 12 U.S.C. 5465(e)(1), and Rule 19b–4(n)(1)(i) of the
dated September 6, 2015. 16 17 CFR 240.19b–4(f). Continued
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Document Created: 2016-11-10 01:44:19
Document Modified: 2016-11-10 01:44:19
| 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 79069 |
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