81 FR 9231 - Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of Regulation M to WisdomTree Put Write Strategy Fund 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 36 (February 24, 2016)
Federal Register Volume 81, Issue 36 (February 24, 2016)
| Page Range | 9231-9233 | |
| FR Document | 2016-03792 |
[Federal Register Volume 81, Number 36 (Wednesday, February 24, 2016)] [Notices] [Pages 9231-9233] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-03792] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77173; File No. TP 15-15] Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of Regulation M to WisdomTree Put Write Strategy Fund Pursuant to Exchange Act Rule 10b-17(b)(2) and Rules 101(d) and 102(e) of Regulation M February 18, 2016. By letter dated February 18, 2016 (the ``Letter''), as supplemented by conversations with the staff of the Division of Trading and Markets, counsel for WisdomTree Trust (the ``Trust'') on behalf of the Trust, WisdomTree Put Write Strategy Fund (the ``Fund''), any national securities exchange on or through which shares issued by the Fund (``Shares'') 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 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 CBOE S&P 500 Put Write Index (``Index''). The Index is based on a passive investment strategy which consists of overlapping hypothetical investments in a single series of exchange- listed S&P 500 Index options (``SPX Puts'') over a money market account hypothetically invested in one and three-month Treasury bills. Specifically, the Index hypothetically writes at-the-money SPX Puts on a monthly basis, usually on the third Friday of the month (i.e., the ``Roll Date''), which match the expiration date of the hypothetical SPX Puts. All SPX Puts hypothetically invested in by the Index are standardized options traded on the Chicago Board Options Exchange. At each Roll Date, any settlement loss in the Index based on the expiring SPX Puts is financed by the Treasury bill account and a new batch of hypothetical at-the-money SPX Puts is sold. Revenue from their sale is added to the Index's hypothetical Treasury bill account. On each Roll Date in March, June, September, and December (``March quarterly cycle months''), the proceeds from the hypothetical sales of the SPX Puts are invested in hypothetical three-month Treasury bills. On each Roll Date in a March quarterly cycle month, the three month Treasury bills hypothetically purchased in the prior March quarterly cycle month, and any one-month Treasury bills hypothetically purchased in the prior month are deemed to mature, and the proceeds are hypothetically invested in new three-month Treasury bills at the three-month Treasury bill rate. In other months, the revenue from the hypothetical sale of SPX Puts is hypothetically invested separately at the one-month Treasury bill rate, and where applicable, any one-month Treasury bills purchased in the prior month are deemed to mature and hypothetically invested in new one-month Treasury bills at the one-month Treasury bill rate. As stated above, all investments used to determine Index value are hypothetical. In order to track the Index, under normal circumstances, as described in the Letter, the Fund will invest not less than 80% of its assets in SPX Puts and one and three month U.S. Treasury bills. The Fund may invest up to 20% of its net assets (in the aggregate) in other investments, as described in the Letter, that are not included in the Index, but which WisdomTree Asset Management, Inc. (``Adviser'') or Mellon Capital Management (``Sub-Adviser'') believes will help the Fund to track the Index and that will be disclosed at the end of each trading day (``Other Assets').\1\ The Fund's investment strategy will be designed to write a sequence of one-month, at-the-money, SPX Puts and invest cash and Other Assets targeted to achieve one- and three- month Treasury bill rates. The number of SPX Puts written will vary from month to month, but will be limited to permit the amount held in the Fund's investment in Treasury bills to finance the maximum possible loss from final settlement of the SPX Puts. --------------------------------------------------------------------------- \1\ For example, the Requestors represent that there may be instances in which the Adviser or Sub-Adviser may choose to purchase or sell financial instruments not in the Index which the Adviser or Sub-Adviser believes are appropriate to substitute for one or more Index components in seeking to replicate, before fees and expenses, the performance of the Index. --------------------------------------------------------------------------- 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 [[Page 9232]] of a request for redemptions 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 an Exchange; The Fund seeks to replicate the performance of the Index, all the components of which have publicly available last sale trade information; The intra-day indicative value of the Fund per share and the intra-day value of the Index will be publicly disseminated every 15 seconds throughout the trading day through the facilities of the Consolidated Tape Association; On each business day before commencement of trading in Shares on the Exchange, the Fund will disclose on its Web site the identities and quantities of the Fund's options positions as well as Other Assets held by the Fund that will form the basis for the calculation of the Fund's NAV at the end of the business day; The Exchange or other market information provider will disseminate every 15 seconds throughout the trading day through the facilities of the Consolidated Tape Association an amount representing on a per-share basis, the current value of the cash to be deposited as consideration for the purchase of Creation Units; The arbitrage mechanism will be facilitated by the transparency of the Fund's portfolio and the availability of the intra- day indicative value, the liquidity of securities and Other Assets held by the Fund, the ability to access the options sold by the Fund, as well as arbitrageurs' ability to create workable hedges; The Fund will invest solely in liquid securities; The options sold by the Fund will facilitate an effective and efficient arbitrage mechanism and the ability to create workable hedges; The Requestors expect arbitrageurs to be able 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 Rule 101 and 102 of Regulation M, the Requestors may not rely upon that exception for the Shares.\2\ 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. --------------------------------------------------------------------------- \2\ 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 which 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.\3\ --------------------------------------------------------------------------- \3\ 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, we find 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.\4\ --------------------------------------------------------------------------- \4\ 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. --------------------------------------------------------------------------- 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 [[Page 9233]] 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 Exchange as soon as practicable before trading begins on the ex-dividend date, but in no event later than the time when the 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. 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, consistent 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) and 10(b), and Rule 10b-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. --------------------------------------------------------------------------- \5\ 17 CFR 200.30-3(a)(6) and (9). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\5\ Robert W. Errett, Deputy Secretary. [FR Doc. 2016-03792 Filed 2-23-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 36 / Wednesday, February 24, 2016 / Notices 9231
copy of the Governors’ Decision SECURITIES AND EXCHANGE (‘‘March quarterly cycle months’’), the
authorizing the product, proposed COMMISSION proceeds from the hypothetical sales of
changes to the Mail Classification the SPX Puts are invested in
[Release No. 34–77173; File No. TP 15–15] hypothetical three-month Treasury bills.
Schedule, a Statement of Supporting
Justification, a certification of On each Roll Date in a March quarterly
Order Granting Limited Exemptions
compliance with 39 U.S.C. 3633(a), and cycle month, the three month Treasury
From Exchange Act Rule 10b–17 and
an application for non-public treatment bills hypothetically purchased in the
Rules 101 and 102 of Regulation M to
of certain materials. It also filed prior March quarterly cycle month, and
WisdomTree Put Write Strategy Fund
supporting financial workpapers. any one-month Treasury bills
Pursuant to Exchange Act Rule 10b–
hypothetically purchased in the prior
II. Notice of Commission Action 17(b)(2) and Rules 101(d) and 102(e) of
month are deemed to mature, and the
Regulation M
proceeds are hypothetically invested in
The Commission establishes Docket new three-month Treasury bills at the
February 18, 2016.
Nos. MC2016–81 and CP2016–106 to three-month Treasury bill rate. In other
By letter dated February 18, 2016 (the
consider the Request pertaining to the months, the revenue from the
‘‘Letter’’), as supplemented by
proposed First-Class Package Service hypothetical sale of SPX Puts is
conversations with the staff of the
Contract 43 product and the related Division of Trading and Markets, hypothetically invested separately at the
contract, respectively. counsel for WisdomTree Trust (the one-month Treasury bill rate, and where
The Commission invites comments on ‘‘Trust’’) on behalf of the Trust, applicable, any one-month Treasury
whether the Postal Service’s filings in WisdomTree Put Write Strategy Fund bills purchased in the prior month are
the captioned dockets are consistent (the ‘‘Fund’’), any national securities deemed to mature and hypothetically
with the policies of 39 U.S.C. 3632, exchange on or through which shares invested in new one-month Treasury
3633, or 3642, 39 CFR part 3015, and 39 issued by the Fund (‘‘Shares’’) may bills at the one-month Treasury bill rate.
CFR part 3020, subpart B. Comments are subsequently trade, and persons or As stated above, all investments used to
due no later than February 26, 2016. entities engaging in transactions in determine Index value are hypothetical.
Shares (collectively, the ‘‘Requestors’’), In order to track the Index, under
The public portions of these filings can
requested exemptions, or interpretive or normal circumstances, as described in
be accessed via the Commission’s Web the Letter, the Fund will invest not less
site (http://www.prc.gov). no-action relief, from Rule 10b–17 of the
Securities Exchange Act of 1934, as than 80% of its assets in SPX Puts and
The Commission appoints Kenneth R. amended (‘‘Exchange Act’’), and Rules one and three month U.S. Treasury bills.
Moeller to serve as Public 101 and 102 of Regulation M, in The Fund may invest up to 20% of its
Representative in these dockets. connection with secondary market net assets (in the aggregate) in other
transactions in Shares and the creation investments, as described in the Letter,
III. Ordering Paragraphs that are not included in the Index, but
or redemption of aggregations of Shares
It is ordered: of 50,000 shares (‘‘Creation Units’’). which WisdomTree Asset Management,
The Trust is registered with the Inc. (‘‘Adviser’’) or Mellon Capital
1. The Commission establishes Docket Management (‘‘Sub-Adviser’’) believes
Nos. MC2016–81 and CP2016–106 to Commission under the Investment
Company Act of 1940, as amended will help the Fund to track the Index
consider the matters raised in each and that will be disclosed at the end of
(‘‘1940 Act’’), as an open-end
docket. each trading day (‘‘Other Assets’).1 The
management investment company. The
2. Pursuant to 39 U.S.C. 505, Kenneth Fund seeks to track the performance of Fund’s investment strategy will be
R. Moeller is appointed to serve as an an underlying index, the CBOE S&P 500 designed to write a sequence of one-
officer of the Commission to represent Put Write Index (‘‘Index’’). The Index is month, at-the-money, SPX Puts and
the interests of the general public in based on a passive investment strategy invest cash and Other Assets targeted to
these proceedings (Public which consists of overlapping achieve one- and three-month Treasury
Representative). hypothetical investments in a single bill rates. The number of SPX Puts
series of exchange-listed S&P 500 Index written will vary from month to month,
3. Comments are due no later than but will be limited to permit the amount
February 26, 2016. options (‘‘SPX Puts’’) over a money
market account hypothetically invested held in the Fund’s investment in
4. The Secretary shall arrange for in one and three-month Treasury bills. Treasury bills to finance the maximum
publication of this order in the Federal Specifically, the Index hypothetically possible loss from final settlement of the
Register. writes at-the-money SPX Puts on a SPX Puts.
monthly basis, usually on the third The Requestors represent, among
By the Commission.
Friday of the month (i.e., the ‘‘Roll other things, the following:
Stacy L. Ruble, • Shares of the Fund will be issued
Date’’), which match the expiration date
Secretary. by the Trust, an open-end management
of the hypothetical SPX Puts. All SPX
[FR Doc. 2016–03889 Filed 2–23–16; 8:45 am] investment company that is registered
Puts hypothetically invested in by the
BILLING CODE 7710–FW–P with the Commission;
Index are standardized options traded
• Creation Units will be continuously
on the Chicago Board Options
redeemable at the net asset value
Exchange. At each Roll Date, any
(‘‘NAV’’) next determined after receipt
mstockstill on DSK4VPTVN1PROD with NOTICES
settlement loss in the Index based on
the expiring SPX Puts is financed by the 1 For example, the Requestors represent that there
Treasury bill account and a new batch may be instances in which the Adviser or Sub-
of hypothetical at-the-money SPX Puts Adviser may choose to purchase or sell financial
is sold. Revenue from their sale is added instruments not in the Index which the Adviser or
Sub-Adviser believes are appropriate to substitute
to the Index’s hypothetical Treasury bill for one or more Index components in seeking to
account. On each Roll Date in March, replicate, before fees and expenses, the performance
June, September, and December of the Index.
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![Federal Register / Vol. 81, No. 36 / Wednesday, February 24, 2016 / Notices 9233
persons who may be deemed to be and the applicability of other federal or change is available on the Exchange’s
participating in a distribution of Shares state laws to, the proposed transactions. Web site at www.nyse.com, at the
of the Fund to bid for or purchase such For the Commission, by the Division of principal office of the Exchange, and at
Shares during their participation in Trading and Markets, pursuant to delegated the Commission’s Public Reference
such distribution. authority.5 Room.
It is further ordered, pursuant to Rule Robert W. Errett, II. Self-Regulatory Organization’s
102(e) of Regulation M, that the Trust, Deputy Secretary. Statement of the Purpose of, and
based on the representations and the [FR Doc. 2016–03792 Filed 2–23–16; 8:45 am] Statutory Basis for, the Proposed Rule
facts presented in the Letter, is exempt
BILLING CODE 8011–01–P Change
from the requirements of Rule 102 with
respect to the Fund, thus permitting the In its filing with the Commission, the
Fund to redeem Shares of the Fund self-regulatory organization included
SECURITIES AND EXCHANGE
during the continuous offering of such statements concerning the purpose of,
COMMISSION
Shares. and basis for, the proposed rule change
It is further ordered, pursuant to Rule [Release No. 34–77174; File No. SR– and discussed any comments it received
10b–17(b)(2), that the Trust, based on NYSEMKT–2016–22] on the proposed rule change. The text
the representations and the facts of those statements may be examined at
Self-Regulatory Organizations; NYSE the places specified in Item IV below.
presented in the Letter and subject to
MKT LLC; Notice of Filing and The Exchange has prepared summaries,
the conditions below, is exempt from
Immediate Effectiveness of Proposed set forth in sections A, B, and C below,
the requirements of Rule 10b–17 with
Rule Change Amending Rule of the most significant parts of such
respect to transactions in the shares of
341A(a)(4) To Provide for Web-Based statements.
the Fund.
Delivery of the Exchange’s Continuing
This exemptive relief is subject to the A. Self-Regulatory Organization’s
Education Program
following conditions: Statement of the Purpose of, and the
• The Trust will comply with Rule February 18, 2016. Statutory Basis for, the Proposed Rule
10b–17 except for Rule 10b– Pursuant to Section 19(b)(1) 1 of the Change
17(b)(1)(v)(a) and (b); and Securities Exchange Act of 1934 (the
• The Trust will provide the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 1. Purpose
information required by Rule 10b– notice is hereby given that on February The CE requirements under Rule
17(b)(1)(v)(a) and (b) to the Exchange as 4, 2016, NYSE MKT LLC (the 341A consist of a Regulatory Element 5
soon as practicable before trading begins ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with and a Firm Element.6 The Regulatory
on the ex-dividend date, but in no event the Securities and Exchange Element applies to all registered persons
later than the time when the Exchange Commission (the ‘‘Commission’’) the and consists of periodic computer-based
last accepts information relating to proposed rule change as described in training on regulatory, compliance,
distributions on the day before the ex- Items I and II below, which Items have ethical, and supervisory subjects and
dividend date. been prepared by the self-regulatory sales practice standards, which must be
This exemptive relief is subject to organization. The Commission is completed within prescribed
modification or revocation at any time publishing this notice to solicit timeframes.7 In addition, unless
the Commission determines that such comments on the proposed rule change otherwise determined by the Exchange,
action is necessary or appropriate in from interested persons. a registered person is required to re-take
furtherance of the purposes of the the Regulatory Element of the program
Exchange Act. Persons relying upon this I. Self-Regulatory Organization’s
and satisfy the program’s requirements
exemptive relief shall discontinue Statement of the Terms of Substance of
in their entirety in the event such
transactions involving the Shares of the the Proposed Rule Change
person: (i) Becomes subject to any
Fund, pending presentation of the facts The Exchange proposes to amend statutory disqualification as defined in
for the Commission’s consideration, in Rule 341A(a)(4) to provide for web- Section 3(a)(39) of the Securities
the event that any material change based delivery of the Exchange’s Exchange Act of 1934; (ii) becomes
occurs with respect to any of the facts continuing education (‘‘CE’’) program. subject to suspension or to the
or representations made by the The proposed rule change would phase imposition of a fine of $5,000 or more
Requestors and, consistent with all out the current option of completing the
preceding letters, particularly with Regulatory Element in a test center, Provide a Web-based Delivery Method for
respect to the close alignment between delete the current option for in-house Completing the Regulatory Element of the
the market price of Shares and the Continuing Education Requirements) (SR–FINRA–
delivery of the Regulatory Element of 2015–015). See also Securities Exchange Act
Fund’s NAV. In addition, persons the CE program and also delete the Release No. 76880 (January 12, 2016), 81 FR 2928
relying on this exemption are directed existing text of Rule 341A(a)(4). The (January 19, 2016) (Notice of Filing and Immediate
to the anti-fraud and anti-manipulation Exchange’s proposal is materially Effectiveness of a Proposed Rule Change To Amend
provisions of the Exchange Act, Section (a)(4) of Rule 640, Continuing Education for
similar to a recent FINRA filing to Registered Persons) (SR–PHLX–2015–118).
particularly Sections 9(a) and 10(b), and amend FINRA Rule 1250, which was 5 See Rule 341A(a) (Regulatory Element).
Rule 10b–5 thereunder. Responsibility recently approved by the Securities and 6 See Rule 341A(b) (Firm Element).
for compliance with these and any other Exchange Commission 7 Pursuant to Rule 341A, each registered person
applicable provisions of the federal (‘‘Commission’’).4 The proposed rule shall complete the Regulatory Element of the
mstockstill on DSK4VPTVN1PROD with NOTICES
securities laws must rest with the continuing education program on the occurrence of
their second registration anniversary date(s), and
persons relying on this exemption. This 5 17 CFR 200.30–3(a)(6) and (9).
every three years thereafter or as otherwise
order should not be considered a view 1 15 U.S.C. 78s(b)(1). prescribed by the Exchange. On each occasion, the
2 15 U.S.C. 78a.
with respect to any other question that Regulatory Element must be completed within 120
3 17 CFR 240.19b–4.
the proposed transactions may raise, days after the person’s registration anniversary date.
4 See Securities Exchange Act Release No. 75581 A person’s initial registration date, also known as
including, but not limited to the (July 31, 2015), 80 FR 47018 (August 6, 2015) the ‘‘base date,’’ shall establish the cycle of
adequacy of the disclosure concerning, (Order Approving a Proposed Rule Change to anniversary dates for purposes of this Rule.
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Document Created: 2016-02-23 23:55:53
Document Modified: 2016-02-23 23:55:53
| 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 9231 |
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