82 FR 14050 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Amendment No. 4 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment Nos. 1, 2, and 4, Allowing the Exchange To Trade Pursuant to Unlisted Trading Privileges Any NMS Stock Listed on Another National Securities Exchange; Establishing Listing and Trading Requirements for Exchange Traded Products; and Adopting New Equity Trading Rules Relating to Trading Halts of Securities Traded Pursuant to Unlisted Trading Privileges on the Pillar Platform
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 50 (March 16, 2017)
Federal Register Volume 82, Issue 50 (March 16, 2017)
| Page Range | 14050-14054 | |
| FR Document | 2017-05221 |
[Federal Register Volume 82, Number 50 (Thursday, March 16, 2017)] [Notices] [Pages 14050-14054] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-05221] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80214; File No. SR-NYSE-2016-44] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Amendment No. 4 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment Nos. 1, 2, and 4, Allowing the Exchange To Trade Pursuant to Unlisted Trading Privileges Any NMS Stock Listed on Another National Securities Exchange; Establishing Listing and Trading Requirements for Exchange Traded Products; and Adopting New Equity Trading Rules Relating to Trading Halts of Securities Traded Pursuant to Unlisted Trading Privileges on the Pillar Platform March 10, 2017. I. Introduction On June 30, 2016, New York Stock Exchange LLC (``Exchange'' or ``NYSE'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to (1) allow the Exchange to trade pursuant to unlisted trading privileges (``UTP'') any NMS Stock \3\ listed on another national securities exchange; (2) establish listing and trading requirements for exchange traded products (``ETPs''); and (3) adopt new equity trading rules relating to trading halts for securities traded pursuant to UTP on the Exchange's new trading platform, Pillar. The proposed rule change was published for comment in the Federal Register on July 14, 2016.\4\ On July 26, 2016, the Exchange filed Amendment No. 1 to the proposed rule change.\5\ On August 23, 2016, the [[Page 14051]] Commission designated a longer period for action on the proposed rule change.\6\ On August 26, 2016, the Exchange filed Amendment No. 2 to the proposed rule change.\7\ On October 12, 2016, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act to determine whether to disapprove the proposed rule change.\8\ On January 4, 2017, the Commission extended the time period for Commission action to March 11, 2017.\9\ The Commission received no comments on the proposed rule change. On March 8, 2017, the Exchange submitted Amendment No. 3 to the proposed rule change. On March 10, 2017, the Exchange withdrew Amendment No. 3 to the proposed rule change and submitted Amendment No. 4 to the proposed rule change.\10\ The Commission is publishing this notice to solicit comment on Amendment No. 4 to the proposed rule change from interested persons and is approving the proposed rule change, as modified by Amendment Nos. 1, 2, and 4, on an accelerated basis. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ The term ``NMS Stock'' is defined in Rule 600 of Regulation NMS. See 17 CFR 242.600(b)(47). \4\ See Securities Exchange Act Release No. 78263 (July 8, 2016), 81 FR 45580 (``Notice''). \5\ In Amendment No. 1, the Exchange: (1) Added a bullet point stating that ``[b]ecause the Exchange's rules regarding the production of books and records are described in Rule 440, the Exchange is proposing to refer to Rule 440 in its proposed rules wherever NYSE Arca Equities Rule 4.4 is referenced in the rules of NYSE Arca Equities proposed in this filing;'' (2) deleted the sentence stating that ``[i]f an exchange has approved trading rules, procedures and listing standards in place that have been approved by the Commission for the product class that would include a new derivative securities product, the listing and trading of such `new derivative securities product,' does not require a proposed rule change under Section 19b-4 of the Act'' and made conforming changes to the rest of that paragraph; (3) deleted the bullet point that stated ``[c]orrection of a typographical error in NYSE Arca Equities Rule 8.400(a) so that proposed Rule 8.400(a) reads `as such terms are used in Rule 5.1(b)' in the last sentence, rather than `as such terms are used in the Rule 5.1(b)' as is currently drafted in NYSE Arca Equities Rule 8.400(a);'' and (4) noted that ``for new ETPs to be traded pursuant to UTP, which are listed and traded on another exchange pursuant to Rule 19b-4(e), the Exchange would be required to file Form 19b-4(e) with the Commission in accordance with the requirements therein.'' Amendment No. 1 is available at: https://www.sec.gov/comments/sr-nyse-2016-44/nyse201644-1.pdf. Because Amendment No. 1 to the proposed rule change does not materially alter the substance of the proposed rule change or raise unique or novel regulatory issues, Amendment No. 1 is not subject to notice and comment. \6\ See Securities Exchange Act Release No. 78641, 81 FR 59259 (August 29, 2016). \7\ In Amendment No. 2, the Exchange: (1) Added the clause ``pursuant to UTP'' at the end of the sentence that states that ``[t]he Exchange would have to file a Form 19b-4(e) with the Commission to trade these ETPs;'' (2) in the first footnote that follows that sentence, deleted the clause ``pursuant to Rule 19b- 4(e);'' and (3) to the end of that same footnote, added the reference ``[s]ee proposed Rule 5.1(a)(2); supra note 19 and accompanying text.'' Amendment No. 2 is available at: https://www.sec.gov/comments/sr-nyse-2016-44/nyse201644-2.pdf. Because Amendment No. 2 to the proposed rule change does not materially alter the substance of the proposed rule change or raise unique or novel regulatory issues, Amendment No. 2 is not subject to notice and comment. \8\ See Securities Exchange Act Release No. 79085, 81 FR 71771 (October 18, 2016). \9\ See Securities Exchange Act Release No. 79736, 82 FR 3067 (January 10, 2017). \10\ In Amendment No. 4, the Exchange revised the proposed listing and trading requirements for the Subject ETPs (as defined below) to incorporate amendments to the NYSE Arca Equities requirements for the same products, which the Commission recently approved. See Securities Exchange Act Release No. 80189 (March 9, 2017) (SR-NYSEArca-2017-01) (``Arca Amendment''). In addition, in Amendment No. 4, the Exchange (i) added a statement that the Exchange's Pillar implementation is targeted for completion by year- end 2017 and represented that the Exchange will announce the trading on Pillar of all Tape B and C symbols, on a UTP basis, by Trader Update to go out prior to the scheduled implementation date; (ii) deleted proposed Supplementary Material .01 to Rule 5.1(a); (iii) clarified both in the filing and in the proposed rule text that the Exchange is adopting ETP rules only for purposes of trading on Pillar pursuant to UTP and that it does not plan to list ETPs on Pillar under these ETP rules; (iv) proposed to adopt NYSE Arca Equities Rule 5.5(m) concerning procedures for delisting ETPs; and (v) made other technical corrections. Amendment No. 4 is available at https://www.sec.gov/comments/sr-nyse-2016-44/nyse201644-1627614-137373.pdf. --------------------------------------------------------------------------- II. Description of the Proposal, As Modified by Amendment Nos. 1, 2, and 4 \11\ --------------------------------------------------------------------------- \11\ Additional information regarding the proposal can be found in the Notice, supra note 4, and in Amendment No. 4, supra note 10. --------------------------------------------------------------------------- NYSE proposes to trade on its Pillar trading platform,\12\ pursuant to unlisted trading privileges, any NMS Stock listed on another national securities exchange (i.e., Tapes B and C symbols).\13\ NYSE also proposes to establish listing and trading requirements for certain types of ETPs (the ``Subject ETPs'') on Pillar.\14\ The Exchange's proposed rules for the qualification, listing, and trading of the Subject ETPs are substantially identical to the rules of NYSE Arca Equities.\15\ Finally, the Exchange proposes to adopt new equity trading rules relating to trading halts of securities traded pursuant to UTP on Pillar. --------------------------------------------------------------------------- \12\ On January 29, 2015, the Exchange announced the implementation of Pillar, which is an integrated trading technology platform designed to use a single specification for connecting to the equities and options markets operated by the Exchange and its affiliates, NYSE Arca, Inc. (``NYSE Arca'') and NYSE MKT LLC (``NYSE MKT''). See Trader Update dated January 29, 2015, available here: http://www1.nyse.com/pdfs/Pillar_Trader_Update_Jan_2015.pdf. See also Securities Exchange Act Release No. 76803 (December 30, 2015), 81 FR 536 (January 6, 2016) (SR-NYSE-2015-67) (``Pillar Framework Filing''). \13\ The Exchange will continue to trade Tape A symbols on its separate, existing trading platform (``Existing Platform'') and will not trade securities pursuant to UTP on the Existing Platform. \14\ Specifically, the Exchange proposes to establish listing and trading rules for the following: Equity Linked Notes, Investment Company Units, Index-Linked Exchangeable Notes, Equity Gold Shares, Equity Index-Linked Securities, Commodity-Linked Securities, Currency-Linked Securities, Fixed-Income Index-Linked Securities, Futures-Linked Securities, Multifactor-Index-Linked Securities, Trust Certificates, Currency and Index Warrants, Portfolio Depositary Receipts, Trust Issued Receipts, Commodity-Based Trust Shares, Currency Trust Shares, Commodity Index Trust Shares, Commodity Futures Trust Shares, Partnership Units, Paired Trust Shares, Trust Units, Managed Fund Shares, and Managed Trust Securities. \15\ See NYSE Arca Equities Rules 5 (Listings) and 8 (Trading of Certain Equities Derivatives). --------------------------------------------------------------------------- The Exchange only proposes to trade securities pursuant to UTP on its Pillar trading platform; the Exchange does not propose to trade securities pursuant to UTP on its Existing Platform. Furthermore, the Exchange does not intend to list the Subject ETPs on Pillar or on its Existing Platform. Therefore, the Exchange proposes rules that only apply to Pillar and does not propose any changes to the rules pertaining to the Existing Platform. The following further describes the Exchange's proposal. New Definitions The Exchange proposes to define the term ``Exchange Traded Product'' in Rule 1.1 (bbb) \16\ to mean a security that meets the definition of ``derivative securities product'' in Rule 19b-4(e) under the Act and a ``UTP Exchange Traded Product'' to mean an Exchange Traded Product that trades on the Exchange pursuant to unlisted trading privileges.\17\ The Exchange is also proposing to add Rule 1.1(jj) to define ``UTP Listing Market'' as the primary listing market for a UTP security, and Rule 1.1(kk) to define ``UTP Regulatory Halt'' as a trade suspension, halt, or pause called by the UTP Listing Market in a UTP security that requires all market centers to halt trading in that security. --------------------------------------------------------------------------- \16\ As the Exchange is proposing new rules that are only applicable to the Pillar platform, references in this Order to proposed NYSE Rules 1, 5, 7, and 8 would fall under NYSE Rules 1P, 5P, 7P, and 8P, respectively. See Notice at 45581. \17\ This proposed definition is identical to the definition of ``Derivative Securities Product'' in NYSE Arca Equities Rule 1.1(bbb). --------------------------------------------------------------------------- Proposal to Trade Securities Pursuant to UTP The Exchange proposes new Rule 5.1(a) to extend UTP to Pillar for securities listed on other national securities exchanges. Specifically, proposed Rule 5.1(a)(1) would allow the Exchange to trade securities eligible for UTP under Section 12(f) of the Act.\18\ Proposed Rule 5.1(a) provides that the securities the Exchange trades pursuant to UTP would be traded on Pillar under the rules applicable to such trading. The Exchange does not currently have rules in place to operate trading on the Pillar platform, and the Exchange has represented that it would not trade UTP securities until it has effective trading rules for the Pillar platform in place.\19\ --------------------------------------------------------------------------- \18\ 15 U.S.C. 78l(f). \19\ See Notice, supra note 4, at 45581. The Exchange has adopted a framework for rules governing trading on Pillar and has stated its intent to file additional proposed rule changes to adopt rules to operate the Exchange on the Pillar platform. See Pillar Framework Filing, supra note 12, at 537 (``Through a series of subsequent rule filings, the Exchange will propose to populate the individual rules with the rule text to operate the Exchange on the Pillar platform''). --------------------------------------------------------------------------- Proposed Rule 5.1(a)(1) makes clear that the Exchange would not list any ETPs unless it files a proposed rule [[Page 14052]] change under Section 19(b)(2) under the Act.\20\ Therefore, the provisions of proposed Rules 5 and 8 described below, which permit the listing of ETPs, would not be effective until the Exchange files a proposed rule change to amend its rules to comply with Rules 10A-3 and 10C-1 under the Act and to incorporate qualitative listing criteria, and such proposed rule change is approved by the Commission.\21\ --------------------------------------------------------------------------- \20\ 15 U.S.C. 78s(b)(2). \21\ In addition, the introductory note to each of proposed Rules 5P and 8P states that the provisions of the rules apply to the trading pursuant to UTP of ETPs on the Exchange and do not apply to the listing of ETPs on the Exchange. --------------------------------------------------------------------------- UTP of Exchange Traded Products The Exchange proposes Rule 5.1(a)(2) to govern trading of ETPs pursuant to UTP and Rule 19b-4(e) under the Act. Specifically, proposed Rule 5.1(a)(2)(A) provides that, within five days after commencement of trading, the Exchange would file a Form 19b-4(e) with the Commission with respect to each ETP the Exchange trades pursuant to UTP. The Exchange proposes certain other rules to support the trading of ETPs pursuant to UTP. For example, proposed Rule 5.1(a)(2)(B) provides that the Exchange will distribute an information circular prior to the commencement of trading in an ETP, which would generally include the same information as the information circular provided by the listing exchange, including (a) the special risks of trading the ETP, (b) the Exchange's rules that will apply to the ETP, including Rules 2090 and 2111,\22\ and (c) information about the dissemination of value of the underlying assets or indices. --------------------------------------------------------------------------- \22\ See NYSE Rule 2090 (the Exchange's Know Your Customer Rule) and NYSE Rule 2111 (the Exchange's Suitability Rule). --------------------------------------------------------------------------- In addition, proposed Rule 5.1(a)(2)(C) establishes certain requirements for member organizations that have customers that trade ETPs on a UTP basis, including requirements pertaining to prospectus delivery and the provision of written description of terms and characteristics of the ETPs. Also, proposed Rule 5.1(a)(2)(E) imposes restrictions on member organizations that are registered as market makers on the Exchange for certain ETPs. Finally, proposed Rule 5.1(a)(2)(F) specifies certain surveillance mechanisms for ETPs traded on the Exchange pursuant to UTP. Namely, the Rule provides that the Exchange will enter into a comprehensive surveillance sharing agreements with markets that trade components of the index or portfolio on which the Subject ETPs are based.\23\ --------------------------------------------------------------------------- \23\ In addition, the Exchange represents that its surveillance procedures for ETPs traded on the Exchange pursuant to UTP would be similar to the procedures used for equity securities traded on the Exchange and would incorporate and rely upon existing Exchange surveillance systems. See Notice, supra note 4, at 45582. --------------------------------------------------------------------------- Next, the Exchange proposes to add the definitions contained in NYSE Arca Equities Rule 5.1(b) that are relevant to the ETP listing and trading rules the Exchange proposes in this filing, with some non- substantive differences to account for the peculiarities of the two exchanges and their respective rule books. Listing and Trading Requirements for ETPs The Exchange is proposing substantially identical rules to those of NYSE Arca Equities for the qualification, listing, and delisting of the ETPs. The Exchange proposes to add Rule 5.2(j), which would be substantially identical to NYSE Arca Equities Rule 5.2(j). This proposed rule pertains to the following: Equity Linked Notes (Rule 5.2(j)(2)); Investment Company Units (Rule 5.2(j)(3)); Index-Linked Exchangeable Notes (Rule 5.2(j)(4)); Equity Gold Shares (Rule 5.2(j)(5)); Equity Index Linked Securities, Commodity-Linked Securities, Currency-Linked Securities, Fixed Income Index-Linked Securities, Futures-Linked Securities, and Multifactor Index-Linked Securities (Rule 5.2(j)(6)); and Trust Certificates (Rule 5.2(j)(7)). The Exchange also proposes to add Rules 5.5(g)(2), which would provide additional continuous listing standards for Investment Company Units; 5.5(j)-1, which would provide additional continuous listing standards for Equity Linked Notes; and 5.5(m), which would provide delisting procedures for ETPs. The text of these proposed rules is identical to NYSE Arca Equities Rules 5.2(j)(2)-5.2(j)(7), 5.5(g)(2), 5.5(j)-1, and 5.5(m), other than certain non-substantive and technical differences. Further, The Exchange also proposes to add Rule 8, which is substantially identical to Sections 1 and 2 of NYSE Arca Equities Rule 8. This proposed rule pertains to the following: Currency and Index Warrants (Rules 8.1-8.13), Portfolio Depositary Receipts (Rule 8.100), Trust Issued Receipts (Rule 8.200), Commodity-Based Trust Shares (Rule 8.201), Currency Trust Shares (Rule 8.202), Commodity Index Trust Shares (Rule 8.203), Commodity Futures Trust Shares (Rule 8.204), Partnership Units (Rule 8.300), Paired Trust Shares (Rule 8.400), Trust Units (Rule 8.500), Managed Fund Shares (Rule 8.600), and Managed Trust Securities (Rule 8.700). As mentioned above, however, the Exchange would not list any ETPs unless it files a proposed rule change under Section 19(b)(2) under the Act.\24\ Therefore, the provisions of Rules 5 and 8 which permit the listing of ETPs would not be effective until the Exchange files a proposed rule change to amend its rules to comply with Rules 10A-3 and 10C-1 under the Act and to incorporate qualitative listing criteria, and such proposed rule change is approved by the Commission. --------------------------------------------------------------------------- \24\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- Proposed Rule 7.18--Requirements for Halts on Pillar Platform In conjunction with the implementation of Pillar for trading of securities pursuant to UTP, the Exchange proposes new Rule 7.18 which governs trading halts in symbols trading on Pillar. These rules are substantively identical to their NYSE Arca Equities counterparts. III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change, as modified by Amendment Nos. 1, 2, and 4, is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.\25\ In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,\26\ which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \25\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \26\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange proposes to trade on Pillar, pursuant to UTP, NMS Stocks listed on another national securities exchange, including the Subject ETPs. Section 12(f) of the Act \27\ provides that any national securities exchange may extend unlisted trading privileges to securities listed and registered on other national securities exchanges, subject to [[Page 14053]] Commission rules. In particular, in order to extend unlisted trading privileges to securities listed elsewhere, Rule 12f-5 under the Act requires a national securities exchange to have in effect a rule or rules providing for transactions in the class or type of security to which the exchange extends unlisted trading privileges.\28\ The Commission notes that the Exchange's proposed Rule 5.1 allows NYSE to extend unlisted trading privileges in Pillar to any security that is an NMS Stock that is listed on another national securities exchange. --------------------------------------------------------------------------- \27\ 15 U.S.C. 78l. \28\ See 17 CFR 240.12f-5. See also Securities Exchange Act Release No. 35737 (April 21, 1995), 60 FR 20891 (April 28, 1995) (File No. S7-4-95) (adopting Rule 12f-5 under the Act). --------------------------------------------------------------------------- The Commission has previously approved substantively identical rules for the listing and trading of the Subject ETPs on NYSE Arca Equities. The Exchange represents that it will not list, but only trade, the Subject ETPs on a UTP basis. The Exchange represents that to trade pursuant to UTP any ETP that is listed and traded on another national securities exchange, NYSE would be required to file Form 19b- 4(e) with the Commission. The Commission believes that the Exchange's proposal does not raise any novel issues, as it is consistent with the rules of other national securities exchanges that trade securities and, in particular, ETPs pursuant to UTP.\29\ Additionally, the Exchange represents, and its proposed rules specify, that NYSE will not list any Subject ETPs unless it first obtains Commission approval of a proposed rule change under Section 19(b)(2) of the Act. Therefore, the provisions of proposed Rules 5 and 8 that permit the listing of Subject ETPs would only be effective if the Commission approves a proposed rule change for the Exchange to amend its rules to comply with Rules 10A-3 and 10C-1 under the Act and to incorporate qualitative listing criteria. Finally, the Commission notes that NYSE has represented that it will be responsible for accepting the obligations pertinent to a UTP market, including specific requirements for registered market makers, books and record production, surveillance procedures, suitability and prospectus requirements, and requisite Exchange approvals.\30\ --------------------------------------------------------------------------- \29\ See, e.g., Rule 14.1 of Bats BYX Exchange, Inc. and Rule 14.1 of Bats EDGA Exchange, Inc. \30\ See proposed Rule 5.1. --------------------------------------------------------------------------- The Commission believes that the trading of Tapes B and C symbols, including ETPs, on NYSE on a UTP basis should lead to increased competition among the different securities markets, as well as provide market participants with improved price discovery, increased liquidity, more competitive quotes, and greater price improvement in those securities.\31\ The Commission therefore finds that NYSE's proposed rules governing trading on a UTP basis on its Pillar platform are consistent with the Act. --------------------------------------------------------------------------- \31\ The Commission notes that the Exchange has represented that it would not trade UTP securities until it has effective trading rules for the Pillar platform in place. See Notice, supra note 4, at 45581. --------------------------------------------------------------------------- IV. Solicitation of Comments on Amendment No. 4 Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether Amendment No. 4 to 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-NYSE-2016-44 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 Number SR-NYSE-2016-44. 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 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 Number SR-NYSE-2016-44 and should be submitted on or before April 6, 2017. V. Accelerated Approval of Proposed Rule Change, as Modified by Amendment Nos. 1, 2, and 4 Amendment No. 4: (1) Revised the proposed listing and trading requirements for the Subject ETPs to take into account recently approved amendments to the NYSE Arca Equities requirements for the same products; \32\ (2) added a statement that the Exchange's Pillar implementation is targeted for completion by year-end 2017 and a representation that the Exchange will announce the trading on Pillar of all Tape B and C symbols, on a UTP basis, by Trader Update prior to the scheduled implementation date; (3) deleted proposed Supplementary Material .01 to Rule 5.1(a); (4) clarified both in the filing and in the proposed rule text that the Exchange is adopting ETP rules only for purposes of trading on Pillar pursuant to UTP and that it does not plan to list ETPs on Pillar under these ETP rules; (5) proposed to adopt NYSE Arca Equities Rule 5.5(m) concerning procedures for delisting ETPs; and (6) made other technical corrections. Thus, as a result of Amendment No. 4, among other things, the Exchange's proposed rules for the Subject ETPs remain substantially identical to the rules of NYSE Arca Equities for the qualification, listing, and trading of the Subject ETPs. --------------------------------------------------------------------------- \32\ See Arca Amendment, supra note 10. These amendments to the NYSE Arca Equities requirements, among other things, specified certain continued listing requirements for the Subject ETPs. --------------------------------------------------------------------------- The Commission believes that Amendment No. 4 furthers the goals of the proposed rule change and does not raise novel regulatory issues. Accordingly, the Commission finds good cause, pursuant to Section 19(b)(2) of the Act,\33\ to approve the proposed rule change, as modified by Amendment Nos. 1, 2 and 4, on an accelerated basis. --------------------------------------------------------------------------- \33\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- VI. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\34\ that the proposed rule change (SR-NYSE-2016-44), as modified by Amendment Nos. 1, 2, and 4, be, and hereby is, approved on an accelerated basis. --------------------------------------------------------------------------- \34\ Id. [[Page 14054]] --------------------------------------------------------------------------- For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\35\ --------------------------------------------------------------------------- \35\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-05221 Filed 3-15-17; 8:45 am] BILLING CODE 8011-01-P
![14050 Federal Register / Vol. 82, No. 50 / Thursday, March 16, 2017 / Notices
functionality and the Exchange was not. Paper Comments SECURITIES AND EXCHANGE
For these reasons, the Exchange does COMMISSION
not believe that the proposed fee • Send paper comments in triplicate
to Secretary, Securities and Exchange [Release No. 34–80214; File No. SR–NYSE–
schedule changes will impose any 2016–44]
burden on competition not necessary or Commission, 100 F Street NE.,
appropriate in furtherance of the Washington, DC 20549–1090. Self-Regulatory Organizations; New
purposes of the Act, and believes the All submissions should refer to File York Stock Exchange LLC; Notice of
proposed change will enhance Number SR–BatsEDGX–2017–14. This Filing of Amendment No. 4 and Order
competition. file number should be included on the Granting Accelerated Approval of a
The Exchange does not believe that Proposed Rule Change, as Modified by
subject line if email is used. To help the
any of the proposed change to the Amendment Nos. 1, 2, and 4, Allowing
Exchange’s tiered pricing structure Commission process and review your
comments more efficiently, please use the Exchange To Trade Pursuant to
burden competition, but instead, that it Unlisted Trading Privileges Any NMS
enhances competition as it is intended only one method. The Commission will
Stock Listed on Another National
to increase the competitiveness of EDGX post all comments on the Commission’s
Securities Exchange; Establishing
by modifying pricing incentives in order Internet Web site (http://www.sec.gov/ Listing and Trading Requirements for
to attract order flow and incentivize rules/sro.shtml). Copies of the Exchange Traded Products; and
participants to increase their submission, all subsequent Adopting New Equity Trading Rules
participation on the Exchange, amendments, all written statements Relating to Trading Halts of Securities
particularly in the context of BAM, with respect to the proposed rule Traded Pursuant to Unlisted Trading
which is relatively new functionality change that are filed with the Privileges on the Pillar Platform
offered by the Exchange. Commission, and all written
communications relating to the March 10, 2017.
C. Self-Regulatory Organization’s
Statement on Comments on the proposed rule change between the I. Introduction
Proposed Rule Change Received From Commission and any person, other than
On June 30, 2016, New York Stock
Members, Participants, or Others those that may be withheld from the Exchange LLC (‘‘Exchange’’ or ‘‘NYSE’’)
public in accordance with the filed with the Securities and Exchange
The Exchange has not solicited, and provisions of 5 U.S.C. 552, will be
does not intend to solicit, comments on Commission (‘‘Commission’’), pursuant
available for Web site viewing and to Section 19(b)(1) of the Securities
this proposed rule change. The printing in the Commission’s Public
Exchange has not received any written Exchange Act of 1934 (‘‘Act’’) 1 and Rule
Reference Room, 100 F Street NE., 19b–4 thereunder,2 a proposed rule
comments from members or other
Washington, DC 20549 on official change to (1) allow the Exchange to
interested parties.
business days between the hours of trade pursuant to unlisted trading
III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of such privileges (‘‘UTP’’) any NMS Stock 3
Proposed Rule Change and Timing for filing also will be available for listed on another national securities
Commission Action inspection and copying at the principal exchange; (2) establish listing and
The foregoing rule change has become office of the Exchange. All comments trading requirements for exchange
effective pursuant to Section 19(b)(3)(A) received will be posted without change; traded products (‘‘ETPs’’); and (3) adopt
of the Act 22 and paragraph (f) of Rule the Commission does not edit personal new equity trading rules relating to
19b–4 thereunder.23 At any time within identifying information from trading halts for securities traded
60 days of the filing of the proposed rule submissions. You should submit only pursuant to UTP on the Exchange’s new
change, the Commission summarily may information that you wish to make trading platform, Pillar. The proposed
temporarily suspend such rule change if available publicly. All submissions rule change was published for comment
it appears to the Commission that such should refer to File Number SR– in the Federal Register on July 14,
action is necessary or appropriate in the BatsEDGX–2017–14, and should be 2016.4 On July 26, 2016, the Exchange
public interest, for the protection of submitted on or before April 6, 2017. filed Amendment No. 1 to the proposed
investors, or otherwise in furtherance of rule change.5 On August 23, 2016, the
For the Commission, by the Division of
the purposes of the Act.
Trading and Markets, pursuant to delegated 1 15 U.S.C. 78s(b)(1).
IV. Solicitation of Comments authority.24 2 17 CFR 240.19b–4.
3 The term ‘‘NMS Stock’’ is defined in Rule 600
Interested persons are invited to Eduardo A. Aleman,
of Regulation NMS. See 17 CFR 242.600(b)(47).
submit written data, views, and Assistant Secretary. 4 See Securities Exchange Act Release No. 78263
arguments concerning the foregoing, [FR Doc. 2017–05211 Filed 3–15–17; 8:45 am] (July 8, 2016), 81 FR 45580 (‘‘Notice’’).
including whether the proposed rule BILLING CODE 8011–01–P
5 In Amendment No. 1, the Exchange: (1) Added
change is consistent with the Act. a bullet point stating that ‘‘[b]ecause the Exchange’s
Comments may be submitted by any of rules regarding the production of books and records
are described in Rule 440, the Exchange is
the following methods: proposing to refer to Rule 440 in its proposed rules
wherever NYSE Arca Equities Rule 4.4 is referenced
Electronic Comments in the rules of NYSE Arca Equities proposed in this
• Use the Commission’s Internet filing;’’ (2) deleted the sentence stating that ‘‘[i]f an
exchange has approved trading rules, procedures
mstockstill on DSK3G9T082PROD with NOTICES
comment form (http://www.sec.gov/ and listing standards in place that have been
rules/sro.shtml); or approved by the Commission for the product class
• Send an email to rule-comments@ that would include a new derivative securities
sec.gov. Please include File Number SR– product, the listing and trading of such ‘new
derivative securities product,’ does not require a
BatsEDGX–2017–14 on the subject line. proposed rule change under Section 19b–4 of the
Act’’ and made conforming changes to the rest of
22 15 U.S.C. 78s(b)(3)(A). that paragraph; (3) deleted the bullet point that
23 17 CFR 240.19b–4(f). 24 17 CFR 200.30–3(a)(12). stated ‘‘[c]orrection of a typographical error in
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![Federal Register / Vol. 82, No. 50 / Thursday, March 16, 2017 / Notices 14051
Commission designated a longer period Commission is publishing this notice to Furthermore, the Exchange does not
for action on the proposed rule change.6 solicit comment on Amendment No. 4 intend to list the Subject ETPs on Pillar
On August 26, 2016, the Exchange filed to the proposed rule change from or on its Existing Platform. Therefore,
Amendment No. 2 to the proposed rule interested persons and is approving the the Exchange proposes rules that only
change.7 On October 12, 2016, the proposed rule change, as modified by apply to Pillar and does not propose any
Commission instituted proceedings Amendment Nos. 1, 2, and 4, on an changes to the rules pertaining to the
under Section 19(b)(2)(B) of the Act to accelerated basis. Existing Platform. The following further
determine whether to disapprove the describes the Exchange’s proposal.
II. Description of the Proposal, As
proposed rule change.8 On January 4,
Modified by Amendment Nos. 1, 2, and New Definitions
2017, the Commission extended the
4 11 The Exchange proposes to define the
time period for Commission action to
March 11, 2017.9 The Commission NYSE proposes to trade on its Pillar term ‘‘Exchange Traded Product’’ in
received no comments on the proposed trading platform,12 pursuant to unlisted Rule 1.1 (bbb) 16 to mean a security that
rule change. On March 8, 2017, the trading privileges, any NMS Stock listed meets the definition of ‘‘derivative
Exchange submitted Amendment No. 3 on another national securities exchange securities product’’ in Rule 19b–4(e)
to the proposed rule change. On March (i.e., Tapes B and C symbols).13 NYSE under the Act and a ‘‘UTP Exchange
10, 2017, the Exchange withdrew also proposes to establish listing and Traded Product’’ to mean an Exchange
Amendment No. 3 to the proposed rule trading requirements for certain types of Traded Product that trades on the
change and submitted Amendment No. ETPs (the ‘‘Subject ETPs’’) on Pillar.14 Exchange pursuant to unlisted trading
4 to the proposed rule change.10 The The Exchange’s proposed rules for the privileges.17 The Exchange is also
qualification, listing, and trading of the proposing to add Rule 1.1(jj) to define
NYSE Arca Equities Rule 8.400(a) so that proposed Subject ETPs are substantially identical ‘‘UTP Listing Market’’ as the primary
Rule 8.400(a) reads ‘as such terms are used in Rule to the rules of NYSE Arca Equities.15 listing market for a UTP security, and
5.1(b)’ in the last sentence, rather than ‘as such Finally, the Exchange proposes to adopt
terms are used in the Rule 5.1(b)’ as is currently Rule 1.1(kk) to define ‘‘UTP Regulatory
drafted in NYSE Arca Equities Rule 8.400(a);’’ and new equity trading rules relating to Halt’’ as a trade suspension, halt, or
(4) noted that ‘‘for new ETPs to be traded pursuant trading halts of securities traded pause called by the UTP Listing Market
to UTP, which are listed and traded on another pursuant to UTP on Pillar. in a UTP security that requires all
exchange pursuant to Rule 19b–4(e), the Exchange The Exchange only proposes to trade
would be required to file Form 19b–4(e) with the market centers to halt trading in that
Commission in accordance with the requirements
securities pursuant to UTP on its Pillar security.
therein.’’ Amendment No. 1 is available at: https:// trading platform; the Exchange does not
www.sec.gov/comments/sr-nyse-2016-44/ propose to trade securities pursuant to Proposal to Trade Securities Pursuant to
nyse201644-1.pdf. Because Amendment No. 1 to the UTP on its Existing Platform. UTP
proposed rule change does not materially alter the
substance of the proposed rule change or raise The Exchange proposes new Rule
unique or novel regulatory issues, Amendment No. ETPs on Pillar under these ETP rules; (iv) proposed 5.1(a) to extend UTP to Pillar for
1 is not subject to notice and comment. to adopt NYSE Arca Equities Rule 5.5(m)
concerning procedures for delisting ETPs; and (v) securities listed on other national
6 See Securities Exchange Act Release No. 78641,
81 FR 59259 (August 29, 2016). made other technical corrections. Amendment No. securities exchanges. Specifically,
7 In Amendment No. 2, the Exchange: (1) Added 4 is available at https://www.sec.gov/comments/sr- proposed Rule 5.1(a)(1) would allow the
nyse-2016-44/nyse201644-1627614-137373.pdf. Exchange to trade securities eligible for
the clause ‘‘pursuant to UTP’’ at the end of the 11 Additional information regarding the proposal
sentence that states that ‘‘[t]he Exchange would
can be found in the Notice, supra note 4, and in
UTP under Section 12(f) of the Act.18
have to file a Form 19b–4(e) with the Commission Proposed Rule 5.1(a) provides that the
to trade these ETPs;’’ (2) in the first footnote that Amendment No. 4, supra note 10.
follows that sentence, deleted the clause ‘‘pursuant
12 On January 29, 2015, the Exchange announced securities the Exchange trades pursuant
to Rule 19b–4(e);’’ and (3) to the end of that same the implementation of Pillar, which is an integrated to UTP would be traded on Pillar under
footnote, added the reference ‘‘[s]ee proposed Rule trading technology platform designed to use a single the rules applicable to such trading. The
5.1(a)(2); supra note 19 and accompanying text.’’ specification for connecting to the equities and
Amendment No. 2 is available at: https:// options markets operated by the Exchange and its Exchange does not currently have rules
www.sec.gov/comments/sr-nyse-2016-44/ affiliates, NYSE Arca, Inc. (‘‘NYSE Arca’’) and in place to operate trading on the Pillar
nyse201644-2.pdf. Because Amendment No. 2 to the NYSE MKT LLC (‘‘NYSE MKT’’). See Trader Update platform, and the Exchange has
proposed rule change does not materially alter the dated January 29, 2015, available here: http:// represented that it would not trade UTP
substance of the proposed rule change or raise www1.nyse.com/pdfs/Pillar_Trader_Update_Jan_
unique or novel regulatory issues, Amendment No. 2015.pdf. See also Securities Exchange Act Release securities until it has effective trading
2 is not subject to notice and comment. No. 76803 (December 30, 2015), 81 FR 536 (January rules for the Pillar platform in place.19
8 See Securities Exchange Act Release No. 79085, 6, 2016) (SR–NYSE–2015–67) (‘‘Pillar Framework Proposed Rule 5.1(a)(1) makes clear
81 FR 71771 (October 18, 2016). Filing’’). that the Exchange would not list any
9 See Securities Exchange Act Release No. 79736, 13 The Exchange will continue to trade Tape A
symbols on its separate, existing trading platform
ETPs unless it files a proposed rule
82 FR 3067 (January 10, 2017).
10 In Amendment No. 4, the Exchange revised the (‘‘Existing Platform’’) and will not trade securities
16 As the Exchange is proposing new rules that
proposed listing and trading requirements for the pursuant to UTP on the Existing Platform.
14 Specifically, the Exchange proposes to are only applicable to the Pillar platform, references
Subject ETPs (as defined below) to incorporate
amendments to the NYSE Arca Equities establish listing and trading rules for the following: in this Order to proposed NYSE Rules 1, 5, 7, and
requirements for the same products, which the Equity Linked Notes, Investment Company Units, 8 would fall under NYSE Rules 1P, 5P, 7P, and 8P,
Commission recently approved. See Securities Index-Linked Exchangeable Notes, Equity Gold respectively. See Notice at 45581.
17 This proposed definition is identical to the
Exchange Act Release No. 80189 (March 9, 2017) Shares, Equity Index-Linked Securities,
(SR–NYSEArca–2017–01) (‘‘Arca Amendment’’). In Commodity-Linked Securities, Currency-Linked definition of ‘‘Derivative Securities Product’’ in
addition, in Amendment No. 4, the Exchange (i) Securities, Fixed-Income Index-Linked Securities, NYSE Arca Equities Rule 1.1(bbb).
added a statement that the Exchange’s Pillar Futures-Linked Securities, Multifactor-Index- 18 15 U.S.C. 78l(f).
implementation is targeted for completion by year- Linked Securities, Trust Certificates, Currency and 19 See Notice, supra note 4, at 45581. The
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end 2017 and represented that the Exchange will Index Warrants, Portfolio Depositary Receipts, Trust Exchange has adopted a framework for rules
announce the trading on Pillar of all Tape B and Issued Receipts, Commodity-Based Trust Shares, governing trading on Pillar and has stated its intent
C symbols, on a UTP basis, by Trader Update to go Currency Trust Shares, Commodity Index Trust to file additional proposed rule changes to adopt
out prior to the scheduled implementation date; (ii) Shares, Commodity Futures Trust Shares, rules to operate the Exchange on the Pillar platform.
deleted proposed Supplementary Material .01 to Partnership Units, Paired Trust Shares, Trust Units, See Pillar Framework Filing, supra note 12, at 537
Rule 5.1(a); (iii) clarified both in the filing and in Managed Fund Shares, and Managed Trust (‘‘Through a series of subsequent rule filings, the
the proposed rule text that the Exchange is adopting Securities. Exchange will propose to populate the individual
ETP rules only for purposes of trading on Pillar 15 See NYSE Arca Equities Rules 5 (Listings) and rules with the rule text to operate the Exchange on
pursuant to UTP and that it does not plan to list 8 (Trading of Certain Equities Derivatives). the Pillar platform’’).
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![14054 Federal Register / Vol. 82, No. 50 / Thursday, March 16, 2017 / Notices
For the Commission, by the Division of office of the Exchange, and at the The Exchange is proposing
Trading and Markets, pursuant to delegated Commission’s Public Reference Room. amendments to Supplementary Material
authority.35 .09 to IEX Rule 11.340 to delay the date
Eduardo A. Aleman, II. Self-Regulatory Organization’s
by which Pre-Pilot and Pilot Appendix
Assistant Secretary. Statement of the Purpose of, and the
B data is to be made publicly available
Statutory Basis for, the Proposed Rule
[FR Doc. 2017–05221 Filed 3–15–17; 8:45 am] on the Exchange or DEA’s Web site from
Change
BILLING CODE 8011–01–P February 28, 2017, until April 28, 2017.
In its filing with the Commission, the Appendix C data for the Pre-Pilot Period
self-regulatory organization included through the month of January 2017, will
SECURITIES AND EXCHANGE statements concerning the purpose of be published on the Exchange or DEA’s
COMMISSION and basis for the proposed rule change Web site on February 28, 2017, and,
and discussed any comments it received thereafter, on the original 30-day
[Release No. 34–80218; File No. SR–IEX–
2017–07]
on the proposed rule change. The text schedule.
of these statement may be examined at In the SRO Tick Size Plan Proposal,
Self-Regulatory Organizations: the places specified in Item IV below. the Participants stated that the public
Investors Exchange LLC; Notice of The self-regulatory organization has data will be made available for free ‘‘on
Filing and Immediate Effectiveness of prepared summaries, set forth in a disaggregated basis by trading center’’
Proposed Rule Change To Amend Sections A, B, and C below, of the most on the Web sites of the Participants and
Exchange Rule 11.340 To Modify the significant aspects of such statements. the Designated Examining Authorities.11
Date of Appendix B Web Site Data However, market participants have
A. Self-Regulatory Organization’s
Publication Pursuant to the Regulation expressed confidentiality concerns
Statement of the Purpose of, and the
NMS Plan To Implement a Tick Size regarding this approach for over-the-
Statutory Basis for, the Proposed Rule
Pilot Program counter (‘‘OTC’’) data.12 Thus, the
Change
Exchange is filing the instant proposed
March 10, 2017. 1. Purpose rule change to provide additional time
Pursuant to Section 19(b)(1) 1 of the to assess a means of addressing the
Securities Exchange Act of 1934 (the Rule 11.340(b) (Compliance with Data
Collection Requirements) 7 implements confidentiality concerns raised in
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 connection with the publication of
notice is hereby given that, on February the data collection and Web site
publication requirements of the Plan.8 Appendix B data related to OTC activity
28, 2017, the Investors Exchange LLC in furtherance of the objectives of the
(‘‘IEX’’ or the ‘‘Exchange’’) filed with the Supplementary Material .09 to IEX Rule
11.340 provides, among other things, Plan.13 Pursuant to this amendment,
Securities and Exchange Commission Appendix B data publication will be
(the ‘‘Commission’’) the proposed rule that the requirement that the Exchange
or Designated Examining Authority delayed until April 28, 2017. The
change as described in Items I and II Participants anticipate filing an
below, which Items have been prepared (‘‘DEA’’) make certain data publicly
available on their Web site pursuant to additional proposed rule change in the
by the self-regulatory organization. The near future to address the Appendix B
Commission is publishing this notice to Appendix B and C to the Plan shall
commence at the beginning of the Pilot data publication.
solicit comments on the proposed rule
change from interested persons. Period,9 and that the Exchange or DEA 2. Statutory Basis
shall make data for the Pre-Pilot Period The Exchange believes that its
I. Self-Regulatory Organization’s publicly available on their Web site
Statement of the Terms of Substance of proposal is consistent with Section 6(b)
pursuant to Appendix B and C to the of the Act 14 in general, and furthers the
the Proposed Rule Change Plan by February 28, 2017.10 objectives of Section 6(b)(5) of the Act 15
Pursuant to the provisions of Section in particular, in that it is designed to
7 See Exchange Rule 11.340(b). See also Securities
19(b)(1) under the Securities Exchange promote just and equitable principles of
Exchange Act Release Nos. 77418 (March 22, 2016),
Act of 1934 (‘‘Act’’),4 and Rule 19b–4 81 FR 17213 (March 28, 2016); and 78795 trade, to foster cooperation and
thereunder,5 Investors Exchange LLC (September 9, 2016), 81 FR 63508 (September 15, coordination with persons engaged in
(‘‘IEX’’ or ‘‘Exchange’’) is filing with the 2016). facilitating transactions in securities, to
Securities and Exchange Commission 8 The Participants filed the Plan to comply with
remove impediments to and perfect the
(‘‘Commission’’) a proposed rule change an order issued by the Commission on June 24,
2014. See Letter from Brendon J. Weiss, Vice
to amend Exchange Rule 11.340 to President, Intercontinental Exchange, Inc., to also Securities Exchange Act Release No. 34–79473
modify the date of Appendix B Web site Secretary, Commission, dated August 25, 2014 (December 6, 2016), 81 FR 89562 (December 12,
data publication pursuant to the (‘‘SRO Tick Size Plan Proposal’’). See Securities 2016) (Notice of Filing and Immediate Effectiveness
Exchange Act Release No 72460 (June 24, 2014), 79 of File No. SR–IEX–2016–17).
Regulation NMS Plan to Implement a 11 See Securities Exchange Act Release No. 73511
FR 36840 (June 30, 2014); see also Securities
Tick Size Pilot Program (‘‘Plan’’). The Exchange Act Release No. 74892 (May 6, 2015), 80 (November 3, 2014), 79 FR 66423 (November 7,
Exchange has designated this proposal FR 27513 (May 13, 2015). 2014) (Notice of Filing of Proposed National Market
as non-controversial and provided the 9 Unless otherwise defined herein, capitalized System Plan to Implement a Tick Size Pilot Program
Commission with the notice required by terms have the meaning ascribed to them in Rule on a One-Year Pilot Basis, File No. 4–657) (‘‘Tick
11.340. Size Plan Proposal’’).
Rule 19b–4(f)(6)(iii) under the Act.6 12 See letters from Adam C. Cooper, Senior
10 On November 30, 2016, the SEC granted
The text of the proposed rule change Managing Director and Chief Legal Officer, Citadel
exemptive relief to the Participants, and the
is available at the Exchange’s Web site Exchange filed proposed rule changes to, among Securities, to Brent J. Fields, Secretary,
at www.iextrading.com, at the principal other things, delay the publication of Web site data Commission, dated December 21, 2016 (‘‘Citadel
mstockstill on DSK3G9T082PROD with NOTICES
pursuant to Appendices B and C to the Plan until letter’’); and William Hebert, Managing Director,
35 17 February 28, 2017, and to delay the ongoing Web Financial Information Forum, to Robert W. Errett,
CFR 200.30–3(a)(12). Deputy Secretary, Commission, dated December 21,
1 15 U.S.C. 78s(b)(1). site publication by ninety days such that data
would be published within 120 calendar days 2016 (‘‘FIF letter’’).
2 15 U.S.C. 78a. 13 FINRA, on behalf of the Exchange, also is
3 17 CFR 240.19b–4.
following the end of the month. See Letter from
David S. Shillman, Associate Director, Division of submitting an exemptive request with the SEC in
4 15 U.S.C. 78s(b)(1). connection with the instant filing.
Trading and Markets, Commission, to Marcia E.
5 17 CFR 240.19b–4. 14 15 U.S.C. 78f(b).
Asquith, Senior Vice President and Corporate
6 17 CFR 240.19b–4(f)(6)(iii). Secretary, FINRA dated November 30, 2016; see 15 15 U.S.C. 78f(b)(5).
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Document Created: 2017-03-16 02:18:42
Document Modified: 2017-03-16 02:18:42
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 14050 |
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