82 FR 20643 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt an Annual Fee Cap for Acquisition Companies
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 84 (May 3, 2017)
Federal Register Volume 82, Issue 84 (May 3, 2017)
| Page Range | 20643-20645 | |
| FR Document | 2017-08901 |
[Federal Register Volume 82, Number 84 (Wednesday, May 3, 2017)] [Notices] [Pages 20643-20645] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-08901] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80542; File No. SR-NYSE-2017-18] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt an Annual Fee Cap for Acquisition Companies April 27, 2017. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on April 14, 2017, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self- regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C.78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to adopt an annual fee cap for Acquisition Companies. The proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization 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 those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to adopt an annual fee cap for Acquisition Companies. Acquisition Companies (commonly referred to in the marketplace as ``special purpose acquisition companies'' or ``SPACs'') are listed pursuant to Section 102.06 of the NYSE Listed Company Manual (the ``Manual''). Acquisition Companies typically sell units in their initial public offering, consisting of a common equity security and a whole or fractional warrant to purchase common stock.\4\ Holders of Acquisition Company units typically have the right to separate the units shortly after the IPO and the Exchange lists the common equity securities and the warrants (in addition to the units) upon separation. --------------------------------------------------------------------------- \4\ The number of warrants included in the units sold in an Acquisition Company IPO varies. Sometimes there is a warrant to purchase one common share included as part of each unit. Recently the units sold in some Acquisition Company IPOs have included a fractional warrant to purchase a share. In order to exercise these fractional warrants or trade them separate from the units, an investor would need to acquire sufficient warrants to be able to exercise them for whole numbers of shares. --------------------------------------------------------------------------- Currently, Section 902.11 of the Manual specifies that the common shares listed as part of an Acquisition Company unit offering are subject to the annual fee schedule for common stock set forth in Section 902.03 of the Manual and the warrants are subject to the annual fee schedule set forth in Section 902.06 for short-term warrants to purchase equity securities.\5\ The Exchange proposes to retain this annual fee structure, but proposes to establish a limit of $85,000 on the aggregate of all annual fees payable by an Acquisition Company with respect to its listed common shares and warrants in any calendar year. --------------------------------------------------------------------------- \5\ Section 902.03 requires listed companies to pay annual fees of $0.00105 per share for common stock, subject to a minimum of $59,500. Section 902.06 requires a fee of $0.00105 per warrant, subject to a $5,000 annual cap. All of the fees payable on both a company's common stock and warrants are subject to the overall annual cap on listing fees of $500,000 set forth in Section 902.02. --------------------------------------------------------------------------- An Acquisition Company's listing often lasts for a brief period of time. Under the Acquisition Company structure, the company's charter provides that it must either enter into a business combination within a specified limited period of time (typically two years or less, but no longer than three years is permitted under Section 102.06) or return the funds held in trust to the company's shareholders and dissolve the company. Acquisition Company business combinations do not always result in a continued listing of the post-business combination entity, as the resultant entity may be a private company or list on another exchange or the Acquisition Company may be acquired by another company that is already listed. In contrast to an Acquisition Company, an operating company that lists on the Exchange will typically remain listed for many years. Acquisition Companies do not have the same right to receive services from the Exchange under Section 907.00 as operating companies do. An Acquisition Company is not deemed eligible for the services provided to an Eligible New Listing at the time of its initial listing, but becomes eligible for those services at such time as it has completed one or more business combinations having an aggregate fair market value of at least 80% of the value of the trust account as specified in Section 102.06 if it remains listed after meeting that requirement. As discussed above, many Acquisition Companies either liquidate or do not remain listed after their business combination is consummated. [[Page 20644]] Consequently, many Acquisition Companies would never become eligible for services under Section 907.00.\6\ Consequently, the Exchange believes it is reasonable to limit the amount of annual fees a listed Acquisition Company must pay, as the ineligibility of Acquisition Companies to receive services under Section 907.00 means that the cost of servicing an Acquisition Company listing would be generally lower than the cost to the Exchange of servicing the listing of an operating company of comparable size. --------------------------------------------------------------------------- \6\ Moreover, an Acquisition Company that remains listed after its business combination will be subject to the higher annual fees charged to operating companies commencing with its first full year of listing after consummation of its business combination. --------------------------------------------------------------------------- The Exchange does not expect the financial impact of the proposed amendment to be material in terms of the level of listing fees collected from issuers on the Exchange. Specifically, the Exchange notes that Acquisition Companies represent a relatively small number of potential listings and therefore anticipates that only a limited number of Acquisition Companies will list. In addition, the Exchange does not anticipate that the annual fees payable by all Acquisition Companies would exceed the proposed cap, so the reduction in revenue would not be relevant to all listed Acquisition Companies. Accordingly, the Exchange believes that the proposed rule change will not impact the Exchange's resource commitment to its regulatory oversight of the listing process or its regulatory programs. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Exchange Act,\7\ in general, and furthers the objectives of Sections 6(b)(4) \8\ of the Exchange Act, in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges and is not designed to permit unfair discrimination among its members and issuers and other persons using its facilities. The Exchange also believes that the proposed rule change is consistent with Section 6(b)(5) of the Exchange Act, in particular in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and 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. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change is consistent with Sections 6(b)(4) and 6(b)(5) of the Exchange Act in that it represents an equitable allocation of fees and does not unfairly discriminate among listed companies. In particular, the Exchange notes that the proposed amendment is not unfairly discriminatory as Acquisition Companies frequently have a much shorter period of listing on the Exchange than operating companies and they are ineligible to receive services from the Exchange that are generally available to newly-listed operating companies. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is designed to limit the amount a listed Acquisition Company pays in annual listing fees and should therefore increase competition for Acquisition Company listings by making the Exchange a more attractive listing venue. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b- 4 \10\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \11\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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-NYSE-2017-18 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSE-2017-18. 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-2017-18 and should be submitted on or before May 24, 2017. [[Page 20645]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-08901 Filed 5-2-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 84 / Wednesday, May 3, 2017 / Notices 20643
are available at www.prc.gov, Docket Commission (the ‘‘Commission’’) the Exchange lists the common equity
Nos. MC2017–125, CP2017–177. proposed rule change as described in securities and the warrants (in addition
Items I, II, and III below, which Items to the units) upon separation.
Ruth B. Stevenson, Currently, Section 902.11 of the
have been prepared by the self-
Attorney, Federal Compliance. regulatory organization. The Manual specifies that the common
[FR Doc. 2017–08883 Filed 5–2–17; 8:45 am] Commission is publishing this notice to shares listed as part of an Acquisition
BILLING CODE 7710–12–P solicit comments on the proposed rule Company unit offering are subject to the
change from interested persons. annual fee schedule for common stock
set forth in Section 902.03 of the
POSTAL SERVICE I. Self-Regulatory Organization’s Manual and the warrants are subject to
Statement of the Terms of Substance of the annual fee schedule set forth in
Product Change—Priority Mail the Proposed Rule Change Section 902.06 for short-term warrants
Negotiated Service Agreement The Exchange proposes to adopt an to purchase equity securities.5 The
AGENCY: Postal ServiceTM. annual fee cap for Acquisition Exchange proposes to retain this annual
Companies. The proposed rule change is fee structure, but proposes to establish
ACTION: Notice.
available on the Exchange’s Web site at a limit of $85,000 on the aggregate of all
SUMMARY: The Postal Service gives www.nyse.com, at the principal office of annual fees payable by an Acquisition
notice of filing a request with the Postal the Exchange, and at the Commission’s Company with respect to its listed
Regulatory Commission to add a Public Reference Room. common shares and warrants in any
domestic shipping services contract to II. Self-Regulatory Organization’s calendar year.
the list of Negotiated Service Statement of the Purpose of, and An Acquisition Company’s listing
Agreements in the Mail Classification Statutory Basis for, the Proposed Rule often lasts for a brief period of time.
Schedule’s Competitive Products List. Change Under the Acquisition Company
DATES: Effective date: May 3, 2017.
structure, the company’s charter
In its filing with the Commission, the provides that it must either enter into a
FOR FURTHER INFORMATION CONTACT: self-regulatory organization included business combination within a specified
Elizabeth A. Reed, 202–268–3179. statements concerning the purpose of, limited period of time (typically two
SUPPLEMENTARY INFORMATION: The and basis for, the proposed rule change years or less, but no longer than three
United States Postal Service® hereby and discussed any comments it received years is permitted under Section 102.06)
gives notice that, pursuant to 39 U.S.C. on the proposed rule change. The text or return the funds held in trust to the
3642 and 3632(b)(3), on April 27, 2017, of those statements may be examined at company’s shareholders and dissolve
it filed with the Postal Regulatory the places specified in Item IV below. the company. Acquisition Company
Commission a Request of the United The Exchange has prepared summaries, business combinations do not always
States Postal Service to Add Priority set forth in sections A, B, and C below, result in a continued listing of the post-
Mail Contract 314 to Competitive of the most significant parts of such business combination entity, as the
Product List. Documents are available at statements. resultant entity may be a private
www.prc.gov, Docket Nos. MC2017–124, A. Self-Regulatory Organization’s company or list on another exchange or
CP2017–176. Statement of the Purpose of, and the the Acquisition Company may be
Ruth B. Stevenson, Statutory Basis for, the Proposed Rule acquired by another company that is
Attorney, Federal Compliance.
Change already listed. In contrast to an
Acquisition Company, an operating
[FR Doc. 2017–08884 Filed 5–2–17; 8:45 am] 1. Purpose
company that lists on the Exchange will
BILLING CODE 7710–12–P The Exchange proposes to adopt an typically remain listed for many years.
annual fee cap for Acquisition Acquisition Companies do not have
Companies. the same right to receive services from
SECURITIES AND EXCHANGE Acquisition Companies (commonly the Exchange under Section 907.00 as
COMMISSION referred to in the marketplace as operating companies do. An Acquisition
‘‘special purpose acquisition Company is not deemed eligible for the
[Release No. 34–80542; File No. SR–NYSE– companies’’ or ‘‘SPACs’’) are listed
2017–18] services provided to an Eligible New
pursuant to Section 102.06 of the NYSE Listing at the time of its initial listing,
Self-Regulatory Organizations; New Listed Company Manual (the but becomes eligible for those services
York Stock Exchange LLC; Notice of ‘‘Manual’’). Acquisition Companies at such time as it has completed one or
Filing and Immediate Effectiveness of typically sell units in their initial public more business combinations having an
Proposed Rule Change To Adopt an offering, consisting of a common equity aggregate fair market value of at least
Annual Fee Cap for Acquisition security and a whole or fractional 80% of the value of the trust account as
Companies warrant to purchase common stock.4 specified in Section 102.06 if it remains
Holders of Acquisition Company units listed after meeting that requirement. As
April 27, 2017. typically have the right to separate the discussed above, many Acquisition
Pursuant to Section 19(b)(1) 1 of the units shortly after the IPO and the Companies either liquidate or do not
Securities Exchange Act of 1934 (the remain listed after their business
4 The number of warrants included in the units
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 combination is consummated.
sold in an Acquisition Company IPO varies.
notice is hereby given that, on April 14,
nlaroche on DSK30NT082PROD with NOTICES
Sometimes there is a warrant to purchase one
2017, New York Stock Exchange LLC common share included as part of each unit. 5 Section 902.03 requires listed companies to pay
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with Recently the units sold in some Acquisition annual fees of $0.00105 per share for common
the Securities and Exchange Company IPOs have included a fractional warrant stock, subject to a minimum of $59,500. Section
to purchase a share. In order to exercise these 902.06 requires a fee of $0.00105 per warrant,
fractional warrants or trade them separate from the subject to a $5,000 annual cap. All of the fees
1 15 U.S.C.78s(b)(1). units, an investor would need to acquire sufficient payable on both a company’s common stock and
2 15 U.S.C. 78a. warrants to be able to exercise them for whole warrants are subject to the overall annual cap on
3 17 CFR 240.19b–4. numbers of shares. listing fees of $500,000 set forth in Section 902.02.
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![Federal Register / Vol. 82, No. 84 / Wednesday, May 3, 2017 / Notices 20645
For the Commission, by the Division of received any comments on the Advance certainty and transparency concerning
Trading and Markets, pursuant to delegated Notice to date. This publication serves clearing member exposures, OCC
authority.12 as notice of no objection to the Advance proposes amendments to its rules
Eduardo A. Aleman, Notice. governing the Stock Loan Programs to
Assistant Secretary. do the following: (1) Require clearing
I. Background
[FR Doc. 2017–08901 Filed 5–2–17; 8:45 am] members to have policies and
BILLING CODE 8011–01–P OCC operates two Stock Loan procedures to reconcile stock loan
Programs—the Hedge Program and positions each business day; (2) state
Market Loan Program—in which a explicitly that the controlling record for
SECURITIES AND EXCHANGE participating clearing member can lend stock loan positions for margin and
COMMISSION an agreed-upon number of shares of other purposes is OCC’s ‘‘golden’’
eligible stock 4 to another clearing record; and (3) provide that stock loan
[Release No. 34–80537; File No. SR–OCC–
member in exchange for an agreed-upon positions remain in effect until OCC’s
2017–802]
value of U.S. dollar cash collateral and records reflect stock loan terminations.
Self-Regulatory Organizations; The then novate the loan to OCC for Second, to mitigate risks that may arise
Options Clearing Corporation; Notice clearing.5 The Hedge Program permits in the event of a clearing member
of No Objection To Advance Notice clearing members to bilaterally execute suspension, OCC proposes amendments
Filing Concerning the Options Clearing stock loans and negotiate to its rules governing the Stock Loan
Corporation’s Enhancements to OCC’s collateralization and other terms before Programs to do the following: (1)
Stock Loan Programs submitting such stock loans to OCC for Provide a two-day trading window in
novation and clearing.6 The Market which clearing members must execute
April 27, 2017. Loan Program is operationally similar to close-out transactions, also known as
The Options Clearing Corporation the Hedge Program, but it permits ‘‘buy-in’’ or ‘‘sell-out’’ transactions; (2)
(‘‘OCC’’) filed on February 28, 2017 with clearing members to execute stock loans provide broad authority for OCC to use
the Securities and Exchange through a multilateral loan market.7 In reasonable prices to settle close-out
Commission (‘‘Commission’’) advance each case, upon completion of the transactions; and (3) permit OCC to
notice SR–OCC–2017–802 (‘‘Advance novation process, OCC, in its capacity as close out and re-establish the matched-
Notice’’) pursuant to Section 806(e)(1) of a central counterparty, guarantees return book stock loan positions of a
the Payment, Clearing, and Settlement of (i) loaned stock, or that stock’s value, suspended Hedge Program clearing
Supervision Act of 2010 (‘‘Payment, to the lending clearing member, and (ii) member through termination by offset
Clearing and Settlement Supervision the value of cash collateral to the and ‘‘re-matching’’ with other clearing
Act’’) 1 and Rule 19b–4(n)(1)(i) under borrowing clearing member.8 In members. Each of these proposals is
the Securities Exchange Act of 1934 2 addition, OCC makes mark-to-market discussed in more detail below.
(‘‘Exchange Act’’) to propose a number margin payments on a daily basis to
of enhancements to its Stock Loan/ ensure stock loans remain fully A. Proposed Measures To Improve
Hedge Program (‘‘Hedge Program’’) and collateralized. Trade Certainty and Transparency
Market Loan Program (collectively, the OCC’s Advance Notice proposes three
II. Description of the Advance Notice
‘‘Stock Loan Programs’’). The proposed amendments to the rules governing its
changes would supplement OCC’s risk OCC’s Advance Notice proposes a Stock Loan Programs that are intended
management framework for the Stock number of changes to the Stock Loan to improve trade certainty and
Loan Programs to provide greater Programs and its Rules governing those transparency for clearing members and
certainty concerning each participant’s Programs.9 First, to improve trade OCC.
stock loan exposures and to mitigate 1. Daily Reconciliation of Stock Loan
and has not received any comments on the proposal
risks that may arise in the event of a to date. See Securities Exchange Act Release No. Positions
clearing member suspension. The 34–80323 (March 8, 2017), 82 FR 13690 (March 14,
Advance Notice was published for 2017) (File No. SR–OCC–2017–002). Clearing members that participate in
comment in the Federal Register on 4 See OCC Rules 2202 and 2202A (providing that the Hedge Program and the Market Loan
April 3, 2017.3 The Commission has not stock loans under the Hedge Program and the Program execute and terminate stock
Market Loan Program, respectively, must effect loans on a bilateral basis. Following
transfer only of ‘‘Eligible Stock,’’ as defined in
12 17 CFR 200.30–3(a)(12). Article I of OCC’s By-laws). OCC permits clearing execution or termination of stock loans,
1 12 U.S.C. 5465(e)(1). The Financial Stability members to execute stock loans involving 6,191 OCC requires clearing members to
Oversight Council designated OCC a systemically eligible securities as March 29, 2017, available at promptly report stock loans directly to
important financial market utility (‘‘SIFMU’’) on https://www.theocc.com/webapps/stock loan- OCC, or to facilitate such reporting to
July 18, 2012. See Financial Stability Oversight eligible-securities.
Council 2012 Annual Report, Appendix A, http:// 5 The Hedge Program is governed by Article XXI OCC through the Depository Trust
www.treasury.gov/initiatives/fsoc/Documents/ of OCC’s By-Laws and Chapter XXII of OCC’s Rules. Corporation (‘‘DTC’’), ensuring OCC
2012%20Annual%20Report.pdf. Therefore, OCC is The Market Loan Program is governed by Article accepts stock loans for clearing and
required to comply with the Payment, Clearing and XXIA of OCC’s By-Laws and Chapter XXIIA of records the novation or termination for
Settlement Supervision Act and file advance OCC’s Rules. The Commission understands that
notices with the Commission. OCC cleared approximately 10–15% of the overall margin and other purposes. Under the
2 17 CFR 240.19b–4(n)(1)(i). U.S.-equities stock loan market through the two current trade-reporting process, clearing
3 See Securities Exchange Act Release No. 34– programs, as of November 2015. members may fail to report (or to have
6 The Commission understands that the Hedge
80323 (March 28, 2017), 82 FR 16260 (April 3, DTC report) stock loans to OCC in a
2017) (File No. SR–OCC–2017–802) (‘‘Notice of Program accounts for approximately 95% of cleared
timely manner, increasing uncertainty
nlaroche on DSK30NT082PROD with NOTICES
Filing of Advance Notice’’). OCC also filed a stock loan volume at OCC, as of November 2015.
proposed rule change with the Commission 7 Automated Equity Finance Markets, Inc. is the in the novation process and decreasing
pursuant to Section 19(b)(1) of the Securities sole loan market through which clearing members transparency with respect to OCC’s
Exchange Act (‘‘Exchange Act’’) and Rule 19b–4 can execute stock loans in the Market Loan stock loan positions and obligations as
thereunder, seeking approval of changes to its rules Program.
8 See OCC Rules 2202(b) and 2202A(b).
a central counterparty and guarantor.
necessary to implement the Advance Notice. 15
U.S.C. 78s(b)(1) and 17 CFR 240.19b–4, 9 For a more detailed description of the specific
The current process thereby presents
respectively. The Commission published notice of rule changes OCC is proposing, see Notice of Filing risk management risks both to OCC and
the proposed rule change in the Federal Register of Advance Notice, supra note 3. clearing members.
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Document Created: 2018-11-08 08:36:22
Document Modified: 2018-11-08 08:36:22
| 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 20643 |
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