82 FR 56315 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 4702
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 227 (November 28, 2017)
Federal Register Volume 82, Issue 227 (November 28, 2017)
| Page Range | 56315-56317 | |
| FR Document | 2017-25693 |
[Federal Register Volume 82, Number 227 (Tuesday, November 28, 2017)] [Notices] [Pages 56315-56317] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-25693] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82152; File No. SR-NASDAQ-2017-122] Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 4702 November 22, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on November 9, 2017, The Nasdaq Stock Market LLC (``Nasdaq'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. 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\ 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 amend Rule 4702(b)(5) to provide that Midpoint Peg Post-Only Orders may not participate in the Nasdaq Closing Cross, and to make other technical changes with respect to Order Types flagged for the Nasdaq Closing Cross pursuant to Rule 4702(b)(12). The text of the proposed rule change is available on the Exchange's Web site at http://nasdaq.cchwallstreet.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 Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to amend Rule 4702(b)(5) to provide that Midpoint Peg Post-Only Orders (``MPPOs'') may not participate in the Nasdaq Closing Cross, and to make other technical changes with respect to Order Types flagged for the Nasdaq Closing Cross pursuant to Rule 4702(b)(12). An ``MPPO'' is defined in Rule 4702(b)(5) as an Order Type with a Non-Display Order Attribute that is priced at the midpoint between the national best bid and offer, and that will execute upon entry only in circumstances where economically beneficial to the party entering the Order. Today, MPPOs are available during Market Hours only, and MPPOs remaining on the Nasdaq Book at 4:00 p.m. ET are cancelled by the System. Due to how the Exchange currently processes these cancel messages, however, Rule 4702(b)(5)(C) also provides that an MPPO may participate in the Nasdaq Closing Cross if the Nasdaq Closing Cross occurs prior to the cancellation message being fully processed. The Exchange believes that it would be beneficial to members and investors to completely prevent MPPOs from executing in the Nasdaq Closing Cross rather than having their participation determined by whether the cancel message is processed prior to the Nasdaq Closing Cross. The Exchange therefore proposes to eliminate language indicating that MPPOs may participate in the Nasdaq Closing Cross if the Nasdaq Closing Cross for the security occurs prior to the cancellation message being fully processed, and instead provide that MPPOs may not participate in the Nasdaq Closing Cross. In connection with this change, the Exchange also proposes to remove language indicating that the trading system ``attempts to'' cancel MPPOs prior to the commencement of the Nasdaq Closing Cross as the ``attempts to'' language is no longer necessary with the elimination of the race condition described above. With this change members will have more certainty with respect to MPPO handling for the Nasdaq Closing Cross since no MPPOs will be allowed to participate, which is consistent with how the Exchange believes members want these order treated. In addition, since the Exchange is explicitly addressing MPPO availability for the Nasdaq Closing Cross in this rule, the Exchange also proposes to add language indicating that MPPOs may not participate in the Nasdaq Opening Cross. MPPOs are excluded from the Nasdaq Opening Cross today as they can only be entered during Market Hours and are cancelled at the end of the trading day. Furthermore, Rule 4703(l) provides that Order Types except Supplemental Orders participate in the Nasdaq Opening Cross and/or the Nasdaq Closing Cross if the Order has a Time-in-Force that would cause the Order to be in effect at the time of the Nasdaq Opening Cross and/or Nasdaq Closing Cross. Since MPPOs will not be permitted to participate in the Nasdaq Opening Cross or Nasdaq Closing Cross under any circumstances, the Exchange proposes to amend Rule 4703(l) to state [[Page 56316]] that MPPOs do not participate in these crosses. Furthermore, Rule 4702(b)(12) contains language explaining which Order Types are not available to be flagged for the Nasdaq Closing Cross, including orders entered with a time-in-force of IOC, or orders entered with a time-in-force that continues after the time of the Nasdaq Closing Cross, i.e., Closing Cross/Extended Hours Orders. MPPOs cannot be flagged for the Nasdaq Closing Cross today as closing cross participation is not permitted for this Order Type, with the one exception being remedied above. The same is also true of Supplemental Orders. A ``Supplemental Order'' is an Order Type with a Non-Display Order Attribute that is held on the Nasdaq Book in order to provide liquidity at the NBBO through a special execution process described in Rule 4757(a)(1)(D). Pursuant to Rule 4702(b)(6)(B), Supplemental Orders are not permitted to participate in the Nasdaq Closing Cross. In connection with the other changes described above, the Exchange therefore proposes to amend Rule 4702(b)(12) to state that MPPOs and Supplemental Orders may not be flagged to solely participate in the Nasdaq Closing Cross. Rule 4702(b)(12) already contains language indicating that these order types are not permitted to be entered as Closing Cross/Extended Hours Orders. The Exchange believes that adding this additional detail to the rule will make the operation of the Exchange more transparent to members and other market participants. Implementation The Exchange proposes to introduce the MPPO changes described in this proposed rule change in Q4 2017 or Q1 2018. The Exchange will announce the implementation date of this functionality in an Equity Trader Alert issued to members prior to the launch date. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\3\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\4\ in particular, in that it is designed to promote just and equitable principles of trade, 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. As indicated in the Exchange's current rules, MPPOs are designed for Market Hours trading and are therefore cancelled at 4:00 p.m. ET each day when the Exchange begins processing the Nasdaq Closing Cross pursuant to Rule 4754. Nevertheless, MPPOs may trade in the Nasdaq Closing Cross in the race condition described above where the cancellation of the MPPO is not processed by the trading system prior to the Nasdaq Closing Cross. The Exchange believes that it is consistent with the protection of investors and the public interest to eliminate this race condition and ensure that no MPPOs participate in the Nasdaq Closing Cross. This change will perfect the mechanism of a free and open market by eliminating the possibility that MPPOs can inadvertently make it into the Nasdaq Closing Cross due to the sequence of messages received by the trading system. The Exchange believes that members prefer not to have their MPPOs executed in the Nasdaq Closing Cross, and therefore cancels these orders immediately prior to the closing auction today. The proposed changes would further enhance MPPO handling by ensuring that no MPPOs are permitted to trade in the Nasdaq Closing Cross. Furthermore, the proposed rule change would increase transparency surrounding the operation of the Exchange, and, in particular, the availability of MPPOs and Supplemental orders to be flagged for the Nasdaq Closing Cross. The Exchange believes that the proposed changes will benefit members and other market participants by specifying with additional clarity that these Order Types cannot be flagged for participation in the Nasdaq Closing Cross, as closing cross participation is not available for either MPPOs or Supplemental Orders. --------------------------------------------------------------------------- \3\ 15 U.S.C. 78f(b). \4\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 not necessary or appropriate in furtherance of the purposes of the Act. Currently, MPPOs can participate in the Nasdaq Closing Cross if the cancel message is not fully processed prior to the closing auction. The Exchange is now enhancing MPPO handling to prevent all MPPOs from participating in the Nasdaq Closing Cross. The Exchange does not believe this change will have any significant impact on competition as no members will have their MPPOs participate in the Nasdaq Closing Cross, which is how the Exchange believes members want these orders treated. Furthermore, the other proposed change with respect to handling of MPPOs and Supplemental Orders that are flagged for the Nasdaq Closing Cross is a non-substantive clarifying change and will therefore have no impact on competition. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \5\ and Rule 19b- 4(f)(6) thereunder.\6\ --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(3)(A). \6\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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-NASDAQ-2017-122 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange [[Page 56317]] Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NASDAQ-2017-122. 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NASDAQ-2017-122 and should be submitted on or before December 19, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-25693 Filed 11-27-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 227 / Tuesday, November 28, 2017 / Notices 56315
compliance with the applicable listing (‘‘Act’’),1 and Rule 19b–4 thereunder,2 bid and offer, and that will execute
requirements, the Exchange will notice is hereby given that on November upon entry only in circumstances where
commence delisting procedures under 9, 2017, The Nasdaq Stock Market LLC economically beneficial to the party
NYSE Arca Rule 5.5–E(m). (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the entering the Order. Today, MPPOs are
This approval order is based on all of Securities and Exchange Commission available during Market Hours only, and
the Exchange’s representations and (‘‘Commission’’) the proposed rule MPPOs remaining on the Nasdaq Book
description of the Funds, including change as described in Items I and II at 4:00 p.m. ET are cancelled by the
those set forth above and in below, which Items have been prepared System. Due to how the Exchange
Amendments No. 1 and 2. The by the Exchange. The Commission is currently processes these cancel
Commission notes that the Shares must publishing this notice to solicit messages, however, Rule 4702(b)(5)(C)
comply with the requirements of NYS comments on the proposed rule change also provides that an MPPO may
Arca Rule 8.200–E, Commentary .02 from interested persons. participate in the Nasdaq Closing Cross
thereto to be listed and traded in the I. Self-Regulatory Organization’s if the Nasdaq Closing Cross occurs prior
Exchange on an initial and continuing Statement of the Terms of Substance of to the cancellation message being fully
basis. the Proposed Rule Change processed. The Exchange believes that it
For the foregoing reasons, the would be beneficial to members and
Commission finds that the proposed The Exchange proposes to amend
investors to completely prevent MPPOs
rule change, as modified by Rule 4702(b)(5) to provide that
from executing in the Nasdaq Closing
Amendments No.1 and 2, is consistent Midpoint Peg Post-Only Orders may not
Cross rather than having their
with Section 6(b)(5) of the Act 38 and the participate in the Nasdaq Closing Cross,
and to make other technical changes participation determined by whether the
rules and regulations thereunder cancel message is processed prior to the
applicable to a national securities with respect to Order Types flagged for
the Nasdaq Closing Cross pursuant to Nasdaq Closing Cross. The Exchange
exchange. therefore proposes to eliminate language
Rule 4702(b)(12).
IV. Conclusion The text of the proposed rule change indicating that MPPOs may participate
is available on the Exchange’s Web site in the Nasdaq Closing Cross if the
It is therefore ordered, pursuant to Nasdaq Closing Cross for the security
Section 19(b)(2) of the Act,39 that the at http://nasdaq.cchwallstreet.com, at
the principal office of the Exchange, and occurs prior to the cancellation message
proposed rule change (SR–NYSEArca– being fully processed, and instead
2017–88), as modified by Amendments at the Commission’s Public Reference
Room. provide that MPPOs may not participate
No. 1 and 2, be, and it hereby is, in the Nasdaq Closing Cross. In
approved. II. Self-Regulatory Organization’s connection with this change, the
For the Commission, by the Division of Statement of the Purpose of, and Exchange also proposes to remove
Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule language indicating that the trading
authority.40 Change system ‘‘attempts to’’ cancel MPPOs
Eduardo A. Aleman, In its filing with the Commission, the prior to the commencement of the
Assistant Secretary. Exchange included statements Nasdaq Closing Cross as the ‘‘attempts
[FR Doc. 2017–25606 Filed 11–27–17; 8:45 am] concerning the purpose of and basis for to’’ language is no longer necessary with
BILLING CODE 8011–01–P the proposed rule change and discussed the elimination of the race condition
any comments it received on the described above. With this change
proposed rule change. The text of these members will have more certainty with
SECURITIES AND EXCHANGE statements may be examined at the respect to MPPO handling for the
COMMISSION places specified in Item IV below. The Nasdaq Closing Cross since no MPPOs
[Release No. 34–82152; File No. SR–
Exchange has prepared summaries, set will be allowed to participate, which is
NASDAQ–2017–122] forth in sections A, B, and C below, of consistent with how the Exchange
the most significant aspects of such believes members want these order
Self-Regulatory Organizations; The statements. treated. In addition, since the Exchange
Nasdaq Stock Market LLC; Notice of A. Self-Regulatory Organization’s is explicitly addressing MPPO
Filing and Immediate Effectiveness of Statement of the Purpose of, and availability for the Nasdaq Closing Cross
Proposed Rule Change To Amend Rule Statutory Basis for, the Proposed Rule in this rule, the Exchange also proposes
4702 Change to add language indicating that MPPOs
may not participate in the Nasdaq
November 22, 2017. 1. Purpose Opening Cross. MPPOs are excluded
Pursuant to Section 19(b)(1) of the from the Nasdaq Opening Cross today as
The purpose of the proposed rule
Securities Exchange Act of 1934 they can only be entered during Market
change is to amend Rule 4702(b)(5) to
provide that Midpoint Peg Post-Only Hours and are cancelled at the end of
the exchange will ‘‘surveil’’ for compliance with the the trading day. Furthermore, Rule
continued listing requirements. See, e.g., Securities Orders (‘‘MPPOs’’) may not participate
Exchange Act Release No. 77499 (April 1, 2016), 81 in the Nasdaq Closing Cross, and to 4703(l) provides that Order Types
FR 20428 (April 7, 2016), available at: http:// make other technical changes with except Supplemental Orders participate
www.sec.gov/rules/sro/bats/2016/34-77499.pdf. In respect to Order Types flagged for the in the Nasdaq Opening Cross and/or the
the context of this representation, it is the Nasdaq Closing Cross if the Order has a
Commission’s view that ‘‘monitor’’ and ‘‘surveil’’ Nasdaq Closing Cross pursuant to Rule
both mean ongoing oversight of each Fund’s 4702(b)(12). Time-in-Force that would cause the
ethrower on DSK3G9T082PROD with NOTICES
compliance with the continued listing An ‘‘MPPO’’ is defined in Rule Order to be in effect at the time of the
requirements. Therefore, the Commission does not 4702(b)(5) as an Order Type with a Non- Nasdaq Opening Cross and/or Nasdaq
view ‘‘monitor’’ as a more or less stringent Closing Cross. Since MPPOs will not be
obligation than ‘‘surveil’’ with respect to the Display Order Attribute that is priced at
continued listing requirements. the midpoint between the national best permitted to participate in the Nasdaq
38 15 U.S.C. 78f(b)(5). Opening Cross or Nasdaq Closing Cross
39 15 U.S.C. 78s(b)(2). 1 15 U.S.C. 78s(b)(1). under any circumstances, the Exchange
40 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. proposes to amend Rule 4703(l) to state
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Commission, 100 F Street NE., SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
Washington, DC 20549–1090. COMMISSION Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
All submissions should refer to File Change
Number SR–NASDAQ–2017–122. This [Release No. 34–82150; File No. SR–NYSE–
file number should be included on the 2017–61] 1. Purpose
subject line if email is used. To help the The Exchange proposes to amend
Self-Regulatory Organizations; New
Commission process and review your Rule 497(c) (Additional Requirements
York Stock Exchange LLC; Notice of
comments more efficiently, please use for Listed Securities Issued by
Filing and Immediate Effectiveness of Intercontinental Exchange, Inc. or its
only one method. The Commission will
Proposed Rule Change To Amend Rule Affiliates) regarding the requirements
post all comments on the Commission’s
497(c) Regarding the Requirements for for the listing of securities that are
Internet Web site (http://www.sec.gov/
the Listing of Securities That Are issued by the Exchange or any of its
rules/sro.shtml). Copies of the
Issued by the Exchange or Any of Its affiliates.
submission, all subsequent
Affiliates Rule 497(c) sets forth certain
amendments, all written statements
with respect to the proposed rule monitoring requirements that must be
November 22, 2017.
met throughout the continued listing
change that are filed with the
Pursuant to Section 19(b)(1) 1 of the and trading of securities issued by the
Commission, and all written
Securities Exchange Act of 1934 (the Exchange’s ultimate parent,
communications relating to the Intercontinental Exchange, Inc. (‘‘ICE’’),
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
proposed rule change between the or its affiliates. More specifically, Rule
notice is hereby given that on November
Commission and any person, other than 497(c)(1) and (2) provide that,
17, 2017, New York Stock Exchange
those that may be withheld from the throughout the continued listing and
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
public in accordance with the trading of an Affiliate Security 4 on the
with the Securities and Exchange
provisions of 5 U.S.C. 552, will be Exchange:
Commission (the ‘‘Commission’’) the
available for Web site viewing and • The Exchange will prepare a
proposed rule change as described in
printing in the Commission’s Public quarterly report on the Affiliate Security
Items I, II, and III below, which Items (‘‘Quarterly Report’’) for the Exchange’s
Reference Room, 100 F Street NE.,
have been prepared by the self- Regulatory Oversight Committee
Washington, DC 20549, on official
regulatory organization. The (‘‘ROC’’), and a copy of the Quarterly
business days between the hours of
Commission is publishing this notice to Report will be forwarded promptly to
10:00 a.m. and 3:00 p.m. Copies of the
solicit comments on the proposed rule the Securities and Exchange
filing also will be available for
change from interested persons. Commission (‘‘Commission’’); and
inspection and copying at the principal
office of the Exchange. All comments • once a year, an independent
I. Self-Regulatory Organization’s
accounting firm shall review the listing
received will be posted without change. Statement of the Terms of Substance of
standards for the Affiliate Security to
Persons submitting comments are the Proposed Rule Change insure that the issuer is in compliance
cautioned that we do not redact or edit with the listing requirements (‘‘Annual
personal identifying information from The Exchange proposes to amend
Rule 497(c) regarding the requirements Report’’), and a copy of the Annual
comment submissions. You should Report shall be forwarded promptly to
submit only information that you wish for the listing of securities that are
the ROC and the Commission.
to make available publicly. All issued by the Exchange or any of its
The Exchange proposes to amend
submissions should refer to File affiliates. The proposed rule change is Rule 497(c) to remove the requirement
Number SR–NASDAQ–2017–122 and available on the Exchange’s Web site at that copies of the Quarterly and Annual
should be submitted on or before www.nyse.com, at the principal office of Reports be forwarded to the
December 19, 2017. the Exchange, and at the Commission’s Commission, by deleting the final
Public Reference Room. sentence of Rule 497(c)(1) and the text
For the Commission, by the Division of
Trading and Markets, pursuant to delegated II. Self-Regulatory Organization’s ‘‘and the Commission’’ from the end of
authority.7 Statement of the Purpose of, and Rule 497(c)(2). In addition, because the
Statutory Basis for, the Proposed Rule proposed deletions would remove the
Eduardo A. Aleman,
definition of ‘‘Commission’’ currently in
Assistant Secretary. Change
Rule 497(c)(1), the Exchange proposes to
[FR Doc. 2017–25693 Filed 11–27–17; 8:45 am] add the definition to Rule 497(c)(3).
In its filing with the Commission, the
BILLING CODE 8011–01–P self-regulatory organization included No other changes would be made to
statements concerning the purpose of, Rule 497(c), which would continue to
and basis for, the proposed rule change require that the Quarterly Report be
and discussed any comments it received 4 Pursuant to Rule 497(a), ‘‘Affiliate Security’’
on the proposed rule change. The text means any security issued by an ICE Affiliate or any
of those statements may be examined at Exchange-listed option on any such security, with
the places specified in Item IV below. the exception of Investment Company Units as
defined in Para. 703.16 of the Listed Company
The Exchange has prepared summaries, Manual, and ‘‘ICE Affiliate’’ means ICE and any
ethrower on DSK3G9T082PROD with NOTICES
set forth in sections A, B, and C below, entity that directly or indirectly, through one or
of the most significant parts of such more intermediaries, controls, is controlled by, or
is under common control with ICE, where ‘‘control’’
statements. means that one entity possesses, directly or
indirectly, voting control of the other entity either
1 15
through ownership of capital stock or other equity
U.S.C. 78s(b)(1).
securities or through majority representation on the
2 15 U.S.C. 78a. board of directors or other management body of
7 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. such entity.
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Document Created: 2017-11-28 01:51:20
Document Modified: 2017-11-28 01:51:20
| 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 56315 |
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