83 FR 34277 - Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Discontinue the Router Basic Routing Option
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 139 (July 19, 2018)
Federal Register Volume 83, Issue 139 (July 19, 2018)
| Page Range | 34277-34279 | |
| FR Document | 2018-15369 |
[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)] [Notices] [Pages 34277-34279] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-15369] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83634; File No. SR-IEX-2018-15] Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Discontinue the Router Basic Routing Option July 13, 2018. 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 July 10, 2018, the Investors Exchange LLC (``IEX'' 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 Pursuant to the provisions of Section 19(b)(1) under the Securities Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\ Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the Securities and Exchange Commission (``Commission'') a proposed rule change to amend Rule 11.230(c) (Routing Options) to discontinue the Router Basic routing option and delete references thereto. The Exchange has designated this rule change as ``non-controversial'' under Section 19(b)(3)(A) of the Act \6\ and provided the Commission with the notice required by Rule 19b-4(f)(6) thereunder.\7\ --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(1). \5\ 17 CFR 240.19b-4. \6\ 15 U.S.C. 78s(b)(3)(A). \7\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's website at www.iextrading.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 these statement may be examined at the places specified in Item IV below. The self-regulatory organization 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this proposed rule change is to amend Rule 11.230(c) (Routing Options) to delete references to the Router Basic routing option. The Exchange currently offers two routing options--Router and Router Basic--which may be elected by a User upon entry of an order eligible for routing to the Exchange.\8\ The Exchange proposes to discontinue the Router Basic option. --------------------------------------------------------------------------- \8\ See standard FIX tag 18 (ExecInst) in the Investors Exchange FIX Specification, available on the Exchange's public website. --------------------------------------------------------------------------- Rule 11.230(c)(1) describes the Exchange's Router Basic routing option under which the System \9\ sends routable orders to market centers on the Exchange's proprietary System routing table.\10\ If shares remain unexecuted after routing, they are posted on the Order Book or canceled, as per User instructions. Once posted to the Order Book, the unexecuted portion of such an order is eligible for the re- sweep behavior described in Rule 11.230(c)(3), market conditions permitting. --------------------------------------------------------------------------- \9\ See Rule 1.160(nn). \10\ See Rule 11.230(c). The term ``System routing table'' refers to the proprietary process for determining the specific trading venues, including the Order Book, to which the System routes orders and the order in which it routes them. The Exchange reserves the right to maintain a different System routing table for different routing options and to modify the System routing table at any time without notice. --------------------------------------------------------------------------- Furthermore, Rule 11.230(c)(2) describes the Exchange's Router routing option under which the System sends routable orders to the Order Book to check for available shares and then any remainder is sent to market centers on the Exchange's proprietary System routing table. If shares remain unexecuted after routing, they are [[Page 34278]] posted on the Order Book or canceled, as per User instructions. Once posted to the Order Book, the unexecuted portion of such an order is eligible for the re-sweep behavior described in Rule 11.230(c)(3), market conditions permitting. The Exchange evaluates its product and service offerings on an ongoing basis to identify opportunities for enhancement and simplification. After several internal analyses, the Exchange has identified that relatively fewer Users elect Router Basic in comparison to the Exchange's Router option.\11\ Accordingly, the Exchange has determined to simplify the routing options offered by the Exchange by discontinuing the Router Basic option, considering the current demand for Router Basic does not warrant the infrastructure and ongoing maintenance expenses required to support the product. Users seeking to route orders to market centers on the System routing table via the Exchange will continue to be able to do so using the Router option. Furthermore, use of the Exchange's router will continue to be optional and Users may access liquidity on away market centers using alternative methods, such as connecting to those exchanges directly or through a third-party service provider. --------------------------------------------------------------------------- \11\ For example, during the first quarter of 2018, over two thirds of routable orders entered on the Exchange were entered under the Router option, instead of Router Basic. --------------------------------------------------------------------------- In conjunction with the proposed discontinuation of Router Basic, the Exchange proposes to reserve paragraph (1) of Rule 11.230(c). The Exchange intends to implement the proposed rule change on the operative date of this filing. 2. Statutory Basis IEX believes that the proposed rule change is consistent with Section 6(b) of the Act in general,\12\ and further the objectives of Section 6(b)(5) of the Act,\13\ in particular, in that it is 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f. \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- As discussed in the Purpose section, the proposed rule change is designed to simplify the Exchange's routing options, which the Exchange believes is consistent with the protection of investors and the public interest. Furthermore, the Exchange believes the proposed changes are consistent with the protection of investors and the public interest in that, as described above, the Exchange has relatively few Users electing Router Basic. Accordingly, the Exchange has determined to simplify the routing options offered by the Exchange by discontinuing the Router Basic option, considering the current demand for Router Basic does not warrant the infrastructure and ongoing maintenance expenses required to support the product. Routing through the Exchange is voluntary, and an alternative routing option offered by the Exchange as well as other methods remain available to Users that wish to route to market centers on the System routing table. In addition, the Router Basic routing option is not a core product offering of the Exchange, nor is the Exchange required by the Act to offer such product. Therefore, the Exchange believes the proposed rule change would simplify the Exchange's routing options, and make its rules clearer and less confusing for investors by removing a routing option that will no longer be offered by the Exchange, thereby removing impediments to and perfecting the mechanism of a free and open market and a national market system, and, in general, protecting investors and the public interest. Lastly, the Exchange does not believe that this proposal will permit unfair discrimination among customers, brokers, or dealers because the Router Basic routing option will no longer be available to any Users of the Exchange. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposal will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to address any competitive issues but rather simplify the Exchange's routing options, and eliminate the infrastructure and ongoing maintenance expenses to support a product that Members use relatively less. Furthermore, the Exchange believes the proposed rule change does not impose any burden on intra-market competition not necessary or appropriate in furtherance of the purposes of the Act because, as described above, the Router Basic routing option will no longer be available to any Users of the Exchange, and thus all Users will be impacted in the same manner. Further, Users seeking to route orders to market centers on the System routing table will continue to be able to do so using the Router option or may access liquidity on away market centers using alternative methods, such as connecting to those exchanges directly or through a third-party service provider. The Exchange also does not believe that the proposed rule change would impose a burden on inter-market competition since other exchanges are free to adopt comparable routing options. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has designated this rule filing as non-controversial under Section 19(b)(3)(A) \14\ of the Act and Rule 19b-4(f)(6) \15\ thereunder. Because the 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 and Rule 19b- 4(f)(6) thereunder. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \16\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \16\ 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: [[Page 34279]] 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-IEX-2018-15 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-IEX-2018-15. 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 website (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 website 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 this filing will also 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-IEX-2018-15 and should be submitted on or before August 9, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-15369 Filed 7-18-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices 34277
the analyst’s personal views and Commission, c/o Candace Kenner, 100 F office of the Exchange, and at the
whether or not the research analyst Street NE, Washington, DC 20549, or by Commission’s Public Reference Room.
received or will receive any sending an email to: PRA_Mailbox@
II. Self-Regulatory Organization’s
compensation in connection with the sec.gov. Comments must be submitted to
Statement of the Purpose of, and
views or recommendations expressed in OMB within 30 days of this notice.
Statutory Basis for, the Proposed Rule
the research report. Regulation AC also Dated: July 13, 2018. Change
requires broker-dealers to, on a quarterly Eduardo A. Aleman,
basis, make, keep, and maintain records In its filing with the Commission, the
Assistant Secretary. self-regulatory organization included
of research analyst statements regarding
[FR Doc. 2018–15380 Filed 7–18–18; 8:45 am] statements concerning the purpose of
whether the views expressed in public
appearances accurately reflected the BILLING CODE 8011–01–P and basis for the proposed rule change
analyst’s personal views, and whether and discussed any comments it received
any part of the analyst’s compensation on the proposed rule change. The text
is related to the specific SECURITIES AND EXCHANGE of these statement may be examined at
recommendations or views expressed in COMMISSION the places specified in Item IV below.
the public appearance. Regulation AC [Release No. 34–83634; File No. SR–IEX– The self-regulatory organization has
also requires that research prepared by 2018–15] prepared summaries, set forth in
foreign persons be presented to U.S. Sections A, B, and C below, of the most
persons pursuant to Securities Exchange Self-Regulatory Organizations; significant aspects of such statements.
Act Rule 15a–6 and that broker-dealers Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of A. Self-Regulatory Organization’s
notify associated persons if they would Statement of the Purpose of, and the
be covered by the regulation. Regulation Proposed Rule Change To Discontinue
the Router Basic Routing Option Statutory Basis for, the Proposed Rule
AC excludes the news media from its Change
coverage. July 13, 2018.
The collections of information under 1. Purpose
Pursuant to Section 19(b)(1) 1 of the
Regulation AC are necessary to provide The purpose of this proposed rule
Securities Exchange Act of 1934 (the
investors with information with which change is to amend Rule 11.230(c)
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
to determine the value of the research (Routing Options) to delete references to
notice is hereby given that, on July 10,
available to them. It is important for an the Router Basic routing option. The
2018, the Investors Exchange LLC
investor to know whether an analyst Exchange currently offers two routing
(‘‘IEX’’ or the ‘‘Exchange’’) filed with the
may be biased with respect to securities options—Router and Router Basic—
Securities and Exchange Commission
or issuers that are the subject of a which may be elected by a User upon
(the ‘‘Commission’’) the proposed rule
research report. Further, in evaluating a entry of an order eligible for routing to
change as described in Items I, II and III
research report, it is reasonable for an the Exchange.8 The Exchange proposes
below, which Items have been prepared
investor to want to know about an to discontinue the Router Basic option.
by the self-regulatory organization. The
analyst’s compensation. Without the Rule 11.230(c)(1) describes the
information collection, the purposes of Commission is publishing this notice to
solicit comments on the proposed rule Exchange’s Router Basic routing option
Regulation AC could not be met. This under which the System 9 sends
regulation does not involve the change from interested persons.
routable orders to market centers on the
collection of confidential information. I. Self-Regulatory Organization’s Exchange’s proprietary System routing
The Commission estimates that Statement of the Terms of Substance of table.10 If shares remain unexecuted
Regulation AC imposes an aggregate the Proposed Rule Change after routing, they are posted on the
annual time burden of approximately Order Book or canceled, as per User
Pursuant to the provisions of Section
25,844 hours on 5,186 respondents, or instructions. Once posted to the Order
19(b)(1) under the Securities Exchange
approximately 5 hours per respondent. Book, the unexecuted portion of such an
Act of 1934 (‘‘Act’’),4 and Rule 19b–4
The Commission estimates that the total order is eligible for the re-sweep
thereunder,5 Investors Exchange LLC
annual internal cost of compliance for behavior described in Rule 11.230(c)(3),
(‘‘IEX’’ or ‘‘Exchange’’) is filing with the
the 25,844 hours is approximately market conditions permitting.
$12,452,349, or approximately $2,401 Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change Furthermore, Rule 11.230(c)(2)
per respondent, annually. describes the Exchange’s Router routing
An agency may not conduct or to amend Rule 11.230(c) (Routing
Options) to discontinue the Router Basic option under which the System sends
sponsor, and a person is not required to routable orders to the Order Book to
respond to, a collection of information routing option and delete references
thereto. The Exchange has designated check for available shares and then any
under the PRA unless it displays a remainder is sent to market centers on
currently valid OMB control number. this rule change as ‘‘non-controversial’’
the Exchange’s proprietary System
The public may view background under Section 19(b)(3)(A) of the Act 6
routing table. If shares remain
documentation for this information and provided the Commission with the
unexecuted after routing, they are
collection at the following website: notice required by Rule 19b–4(f)(6)
www.reginfo.gov. Comments should be thereunder.7 8 See standard FIX tag 18 (ExecInst) in the
directed to: (i) Desk Officer for the The text of the proposed rule change Investors Exchange FIX Specification, available on
Securities and Exchange Commission, is available at the Exchange’s website at the Exchange’s public website.
Office of Information and Regulatory www.iextrading.com, at the principal 9 See Rule 1.160(nn).
sradovich on DSK3GMQ082PROD with NOTICES
10 See Rule 11.230(c). The term ‘‘System routing
Affairs, Office of Management and 1 15 table’’ refers to the proprietary process for
U.S.C. 78s(b)(1).
Budget, Room 10102, New Executive 2 15 determining the specific trading venues, including
U.S.C. 78a.
Office Building, Washington, DC 20503, 3 17 CFR 240.19b–4. the Order Book, to which the System routes orders
or by sending an email to: Shagufta_ 4 15 U.S.C. 78s(b)(1).
and the order in which it routes them. The
Exchange reserves the right to maintain a different
Ahmed@omb.eop.gov; and (ii) Pamela 5 17 CFR 240.19b–4.
System routing table for different routing options
Dyson, Director/Chief Information 6 15 U.S.C. 78s(b)(3)(A).
and to modify the System routing table at any time
Officer, Securities and Exchange 7 17 CFR 240.19b–4. without notice.
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![Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices 34279
Electronic Comments SECURITIES AND EXCHANGE The trading suspension notices serve
COMMISSION a number of purposes. First, they inform
• Use the Commission’s internet the Commission that an exchange has
comment form (http://www.sec.gov/ Submission for OMB Review; suspended from trading a listed security
rules/sro.shtml); or Comment Request or reintroduced trading in a previously
• Send an email to rule-comments@ suspended security. They also provide
Upon Written Request, Copies Available the Commission with information
sec.gov. Please include File Number SR–
From: Securities and Exchange necessary for it to determine that the
IEX–2018–15 on the subject line. Commission, Office of FOIA Services, suspension has been accomplished in
Paper Comments 100 F Street NE, Washington, DC accordance with the rules of the
20549–2736 exchange, and to verify that the
• Send paper comments in triplicate Extension: exchange has not evaded the
to Secretary, Securities and Exchange Rule 12d2–1, SEC File No. 270–098, OMB requirements of Section 12(d) of the Act
Commission, 100 F Street NE, Control No. 3235–0081 and Rule 12d2–2 thereunder by
Washington, DC 20549–1090. improperly employing a trading
Notice is hereby given that pursuant
All submissions should refer to File to the Paperwork Reduction Act of 1995 suspension. Without Rule 12d2–1, the
Number SR–IEX–2018–15. This file (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Commission would be unable to fully
number should be included on the Securities and Exchange Commission implement these statutory
subject line if email is used. To help the (‘‘Commission’’) has submitted to the responsibilities.
There are 21 national securities
Commission process and review your Office of Management and Budget
exchanges 4 that are subject to Rule
comments more efficiently, please use (‘‘OMB’’) a request for approval of
12d2–1. The burden of complying with
only one method. The Commission will extension of the previously approved
Rule 12d2–1 is not evenly distributed
post all comments on the Commission’s collection of information provided for in among the exchanges, however, since
internet website (http://www.sec.gov/ Rule 12d2–1 (17 CFR 240.12d2–1), there are many more securities listed on
rules/sro.shtml). Copies of the under the Securities Exchange Act of the New York Stock Exchange, Inc., the
submission, all subsequent 1934 (15 U.S.C. 78a et seq.) (‘‘Act’’). NASDAQ Stock Exchange, and the
amendments, all written statements On February 12, 1935, the NYSE American LLC than on the other
with respect to the proposed rule Commission adopted Rule 12d2–1 1 exchanges.5 There are approximately
change that are filed with the (‘‘Suspension of Trading’’) which sets 964 responses 6 under Rule 12d2–1 for
Commission, and all written forth the conditions and procedures the purpose of suspension of trading
communications relating to the under which a security may be from the national securities exchanges
proposed rule change between the suspended from trading under Section each year, and the resultant aggregate
Commission and any person, other than 12(d) of the Act.2 Rule 12d2–1 provides annual reporting hour burden would be,
the procedures by which a national assuming on average one-half reporting
those that may be withheld from the
securities exchange may suspend from hour per response, 482 annual burden
public in accordance with the
trading a security that is listed and hours for all exchanges. The related
provisions of 5 U.S.C. 552, will be registered on the exchange. Under Rule
available for website viewing and internal compliance costs associated
12d2–1, an exchange is permitted to with these burden hours are $103,871
printing in the Commission’s Public suspend from trading a listed security in per year.
Reference Room, 100 F Street NE, accordance with its rules, and must The collection of information
Washington, DC 20549, on official promptly notify the Commission of any obligations imposed by Rule 12d2–1 is
business days between the hours of such suspension, along with the mandatory. The response will be
10:00 a.m. and 3:00 p.m. Copies of this effective date and the reasons for the available to the public and will not be
filing will also be available for suspension. kept confidential.
inspection and copying at the principal Any such suspension may be An agency may not conduct or
office of the Exchange. All comments continued until such time as the sponsor, and a person is not required to
received will be posted without change. Commission may determine that the respond to, a collection of information
Persons submitting comments are suspension is designed to evade the under the PRA unless it displays a
cautioned that we do not redact or edit provisions of Section 12(d) of the Act currently valid OMB control number.
personal identifying information from and Rule 12d2–2 thereunder.3 During The public may view background
comment submissions. You should the continuance of such suspension documentation for this information
submit only information that you wish under Rule 12d2–1, the exchange is collection at the following website:
to make available publicly. All required to notify the Commission www.reginfo.gov. Comments should be
promptly of any change in the reasons directed to: (i) Desk Officer for the
submissions should refer to File
Number SR–IEX–2018–15 and should for the suspension. Upon the restoration 4 The Exchanges are BOX Options Exchange LLC,
be submitted on or before August 9, to trading of any security suspended Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc.,
2018. under Rule 12d2–1, the exchange must Cboe C2 Exchange, Inc., Cboe EDGA Exchange, Inc.,
notify the Commission promptly of the Cboe EDGX Exchange, Inc., Cboe Exchange, Inc.,
For the Commission, by the Division of effective date of such restoration. Chicago Stock Exchange, Inc., Investors Exchange
Trading and Markets, pursuant to delegated LLC, Miami International Securities Exchange,
authority.17 MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq
sradovich on DSK3GMQ082PROD with NOTICES
1 See Securities Exchange Act Release No. 98
GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, LLC,
Eduardo A. Aleman, (February 12, 1935). Nasdaq PHLX LLC, The Nasdaq Stock Market, New
Assistant Secretary. 2 See Securities Exchange Act Release No. 7011 York Stock Exchange LLC, NYSE Arca, Inc., NYSE
(February 5, 1963), 28 FR 1506 (February 16, 1963). American LLC, NYSE National, Inc.
[FR Doc. 2018–15369 Filed 7–18–18; 8:45 am] 3 Rule 12d2–2 prescribes the circumstances under 5 In fact, some exchanges do not file any trading
BILLING CODE 8011–01–P which a security may be delisted from an exchange suspension reports in a given year.
and withdrawn from registration under Section 6 The 964 figure was calculated by averaging the
12(b) of the Act, and provides the procedures for numbers for compliance in 2016 and 2017, which
17 17 CFR 200.30–3(a)(12). taking such action. are 1,002 and 925, respectively.
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Document Created: 2018-07-19 01:35:11
Document Modified: 2018-07-19 01:35:11
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 83 FR 34277 |
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